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028329 ORD - 09/29/2009
Page 1 of 3 ORDINANCE APPROVING THE REVISED PROJECT AND FINANCING PLANS FOR THE REINVESTMENT ZONE NUMBER TWO, CITY OF CORPUS CHRISTI, DATED SEPTEMBER 29, 2009, THAT WERE ADOPTED BY THE BOARD OF DIRECTORS OF REINVESTMENT ZONE NUMBER TWO, CITY OF CORPUS CHRISTI, UPON RECOMMENDATION OF THE BOARD OF DIRECTORS OF THE NORTH PADRE ISLAND DEVELOPMENT CORPORATION; PROVIDING FOR SEVERANCE; PROVIDING FOR PUBLICATION; AND DECLARING AN EMERGENCY. BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF CORPUS CHRISTI, TEXAS, THAT: SECTION 1. The revised Project and Financing Plans for the Reinvestment Zone Number Two, City of Corpus Christi, dated September 29, 2009, that were adopted by the Board of Directors of Reinvestment Zone Number Two, City of Corpus Christi, upon the recommendation of the Board of Directors of the North Padre Island Development Corporation, are approved. The revised Project and Financing Plans for the Reinvestment Zone Number Two, City of Corpus Christi, dated September 29, 2009, are attached to and incorporated into this ordinance as Exhibit 1. SECTION 2. 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 3. 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. SECTION 4. That upon written request of the Mayor or five Council members, copy attached, the City Council (1) finds and declares an emergency due to the need for immediate action necessary for the efficient and effective administration of City affairs and (2) suspends the Charter rule that requires consideration of and voting upon ordinances at two regular meetings so that this ordinance is • ssed and takes effect u o fir t re din as an emergency measure on this the ,� ° • ay of p� � g g Y , 2009. ATTEST: Armando Chapa City Secretary CITY OF CORPUS CHRISTI didei-111-e Joe A�� Mayor 02g32$ ORDINANCE -- TIRZ#2 PROJECT & FINANCING PLAN 09242009 INDEXED Page 2 of 3 APPROVED: September 24, 2009 --7 R.y eining First Assistant City Attorney For City Attorney ORDINANCE -- TIRZ#2 PROJECT & FINANCING PLAN 09242009 Page 3 of 3 Corpus Christi, Texas 2'tthday of 009 TO THE MEMBERS OF THE CITY COUNCIL Corpus Christi, Texas For the reasons set forth in the emergency clause of the foregoing ordinance an emergency exists requiring suspension of the Charter rule as to consideration and voting upon ordinances at two regular meetings: Uwe, therefore, request that you suspend said Charter rule and pass this ordinance finally on the date it is introduced, or at the present meeting of the City Council. Respectfully, Respectfully, a de/424n Joe A me Mayor The above ordinance was passed by the following vote: Joe Adame Chris N. Adler Brent Chesney Larry R. Elizondo, Sr. ildOsef4- Kevin Kieschnick Priscilla Leal John E. Marez Nelda Martinez Mark Scott 028329 ORDINANCE -- TIRZ#2 PROJECT & FINANCING PLAN 09242009 TAX INCREMENT REINVESTMENT ZONE #2 CITY OF CORPUS CHRISTI PROJECT AND FINANCING PLANS (Revised 09/29/2009) REINVESTMENT ZONE PROJECT PLAN This Project Plan identifies the improvements and planned expenditures that may be funded by tax increments generated within Tax Increment Reinvestment Zone #2, City of Corpus Christi ('TIRZ #2). No tax increments for new expenditures authorized by this Project Plan may be expended if the tax increments are required to fund any obligations incurred by the North Padre Island Development Corporation prior to the date of the adoption and approval of this Project Plan. On March 21, 2000, the Corpus Christi City Council authorized the preparation of a preliminaryfinancing plan for a tax increment financing district covering portions of North Padre Island and Mustang Island. This tax increment financing would be used provide primarilyto the local share of the North Padre Island Storm Damage Reduction and Environmental Restoration Project ("Packery Channel project"). Then on June 27, 2000, the City Council approved the preliminary Project and Financing Plans, and notified other taxing jurisdictions of its intention to create a tax increment reinvestment zone. A notice of a public hearing on the creation of the zone was published on August 22, 2000, and the public hearing was held on August 29, 2000. On August 29, 2000 the City Council passed the first reading of the ordinance that established TIRZ #2. Ordinance 024270, which established TIRZ #2 was formally adopted after being passed on the second reading on November 14, 2000. Subsequently on October 8, 2002, the City Council approved Resolution 025040, which q Y established the North Padre Island Development Corporation ("NPIDC"). The NPIDC was created to aid, assist, and act on behalf of the City and TIRZ #2 in performing governmental functions to promote the common good and general welfare of the City, including the area within the TIRZ #2 zone. Then on February 25, 2003, the NPIDC, TIRZ #2, and City Council authorized an agreement by and among the City of Corpus Christi, Texas; Reinvestment Zone Number Two, City of Corpus Christi; and the North Padre Island Development Corporation, dated February 1, 2003. This agreement p p commonly referred to as the "Tri -Party Agreement" spells out the responsibilities of each of thep arties in the administration and financing of TIRZ #2. The three entities also recommended, authorized, and approved the Project and Financing Plans for TIRZ #2 on February 25, 2003. The initial Project Plan and Financing Plan basically addressed the funding of the City's share of the North Padre Island Storm Damage Reduction and Environmental Restoration Project. The Packery Channel project had been discussed and studied over a number ofY ears. The project involved the placement of sand in front of the concrete Padre Island Seawall to restore the beach and protect the seawall. The sand was to be taken from the dredging and channelization of a reopened Packery Channel. The Packery Channel project also consisted of long jetties, walks, mitigation, public Revised TIRZ#2 Project Plan 09292009.doc Exhibit 1 Page 1 of 9 facilities, and reserve for long-term maintenance. The estimated cost of the Packery Channel project was approximately $30 million. The Packery Channel project was included in Section 556 of the Water Resources Development Act of 1999. The Act also required the U. S. Army Corps of Engineers (USACOE)to undertake two studies: (1) to determine if the project is environmentally acceptable and (2) to determine if the project is technically sound. A relatively small amount of money was made available by the Federal government for the studies. The local share of the project, which was estimated at approximately $10.5 million, could come from tax increment financing. This type of financing was authorized by a State Constitutional Amendment. The basic theory of tax increment financing is that "the construction of certain public improvements will generate higher tax revenues due to additional private development." The concept of tax increment financing is "but for the construction of the public improvements, the higher tax receipts would not occur." in thisp articular case, the City believed that completion of the project would result in significantly increased taxes through both new private investment and increases in the 9 y existing tax values. Thereliminary financing plan that was adopted by the City Council, when it authorized p the creation of TIRZ #2, called for funding $10.5 million as the City's share of the Packery Channel project, plus $750,000 for construction of the parking lot on the Padre island concrete seawall. The estimates in the preliminary financing plan were refined, and the current Project and Financing Plans, dated February 1, 2003, estimated that $12,000,000 in debt would be needed to complete the initial project costs. The plans identified $3,000,000 in surplus tax increments or bonds for secondary development improvements, which included the construction of seawall parking lot and $2,000,000 for a"parks & recreation center." A copy of the projected project costs from the 2003 plans is attached to and incorporated into this plan as Exhibit A. Under 311.011(b)(1), Texas Tax Code, the Project Plan must have a map showing existing uses and conditions of real property in the zone, and a map showing proposed improvements to and proposed uses of that property. A map of TIRZ #2 is attached as Exhibit B, and is incorporated into this plan. A map of the current land uses within TIRZ #2 and the surrounding area is attached as Exhibit C, and is incorporated into this plan. A map of the current zoning within TIRZ #2 and the surrounding area is attached as Exhibit D, and is incorporated into this plan. A map of the future land uses within TIRZ #2 and the surrounding area based on the City Comprehensive Plan's Future Land Use Plan, adopted May24, 2004 (ordinance 026278), is attached as Exhibit E, and is � incorporated into this plan. The Island Action Group Capital Improvement Priorities Report, dated 10/14/2005, which identifies needed capital improvements on Mustang and Padre Islands, including the areas within TIRZ #2, has been reviewed to identify improvements that could be funded through the tax increments developed within TIRZ #2. Revised TIRZ#2 Project Plan 09292009.doc Page 2 of 9 Exhibit F is a map showing specific projects that are included in this Project Plan. That exhibit is incorporated into this plan. Alt of the specific projects are situated on public land and involve recreational use and activities. Under 311.011(b)(2), Texas Tax Code, the Project Plan must address proposed changes of zoning ordinances, the master plan of the municipality, building codes, other municipal ordinances, and subdivision rules and regulations, if any, of the county, if applicable. White the City is in the process of adopting a unified development code that will replace the current zoning and platting ordinances, there are no substantive changes being recommended that would affect TIRZ #2. At the time of adoption of this Project Plan, there are noendin cases to rezone properties within TIRZ #2. The City is considering p g rezoning portions of the property that it leases from the Texas General Land Office ("GLO"). As a condition of the GLO lease, the City is required to prepare a development plan for any commercial development an the leased property. While a p draft Packery Channel development plan has been prepared and presented to the City Council, Planning Commission, GLO, Nueces County Parks Board, Nueces County Dune Committee, and City Beach Advisory Committee, for incorporation into the Mustang Padre island Area Development Plan, the City Council has not officially adopted theplan, and the City is discussing features of the proposed plan with the GLO. p The Citywill propose rezoningto match the needs identified in the Packery Channel p p development plan. The Cityworking is with GLO on the voter approved proposed changes to Chapter 10, Code of Ordinances, which contains the City's GLO approved beach and dune rules. Thisro osed change addresses driving on the beach seaward of the concrete Padre p p Island seawall, and the installation of bollards on the beach seaward of the concrete seawall and between the seawall and southern Packery Channel jetty. There are no otherro osed changes to the City's beach or dune permitting rules. p p However, the Nueces County Beach Management Committee has recommended approval of the changes to their beach management regulations. The Nueces County pp Commissioners' Court has not approved the changes, and they have not been sent to the GLO for public comment in Texas Register. Under §311.011(b)(3), Texas Tax Code, the Project Plan must contain a list of estimated J non roject costs. The City has been trying to obtain additional Federal nonproject funding to cover some of the costs of the recreational enhancements within the North Padre Island Storm Damage Reduction and Environmental Restoration Project and repairs to storm damage from Hurricane Ike. The City will also seek grants and other p g funding opportunities ortunities from the State of Texas and others to offset some of the costs identified in this Project Plan. The level of that funding, if any, that can come from Federal, State, or other funding sources is not known. To the extent Federal, State, or other funding is received, the amount of tax increments that need to be dedicated to completing these improvements will be reduced. Revised TIRZ#2 Project Plan 09292009.doc Page3of9 Under §31 1 .O11(b)(4), Texas Tax Code, the Project Plan must contain a statement of a method of relocating persons to be displaced as a result of implementing the plan. None of the proposed improvements should result in relocation of any person; therefore this requirement is not applicable to the implementation of this plan. REINVESTMENT ZONE FINANCING PLAN Under §311.011(c)(1), the Reinvestment Zone Financing Plan must contain an Estimated Project Cost Description, and under §311.011(c)(2), it must describe the Kind, Number, and Location of TIRZ Improvements. Under this Project Plan and Reinvestment Zone Financing Plan, the following improvements and activities may be funded from current available revenues: Packery Channel Project Area Improvements: Subject to the availability of the estimated $4,700,000 in the TIRZ #2 tax increment fund, construction Gen-struGtio-n-of Phase 2 -7 Packery Channel some of the public recreational improvements and amenities shown on the engineering drawings referred to as the Packery Channel "Six Pack," which is incorporated into this Project Plan as Exhibit G. The engineering cost estimate for the Phases 2-7 is shown in Exhibit H. Construction of the Phase 4 ADA ramps is contingent upon approval of the General Land Office of the installation of temporary hard parking surfaces for parking for the disabled on the beach at the end of the ADA ramps. J . Installation of aids to navigation along Packery Channel, which are estimated at approximately $100,000. Improvements in other areas within TIRZ #2: A specific list of projects will be developed in consultation with various organizations and interested residents of North Padre Island and businesses located within TIRZ #2. These projects may include projects to acquire, construct, reconstruct, or install public works, facilities, or sites or other public improvements, including landscaping, utilities, streets, street lights, water and sewer facilities, pedestrian malls and walkways, Revised TIRZ#2 Project Plan 09292009.doc Page 4 of 9 parks, flood and drainage facilities, or parking facilities, but not including educational facilities. As required by §311.011(c)(3), an updated economic feasibility Study for TIRZ #2 was completed by CDS Market Research 1 Spiilette Consulting in September 2009. It is provided in a separate document. Under §311.011(c)(4), the Project Pian and Reinvestment Zone Financing Plan must include an estimate of bonded indebtedness. TIRZ #2 may be used to support bonded debt issued to fund specific projects, or the project costs may be funded on a pay-as- you-go basis, or utilize other financing methods. Under §311.011(c)(5), the Project Plan and Reinvestment Zone Financing Plan must describe the timing of incurring costs or monetary obligations. TIRZ #2 project 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, a bonded debt issuance, or other forms of project financing. Under 311.011(c)(6), the