HomeMy WebLinkAbout027055 RES - 11/14/2006RESOLUTION
NOMINATING PROJECTS TO THE OFFICE OF THE GOVERNOR FOR
RENEWAL COMMUNITY COMMERCIAL REVITALIZATION DEDUCTIONS
V-IEREAS, 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
WHEREAS, the Renewal Community designation provides federal tax incentives to
businesses located in the Renewal Community;
WHEREAS, 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;
WHEREAS, 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
calendar year in which the building is placed in service; and a carryover allocation;
WHEREAS, 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;
WIEREAS, on October 31, 2006, the City nominated 4 projects for allotments totaling
$5,200,000 and now desires to nominate 9 projects for allotments totaling $6,800,000 for
2006 to complete the $12,000,000 allocation for the current year;
NOW, 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 $6,850,000:
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a. HBP Partners, Ltd., to receive an allocation for $1,400,000 from 2006
Commercial Revitalization Deductions for a building located at 500 North Water
Street
b. Brewster Street Ltd., L.P., to receive an allocation for $700,000 from the 2006
Commercial Revitalization Deduction for a building located at 1724 N. Tancahua
Street.
c. John Murray, Jr. to receive an allocation for $550,000 from the 2006 Commercial
Revitalization Deduction for a building located at 5110 IH -37.
d. Train Brothers, Ltd., to receive an allocation of $850,000 from 2006 Commercial
Revitalization Deduction for a building located at 2500 Agnes Street.
e. Thomas Davis, Sr. to receive an allocation of $450,000 from 2006 Commercial
Revitalization Deduction for a building located at 622 McBride Street.
f. William Groves to receive an allocation of $275,000 from 2006 Commercial
Revitalization Deduction for a building located at 7325 IH 37.
g. Michael Berry to receive an allocation of $550,000 from 2006 Commercial
Revitalization Deduction for a building located at 11174 UpRiver Road.
h. Don Kirchberg to receive an allocation of $550,000 from 2006 Commercial
Revitalization Deduction for a building located at Rhew and Leopard Road.
i. Nueces Hotel Holdings, LP, to receive an allocation of $1,475,000 from 2006
Commercial Revitalization Deduction for a building located at IH 37 and Nueces
Bay Boulevard
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:
Armando Chapa
City Secretary
CR'i Resolution revitalization 061031
THE CITY OF CORPUS CHRISTI
£v/44 i1. .,4 4I 4Ad
enry Gar -tt
Mayor
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Approved: November 8, 2006
1171A.
ry .Smith
Assistant City Attorney
for City Attorney
CRC Resolution revitalization 061031
Corpus Christi, Texas
14* of mvg,4hey , 2006
The above resolution was passed by the following vote:
Henry Garrett
Brent Chesney
John E. Marez
Melody Cooper
Jerry Garcia
Bill Kelly
Rex A. Kinnison
Jesse Noyola
Mark Scott
CRD Resolution revitalization 061031
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