HomeMy WebLinkAbout027996 ORD - 12/16/2008Page 1 of 6
ORDINANCE
DESIGNATING A CERTAIN AREA WITHIN THE JURISDICTION OF
THE CITY OF CORPUS CHRISTI AS A TAX INCREMENT FINANCING
DISTRICT TO BE KNOWN AS "REINVESTMENT ZONE NUMBER
THREE, CITY OF CORPUS CHRISTI, TEXAS"; ESTABLISHING A
BOARD OF DIRECTORS FOR THE REINVESTMENT ZONE; OTHER
MATTERS RELATING THERETO; PROVIDING FOR SEVERANCE;
AND PROVIDING FOR PUBLICATION.
WHEREAS, the Texas Legislature has authorized cities to establish reinvestment zones
by its enactment of the Tax Increment Financing Act, Chapter 311, Texas Tax Code
("Act");
WHEREAS, it has been proposed that the City of Corpus Christi should establish a
reinvestment zone ("Zone"), as authorized by the Act, within the area of the City as
described by metes and bounds in Exhibit "A," and depicted by map in Exhibit "B,"
which exhibits are attached to and incorporated into this ordinance;
WHEREAS, the City has prepared a preliminary reinvestment zone financing plan, a
true and correct copy of which is attached to and incorporated into this ordinance as
Exhibit "C," and has presented the plan to the governing bodies of the taxing units that
levies taxes on real property in the proposed zone, has provided notice to each taxing
unit of the creation of the proposed zone, has made a formal presentation to the
governing bodies of the county and school district, and has taken and shall take all
other actions required under Section 311.003 of the Act;
WHEREAS, the preliminary reinvestment zone financing plan provides that the ad
valorem taxes of the City constituting its tax increment are to be deposited into the Tax
Increment Fund created by this ordinance, and that ad valorem taxes of the other taxing
units constituting their respective tax increments may also be utilized for the purposes
described in the preliminary financing plan;
WHEREAS, in compliance with the Act, the City called a public hearing to hear public
comment on the creation of the proposed zone and its benefits to the City and the
property in the proposed zone;
WHEREAS, in compliance with the Act, notice of the public hearing was published in
the Corpus Christi Caller -Times, a daily newspaper having general circulation in the
City, the publication date being not later than seven (7) days prior to the date of the
public hearing;
WHEREAS, the hearing was convened at the time and place mentioned in the
published notice, to -wit, on the 16th day of December, 2008, at the Regular Meeting of
the City Council commencing at 10:00 a.m., at the City Hall of the City, which hearing
was conducted and then closed;
027996
DOWNTOWN TIF ORD 12102008R
INDEXED
Page 2 of 6
WHEREAS, the City, at the hearing, invited and permitted any interested person to
speak for or against the creation of the zone, its boundaries, and the concept of tax
increment financing;
WHEREAS, all owners of property located within the proposed zone were given a
reasonable opportunity to protest the inclusion of the property in the proposed zone;
WHEREAS, City Council considered all information provided to it relevant to the merits
of creating the zone, consistent with the criteria in Chapter 311; and
WHEREAS, all requirements of the Act have been met.
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF
CORPUS CHRISTI, TEXAS, THAT:
SECTION 1. The facts and recitations contained in the preamble of this Ordinance are
found and declared to be true and correct.
SECTION 2. The City Council, after conducting the above-described public hearing and
having heard all evidence and testimony, makes the following findings and
determinations based on the evidence and testimony presented to it:
(a) That the Zone is a contiguous geographic area located wholly within the
corporate limits of the City.
(b) That the area substantially arrests or impairs the sound growth of the City,
retards the provision of multi -family housing accommodations, constitutes an
economic or social liability, and is a menace to the public health, safety, morals,
or welfare in its present condition and use because of:
(1) Unsafe conditions, including deteriorating streets and defective and
inadequate sidewalks pose a threat to visitors, residents, and customers
of businesses located in the historic downtown district, bounded on the
John Sartain on the South, Twigg Street on the North, Water Street on the
East, and Mesquite Street to the West. The lack of appropriate curb cuts
and ramps limit the mobility of persons with disabilities.
(2) Non-existent, inadequately sized, or deteriorated utility infrastructure,
including water, wastewater, gas, and fiber optics, substantially arrests or
impairs the sound growth of the City and retards the development of multi-
family housing and other business or visitor facilities. The existing utility
infrastructure in its current condition constitutes an economic or social
liability, and is a menace to the public health and welfare.
(3) The inadequate street layout, lack of adequate improved parking, and
limited way -finding and other signage hampers movement of vehicles and
pedestrians throughout the proposed zone.
DOWNTOWN TIF ORD 12102008R
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(4) Deteriorating public spaces with inadequate pedestrian scale lighting,
limited irrigation systems and inadequate access to water lines for drinking
fountains and hose bibs throughout the historic downtown district limit the
types of landscaping and public amenities that can be installed within the
business districts.
(5) Lack of water and electrical meters in parks limits the activities within
the available public spaces.
(6) Unsafe conditions due to the lack of security cameras and other safety
programs pose a threat to visitors and residents.
(c) That tourism and convention business is of extreme importance to the Corpus
Christi economy, which has not shared in the economic prosperity enjoyed by the
rest of the State in recent years, and the area within the proposed district has
tremendous, unrealized potential to support tourist and convention facilities, and
it is essential that this presently under -developed area be fully developed.
(d) That no more than ten (10) percent of the property in the proposed
reinvestment zone, excluding property that is publicly owned, is used for
residential purposes.
(e) That the total appraised value of taxable real property in the proposed
reinvestment zone and in existing reinvestment zones within the City according
to the most recent appraisal rolls for the City, does not exceed fifteen (15)
percent of the current total appraised value of taxable real property in the City
and in the industrial districts created by the City.
(f) That the proposed reinvestment zone does not contain more than fifteen (15)
percent of the total appraised value of real property taxable by a county or school
district.
(g) That the improvements to be implemented in the proposed zone will
significantly enhance the value of all taxable real property in the proposed zone
and will be of general benefit to the City.
SECTION 3. The City Council designates as a reinvestment zone the area described
by the metes and bounds in Exhibit "A" and depicted by map in Exhibit "B" to promote
development and redevelopment of the area, which development or redevelopment the
City Council determines will not occur solely through private investment in the
reasonably foreseeable future. The reinvestment zone shall be identified as
Reinvestment Zone Number Three, City of Corpus Christi, Texas" ("Zone" or
"Reinvestment Zone").
