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RESOLUTION
NOMINATING PROJECTS TO THE OFFICE OF THE GOVERNOR FOR
RENEWAL 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 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 19, 2006, 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, under 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 three (3) projects for allotments totaling
$5,150,000 for 2008 to complete the allocation for the current year;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
CORPUS CHRISTI, TEXAS,
027908
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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 $5,150,000:
1. Pietsch Realty Investments, LLC, to receive an allocation for $600,000 from
the 2008 Commercial Revitalization Deduction for a building located at 326
N. Chaparral. 8 - 10 jobs will be created.
2. UBP Properties, LLC, to receive an allocation for $1,500,000 from the 2008
Commercial Revitalization Deduction for a building located at 807 N. Upper
Broadway. 1 - 2 jobs will be created.
3. Nueces Bay WLE, LP, to receive a binding commitment for an allocation of
$2,100,000 from the 2009 Commercial Revitalization Deduction for a building
located at 2002 E. Navigation Boulevard, subject to the following upon
approval by the City Council in 2009:
a. Project will be placed in service by December 31, 2009
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 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, to the best of his or her knowledge, and 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 14, 2008
R. Jz R.4ininq/
First Assistant City Attorney
for City Attorney
THE CITY OF CORPUS CHRISTI
Henry G- rett
Mayor
027908
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Corpus Christi, Texas
it ISE
_ of O0 6PA
, 2008
The above resolution was passed by the following vote:
Henry Garrett
Melody Cooper
Larry Elizondo, Sr.
Mike Hummell
Bill Kelly
Priscilla G. Leal
John E. Marez
Nelda Martinez
Michael McCutchon
027908
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