HomeMy WebLinkAbout027458 RES - 10/23/2007Page 1 of 4
RESOLUTION
NOMINATING iG PROJECTS TO THE OFFICE OF THE GOVERNOR FOR
RENEWAL EWAL COMMUNITY COMMERCIAL REVITALIZATION DEDUCTIONS
WHEREAS, 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 l Community designation provides federal tax incentives to
businesses located in the Renewal l Comm nity;
WHEREAS, each Renewal l 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, EAS a business can deduct 50 percent of the building in the first year the building
is laced in service or deduct the full amount of eligible expenditures pro rata over 10
years;
WHEREAS, EAS each Renewal al Community may make the following types of allocations of the
Commercial Revitalization ation expenditure amounts—an allocation in the calendar year in
whicha gualified revitalization building is placed in service; a binding commitment to make
an allocation of ap eified dollar amount to a qualified revitalization building in the
calendarY ear 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
r in Commercial ial Revitalization Deductions("Allocation Plan");
WHEREAS, on December 19, 2006, the City Council adopted its Allocation Plan, titled
"City of Corpus Christi Commercial Revitalization ation Lo al Strategic Plan for the City's
Renewal Community Commercial Revitalization ation Deduction Allocation Program Local
Strategic Plan" to submitto 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, EASa the City desires to nominate 6 projects for allotments totaling $30,850,000 for
2007 to complete the allocation for the current year;
NOW, THEREFORE, E BE IT RESOLVED ED BY THE CITY COUNCIL OF THE CITY OF
CORPUS CHRISTI, TEXAS,
O2748
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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 $30,850,000:
1. Nueces Hotel Holdings, LP (Red Roof Inn), to receive an allocation for
$2,650,000 from the 2007 Commercial Revitalization Deduction for a
building located 3030 Buffalo and IH -37 frontage road, creating 13 jobs.
2. Turner Industries Group, L.L.C. to receive an allocation of $7,050,000
from the 2007 Commercial Revitalization Deduction for a building
located at IH 37 and Clarkwood Road, creating 185 jobs.
3. Robert Pinkerton Services to receive an allocation of $200,Q00 from
the 2007 Commercial Revitalization Deduction for a building located at
7713 Leopard Street, creating 3 jobs.
4. J. Golden Properties, Inc. (Lichtenstein) to receive an allocation for
$2,100,400 from the 2007 Commercial Revitalization Deduction for a
building located at 401 Chaparral Street, creating 25 jobs.
5. J. Golden Properties, Inc. (Lichtenstein) to receive a binding
commitment for an allocation of $7,900,000 from the 2008 Commercial
Revitalization Deduction for a building located at 401 Chaparral Street,
subject to the following upon final approval by the City Council in 2008:
a. Project will be placed in service within 24 months of approval of
the CRD allocation
b. Funding is secured.
c. Land/property acquisition is complete or under lease.
d. FuII-timejobs are created or retained.
6. Gray & Burck Properties, L.L.C. to receive a binding commitment for an
allocation of $2,000,000 from the 2008 Commercial Revitalization
Deduction for a building located at 709 N. Navigation, subject to the
following upon final approval by the City Council in 2008:
a. Project will be placed in service within 24 months of approval of
the CRD allocation
b. Funding is secured.
c. Land/properly acquisition is complete or under lease.
d. Full-time jobs are created or retained.
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7. Adame Group, LLC to receive a binding commitment for an
allocation of $8,950,000 from the 2009 Commercial Revitalization
Deduction for a building located at the Port of Corpus Christi, subject to
the following upon final approval by the City Council in 2008:
a. Project will be placed in service within 24 months of approval of
the CRD allocation
b. Funding is secured.
c. Land/property acquisition is complete or under lease.
d. Full-time jobs are created or retained.
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
Approved: October 17, 2007
10
G 4. Smith
Assistant City Attorney
for City Attorney
THE OF COR' S CHRISTI
H -n Garrtt
Mayor
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Corpus Chr0isti, Texas
06—
of 60 LeA # 2006
The above resolution was passed by the following vote:
Henry Garrett
Melody Cooper
Larry Elizondo, Sr.
Mike H u rel i
Bill Kelly
Priscilla G. Leal
John E. Mare,
Nelda Martinez
Michael McCutchon
0 2 7 4 5 8
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