SECTION 4. That a board of directors for the Zone (the "Board") is established, which
consists of fifteen (15) members. The Board shall be appointed as follows:
DOWNTOWN TIF ORD 12102008R
Page 4 of 6
(a) Under Section 311 .009(a), Tax Code, the respective governing bodies of
each taxing unit other than the City each may appoint one (1) member of the
Board. Each governing body may waive its right to appoint a director, and is
deemed to have waived the right if it has not made the appointment within thirty
days of receiving written notice of its right to appoint.
(b) The remaining members of the Board are appointed by the City Council of the
City. All members appointed by the Board must meet eligibility requirements, as
set forth in the Act. Provided, however, notwithstanding any other provision of
this Ordinance, the City Council has the right to appoint at least ten (10)
members of the Board, and the Board may exceed fifteen (15) members, if
necessary for the City Council to make the ten (10) appointments.
(b) Terms of Board members are two years. Terms must be staggered, with the
first term of eight (8) City Council appointees being for one year. Officers must
be appointed as provided in the Act.
(c) The Board shall make recommendations to the City Council concerning the
administration of the Zone. The Board shall prepare and adopt a project plan
and reinvestment zone financing plan for the Zone, and submit the plans to the
City Council for its approval under Section 311.011, Texas Tax Code. The Board
shall exercise other powers and responsibilities with respect to the Zone only to
the extent expressly granted by the City Council by ordinance or resolution.
SECTION 5. The Zone shall take effect immediately upon the passage of this
Ordinance. Termination of the Zone occurs on December 31, 2022, or at an earlier time
designated by subsequent ordinance of the City Council or at the time as all project
costs, and all tax increment bonds and interest on any bonds, have been paid in full.
SECTION 6. The Tax Increment Base for the Zone, which is the total appraised value
of all taxable real property located in the Zone for the year in which the Zone is
designated, is shown in Exhibit "D", which is attached to and incorporated into this
ordinance.
SECTION 7. There is established a Tax Increment Fund for the Zone, which may be
divided into the accounts and sub -accounts, as deemed necessary or convenient under
generally accepted accounting principles for government, into which all tax increments,
less any amounts not required to be paid into the Tax Increment Fund under the Act,
are to be deposited. The Tax Increment Fund may be utilized only for purposes
permitted by the Act and managed under the Act.
SECTION 8. The City Council finds that the creation of the Zone and the expenditure of
moneys on deposit in the Tax Increment Fund, which are necessary or convenient to
the creation of the Zone or to the implementation of the project plan for the Zone,
constitute a program to promote local economic development and to stimulate business
and commercial activity in the City.
DOWNTOWN TIF ORD 12102008R
Page 5 of 6
SECTION 9. If for any reason any section, paragraph, subdivision, clause, phrase,
word or provision of this ordinance shall be held invalid or unconstitutional by final
judgment of a court of competent jurisdiction, it shall not affect any other section,
paragraph, subdivision, clause, phrase, word, or provision of this ordinance, for it is the
definite intent of this City Council that every section, paragraph, subdivision, clause,
phrase, word or provision of this ordinance be given full force and effect for its purpose.
SECTION 10. Publication shall be made in the official publication of the City of Corpus
Christi as required by the City Charter of the City of Corpus Christi.
DOWNTOWN TIF ORD 12102008R
Page 6 of 6
That the foregoing ord' nce was re�ad� �f,o��r� �he first time and passed to its second
reading on this the day of , 2008, by the following vote:
Henry Garrett
Melody Cooper
Larry Elizondo, Sr.
Mike Hummel)
Bill Kelly
Priscilla G. Leal
John E. Marez
Nelda Martinez
Michael McCutchon
That the,oregoing ordinance was read for the second time and passed finally on this
the I(,Tr"�� day of beliti12FX, 2008, by the following vote:
Henry Garrett
Melody Cooper
Larry Elizondo, Sr.
Mike Hummel)
Bill Kelly
Priscilla G. Leal
John E. Marez
Nelda Martinez
Michael McCutchon
PASSED AND APPROVED, this the lteeday of b(c.P,A1kJt4 , 2008.
ATTEST:
Armando Chapa -nry Garr•tt
City Secretary Mayor
APPROVED: /0 day of December, 2008:
R. Ja eirtng
Fir Assi aantt
City A orney
For City Attorney
027996
DOWNTOWN TIF ORD 12102008R
Sat
Thence along the South right-of-way line of Broadway Street to its intersection with the
westerly extension of the South right of -way line of Belden Street for a point;
Thence Northeasterly along the South right-of-way line of Belden Street extension, to its
intersection with the north right-of-way;
Thence Northwesterly along the North right-of-way line of Broadway Street to the
Southeast property line of the City of Corpus Christi's Broadway wastewater Treatment
Plant;
Thence Northeasterly along the City of Corpus Christi's Broadway Wastewater Treatment
Plant Southwest property line to its intersection with the common South boundary line of
Lots 1, Block 58 of the Beach Addition;
Thence West along the West boundary line of Lot 1, Block 58 out of the Beach Addition, to
its Southwest corner for a point;
Thence Northwest along the common, West boundary line of Lots 1 thru 6, Block 58, of the
Beach Addition, to its intersection with the South right-of-way line of Resaca Street;
Thence Northeast along the South right-of-way line of Resaca Street to its intersection with
the centerline of Tancahua Street, for a point;
Thence Northwest along the centerline of Tancahua Street to its intersection with the
centerline of Port Avenue, for a point;
Thence Southwest along the centerline of Port Avenue, to its intersection with the West
right-of-way line of Sam Rankin Street for an outside corner;
Thence Northerly along the West right-of-way line of Sam Ranking Street to its intersection
with the centerline of the Corpus Christi — Port Aransas Waterway center line in the Corpus
Christi Ship Channel to the POINT OF BEGINNING.
Excluded properties to meet state statute prohibiting Tax Increment Financing Districts
from containing 10% or more of the area used for residential purposes.