Project Plan and Reinvestment Zone Financing Plan must describe the methods of financing and sources of revenue. TIRZ #2 could use several methods of financing, including but not limited to the following: • Cash funds generated from existing property value increment, • Bonded debt issuances backed by TIRZ #2 revenue to fund the associated debt service, • 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 TIRZ #2 property tax increment compensate a developer for fronting eligible expenditures in p Y a specific taxable project after the project is completed. The term of any debt for which debt services payments are to be funded by TIRZ #2 revenue will not extend past the duration of TIRZ #2. Therima source of revenue for TIRZ #2 will be funds from the contributed property p rY tax collections of the City of Corpus Christi, Nueces County, Nueces County Hospital District, Del Mar College, and the Farm to Market Road on the taxable property value increment within TIRZ #2. Based on existing interlocal agreements with each taxing jurisdiction listed above, it is currently projected that each of these entities will agree to in T1RZ #2 with 100% of the incremental property taxes collected participate funding � over the life of zone, except for Del Mar College, which will contribute 20% in 2009 and 0% thereafter. The assessed value base year for all participating taxing entities is 2000. Based upon 2008 tax rates for each jurisdiction, the projection of incremental property tax revenue contributed to TIRZ #2 is as follows: Revised TIRZ#2 Project Plan 09292009.doc Page5of9 Tax Year City of Corpus Christi 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Total 1,597,917 1,273,417 1,203,508 1,372,033 1,519,533 1,645,468 1,761,879 2,162,313 2,615,229 3,127,882 3,708,557 4,366,726 5,113,212 5,960,390 37,428,065 Sources of Revenue1 Nueces County 985,617 786,419 745,121 849,855 941,476 1,019,647 1,091,870 1,340,366 1,621,428 1,939,557 2,299,895 2,708,317 3,171,538 3,697,237 23,198, 342 Nueces County Hospital District 406,158 324,072 307,054 350,213 387,968 420,181 449,943 552,345 668,166 799,263 947,753 1,116,057 1,306,944 1,523,577 9,559,692 Del Mar Jr. College Farm to Market Road Total 137,838 137,838 12,165 3,139,695 9,709 2,393,616 9,201 2,264,884 10,494 2,582,595 11,625 2,860,601 12,590 3,097,886 13,481 3,317,173 16,549 4,071,572 20,018 4,924,842 23,945 5,890,647 28,393 6,984,598 33,435 8,224,535 39,153 9,630,847 45,642 11,226, 846 286,400 70,610,338 Assumes 95% tax collection rate. These revenue projections assume a 95% tax collection rate for all three taxing jurisdictions. According to these projections, 53.O% of the tax increment revenues will come from the City, 32.9% will come from the County, 13.5% will come from the County yo Hospital District, 0.2%% will come from Del Mar College, and 0.4% will come from the Farm to Market Road. Zonero ert tax contributions from the participating tax jurisdictions could be � p v 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. Under §311.011(c)(7), the Project Plan and Reinvestment Zone Financing Plan must give the current appraised value of the zone. According to the Nueces County Appraisal District, the 2009 certified taxable appraised value for the Zone is $356,833,583 for the City of Corpus Christi, $ 353, 059, 772 for Nueces County and the County Hospital ital District, $ 358,753,875 for Del Mar College, and $ 352,808,877 for Farm to Market Road. Due to outstanding property accounts under value protest, these certified values will increase over time. Revised T1RZ#2 Project Pian 09292009.doc Page 6 of 9 Under§311.011(c)(8), the Project Pian and Reinvestment Zone Financing Plan must provide an estimate of the captured appraised value for TIRZ #2 during the years of its existence. The table on the next page provides the projected schedule of taxable value increment captured by the zone over remainder of its duration. Due to differences in policies regarding exemptions and tax abatements, the captured increment differs among the participating jurisdictions. Therefore, there is a table shown for each entity. Under 311.011(c)(9), the Project Plan and Reinvestment Zone Financing Plan must state the duration of TIRZ #2. The zone has thirteen tax years remaining and will expire after 2022. Revised TIRZ#2 Project Plan O9292OO9.doc_. Page 7 _ of 9_ Estimated Captured Appraised Value PROJECTED ASSESSED VALUE Tax Year City of Corpus Christi Nueces County Nueces County Hospital District Del Mar Jr. College Farm to Market Road 2009 380,825,433 377,027,804 377,027,804 382,757,294 376,776,909 2010 320,245,351 317,347,217 317,347,217 321,720,450 317,163,481 2011 307,194, 087 304, 974, 332 304, 974, 332 308,324,444 304, 840, 076 2012 338,655,659 336,353,086 336,353,086 339,828,313 336,214,560 2013 366,192, 055 363, 803, 032 363, 803, 032 367,408, 871 363, 660, 07 8 2014 389,702,663 387,223,386 387,223,386 390,965,597 387,075,840 2015 411,435, 230 408, 861, 715 408, 861, 715 412,746, 329 408, 709, 405 2016 486,191,313 483,312,318 483,312,318 487,658,942 483,142,951 2017 570,745,210 567,519,915 567,519,915 572,390,395 567,331,227 2018 666,451,157 662,832,970 662,832,970 668,297,914 662,622,374 2019 774, 856, 231 770, 791, 945 770, 791, 945 776, 931, 996 770, 556, 480 2020 897,728,294 893,157,125 893,157,125 900,064,425 892,893,404 2021 1,037,088,042 1,031,940,526 1,031,940,526 1,039,720,393 1,031,644,672 2022 1,195,245,758 1,189,442,482 1,189,442,482 1,198,215,334 1,189,110,054 ASSESSED VALUE INCREMENT Tax Year 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 City of Corpus Christi Nueces County Nueces County Hospital District Del Mar Jr. College Farm to Market Road 298,311,566 237,731,484 224,680,220 256,141, 792 283,678,188 307,188,796 328, 921, 363 403,677,446 488,231,343 583,937,290 692,342,364 815,214,427 954, 574,175 1,112,731,891 295,295,463 235,614,876 223,241,991 254,620,745 282,070,691 305,491,045 327,129, 374 401, 579, 977 485,787,574 581,100,629 689,059,604 811,424,784 950,208,185 1,107,710,141 295,295,463 235,614, 876 223,241,991 254,620, 745 282,070,691 305,491,045 327,129, 374 401,579,977 485,787,574 581,100,629 689,059,604 811,424,784 950,208,185 1,107,710,141 300,048,697 239, 011, 853 225,615,847 257,119,716 284,700,274 308,257,000 330,037,732 404,950, 345 489,681,798 585,589,317 694,223, 399 817,355,828 957,011,796 1,115,506,737 295,195, 765 235,582,337 223,258,932 254,633,416 282,078,934 305,494,696 327,128,261 401,561,807 485,750,083 581,041,230 688,975,336 811,312,260 950,063,528 1,107,528,910 Revised TIRZ#2 Project Plan ❑9292009.doc Page 8 of 9 LIST OF EXHIBITS Exhibit A Packery Channel Project Costs and Funding from Project and Financing Plans dated February 1, 2003 Exhibit B Map of T1 RZ #2 Exhibit c Current land use map Exhibit D Current zoning map Exhibit E Future land use map Exhibit F Project Plan Map Exhibit G "Six Pack" engineering drawings Exhibit H "Six Pack" engineering cost estimates Exhibit 1 Zahn Road improvement drawings Exhibit J Zahn Road engineering cost estimates Revised TIRZ#2 Project Plan 09292009.doc Page 9of9 Reinvestment Zone Number Two City of Corpus Christi, Texas Paclfery Channel Project Costs and Fund tng Protect Costs Land, easements, ROW • Demolition Utility relocation Site preparation Reach 2 Mobilization & demobilization Dredging - Total Zone Two Corps of Engineers $32,673 20,834 104,071 . 93,972 $32,673 7,292 104,071 . 32,890 so 13,542 0 61,082 486,881 170,408 316,473 646,032 226,111 419, 921 Reach 1 Mobilization & demobilization 1,313,383 459,684 853,699 Dredging 2,197, 920 769,272 1,428,648 Overdepth 441,512 154,529 286,983 1,408,671 493,035 915,836 Placement in placement areas 1,239,408 433,793 805,615 Concrete bulkheads 2,899,930 1,014,976 1,884,955 • Anchored concrete bulkheads - • 0 0 0 Containment sheetpileloap . 