HomeMy WebLinkAbout027027 RES - 10/31/2006RESOLUTION
NOMINATING PROJECTS TO THE OFFICE OF THE GOVERNOR FOR
RENEWAL COMMUNITY COMMERCIAL REVITALIZATION DEDUCTIONS
VWIEREAS, the Department of Housing and Urban Development designated the City of
Corpus Christi's Census Tracts 1, 3, 4, 5, 7, 10, 11, 13, 35, and 50 as a "Renewal
Community" eligible to share in tax incentives to stimulate job growth and promote
economic development:
V1liEREAS, the Renewal Community designation provides federal tax incentives to
businesses located in the Renewal Community;
V11EREAS, each Renewal Community may allocate $12 million of Commercial
Revitalization Deductions per year and up to $10 million per project for substantially
rehabilitated or newly construction buildings in the Renewal Community;
V1IEREAS, a business can deduct 50 percent of the building in the first year the building
is placed in service or deduct the full amount of eligible expenditures pro rata over 10
years;
WHEREAS, each Renewal Community may make the following types of allocations of the
Commercial Revitalization expenditure amounts —an allocation in the calendar year in
which a qualified revitalization building is placed in service; a binding commitment to make
an allocation of a specified dollar amount to a qualified revitalization building in the
caiiendar year in which the building is placed in service; and a carryover allocation;
VIl4EREAS, each Renewal Community must submit to the Office of the Governor a plan
for awarding its $12 million in Commercial Revitalization Deductions ( "Allocation Plan ");
WHEREAS, on December 20, 2005, the City Council adopted its Allocation Plan, titled
"City of Corpus Christi Commercial Revitalization Local Strategic Plan for the City's
Renewal Community Commercial Revitalization Deduction Allocation Program" ( "Local
Strategic Plan ") to submit to the Office of the Governor; and
WHEREAS, pursuant to its Local Strategic Plan, the City published notice of the
Commercial Revitalization Deduction application process, received applications, and
reviewed applications for compliance with the Local Strategic Plan;
WHEREAS, the City desires to nominate 4 projects for allotments totaling $5,200,000 for
2006 and may nominate additional projects in the amount of $6,800,000 to complete the
$12,000,000 allocation for the current year;
IOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
CORPUS CHRISTI, TEXAS,
SECTION 1. The following project is approved by the City of Corpus Christi and
nominated for approval by the Office of the Governor to certify the following allocation of
the Commercial Revitalization Deductions totaling $5,200,000:
CRD resolution revitalizatior 061031
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a. Hayden and Partners, LLC. to receive an allocation for $400,000 from
2006 Commercial Revitalization Deductions for a building located at IH -37
and Turtle Creek Boulevard
b. LTL Holdings Ltd, LLP to receive an allocation for $2,500,000 from the
2006 Commercial Revitalization Deduction for a building located at 1 -37 and
Violet Road
C. LTL Holdings Ltd, LLP to receive an allocation for $1,500,000 from the
2006 Commercial Revitalization Deduction for a building located at 1902
Baldwin Road
d. Scott Electric Company, Inc. to receive an allocation of $800,000 from
2006 Commercial Revitalization Deduction for a building located at 1919 N.
Port Ave.
SECTION 2. The City Manager or his designee is authorized to execute a certification to
the Office of the Governor that the City of Corpus Christi has followed the procedure in its
Allocation Plan, and to the best of his or her knowledge, the application approved in this
Resolution is complete and meets the requirements of the commercial revitalization
deduction program,
ATTEST:
THE CITY OF CORPUS CHRISTI
Armando Chapa v enry
Cy Secretary Mayor
Approved: October 25, 2006
ry W!• mith
Assistant City Attorney
for City Attorney
CR0 Resolution revitalization 061031
Corpus Christi, Texas
5t of Q
, 2006
The above resolution was passed by the following vote:
Henry Garrett
Brent Chesney
John E. Marez
Melody Cooper
Jerry Garcia
Big Kelly
Rex A. Kinnison
Jesse Noyola
Mark Scott
CR* Resolution revitalization 061031
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