Beach Addition Block 55 Lots 10 thru 12
Thence along the South right-of-way line of Broadway Street to its intersection with the
westerly extension of the South right of -way line of Belden Street for a point;
Thence Northeasterly along the South right-of-way line of Belden Street extension, to its
intersection with the north right-of-way;
Thence Northwesterly along the North right-of-way line of Broadway Street to the
Southeast property line of the City of Corpus Christi's Broadway Wastewater Treatment
Plant;
Thence Northeasterly along the City of Corpus Christi's Broadway Wastewater Treatment
Plant Southwest property line to its intersection with the common South boundary line of
Lots 1, Block 58 of the Beach Addition;
Thence West along the West boundary line of Lot 1, Block 58 out of the Beach Addition, to
its Southwest corner for a point;
Thence Northwest along the common, West boundary line of Lots 1 thru 6, Block 58, of the
Beach Addition, to its intersection with the South right-of-way line of Resaca Street;
Thence Northeast along the South right-of-way line of Resaca Street to its intersection with
the centerline of Tancahua Street, for a point;
Thence Northwest along the centerline of Tancahua Street to its intersection with the
centerline of Port Avenue, for a point;
Thence Southwest along the centerline of Port Avenue, to its intersection with the West
right-of-way Zine of Sam Rankin Street for an outside corner;
Thence Northerly along the West right-of-way line of Sam Ranking Street to its intersection
with the centerline of the Corpus Christi - Port Aransas Waterway center line in the Corpus
Christi Ship Channel to the POINT OF BEGINNING.
Excluded properties to meet state statute prohibiting Tax Increment Financing Districts
from containing 10% or more of the area used for residential purposes.
Beach Addition Block 55 Lots 10 thru 12
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PRELIMINARY PROJECT PLAN AND
REINVESTMENT ZONE FINANCING PLAN
Tax Increment Finance District #3
CORPUS CHRISTI, TEXAS
Prepared for:
The City of Corpus Christi
Economic Development Office
P.O. Box 9277
Corpus Christi, Texas 78464-9277
October 2008
Prepared by:
CDS
SPILLETTEt
Exhibit C
TABLE OF CONTENTS
TABLE OF CONTENTS
INTRODUCTION 1
Criteria for Zone Creation 1
Vision for Downtown 1
Anticipated Zone Role in Downtown Improvements 2
PROJECT PLAN 3
Existing Uses and Conditions / Boundaries §311.011(b)(1) 3
ExhibitA -Zone Boundaries and Land Use 3
Exhibit 8.1 - Existing Conditions North Portion of Zone 4
Exhibit B.2 - Existing Conditions North-Central Portion of Zone 4
Exhibit 8.4 - Existing Conditions South Portion of Zone 5
Exhibit B.3 -Existing Conditions - South -Central Portion of Zone 5
Exhibit C - Legal Description of the Zone 6
Municipal Ordinances §311.011(b)(2) 8
City Planned Improvements (Non -Project Costs) §311.011(b)(3) 8
Relocation §311.011(b)(4) 8
City Planned Improvements (Non -Project Costs) 8
REINVESTMENT ZONE FINANCING PLAN 9
Estimated Project Cost Description §311.011(c)(1) and Kind, Number, and Location of TIRZ
Improvements §311.011(c)(2) 9
Exhibit D— Focus Area for TIF -Aided Improvements 10
Economic Feasibility Study §311.011(c)(3) 11
Estimate of Bonded Indebtedness §311.011(c)(4) 11
Timing of Incurring Costs or Monetary Obligation §311.011(c)(5) 11
Method of Financing and Sources of Revenue §311.011(c)(6) 11
Sources of Revenue 12
Current Appraised Value §311.011(c)(7) 13
Estimated Captured Appraised Value §311.011(c)(8) 13
Duration of the Zone §311.011(c)(9) 13
Estimated Captured Appraised Value 14
Appendices 15
Appendix A — Market and Economic Feasibility Study (Under Separate Cover) 15
Appendix B — Projection of New Development and Taxable Assessed Value 16
CDS 1 Spillette 2
TIF #3 - Preliminary Project Plan and Reinvestment Zone Financing Plan Corpus Christi, Texas
INTRODUCTION
The City of Corpus Christi is proposing to create a Tax Increment Financing Zone or TIF (hereafter
referred to as the "Zone") over a portion of the city that includes the city's Downtown area along the
Bayfront from the SEA -Town complex at the north end, south to Morgan Avenue adjacent to the
Christus Spohn Shoreline Hospital, and west to Tancahua Street.
Criteria for Zone Creation
The area within the Zone qualifies for a TIF because it suffers from economic stagnation, inadequate
infrastructure, and deteriorating properties. Without intervention by the public sector, private market
forces will not be sufficient to generate significant development and redevelopment. Some of the
conditions, which exist in the Zone, that meet the criteria of the Tax Code of the State of Texas, Chapter
311, Section 005 include:
• A substantial number of substandard, slum, deteriorated, or deteriorating structures;
• The predominance of defective or inadequate sidewalk or street layout;
• Unsanitary or unsafe conditions;
• The deterioration of site or other improvements; and
• Conditions that endanger life or property by fire or other cause.
According to the language of Chapter 311, these conditions must "substantially arrest or impair the
sound growth of the municipality or county creating the zone, retard the provision of housing
accommodations, or constitute an economic or social liability and be a menace to the public health,
safety, morals, or welfare in its present condition and use." Given the existing conditions in Corpus
Christi, as outlined in the Market and Economic Study included in the Appendix to this plan, the
feasibility for many types of desired development in Downtown is severely limited. The conditions
outlined above will not be overcome or corrected without significant intervention and assistance from
the public sector, therefore satisfying the general criteria for creation of the Zone.
Vision for Downtown
In recent years, considerable work has been undertaken to begin the process of improving and
revitalizing Downtown Corpus Christi. The City has worked with a group of Downtown stakeholders to
assess what the community desires Downtown to become. In 2006, after a series of 22 meetings, the
City and the stakeholders developed the following vision statement:
"Downtown Corpus Christi is a safe, clean, pedestrian friendly community comprised of a central
business district, arts and culture, sports and entertainment areas. This unique vibrant waterfront
community will provide local residents, tourists and families' opportunities to enjoy fine restaurants,
shops and residential facilities."
The proposed Zone can directly aid in the realization of this vision while addressing the deficiencies and
challenges outlined above.
CDS 1 Spillette 1
TIF H3 - Preliminary Project Plan and Reinvestment Zone Financing Plan Corpus Christi, Texas
Anticipated Zone Role in Downtown Improvements
The Market and Economic Study indicated the nature of the intervention and assistance needed to spur
economic growth in different areas of the Zone. The current structure of Corpus Christi's economy, the
aging of existing development, and inadequate public infrastructure and facilities together depress the
viability of new development and redevelopment in Downtown. However, a small set of new residential
projects and ideas for public improvements indicate that a reversal of fortune is possible.