0 0 0 Sand bypass pipe 321,600 112,660 209,040 . Bridge scour protection 524,510 183,579 340,932 Jetty construction 9,118,639 3,191, 524 5,927 115 Walkway curbing 88,236 30,883 57,353 Concrete walkway1',594,820 - 558,187 1,036,633 Planning, engineering & design - 2,623,716 918,301 1,705,415 Construction management 1,749,144 - 812,200 1,136,944 Maintenance dredging reserve(a) 1,400,000 1,400,000 0 Mitigation costs 1,250,000 437,500 812,500 Mollie Beattie monitoring 541,000 189,350 351,650 Parking lot(b) 750,000 750,000 0 Parks & recreation center(b) 2,000,000 2,000,000 0 Financing, admin, reserves & rounding 1,122,183 1,122,163 $33,969,135 $15,405,000 $18,564,135 Funstin Sources Corps of Engineers $18,564,135 Series 2003 Bonds 2,500,000 $2,500,060 Series 2004 Bonds • 4,300,000 ' 4,300,000 Series 2005 Bonds 4,330,000 4,330,000 General Land Office Grant 1,275,000 1,276,000 Surplus Tax increments or Bonds(b) • - 3,000,000 3,000,000 $33,969,135 $15,405,000 $18,564,135 (a) Manintenance dredging reserve either to be financed from the proceeds. of Series 2005 Bonds or as funds become available from surplus fax increments, or a combination thereof, (b) Parks & recreation center and parking lot to.be financed as funding becomes available from surplus tax Increments or bonds, or a combination thereof. $18,664,135 Exhibit A CITY OF CORPUS CHRISTI, TEXAS TIRZ #2 Printing Date: 8/26/2009 File: H:1PLN-DIR\SHARED\GIS Projects\LegaI\TIRZ2ltirz2.mxd Prepared By: MikeN © City of Corpus Christi, Texas 0 1,500 3,000 6,000 Feet Exhibit B CITY OF CORPUS CHRISTI, TEXAS TIRZ #2 Current Land Use Printing Date: 8/26/2009 File: H APLN-DIR\SHAREDIG IS ProjectslegaRTIRZ21clu.mxd Prepared By: MikeN © City of Corpus Christi, Texas r.,L5 ZAPFRAIMAF02rAArrPA11Prt:114Vnar.:5Ari:i,4rV2r'::',24rtNilrf;!AriilAh 0 1,450 2,900 5,800 ij Feet Exhibit C CITY OF CORPUS CHRISTI, TEXAS TIRZ #2 Zoning Printing Date: 8/26/2009 File: H:1PLN-DIRISHAREDIGIS ProjectslLegal1TIRZ21zoning.mxd Prepared By: MikeN © City of Corpus Christi, Texas 0 1,350 2,700 5,400 Feet Exhibit ID CITY OF CORPUS CHRISTI, TEXAS TIRZ #2 Future Land Use 0 1,375 2,750 Printing Date: 8/26/2009 File: H:1PLN-DIRISHAREDIGIS ProjectslLegatITIRZ21flu.mxd Prepared By: MikeN © City of Corpus Christi, Texas 5,500 5 Feet Exhibit E 1$L! um Worst% 0 IS r 1 (.9 1.:22 lE 6 NOLLV1.303A PACKERY CHANNEL PUBLIC de ENVI'RONMENTAL.. FACILITIES PLAN VIEW ,,Etait 8N ts 0 0 N Pei 0 1 / 00+007 1 J3 31 oad do 0N3_ ; E ; • , , E • ; 9!, , L .+t5i C•4 CT, .13NliNillt\ii0 IIINNVHD AN3A3Vc1 EXISTING GROUND 00+0 LO q:c (-) CC CL 00+1 WATER EXCHANGE PIPE N 00+ 0 0 z PACKERY CHANNEL SIX PACK IMPROVEMENTS Phase 11 Restroom Facilities at Seawall Parking Lot South Parking Lot Total Phase 2 Packery Channel Parking and Overlooks Northside Southside Total Phase 32 Restroom Facilities at Packery Channel Northside Southside Total Phase 4 ADA Ramps to Jetties Northside Southside Total Phase 52 Northside Pavilllon Northside Phase 62 Administration and Maintence Building Northside Phase 72 ADA Parking Lot Improvements at Jetty Ramps Northside Southside Total TOTAL IMPROVEMENTS $540,000 $540,000 $2,175,000 $225,000 $2,400,000 $1,420,000 $646,000 $2,066,000 $145,000 $145,000 $290,000 $878,000 $7'15,000 $236,000 $643,000 $879,000 $7,768,660 TOTAL IMPROVEMENTS IN PROJECT $6,889,000 AND FINANCING PLANS 1 Phase 1 has been funded with tax increments 2 Phases 3, 5, 5, and 7 are not included in the proposed Project or Financing Plans 1 of 8 Exhibit H Packery Channel Improvements Restroom Facilities at Seawall Parking Lot PHASE 1 Southside Improvements -'4","k*Amilig;:!!!--1."-Matiiitzgth Restroom Facility TOTAL -cgs- � � � __;mac •: r ti-• 9•^, . __' •.---tea. �a 1'0 Sub -Total .-,. Sub -Total ' 10% 25% 400,000 $ 400,000 $ 40,000 $ 100,000 $ 540,000 540,000 This project is currently under Construction and is scheduled for completion in April on 2010 2of8 9/24/2009 Packery Channel Improvements Packery Channel Parking and Overlooks PHASE 2 Northside Improvements ,"-&-C14*) tee• Roadway to Lookout Area $ 43,500 New Parking Area $ 432,000 Fill Under Area $ 211,200 Over Looks (7 units) $ 175,000 10' Walkway North Side (5" Thick) $ 192,000 Lighting $ 150,000 Landscaping $ 30,000 Slope Protection $ 375,000 Sub -Total $ 1,608,700 10% $ 160,870 25% $ 402,175 $ 2,171,745 Southside Improvements MWk 10' Walkway South Side (5" Thick) TOTAL Sub -Total 10% 25% USE 165.000 165,000 16,500 41,250 222.750 $ 2,394,495 $ 2,400,000 This project includes the improvements on the north and south side of Packery Channel. North side improvements include seven (7) lookouts, new road to lookouts from existing boat ramp, new parking areas (204- 8' wide and 24- 11' wide handicap parking spaces), required fill under the parking areas and slope protection, 15' wide walkway along the length of the north side will also be constructed as part of this project. South side improvements will include 15' wide walkway along the length of the Channel. 3of8 9/24/2009 Packery Channel Improvements Restroom Facilities at Packery Channel PHASE 3 Northside Improvements Restroom Facility Parking Lot © Restroom Facility Road & Turn Around Road to Zhan Rd. - East Side Lighting Landscaping SS Gravity Line to Tortuga Dunes Sub -Total 10% 25% Southside Improvements Restroom Facility Grinder Pump (1.5hp) 2" Discharge Line (2200 +300) Lighting Landscaping TOTAL Sub -Total 10% 25% USE 600,000 72,000 75,000 146,650 37,500 10,000 110,000 1,051,150 105,115 262,788 1,419,053 • t:I-4;2*m $ 2,065,028 $ 2,066,000 400,000 30,000 37,500 8,000 3,000 478,500 47,850 119,625 645,975 This project includes construction of a Restroom on the north side of Packery Channel; having 3 commodes in the men and women bathroom, adjacent parking lot with 34 regular 8 -foot wide parking spaces and four 11 -foot wide handicap parking spaces. The project also includes turn around and road connectory to Zahn Road, and a 6" sanitary gravity sewer line from the restroom to a lift station on Zahn Road. Similar size restroom on south side with a lift station near restroom with grinder pump (1.5 HP) with 2" force main (approximately 2,500') will be a part of the project. 4of8 9/24/2009 Packery Channel Improvements ADA Ramps to Jetties PHASE 4 Northside Improvements ADA Ramp North Side Lighting Landscaping Stairs (1 Northside) Sub -Total 10% 25% Southside Improvements ADA Ramp South Side Lighting Landscaping Stairs (1 Southside) TOTAL Sub -Total 10% 25% USE 83,360 $ 8,000 $ 3,000 $ 12,500 $ 106,860 $ 10, 686 $ 26,715 $ 144,261 83,360 8,000 3,000 12,500 106,860 10,686 26,715 144,261 288,522 290,000 This project will include the stairs and ADA ramp on the north side and the south side of Packery Channel to provide access from the beach to lookouts and parking lots. 5of8 9/24/2009 Packery Channel Improvements Northside Pavillion PHASE 5 ::::::::::::::.:.?.:v n: �: �.::n�: \•::: �iJ�.; �. �r.'Yr:: r} l\��nEtEEri � :::.-_::. :::::.L �:... r »:: iL•::i•\--iC'rf/[:'.': E�vM-n3 �t':vrh`:\`n�1ti'r:�rJ4h•:ii:v-:;�-::.1.,:::. .e.n � ..... Paviltion Expansion 650,000 TOTAL Sub -Total 10% 25% USE 650,000 65,000 162,500 877,500 877,500 $ 878,000 This project includes the pavilion expansion on the north side restroom. This will allow the deck area around the restroom and some sitting areas for visitors. 