The primary function of the zone will be the planning, design, and construction of public improvements.
The zone is expected to be one of a variety of planned funding sources and programs that will be acting
in concert to accomplish a changed public environment in Downtown. By improving and enhancing
streets, sidewalks, and public spaces, plus upgrading utilities, the zone and the other programs will
encourage the development of new land uses and the redevelopment or rehabilitation of existing uses.
The intended result is that Downtown will become a vibrant and economically vital urban waterfront
district with a variety of residential, retail, and lodging uses, a strong office base, and popular public
facilities.
CDS 1 Spillette 2
TIF #3 - Preliminary Project Plan and Reinvestment Zone Financing Plan Corpus Christi, Texas
PROJECT PLAN
Existing Uses and Conditions / Boundaries §311.011(b)(1)
The Zone includes approximately 856 acres
wholly within the City of Corpus Christi. Its
boundaries encompass nearly all of the
Downtown area. A very wide variety of land
uses are present within the proposed TIF.
The proposed boundaries and land uses
within the Zone are shown in Exhibit A. The
existing conditions within the Zone are
shown in the aerial and ground photos in
Exhibit B and described generally below. A
legal description of the Zone with a specific
accounting for the proposed boundaries is
given in Exhibit C.
Exhibit A - Zone Boundaries and Land Use
A Targe area of publicly owned cultural and 9,
entertainment facilities comprises the north C111
end of the zone ("SEA -Town"). These
facilities include: 11101• Corpus Christi Museum of Science and MA« ® w■�
Industry ®�� -p
• Art Museum of South Texas a® rip
��*• Whataburger Field (ballpark) sio®t• American Bank Center (convention aut S `.
center) �� v!
,
• A cluster of historic houses
Moving south, the zone transitions to a low a se
density area of privately owned properties,
including some vacant land, and the Federal 4M,
Courthouse building. IH 37 ends in this area -.-;
with on and off ramps coming to surface
grade.
South of IH 37, the zone splits into eastern
and western portions. The area east of i- _--
Broadway is lower in elevation and features
a mix of mostly commercial land uses,
including hotels, office, and retail. Many of
the structures in this area are relatively old
and some are underutilized, particularly on
upper floors.
Tex lncremem
Finance District
CDS Spillette
3
TIF #3 - Preliminary Project Plan and Reinvestment Zone Financing Pian Corpus Christi, Texas
While several hotels and
office buildings are located
here, the most recent ones
were built in the 1980s and
have not had substantial
renovation. The area is
interspersed with surface
parking lots and occasional
vacant property. In several
places, public spaces and
sidewalks are in deteriorated
condition.
Broadway marks a topo-
graphical change as the edge
of a bluff, and the higher
elevation area to the west of
the street north of Lipan
Street is characterized
mainly by professional office
uses, some in high-rise
towers. Of Downtown's
office properties, only the
Frost Bank building west of
Broadway and the Shoreline
Plaza development along
the Bayfront are considered
Class "A" properties. Overall
occupancy for the
Downtown office market is
around 80 percent, a
relatively weak market.
In neither the lower nor
upper portions of
Downtown west of the
Bayfront, south of IH 37 and
north of Lipan and John
Sartain streets, has there
been any new private
construction of significance
since the 1980s. Three older
commercial properties are in
the process of being
rehabilitated and converted
to residential use, two of
which will have ground floor
retail.
Exhibit B.1 - Existing Conditions North Portion of Zone
Exhibit B.2 - Existing Conditions North-Central Portion of Zone
CDS I Spillette
4
TIF #3 - Preliminary Project Plan and Reinvestment Zone Financing Plan Corpus Christi, Texas
South of Lipan and John
Sartain streets, the
environment transitions to
lower density. While there
are high rise buildings,
including a hotel and
residential towers, but
vacant land and parking Tots
also become more prevalent,
particularly east of Chaparral
Street. This portion of the
Bayfront also includes the
Memorial Coliseum complex
and other park land. At the
south end of the district,
older low density residential
is common on the zone's
western edge, some of which
has been converted to
professional office use. The
southeastern corner of the
zone includes the Holiday Inn
Emerald Beach hotel and
Marina del Sol
condominiums and abuts the
Christus Spohn Shoreline
hospital complex.
The three T -heads along the
Bayfront constitute a unique
portion of the proposed TIF.
While the underlying land is
publicly owned, private
improvements such as
restaurants are also present.
The recently completed
market study for the zone
indicated that while a low
level of additional residential
and retail development can
be expected over the next
ten years, retail viability for
comparison goods and
convenience retail will be
limited due to the low
population in Downtown.
The study found that
Exhibit B.3 -Existing Conditions - South -Central Portion of Zone
Exhibit B.4 - Existing Conditions South Portion of Zone
CDS 1 Spillette
5
TIF #3 - Preliminary Project Plan and Reinvestment Zone Financing Plan Corpus Christi, Texas
additional improvements in Downtown, both of public and private nature, could accelerate the pace and
scope of new private development. Some of these improvements, such as reconfiguring and upgrading
streets, sidewalks, and public spaces, along with utility capacity improvements, are projects, which could
receive assistance from the proposed TIF.
The City of Corpus Christi has determined, at the time of the establishing the proposed boundaries of
the Zone, that less than 10 percent of the overall Zone consists of residential uses. Total residential uses
of all densities are estimated to constitute approximately 7.6 percent of total zone acreage net of water
area and public rights of way.
Exhibit C - Legal Description of the Zone
BEGINNING AT A POINT on the center line of the Corpus Christi Ship Channel and commonly known as the Corpus Christi — Port
Aransas Waterway at its intersection with the northerly extension of the West right-of-way line of Sam Rankin Street;
Thence Easterly along the centerline of the Corpus Christi — Port Aransas Waterway to its intersection with the northerly
extension of a line parallel with the breakwater 50' feet on the east side for a point in the Corpus Christi Bay and the Northeast
corner;
Thence Southerly along said line, being 50 feet on the East side and parallel with the breakwater, following the meanders of the
breakwater in the Corpus Christi Bay to its intersection with an "A-2" zoning line approximately 1,000 feet from the shoreline
and parallel with the East right-of-way line of Shoreline Boulevard for a point in the Corpus Christi Bay;
Thence Southwesterly along said "A-2" zoning line extending parallel and approximately 1,040 feet from the East right-of-way
line of South Shoreline Boulevard to its intersection with a second "A-2" zoning line extending parallel and approximately 1,000
feet from an existing 18 foot seawall easement, inside the Marina Del Sol Boat Harbor, for a point in the Corpus Christi Bay;
Thence Southeasterly along said line 200 feet more or Tess past its intersection with the easterly extension of the south most
boundary of Lot 3, Block 1 of Marina Del Sol Subdivision for a point in the Corpus Christi Bay and the Southeast corner;
Thence Southwest along a line 200 feet more or less to the South and parallel with the extension of the south boundary of Lot
3, Block 1 of Marina Del Sol Subdivision to the Corpus Christi Bay Shoreline;
Thence Northwest along the Corpus Christi Bay Shoreline to its intersection with the extension of the South most boundary of
Lot 3, Block 1 of Marina Del Sol Subdivision;
Thence Southwest along the South boundary of Lot 3, Block 1 of Marina Del Sol Subdivision, 540 feet more or less to the
centerline of Ocean Drive for a point;
Thence Northwest along the centerline of Ocean Drive to its intersection with the centerline of Morgan Avenue;
Thence Southwest along the centerline of Morgan Avenue, to a point in the center line of Santa Fe Street for the Southwest
corner;
Thence Northwest along the centerline of Santa Fe Street to its intersection with the centerline of Hancock Street;
Thence Southeast along the centerline of Hancock Street to its intersection with the centerline of South Tancahua Street;
Thence Northerly along the centerline of South Tancahua Street, passing Furman, Coleman, Park, Agnes, and Laredo Street, to a
point in the centerline where South Tancahua becomes North Tancahua, and continuing along North Tancahua, passing Kinney,
Blucher, Comanche, Lipan, Leopard, Antelope and Buffalo Street and continuing past IH 37 to its intersection with the
centerline of Padre Street, for a point;
Thence Northeast along the centerline of Padre Street to its intersection with the South right-of-way line of Broadway Street for
a point;
Thence along the South right-of-way line of Broadway Street to its intersection with the westerly extension of the South right-
of-way line of Belden Street for a point;
Thence Northeasterly along the South right-of-way line of Belden Street extension, to its intersection with the north right-of-
way line of Broadway Street, for a point;
CDS 1 Spillette 6
TIF #3 - Preliminary Project Plan and Reinvestment Zone Financing Plan Corpus Christi, Texas
Thence Northwesterly along the North right-of-way line of Broadway Street to the Southeast property line of the City of Corpus
Christi's Broadway Wastewater Treatment Plant;
Thence Northeasterly along the City of Corpus Christi's Broadway Wastewater Treatment Plant Southwest property line to its
intersection with the common South boundary line of Lots 1, Block 58 of the Beach Addition;
Thence West along the West boundary line of Lot 1, Block 58 out of the Beach Addition, to its Southwest corner for a point;
Thence Northwest along the common, West boundary line of Lots 1 thru 6, Block 58, of the Beach Addition, to its intersection
with the South right-of-way line of Resaca Street;
Thence Northeast along the South right-of-way line of Resaca Street to its intersection with the centerline of Tancahua Street,
for a point;
Thence Northwest along the centerline of Tancahua Street to its intersection with the centerline of Port Avenue, for a point;
Thence Southwest along the centerline of Port Avenue, to its intersection with the West right-of-way line of Sam Rankin Street
for an outside corner;
Thence Northerly along the West right-of-way line of Sam Ranking Street to its intersection with the centerline of the Corpus
Christi — Port Aransas Waterway center line in the Corpus Christi Ship Channel to the POINT OF BEGINNING.
Excluded properties to meet state statute prohibiting Tax Increment Financing Districts from containing 10% or more of the
area used for residential purposes.
Beach Addition Block 55 Lots 10 thru 12
CDS Spillette 7
TIF #3 - Preliminary Project Plan and Reinvestment Zone Financing Plan Corpus Christi, Texas
Municipal Ordinances §311.011(b)(2)
The City is not contemplating any specific changes to municipal ordinances as part of any projects to be
undertaken by the Zone.
The TIF will help support improvements that further the objectives set forth in various recent planning
initiatives of the City, in particular the South Central Area Development Plan, the Shoreline Boulevard
Master Plan, and the priorities identified by the Downtown Action Group and Downtown
Redevelopment Committee. In general, these initiatives focused on encouraging more and denser
residential development, supporting retail and entertainment activity, and improving infrastructure and
public spaces, most notably the Shoreline Boulevard realignment and the improvement of sidewalks
throughout Downtown.
City Planned Improvements (Non -Project Costs) §311.011(b)(3)
It is expected that the City,
Nueces County, TxDOT, and other
public agencies will participate in
the rehabilitation of existing and
development of new public
facilities and infrastructure within
the Zone. In addition, nonprofit
organizations and private
developers may also contribute
public facilities and
infrastructure, and they may
undertake efforts to remediate
environmental and safety
deficiencies on existing private
properties.
The City of Corpus Christi has
identified about $48 million in
projects planned for locations
partly or wholly within the Zone
intended to rehabilitate and
improve existing public facilities
and infrastructure. TIF funds may
be used to assist these projects;
however, the bulk of funding is
anticipated to come from other
sources. The table on the right
lists some of these projects.
City Planned Improvements (Non -Project Costs)
Project
Storm Water
Projected
Cost
(trillions)
Downtown Drainage Improvements, Phase 3 520.10
Downtown Drainage Improvements, Phase 1— Part B $0.10
Streets
North Port Avenue (IH 37 to US 181)
$0.9
Downtown Redevelopment Participation
50.1
Bayfront Development Plan, Phase I
59.3
ADA Improvements
$2.0
Water
Support of Downtown Redevelopment Projects
$1.5
Water Line Replacement
Wastewater
Infiltration / Inflow Related Collection System
$12.5
Enhancement Program
Support of Downtown Redevelopment Projects
$1.5
Wastewater Line and Manhole Replacement
Parks and Recreation
Windsport Park Improvements
50.07
Total
$47.9
Note: Amounts may not add perfectly due to rounding
Relocation §311.011(b)(4)
No relocation of existing residents is anticipated to be required as a result of the Zone's projects.