6of8 9/24/2009 Packery Channel Improvements Administration and Maintence Building PHASE 6 Northside Improvements Fr • -A:Z:a' ss, Maintenance Building $ 324,000 Administration Building $ 120,000 Lighting $ 25,000 Landscaping $ 10,000 Parking Lot $ 49,995 TOTAL Sub -Total $ 528,995 10% $ 52,900 25% $ 132,249 $ 714,143 USE $ 714,143 $ 715,000 This project includes 30' X 60' maintenance building, 20' X 20' administration building, and 100' X 100' parking lot near the entrance to the Packery Channel lookout areas just south of Zahn Road. 7of8 9/24/2009 Packery Channel Improvements Parking Lot Improvements at Jetty Ramps PHASE 7 Northside Improvements Lighting Landscaping 10' Walkway North Side (5"Thick) Roadway to Parking Area Parking Lot '41A maz 25,000 3,000 38,400 45,000 63,450 Sub -Total 10% $ 174,850 17,485 25% 43,713 Total 236,048 Southside Improvements Lighting 50,000 Landscaping 10,000 10' Walkway North Side (5"Thick) 76,800 Roadway to Parking Area 150,000 Parking Lot 189,000 TOTAL Sub -Total $ 475,800 10% $ 47,580 25% $ 118,950 Total $ 642,330 USE $ 878,378 879,000 This project includes the construction of two parking lots near the ramp jetties on the north and south side of Packery Channel. The north parking lot proposes a minimum of 47 parking spaces and the south parking lot proposes a minimum of 140 spaces to be constructed. Both parking areas will be connected to existing roadways. 8 of 8 9/24/2009 CORPUS CHRISTI SAY ?:(0tPuB0 NAVAL ST4 0 1.744-4 4110 het ,1 4,7 tire AVAk. 0 4,000 8,000 16,000 w GRAPHIC SCALE IN FEET } ,,,,j4-7;---, ti 3411. 7 ( ? Pi _ € 1/ 'k. i! ▪ * • `h` • ii/ r 3 000 o s e+0 lt.)---) �•t CORPUS CHRISTI BAY mvoTArei MAK PROJECT LOCATION GULF O' MEMO NaismithEngineeringmnc PROJECT LOCATION MAP I I1eINEeRxNa E NV1PLONM NT*L* 3U*YrY1NG 4501 GSA ROAD CORPUS OSRIST4 TIXAS M411 PHONE: Di/4814 - 9900 FAX: <361)614 - 4401 FOR PERMIT PURPOSES ONLY NOT FOR CONSTRUCTION OR BIDDING 1ST a;Ctt<zy.j� TBT 1 of 4 CBT AS NOTED ZAHN ROAD IMPROVEMENT CORPUS CHRISTI, TEXAS 0 Exhibit 1 PROPOSED ROAD LAYOUT ZAHN ROAD CONSTRUCTION AGREEMENT CORPUS CHRISTI. TEXAS NaismithEng neer ng ,i c NoxNEMU NO ■ ENVXROHHENTALU SURVEYING $5*1 GatileiPat nous COM* ill. TU*g 1$411 PHOPlfs (3601ft4.9I0O rAx: (3,1) in 4 •• 4401 2of4 FOR 1N] RIM REVIEW NOT FOR CONSTRUCTION. PERMIT, OR &DOING PURPOSES 0 TYPICAL CROSS SECTION DIAGRAMS ZAHN ROAD CONSTRUCTION AGREEMENT CORPUS CHRISTI, TEXAS Na smithEngineering.Inc ENAiNEERING ENVIRONNENTAA.SiSURVEyINQ 4501 G0LWt9L ROAD CORPUS CHRI5T1, T9AS 78411 09000: [381) Ria • 9900 FAX (3011 014 - 4401 3 of 4 FOR INTERIM REVIEW NOT FOR CONS TRUCTION. PERM T, OR &DO W.; PURPOSES ,RAPG6 !kk:ofPhi,i�i. cor o6:.2drr "r ,10110 39496 0 ZVI HIGHWAY 361 (PARK ROAD 22) 0 i w o�o> 22012 >zo 222 r- -�-am MS SM=IM.P tsps m0. ‘\ 1 2 n2 Dfto 020 � t0 m Zrn rt3 if I o c 0 -4 27 0 3 02 m 0 -n m m m 27 944 0 0 2 c in CO ! 4 L 4-0 >0 ID 0 ✓ 27 ¢7F 0202 • 0 EXISTING AND PROPOSED UTILITIES ZAHN ROAD CONSTRUCTION AGREEMENT CORPUS CHRISTI TEXAS NaismtthEngineer ing,Inc ENGIN mum a9 9NVIRONP46NTAL • SURVEYING 45e1 Liitummo coma x12111 $ 7.413 pips-••. '02 i Kid - 4900 992 {362) 214 - 4461 73 rap m 0 FOR INTERIM REVIEW NOT FOR CO OSIRUCPON. RM91 OR anac99WG PURPOSES 73 72 N C7 D to 0 N 0 0 4of4 0 Engineers Estimated Project Costs Naisniith Engineerinsine 4501. GoIlihar Road. Corpus Christi, TX 78411 361-814-9900 Fax 361-814-4401 Title: Zahn Road Improvements NEI #: 8069 Estimate #: Cost Sharing Date of Estimate: September 10, 2009 Owner: City of Corpus Christi / The Preserve at Mustang Island Contact: Dan McGinn / Darlene Louk Address CC: 1201 Leopard St. Corpus Christi, Texas 78401 Address TP: 1300 S. MoPac Expressway, Austin, Texas 78746 Phone: (361) 826 - 3595 / (512) 433 -5235 Fax: E -Mail: NEI Engineer: NEI Contact: Address: Phone: Fax: E -Mail: Criag B. Thompson, P.E. Thomas Tiffin 4501 Gollihar Road Corpus Christi, Texas 78411 (361) 814 - 9900 (361) 814 - 4401 ttiffin@naismith-engineering.com ZAHN ROAD - ROADWAY IMPROVEMENTS (City's Responsibility) ITEM NO. DESCRIPTION QUANTITY UNIT' UNIT PRICE TOTAL COST Storm Water Pollution Prevention 1 = Stabilized Construction Entrance & Exit ... ,..�... Reinforced Filter Fabric Fence...._ »........., 3 'Hay Bales Site Preparation sandm Irovements 4 a�H,u,JisJrp91{SiteGradj _._...,., ........., 6 jMgaj9pacIijig Demolition 7 `HMAC Removal and Reuse 5 IHMAC Boat Ramp Road Removal and Reuse 9 Storm Sewer Removal - 42" Storm Sewer Improvements ��� ��� ......�....�...�.�_�.�.».-..� 10 P ip_e - 24" Dual 24" Headwall Tie to Existing w24" RCP :x., �»,.»>»»ww»�»»�u,r:,w»�w�,: �,:,:::,.,,.,:_-------...�x:.-�-�xx:::-�:--��-.-,:,n�,�»:�,: �:,•»w:y�m.,�;���.e-w�: Bollards 1.00 ».. ,EA 4,290,00 .LF_ 1-001 «.:.:,,, LS,:,: 4.74 A 1.00 LS 1.001 LS max: 814.00' SY 640.00 � SY ..»y.. 152.09 ` LF. $2 735.00 $2735.00 $3 $ .00 I2,,874.00 $4,563.00 $4 553.00 $2 000.00..................., $41 067.00x.....-. $14,420.001 34.00f.:,u::�F.� 1,90 _µM...» �LS...�... 2.00! EA 1.00 LS Paving, Pedestrian, & Traffic Improvements 14._ _... «..15�......M� 5" Cement Stabilized Sand Base HMAC Pavement - 2" Concrete Curb and Gutter Sidewalk - 5f1 18 1Walk Path - Crushed Concrete 19 `Walk Path - Edger n..«.::.n:..rc..«< Z0 ADA Curb Ramps ADA Rami s m.... x Pavement Marking 4" White Refflective Solid u 23 Pavement Marking - 6"White Reflective Solid 24 Pavement Marking - 12" White Reflective 25 Pavement Marking -A" Yellow Reflective Solid 26 ry Pavement Marking - 12" Yellow Reflective Solid 27 Pavement Markin - 4" Yellow Reflective Dash jIypeiIRaisedMarkers-Whe-,,,,,,,, 29 Tie Jjlaised Markers - : Yellow Crosswalk - Signs Pavmen,»..t.�.Marking Street 32 !End Barricade »..,.., ,....� 33_.._,.,,.,., Street µ_M ---F...» 34 Traffic Control - ZAHN ROAD 35 Traffic Control - HWY 361 (TxDOT) Water ...�.�........�..1 g........ ..��.� w.....-.-..Fire,.._yyd_.-rantRelocation_ ..._ ....._ e V .N ...W .. 31 11,776.001 S µ,.1 A172. -S ...SY... 1,370:Q0i LF 5,861.00J SF 5,420.06 SF 2,170.00...w.LF....... 8.00! EA 5.00 i EA 4,316.00' LF 130.00! LF Y.....30P.Q4 I .. LF......, 3,360.00 i,. LF 35.00EA 72.00...... EA 100.0 wEA-uN $5500 $10 504.001 $3,000..'00 .....» $9480.40 $41,.,.467.00 $1.4,420.04 $31,9774P $4160�00 $2 280.0 i,972Q0 .$30p0.00 $3,000.00 $185416.00 $10.50! $1438500 $43 957.KK54 .»:S 14 905.00 .» . 2.5.4 .-_......_«_...., _ ......a � , $5.425.0p oQp.po $875.90 1 $4 375.00 $3.25 $14 007.50 $3.25 $7.00 $50.0001 .... $20.00 $20.00 $2,500.00 _$800,001 $2,000.00 $15000 00 $30,000.00 $20,000.00 1.00 1.00, 3.00x........... Page 1 of 4 EA EA .� -. EA EA LS_ LS $617.50 $2 00.00 $10920.00 $1,435.00 $1 75090, $1440.00 w $2 Q00.00 $25QQ.4Q $ZS 400.00, $2 000.9,9 $45,000.00 $30,000.00 $20,000.00 $2,590.00! w a .... $7,500.0Q ExhibitJ Title: Zahn Road Improvements Estimate #: Cost Sharing NEI #: 8069 Date of Estimate: September 10, 2009 19 PVC Water Pipe - 8" 20 i Valve - 8" 21 Valve Adjustment - 8" 22 Water Line Connection 23 !Steel Casing - 14" Professional Services ITEM NO. DESCRIPTION 36 Preliminary Engineering & Project Development 37 Engineering 38 Topographic and Boundary Survey 39 ''Construction Administration 40 :Geotechnical and Construction Testing 41 ;TxDOT Permit & Traffic Control Plan 42 Corps of Engineers Permit 43 !GLO Land Acquisition Documents 44 !City of CC Beach Front Construction Cert. 438.00 LF 11.00 EA 5.00 EA 8.00 EA 438.00LF $30.O01 $13 140.00 $1500.00; $16,500.0O $250,00i $2„,250.00! $18_,OPQ.00 $175.00! $76,650.00 Estimated Construction Costs $933,912.50 % CONSTRUCTION TOTAL COST 2.0% $18,678.25 7.5% 2.0% 1.5% 2.0% $70,043.44 $18,678q5._ ° $14,008.69 $8,000.00 $6,000.00 $10,000.00 _I _ $4,600-.06 Professional §-ervices:, $16 .,..,. 8,1W.?8 Estimated Roadway Improvements (City Responisbility): i S1,101,999.38 ZAHN ROAD - UTILITY IMPROVEMENTS (Trust Fund Reimbursementl ITEM NO. DESCRIPTION QUANTITY UNIT UNIT PRICE TOTAL COST Sanitary Sewer Improvements -- - , 1 '8" Gravity Sanitary Sewer A 7' - 9' 203.00' LF , $45 00, $9,135.00 . 