CDS 1 Spillette
8
TIF #3 - Preliminary Project Plan and Reinvestment Zone Financing Plan Corpus Christi, Texas
REINVESTMENT ZONE FINANCING PLAN
Estimated Project Cost Description §311.011(c)(1) and Kind, Number,
and Location of TIRZ Improvements §311.011(c)(2)
The Zone is anticipated to engage in projects that will support the types of development and economic
activity projected in the Market and Economic Feasibility Study (Appendix A) as well as contribute to the
image and attractiveness of Downtown Corpus Christi on a local, regional, and national level. In
addition, the Zone will contribute funds to reimburse appropriate parties for the costs of Zone creation
and ongoing administration. The categories of project costs, totaling an estimated $59,900,000 over the
life of the Zone, include the following:
PUBLIC IMPROVEMENTS, FACILITIES, AND INFRASTRUCTURE
1. Streetscape / sidewalks / crosswalks — Various components of the public pedestrian realm will be
improved and enhanced in key locations where economic activity is limited due to deficiencies in
this environment. Potential capital projects could include but are not limited to widened and rebuilt
sidewalks, decorative paving, "street furniture" (benches, trash receptacles, kiosks, etc.), wayfinding
(signs), enhanced crosswalks at intersections, and pedestrian -oriented lighting.
2. Parking — In key locations where parking is undersupplied or inadequately distributed, thus limiting
economic activity and market appeal, the Zone can assist in providing public parking facilities such as
on -street spaces or off-street lots and structures. Appropriate parking management infrastructure
such as meters and occupancy monitoring systems may also be installed.
3. Roadways and traffic management — To facilitate a safe, efficient, and appealing driving experience
within and through the Zone as a prerequisite to economic growth and new development, Zone
funds may contribute to improvements in roadway infrastructure (repaving, repair, widening,
redesign), traffic management infrastructure (signals, signs), and beautification (landscaping in
medians, special lighting, etc.). The Shoreline Boulevard realignment would be an example of a
project eligible for Zone funding.
4. Parks / public spaces / public facilities — As means to encourage additional activity, provide area
identity and improve the quality of life within zone that is essential for economic growth, the Zone
can contribute to the provision and enhancements of parks and public spaces.
5. Utilities and drainage - In locations where water, wastewater, electric, data, and / or drainage
infrastructure is insufficient in size or too deteriorated in condition to allow new development, the
Zone will assist in the provision of upgraded facilities. The Zone is anticipated to contribute the
costs of planning, design, approvals, and obtaining right of way or easements that might be
required, plus construction costs for some water and wastewater projects.
6. Land assembly — the Zone will consider purchasing properties that become available through willing
sales offers in order to assemble land and improvements that can be either used for public facilities
or sold to other public or private entities who will engage in development. (Note: as per state law,
the Zone may not acquire properties through eminent domain unless those properties are to be
used for public facilities.)
7. Environmental remediation / safety improvements — Many older vacant or underutilized buildings
within the Zone are not economically feasible to reuse because they contain environmentally
CDS 1 Spillette 9
TIF #3 - Preliminary Project Plan and Reinvestment Zone Financing Plan Corpus Christi, Texas
undesirable or unsafe elements that present a public safety hazard. The Zone may provide
assistance to property owners and developers who must remediate such environmental deficiencies
in order to develop or redevelop.
ADMINISTRATIVE COSTS
8. Creation — The Zone will reimburse relevant parties for expenses related to the costs of creating the
Zone.
9. Administration — Zone funds will compensate for the costs of ongoing administration of the Zone,
including but not limited to accounting, legal services, document production and maintenance, and
other administrative costs. These costs are estimated at $50,000 per year for the 20 -year life of the
Zone.
The Project Costs are estimated as follows:
Public improvements, facilities, and infrastructure $ 58,900,000
Administrative costs 1,000,000
TOTAL
The various types of projects may be
implemented in any location within the Zone
where the Zone's Board of Directors determines
that doing so will enable desired private
development. It should be noted that certain
areas are likely to be a particular focus for
certain types of projects, however. As an
example, Shoreline Boulevard could be a major
focus of Zone spending on roadway
improvements. Generally, it is anticipated that
the Zone will contribute to improvements
focused on an area considered the core of
mixed-use, urban vitality in Downtown. This is
where the community can most easily realize
the Downtown stakeholders' Vision Statement
(see Introduction) from a base of existing
development. Exhibit D illustrates the location
of this focus area, roughly bounded by
Broadway, Twigg, and John Sartain streets and
including a central section of Shoreline
Boulevard.
$ 59,900,000
Exhibit D — Focus Area for TIF -Aided
Improvements
Focus area for improvements
CDS 1 Spillette
10
TIF #3 - Preliminary Project Pian and Reinvestment Zone Financing Plan Corpus Christi, Texas
Economic Feasibility Study §311.011(c)(3)
A Market and Economic Feasibility Study for the Zone was completed by CDS Market Research
Spillette in August 2008. It is included in the Appendix to this Plan.
Estimate of Bonded Indebtedness §311.011(c)(4)
It is not initially anticipated that the Zone will issue bonded debt; instead the Zone's projects will be
funded on a pay-as-you-go basis or utilize other financing methods. However, if the annual Zone
revenue and available non -bonded debt financing are insufficient to address the needs of the Zone, the
Zone may issue bonded debt commensurate with the specific project costs under consideration and
anticipated annual Zone revenues to support debt service payments.
Timing of Incurring Costs or Monetary Obligation §311.011(c)(5)
Costs will be incurred over the life of the Zone based on its Board of Directors' identification of priority
activities and projects, opportunities for implementation, and available revenues to sustain a pay-as-
you-go project expenditure approach or a bonded debt issuance.
Method of Financing and Sources of Revenue §311.011(c)(6)
Methods of financing. The Zone will initially take a primarily pay-as-you-go approach to financing
projects that could utilize the following methods:
• Cash funds generated from existing property value increment,
• Short term anticipation notes or other debt issued by private financial institutions based on
projected property tax increment to be generated from taxable development under construction at
the time of debt issuance, and
• Developer cash reimbursement agreements where the revenues from the Zone's property tax
increment compensate a developer for fronting eligible expenditures in a specific taxable project
after the project is completed.
If future Zone revenues to support debt service payments are anticipated, the Zone may also issue
bonded debt, the term of which will not extend past the expected life of the Zone.