2 8" Gravity Sanitary Sewer 9' - 11' 264.00; LF ! $53 001 $13 992.00 $120.001 ,.., 3 !8" Gravi Sanit#Iy Sewer ,@, 17' 7 19? , , , 51.001 LF $6,120.00 , 4 8" Gravi. Sanitary Sewer g 19' - 21' 11.00 ' LF $140OW ,„..,....., $j540.00 6 ,10" Gravity Sanitary Sewer @ I I' - 13' , $70.00! 5 i j 9'' gravity,Sanitary Sewer @ 9' - II' 650.00 LF . .,.... ' $45,500.00 7 10" Gravity Sanitary Sewer A 13' - 15' 233.00 i LF ' ---t ,' . $120.001” $27,40.00 $27,960.00 ,. $85.09t 8 :10" Gravity5anitary Sewer @ 15' - 17' 225.001 LF : $140.00j $31 00.00 9 ;10" Gravii, Sanitary Sevver p 19' - 21' 105.00 LF i $160.001, $16 800.00 11 1.80 EA, , $20 004 $41 320 00 10 iTrqq,ch Protection 2 066.00j _LF _ i , _, _ .... __ , ..__ [Manhole 4' Dia_@ 7' - 9' 12 riVianhole 4' Dja @ 9' - 11 3.60 EA -1- . $4 200.00 $15 120.00 12 'Manhole 5' Dia p 1 1 ' - 13' w/ Drop Connection 0.901 EA ; $1,800.00r 15,220.09 Manhole 5' Dia p 13' - 15' w/ Drop Connec,tion 9 500.001 Q,29. ',, _.,A, _ 4 .. ,__, $_,._,,,,..,,_,4 ___ _ _ $,M59,99, 14 Fiberglass Manhole 5' Dia @ 19' - 21' w/ Drop 0.90! A _ 15 1§,," S4nitary_Service Connection 7.20 EA I $3 000.001 $21 600 00 16 I Connection to Existing Manhole 1.80 i EA ' $2 500.90! $4,500.00 .. _. ,,, .._ $3 500.Q $62Q0.Q0 ,._,.. ........ . ,,., _,_ 17 iDewatering 0.90L A, 8,00 LS - $5 0.00 $52,200.00 .. Estimated Construction Costs Subtotal: $349,297.00 „ Professional Services ITEM NO. 1 DESCRIPTION 24 tPreliminary Engineering & Project Development 25 :Engineering 26 1opographic and Boundary Survey 27 ,Construction Administration 28 EGeotechnical and Construction Testing % CONSTRUCTION 1 TOTAL COST 2.0% 1.0(;20 1.5% 2.0% Professional Services: $26,197.28 $6,985.94 $5,239.46 -$6,985.94 $52,394.55 Estimated UtditvImprovements (Reimbursement Fund): S401,691.55 ZAHN ROAD - ROADWAY, UTILITY, & MISC. IMPROVEMENTS (Developer's Responsibility) Page 2 of 4 Title: Zahn Road Improvements NEI #: 8069 Estimate #: Cost Sharing Date of Estimate: September 10, 2009 ITEM NO. DESCRIPTION QUANTITY UNIT UNIT PRICE TOTAL COST Aesthetic Enhancements (Cost Sharing NS orksheet) 2SY 1 :12" Cement Stabilized Sand Base - I )i !Terence 2„0 6857.:90 00 SY $5.00$iips.00 37 3 ' Concrete tdger ' _ $,50 ) 2 'pric,1(.Pavers (Roadway) - Di fference 1, $J5.00 - - $ ''.50 810.00LF „$__P,,,I.p.00, 550.00 SF0.00 [ ' - - --- $3,859,90 ,..., . 1 - , , $3 500 $21,99.0.00 , • , .„ _ • • • •, • • • • • • • • • • • • • • • • • • • • • • • 4 Brick Pavers Median 5 'Crosswalk - Brick Paving - Turn Lane into Development (Pavers Additional Cost Above) (Cost Sharing Worksheet) 7 HMAC Pavement - 2" • 467.001 SY $21.00! $8 272.00 $9,8.97.00 6 8" Cement Stabilized Sand Base 517.001 SY $16.00i • , • , . . L Dri vcm.R,19plac,9n1 ej]L- TOrtUgaDUneS 1.Q01 LS I $12 000.001 $12 000 00 9Drivewa.y Replacement Tortuga Sales Center Paving - Additional Third Lane (Cost Sharing Worksheet) 10 8" Cement Stabilized Sand Base 422.001 SY $16.00, $6,75200 11 .;.HMAC Pavement - 2" 422.00: SY $21.00: $8,862.00 --1 Storm Water Pollution Prevention 1. LS $5,990.001 $5,000.00 • • • 1 .1,, • • • • • • • • • • -• • • • • • • • • G • • a. • • • 12 [Stabilized Construction Entrance & Exit , 1.00 EA $262.00! $262.00 13[Reinforced Filter Fabric Fence , 411.00i LF $3.001 $133 00 _ „ , 14 Hay Bales 1.00: LS , .$437.00i $431.9Q. Site Preparation and Improvements 1 15 i Site Preparation 0.46, ' 1 $2,000.00i $920.00 _ 16 , ;Site Grading , 1.00 LS i „,$,,5,93,..991_ P„.933.00 _li111itigatjop Qya4i,ng, 1.00 LS , $1 380.001 ,.•,...., Demolition 18 $12 500.00: ! Driveway Removal - Tortuga Dunes 1.00' LS , , $12 500.00 19Driveway Removal -Tortuga Sales Center 1.001 LS ! $4,000.00.1 20 Sanitary Manhole and Piping 1.00LS 1 $ 19,000.00i ,,...,,,,.. __,,, $10,00.00 Sanitary Sewer Improvements 21 18" Gravity Sanitary Sewer 7' - 9' 23._ i., , LF _ .,,,..., $45,-00 _., . ., _. SI, (1390 1 22 8" Gravi,pi Sanitaty Sewer @ 9' - 11' 30.00: LF , $53.00', $1590.00 23 ,8" Gr @, 1 aviV San4ary Sopw.er 7' - 1 8i9' 24 , t $14000' ; Qravity SanitarySewer @ 19' - 21' 1.00 LF , . $140.00 25 ' .9,",...gravityS_anitaty_Sewer,@, 9' - 11' 72.00: LF j i $70.001 $5,940.00 13 4,000.00 6.00i LF $120.99 _.$229.00 36.00 LF 1 $85.00F $3,060.00 ..,,, $120.00_1 $3 120.00 ,27_„„,, „„,„,,,„1 1.9.7 Or4viV.S4IlitaU,,,,5,„S„,„w.„„„c..r,„,@,,,,..P....!. -„,..,1_,5_1„•., ,,,,,.,.„,_ ___ 4,199,1,, ,„,, ,-.F.„„.. ,,l'.. ,, „,. J 4,... ,. i:19,."_Gravk_.,5artitary Ssyyp: @ 15' - 17 25 001 LF ' "I '''' ' '----- "-- ' ----- -$140-00' ' '------ - 29 '10" Gravi Sanitary Sewer 19' - 21' 1aPPL LF 30 _ITrench Protection _ „ 231.00 LF 31 (Manhole 4' Dia 4, 7' - 9' 0.201 EA $4 680.00 32 ',-..Manhole 4' Dia 9' - 11' 0.401 EA 32 Manho1e5Dia11'-13'w/Dr9pConnection 0.10 P 7 ,100.991 $580.00 $160.00 $1,920.00 $20.00, 620.09 $-3 50000i-- '$790.09 eirc 33 'Manhole 5 pia._@ 13 - 15 w/ Drop Connection 0.10' EA I. 34 Fiberglass, Manhole 5' Dia__@, 19' - 21' w/ Drpp 0.10_ EA 35 [6" Sanita_g Service Connection „ 0.80! EA 0.20! EA 37 Dewatering 0.10! LS 36 Connection to pcisting Manhole $169.90.001 $2,500.00 $58,000.00' $1„600.00 $2 400.00 $500.00 $5,800.00 L. , .... .14" PVC AWWA C900-DR7150PSI Force Main 887.00: LF „.., __,.. $25.001 $22,175.00 39 '6" PVC AWWA C900-13.g.-1..501?5J Force Main 887.0Q__i LF [ $30.00 $2610.00 _ .4:p __, _ 4lie tp.Existim 4" F:prp,e,Mpirri 2.00' LF $2 509..001 . _ $5 000.00 41 $2800.00 $5 600.00 Tie to Existing.6" Force Main _ 2.00i LF.... f _i_. 4" Air Release Valve 1.00r EA $4 000.00 42 $4 000.00' 43 16" Air Release Valve 1.001 EA $4 000.00 $4 000.00 ,..,._____.......„ WaterImprovements 45 I,Water Line Connection . ,.. _ j_ , 3.001 EA ! ,.., J. _S2_250.00i $6 750.00 Estimated Construction Costs Subtotal: j $312,535.5j1 ____ ... Professional Services ..„ Page 3 of 4 Title: Zahn Road Improvements NEI #: 8069 Estimate #: Cost Sharing Date of Estimate: September 10, 2009 ITEM NO. 46 DESCRIPTION Preliminary Engineering & Project Development 47 Engineering 48 Topographic and Boundary Survey 49 Construction Administration 50Geotechni. cal and Construction Testing 51 ROW Acquisition and Maps 52 Development Agreement % CONSTRUCTION 2.0% Professional Services: TOTAL COST $6,250.71 $23,440.16 $6,250.71 $93,76 $6,250.71 $6,625.00 $12,000.00 $60,911.05 Estimated Roadvk lJtilitv, and Misc. Improvements: S373,446.55 . Land Acquisition (Cost Sharing Worksheet) ' .i'- ' - raii-iii-fr- Acquisition ' ' ' ' ': 0.73; L§ ---- '1 ' 0:00, 54 ;North ROW Closure Less 15 Access/U.E 0.841 LS i r $300,000.00i Land AcquisitionTotal: 55iMedian - Sod - Maintain Two (3) Months ; 7,500.00 i, SF 1 , $:_1.251. 56 Queen Palm EA , .- $800.00' . „ 57 canary Island Date Palm 37.001 EA i , „ $2,250.00L 58 HoneyMesquite 1 1 175.00! 59 iComa 20.00 EA $15.001 60 jOleander 61 :DwarfPalrnetto 62 Coral Bean 63 !Texas Sae 46.00; EA - , 56.001f --- EA 130.001 EA 850.001 EA -+- 64 ;,Red Yucca92.00! EA 1 65 Society Garlic i 50.00; EA 66 Gulf Muhly 67 Landscape Architect Irrigation 68 Bubbler 69 Perennial Bed 70 Ll" PVC Itipe 71 2" PVC Pipe 72 Backflow Preventer $252,0.99.00, 525L000.00 . $28,000.0000 $83,250.00 $300.00 $21.001 $966.00 $35.001 $1,960.00 $10.00! $1,300.00 $10.00i $8,500.00 $14.00!$1,288.00 $10.001 $500.00 100.001 EA t 110.00[ 7.50%: LS 336.00' EA 25,72E061- —LP 9,532.00! LF 9,532.00! LF i.00r EA 73 •'Rain Sensor 1.00 1,000.00 $11,986.05 $30.001 $10,080.00 „,,,,,,,•_• „„•._...,„,•_'$Cifilli 11 -$38,-516.:66 $ 2.O01 $19,0 64.00 $3.561 $33,362.00 ..„,_ -1-- $1,750.001 $1,750.00 EA 1$ : 50 00' $250.00 ,..., ,„„„„„._____,_.....,„___-_,..•...--,. $1,800.004f_,. $1,800.00 $8,00.001— --- $8,500.00 4- $56.001 $1,460.06 . ...„„_. „ ,„.., $8,608.95 74 ;Controller 1.00 EA 75 11.5" Meter 76 :Valves 1 • 77 Irrigation Designer 1.001 EA 25.00; EA -1- 7.50%[ LS t Estimated Landsca yin and irri wation C:osts: $295,195704' Estimated Construction Costs (Developer Responsibility): I $920,641.55 Estimated City Responsibility Estimated .Developer Reimbursement Fund Estimated Developer Responsibility Total Project Costs Page 4 of 4 S1 ,101,999.38 $40.1,691.55 S920,641.55 $2,424,332.48 MARKET AND ECONOMIC FEASIBILITY STUDY UPDATE Tax Increment Reinvestment Zone #2 Corpus Christi, Texas Prepared for: The City of Corpus Christi Economic Development Office P.C. Box 9277 Corpus Christi, Texas 78469-9277 September, 2009 Prepared by: Strategic Urban Corn 9 ance Economic Study Update — Tax Increment Reinvestment Zone #2 Corpus Christi, Texas TABLE OF CONTENTS TABLE OF CONTENTS TABLE OF EXHIBITS II INTRODUCTION 1 ECONOMIC AND DEMOGRAPHIC OVERVIEW 2 Regional Economic Trends 2 Employment trends 2 Corpus Christi Regional Economy 5 Demographic Trends 6 Regional Demographics 6 Regional Demographic Trends 7 City of Corpus Christi Demographics 7 TIRZ Demographics 9 MARKET OVERVIEW 13 TIRZ #2 Development Trends 13 Residential 14 Commercial 15 Multi -Tenant Commercial Uses 15 Tourism and Hospitality 16 PROPERTY ACCOUNT AND TIRZ VALUE ANALYSIS 17 Historical Value Trends 17 TIRZ Value Estimation and Projection 19 CDS 1 Spillette Economic Study Update -- Tax Increment Reinvestment Zone #2 Corpus Christi, Texas TABLE OF EXHIBITS Corpus Christi MSA Employment Trends 3 Map of Corpus Christi MSA 2 Corpus Christi MSA Employment Growth 2 2007 Major Employers —Corpus Christi MSA 4 Corpus Christi MSA Job Growth 5 County Population and Employment Forecasts 5 Corpus Christi MSA Demographic Overview 6 Net Population Migration 7 Population and Age Trends — City of Corpus Christi Total 8 City Population and Employment Forecasts 8 TIRZ #2 Map 9 Population and Age Trends in TIRZ #2 10 Household Characteristics 11 Household Size 11 Household Income Distribution 12 TIRZ #2 Building Permit Trends 13 Median Home Sale Prices 14 Trends in Home Sale Prices 15 Historical TIRZ #2 Taxable Assessed Value Compound Annual Growth Trends 18 Estimation of Current TIRZ Value by Property Class 20 Projected Increases in TIRZ Values by Property Class 20 Tortuga Dunes Value Schedule 20 Participating Jurisdiction Base Year Values 20 Project TIRZ #2 Assessed Value by Participating Jurisdiction 20 CDS 1 Spillette �� Economic Study Update — Tax Increment Reinvestment Zone #2 Corpus Christi, Texas INTRODUCTION This report is an update to two previous reports prepared by Economics Research Associates for City of Corpus Christi Tax Increment Zone #2 (TIRZ #2) in 2000 and 2002. It discusses the current economic and market conditions affecting the TIRZ. These conditions provide the foundation to an updated set of TIRZ #2 assessed value projections provided at the end of this report. CDS 1 Spillette 1 Economic Study Update -- Tax Increment Reinvestment Zone #2 Corpus Christi, Texas ECONOMIC AND DEMOGRAPHIC OVERVIEW Regional Economic Trends The Corpus Christi Metropolitan Statistical Area (MSA) includes Aransas, Nueces and San Patricio Counties, illustrated in the map on the right. The city of Corpus Christi is the economic center of the MSA and the larger region served by the Coastal Bend Council of Governments. The region currently has a population of 417,000 and an employment of 180, 000. Employment trends The employment growth of the region has been positive with a compound annual growth rate of slightly over 1.0% since 1997, roughly approximating the U.S. employment Map of Corpus Christi MSA growth. However, the current national economic climate has brought a recent decline in employment in the region. The table on the following page illustrates the employment by selected economic sectors from 2000 to July 2009. From an economic base standpoint, the strongest sectors are mining and construction. Other significant growth is occurring in the sectors, "educational and health services" and "leisure and hospitality" which accounted for 54% of the growth from 2000 to July 2009. The sectors in the Corpus Christi MSA that have seen little job growth are manufacturing (due partly to technological advances) and information services. Percent Employment Growth Corpus Christi MSA Employment Growth 5.0% 4.0% 1 3.0% -u 2.0% 1.0% 0.0% -1.0% -2.0 • ■ N. � o o 0 0 0 r� �l ei al N N N N N 185,000 180,000 175,000 170,000 165,000 160,000 155,000 150,000 145,000 Employment Source: Texas Workforce Commission, Texas A&M Real Estate Center CDS 1 Spillette 2 Economic Study Update - Tax Increment Reinvestment Zone #2 Corpus Christi, Texas NAICS Industry Corpus Christi MSA Employment Trends Annual Average Employment 2000 2005 2007 2009* Total Nonfarm Employment 166,100 170,000 177,100 Total Private 134,500 Goods Producing 28,700 Mining and Construction 15,700 Construction of Buildings 6,200 Manufacturing 13,100 Service Providing 137,300 Private Service Providing 105,800 Trade, Transportation, Utilitiesand 29,900 .:..... .. Wholesale Trade 5,100 Retail Trade 19,300 General Merchandise Stores 4,100 Transportation, Warehousing, and Utilities 5,400 Information 3,200 Financial Activities 7,700 Finance and Insurance 4,700 Professional and Business Services 16,300 Adrnin/Support/Waste Mgmt & Svcs 10,600 Educational and Health Services 24,100 Hospitals7,200 Leisure and Hospitality 17,700 Other Services 6,900 Government 31,600 Federal Government 5,800. State Government 4,400 Local Government 21,400 Source: Texas Workforce Commission, 2009 * 2009 Data is averaged through July 137,600. 28,200 17,600 5,500 10,600 141,800 109,400 30,500 5,300 20,100 4,300 5,100 2,600 7,700 4,700 16,200 9,900 26,100 8,000 19,800 6,400 32,400. 6,200 4,500 21,600 144,200 31,500 20,500 • .6,400: 11,100 145,600 112,700 31,800 5,600 20,800 4,100 5,400 2,500 8,200. 4,900 16,300 9,500 26,600 7,500 20,700 6,600 32,900 6,500 4,600. 21,800 180,100 146,857 31,129 , 20,700 6,471 10,429. 148,971 . 115,729 32,371 5,686 21,043 4,400 5,643 2,329 8,129 4,900 16,429 9,657 28,786 7,943 20,557 7,129 33,243 6,629 4,943 21,671 Change 2000 - 2005 - 2005 2009 3,900 3,100 -500 1,900. -700 -2,500 4,500 3,600 . 600 200 800 200 -300 -600 0 0 -100 -700 2,000 800 2,100 -500 800 400 100 200 10,100 9,257 2,929. 3,100 971. -171 - 7,171 6,329 .1,871. 386 943 100 543 -271 429 200 229 -243 2,686 -57 757 729. 843 429 443 71 CDS Spillette 3 Economic Study Update — Tax Increment Reinvestment Zone #2 Corpus Christi, Texas The table on the right lists the major employers in the Corpus Christi MSA. Government agencies (local and military) and health care institutions disproportionately represent the major employers in the region. The scheduled closing of the Naval Station Ingleside will adversely impact the regional economy but will not likely be devastating. According to the 2005 Report' on the announced closings, direct job losses in the three facilities will total 3,154 and the indirect job loss of 3,879 for a total of 7,033 jobs lost (4% of regional employment). There is some concern over the future of the Corpus Christi Army Depot helicopter repair center when the US involvement in Iraq and Afghanistan is reduced. The impact is unknown at this time. 2008 Major Employers -- Corpus Christi MSA Employer Type of Product or Service Civilian Employment CHRISTUS Spohn Health System Hospital 5,400 Corpus Christi ISD School District 5,178 H.E.B. Grocery Company 5,000 Corpus Christi Army Depot Helicopter Repair 4,876 City of Corpus Christi City Government 3,171 Bay, Ltd. Industrial Construction 2,100 Naval Air Station- Corpus Christi Flight Training 1,630 Del Mar College Junior College 1,542. Driscoll Children's Hospital Hospital 1,500 Corpus Christi Medical Center Hospital 1,300 First Data Corporation Teleservices 1,200 Susser Holdings Corporation Convenience Stores 1,100 Nueces County County Government 1,034 Texas A&M Corpus Christi Four-year