CDS 1 Spillette 11
TIF #3 - Preliminary Project Plan and Reinvestment Zone Financing Plan Corpus Christi, Texas
Sources of revenue. The primary source of revenue for the Zone will be funds from the contributed
property tax collections of the City of Corpus Christi, Nueces County, and Del Mar College on the taxable
property value increment within the Zone. It is currently projected that each of these entities will agree
to participate in funding the Zone with 100% of the incremental property taxes collected over the life of
the Zone. Based upon 2008 tax rates for each jurisdiction, the incremental property tax revenue
contributed to the Zone is projected as follows:
Tax
Year
City
Sources of Revenue
Increment Value (5)
County
Del Mar
City
Property Tax Revenue ($)'
County
Del Mar
Total
2009
18,100,670
18,086,522
18,092,205
100,019
62,274
42,869
205,162
2010
31,644,360
71,495,640
73,547,177
174,857
246,169
174,267
595,293
2011
51,694,361
92,727,031
94,845,797
285,647
319,271
224,734
829,652
2012
57,345,862
99,595,364
101,783,376
316,876
342,920
241,172
900,967
2013
77,166,908
120,669,747
122,929,083
426,400
415,482
291,276
1,133,158
2014
108,326,418
140,376,361
145,459,161
598,578
483,334
344,660
1,426,573
2015
115,676,880
148,674,174
153,915,141
639,195
511,905
364,696
1,515,796
2016
192,763,478
189,720,921
195,124,800
1,065,151
653,234
462,341
2,180,727
2017
202,647,052
199,499,071
205,070,750
1,119,765
686,902
485,908
2,292,574
2018
240,327,134
237,070,565
242,815,077
1,327,973
816,265
575,341
2,719,580
2019
265,137,618
260,269,204
268,941,735
1,465,068
896,141
637,248
2,998,457
2020
342,192,416
337,163,802
346,102,192
1,890,849
1,160,899
820,077
3,871,826
2021
356,558,859
351,365,238
360,577,463
1,970,234
1,209,797
854,375
4,034,406
2022
371,356,295
365,992,717
375,486,992
2,052,000
1,260,161
889,703
4,201,864
2023
400,597,654
395,059,021
404,843,807
2,213,579
1,360,240
959,263
4,533,082
2024
430,216,253
422,997,313
435,831,327
2,377,242
1,456,436
1,032,686
4,866,364
2025
447,223,411
439,773,755
452,998,472
2,471,218
1,514,199
1,073,363
5,058,781
2026
464,740,783
457,053,489
470,680,631
2,568,014
1,573,695
1,115,261
5,256,970
2027
482,783,677
474,851,616
488,893,256
2,667,713
1,634,977
1,158,415
5,461,105
2028
515,367,857
507,183,686
521,652,258
2,847,763
1,746,300
1,236,036
5,830,100
TOTAL
28,578,143
18,350,603
12,983,691
59,912,437
1 Assumes 98% tax collection rate.
These revenue projections assume a 98% tax collection rate for all three taxing jurisdictions. According
to these projections, 47.7% of the tax increment revenues will come from the City, 30.6% will come from
the County, and 21.7% will come from Del Mar College.
CDS 1 Spillette 12
TIF R3 - Preliminary Project Plan and Reinvestment Zone Financing Plan Corpus Christi, Texas
Zone property tax contributions from the participating tax jurisdictions could be supplemented with
other sources of revenue as available. These could include but are not limited to:
• Grants from other local, state, and federal agencies;
• Grants from private entities such as foundations; and
• Joint implementation and funding agreements with other public agencies or private entities such as
civic associations for specific projects.
Current Appraised Value §311.011(c)(7)
According to the Nueces County Appraisal District, the current certified taxable appraised value for the
base year of the Zone, 2008, is $136,689,000 for the City of Corpus Christi, $136,217,400 for Nueces
County, and $136,406,842 for Del Mar College.
Estimated Captured Appraised Value §311.011(c)(8)
The table on the next page provides the projected schedule of taxable value increment captured by the
Zone over its proposed 20 -year duration. Due to differences in policies regarding exemptions and tax
abatements, the captured increment differs among the three jurisdictions. Therefore, there is a table
shown for each entity. Captured value projections assume a 3.0% annual value appreciation rate for
existing development.
Duration of the Zone §311.011(c)(9)
The proposed duration of the Zone is twenty years from the time of its creation. Assuming creation in
2008, the Zone would expire after 2028.
CDS Spillette 13
TIF #3 - Preliminary Project Plan and Reinvestment Zone Financing Plan Corpus Christi, Texas
Estimated Captured Appraised Value
Tax
Year
2009
City of Corpus
Value
154,789,670
Christi ($)
Increment
18,100,670
Nuecos C•unty
Value
154,303,922
($)
Increment
Del Mar C.11ege
Value
154,499,047
($)1
Increment
18,092,205
18,086,522
2010
168,333,360
31,644,360
207,713,040
71,495,640
209,954,019
73,547,177
2011
188,383,361
51,694,361
228,944,431
92,727,031
231,252,639
94,845,797
2012
194,034,862
57,345,862
235,812,764
99,595,364
238,190,218
101,783,376
2013
213,855,908
77,166,908
256,887,147
120,669,747
259,335,925
122,929,083
2014
245,015,418
108,326,418
276,593,761
140,376,361
281,866,003
145,459,161
2015
252,365,880
115,676,880
284,891,574
148,674,174
290,321,983
153,915,141
2016
329,452,478
192,763,478
325,938,321
189,720,921
331,531,642
195,124,800
2017
339,336,052
202,647,052
335,716,471
199,499,071
341,477,592
205,070,750
2018
377,016,134
240,327,134
373,287,965
237,070,565
379,221,919
242,815,077
2019
401,826,618
265,137,618
396,486,604
260,269,204
405,348,577
268,941,735
2020
478,881,416
342,192,416
473,381,202
337,163,802
482,509,034
346,102,192
2021
493,247,859
356,558,859
487,582,638
351,365,238
496,984,305
360,577,463
2022
508,045,295
371,356,295
502,210,117
365,992,717
511,893,834
375,486,992
2023
537,286,654
400,597,654
531,276,421
395,059,021
541,250,649
404,843,807
2024
566,905,253
430,216,253
559,214,713
422,997,313
572,238,169
435,831,327
2025
583,912,411
447,223,411
575,991,155
439,773,755
589,405,314
452,998,472
2026
601,429,783
464,740,783
593,270,889
457,053,489
607,087,473
470,680,631
2027
619,472,677
482,783,677
611,069,016
474,851,616
625,300,098
488,893,256
2028
652,056,857
515,367,857
643,401,086
507,183,686
658,059,100
521,652,258
1 Homestead exemptions applied to all owner -occupied residential; no over -65 or disabled exemptions
applied.
CDS I Spillette
14
TIF p3 - Preliminary Project Plan and Reinvestment Zone Financing Plan Corpus Christi, Texas
Appendices
Appendix A — Market and Economic Feasibility Study (Under Separate
Cover)
CDS 1 Spillette 15
TIF #13 - Preliminary Project Plan and Reinvestment Zone Financing Plan Corpus Christi, Texas
Appendix B — Projection of New Development and Taxable Assessed
Value
Annual appreciation rate previous assessed value: 3.00%
Homestead exemptions applied to owner -occupied residential; no over -65 or disabled exemptions
applied.
CDS 1 Spillette
16
u,„,ii
•elaanri.d
1 i41 V.tlw'
hu .. Lo
Value
r ,
Ihl 0.1x:
Value
dnJ
'1p_v�m vnl.
.,b :nl,
qlm�. rR_
NC(
an
,bdL.un�ui:
L
M1f
Llai
ya,�NMI
2008
136,689,000
136,689,000
136,217,400
136,406,842
2009
14,000,000
154,789,670
154,789,670
154,303,922
154,499,047
Bay Vista 1
2010
9,990,000
8,880,000
10,920,000
39,900,000
40,990,000
209,323,360
168,333,360
207,713,040
209,954,019
Metropolis
ILldrtensteini,
Atlantic Lofts,
Nueces Bldg., Cotton
Yard
2011
15,000,000
42,219,700
230,603,061
188,383,361
228,944,431
231,252,639
Bay Vista 11
2012
43,486,291
237,521,153
194,034,862
235,812,764
238,190,218
2013
14,000,000
44,790,880
258,646,787
213,855,908
256,887,147
259,335,925
150 -unit MF rental
2014
13,500,000
12,000,000
14,750,000
34,890,773
279,906,191
245,015,418
276,593,761
281,866,003
50 -unit condo
2015
35,937,496
288,303,377
252,365,880
284,891,574
290,321,983
2016
32,500,000
329,452,478
329,452,478
325,938,321
331,531,642
New full-service
hotel
2017
339,336,052
339,336,052
335,716,471
341,477,592
2018
27,500,000
377,016,134
377,016,134
373,287,965
379,221,919
150-uni[MF rental,
Wilted service hotel
2019
13,500,000
12,000,000
14,750,000
401,826,618
401,826,618
396,486,604
405,348,577
50 -unit condo
2020
65,000,000
478,881,416
478,881,416
473,381,202
482,509,034
300,000 sq It. office
bldg. w/ separate
parking structure
2021
493,247,859
493,247,859
487,582,638
496,984,305
2022
508,045,295
508,945,295
502,210,117
511,893,834
2023
14,000,000
537,286,654
537,286,654
531,276,421
541,250,649
150-u nit MF rental
2024
13,500,000
12,000,000
14,750,000
566,905,253
566,905,253
559,214,713
572,238,169
50 -unit condo
2025
583,912,411
583,912,411
575,991,155
589,405,314
2026
601,429,783
601,429,783
593,270,889
607,087,473
2027
619,472,677
619,472,677
611,069,016
625,300,098
2028
14,000,000
652,056,857
652,056,857
643,401,086
658,059,100
150 -unit MF rental
Homestead exemptions applied to owner -occupied residential; no over -65 or disabled exemptions
applied.
CDS 1 Spillette
16
TIF #3 - Preliminary Project Plan and Reinvestment Zone Financing Plan Corpus Christi, Texas
CDS 1 Spillette
1250 Wood Branch Park Drive, Suite 100
Houston, TX 77079
281.582.0847 (Phone)
713.465.6975 (Fax)
www.cdsmr.com
CDS i Spillette 17
State of Texas
County of Nueces
PUBLISHER'S AFFIDAVIT
aletty
) CITY OF CORPUS CHRISTI
) Ad # 5885526
PO #
Before me, the undersigned, a Notary Public, this day personally came
JENNIFER HOBBS, who being first duly sworn, according to law, says that she
is LEGAL SALES REPRESENTITIVE AND EMPLOYEE OF THE PUBLISHER,
namely, the Corpus Christi Caller -Times, a daily newspaper published at
Corpus Christi in said City and State, generally circulated in Aransas, Bee,
Brooks, Duval, Jim Hogg, Jim Wells, Karnes, Kenedy, Kleberg, Live Oak,
Nueces, Refugio, San Patrick), Victoria and Webb Counties, and that the
publication of, NOTICE OF PUBLIC HEARING The City of Cor which the
annexed is a true copy, was inserted in the Corpus Christi Caller -Times on the
12/9/2008,12/9/2008.
$ 154.95
1Time(s)
(,(40_0_n
LEES REPRESENTIVE
On this /oMday of4C?C =P C,
is a true and an exact copy made by publisher.
I certify that the attached document
I„t GWENN J. MEDINA
MY COMMISSION EXPIRES
° fits
Miguel 2,2012
Notary Public, State of Texas
4F • Thesday • December 9, 2008 • CALLER -TIMES
i NOTICE OF PUBLIC
HEARING
Legal Notices 1110
The City of Corpus
Christi is considering
designating a certain
area within the Juris-
diction of the City of
Corpus Christi as a
Tax Increment Financ-
ing (TIF) District to be
known as
"Reinvestment- Zone
Number Three, City of
Corpus Christi,
Texas", establishing a
Board of Directors for
the Reinvestment
Zone, and other mat-
ters relating thereto.
The City Council will
hold a public hearing
on Tuesday; Decem-
ber16, 2008, at its
regularly scheduled
meeting, which com-
mences at 10:00 a.m.,
City Hall, 1201 Leop-
ard, Corpus Christi, •
Texas. The map of
the location for the
proposed reinvest-
ment zone is available
in the City Secretary's
Office located in City
Hall: .At the hearing,
interested persons are
entitled to speak and
present evidence for
or against the desig-
nation.
/s/ Armando Chapa
City Secretary
City of Corpus Christi