University 991 Flint Hills Resources Crude oil Refining 920 Kiewit Offshore Services Offshore Rig Manu. 900 Corpus Christi State School Special -needs Facility 850 Valero Refining Crude Oil Refining 824 Sherwin Alumina Alumina 800 Sam Kane Beef Processors Beef Processing 800 Flour Bluff ISD School District 750 Source: Corpus Christi Regional Economic Development Corporation, Regional Profile, June 2009 Report of the Impact of the 2005 Base Realignment and Closure Committee Recommendations for Naval Station Ingleside, Naval Station Corpus Christi, and Corpus Christi Army Depot, prepared by Impact Data Source, December 2005 CDS 1 Spillette 4 Economic Study Update — Tax Increment Reinvestment Zone #2 Corpus Christi, Texas Corpus Christi Regional Economy The Corpus Christi regional economy has two strong underpinnings: 1) a strong industrial base and 2) a healthy tourism industry. According to a recent report from the San Antonio office of the Federal Reserve, the Corpus Christi economy has grown consistently, tracking the U.S. economy since 1987 (See chart at the right). Oil prices have been a key driver of the regional economy in the past but the oil price spike of 2006 and 2007 was not felt significantly in Corpus Christi. Future economic growth in the Corpus Christi region is expected to less dependent on the oil and gas sectors and be generated by: • the expansion of trade through the port, • becoming a center for alternative energy sources (stimulated by the wind energy research activities being proposed for the area), • tourism, and • a burgeoning retirement community. Corpus Christi MSA Job Growth Compared with Texas and the U.S. SOURCES; Bureau of tom, 3tat1sic; Texas WouldQfG Graphic From: VISTA, South Texas Economic Trends and Issues, Corpus Christi: An Economy in Transition, Federal Reserve Band of Dallas, San Antonio Branch, Winter 2007/2008 Population and Employment Forecasts The table on the right illustrates the population and employment forecasts produced by the agency responsible for transportation planning in the region. Aransas County is not included because it is not in the MPO's planning area. The key result is that local planners are expecting long-term moderate growth in the region, consistent with recent trends in the 1.0% to 1.2% range. County Population and Employment Forecasts 2006 I 2035 Change I CAGR* Population Nueces County 325,745 San Patricio County 83,821 443,722 117,856 117,977 34,035 1.2% Total 409,566 561,578 152,012 1.1% otal Empoyment Nueces County 159,863 231,844 71,981 1.3% San Patricio County 18,204 25,617 7,413 1.2% Total 178,067 257,461 79,394 1.3% * CAGR = Compound Annual Growth Rate Source: Corpus Christi Metropolitan Planning Organization CDS 1 Spillette 5 Economic Study Update - Tax Increment Reinvestment Zone #2 Corpus Christi, Texas Demographic Trends Regional Demographics The table below illustrates some recent demographic trends for the Corpus Christi MSA. Demographic data in this report is from PCensus for Mapinfo, which is a reseller of Claritas, Inc. demographic data. According to PCensus estimates, over the past 9 years since the 2000 census, the region has added 14,201 persons (3.5%) and 9,128 households. The PCensus 2009 population estimate is reasonably close to the U.S. Census estimate for July 2008 of 415,376. Corpus Christi MSA Demographic Overview Characteristic Total Population 2000 Census 1 2009 Estimate 2014 Projection Count r Share Count 1 Share Count Share 403,280 417,481 428,381 Population by Age. Age 17 and under Age 18 and over Age 65 and over Median Age 115,341 28.6% 112,513 27.0% 113,887 26.6% 287,939 71.4% 304,968 73.0% 314,494 73:4% 46,481 11.5% 52,951 12.7% 59,711 13.9% 33.6 35.2 35.4 Population by Ethnicity and Race Hispanic or Latino 212,703 52.7% 234,299 56.1% 248,264 58.0% White (Non -Hispanic) 165,523 41.0% 157,458 . 37.7/0 15,838 . 35.9% Black or African American (Non -Hispanic) Native (Non -Hispanic) Asian (Non -Hispanic) 14,788 3.7% 13,665 3.3% 13,120 3.1% 1,270 0.3% 1,421 0.3% 1,519 0.4% 4,461 1.1% 5,280 •13°Io 5,778 13% Pacific Islander (Non -Hispanic) 201 0.0% 207 0.0% 210 0.0% Other Race (Non -Hispanic) 409 0.1% 390 0.1% 381 0.1% Two or More Races (Non -Hispanic) 3,925 1.0% 4,761. 1.1% 5,271 1.2% Households by Household Income Less than $15,000 $15,000 to $24,999 29,193 20.6% 25,569 17.0% 24,390 15.6% $25,000 to $34,999 21,252 15.0% 19,607 13.0% 18,878 12.1% $35,000 to $49,999 19,508 13.8% 18,634, 12.4% 18,130 11.6% $50,000 ' o $74, 999 23,703 16.8% 23,952 15.9% 24,027 15.4% $75,000 to $99,999 24,997. 17.7% 28,354 18.8% 29,280 18.8% $100,000 to $149,999 12,134 8.6% 15,427 10.2% 17,009 10.9% $150000 to $249, 999 6,970 4.9% 13,086 8.7% 16,242 10.4% $250,000 to i$499,999 2,635 1.9% 3,997 :2.7°/0 5,484 3 5% $500,000 or more 836 0.6% 1,507 1.0% 1,818 1.2% Median Household Income 302 0.2% 586 0.4% 831 0.5% Source: PCensus for Mapinfo, Tetrad Computer Applications, 2009 CDS 1 Spillette 6 Economic Study Update — Tax Increment Reinvestment Zone #2 Corpus Christi, Texas Regional Demographic Trends According to the previously cited report from the Federal Reserve, the Corpus Christi region's recent population trends have been somewhat weak. One such measure of population growth is the net population migration. A region can have positive population growth because of a net number of births over deaths yet still have a net out- migration of people from the community. This appears to be the case for the Corpus Christi region in the last decade. Generally, if area businesses are prosperous and creating new jobs, the region will have net immigration. According to the Fed report, "Corpus Christi experienced positive net domestic migration through 1997, but it fell to negative in 1998, where it remained through 2003. Net domestic migration became positive again in 2004 and 2005, but just slightly. International immigration increased somewhat in the 1990s, but it too has experienced a general downward trend in the 2000s. Net internal growth has also slowed since the 1980s, with births decreasing and deaths increasing. Overall population growth and, in particular, net migration show Corpus Christi has grown sluggishly over the past two decades." Net Population Migration Corpus Christi MSA Graphic From: VISTA, South Texas Economic Trends and Issues, Corpus Christi: An Economy in Transition, Federal Reserve Band of Dallas, San Antonio Branch, Winter 2007/2008 City of Corpus Christi Demographics The City of Corpus Christi has, within the municipal boundaries, over two-thirds of the residents of the region with a current estimated population of 287,168. Like the region, the City's growth over the past nine years has been modest (9,714 added, 3.5%). The table on the following page illustrates the historical and expected future population by age group. The population of the City is getting slightly older with most of the change occurring in the 35-44 year old group. CDS 1 Spillette 7 Economic Study Update - Tax Increment Reinvestment Zone #2 Corpus Christi, Texas Age Group Total Population Age ❑ to 4 Age 5to9 Population and Age Trends - City of Corpus Christi Total 2000 Census I 2009 Estimate Count Share Count Share 277,454 287,168 2014 Estimate Count Share 294,563 Change 2000- 2009- 2009 2014 9,714 7,395 21,544 7.8% 22,243 7.8% 23,105 7.8% 699 862 Age 10 to 14 Ae15to17 21,592 7.8% 21,518 7.5% 21,487 7.7% 20,809. 7.3% 21,973 73% -74 455 21,236 7.2% -678 427 Age 18 to 20 Age 21to24 Age 25 to 34 Age 35 to 44 Age 45 to 49 Age 50 to . Age 55 to 59 Age 60 to 64 Age 65 to 74 Age 75 to 84 Age 85 and over Abe 16 and over. Age 18 and over Age 21 and over Age 65 and over Median Age Average Age 131439 13,329 16,058 37,792 43,275. 19,928 16,657 12,024 9,527 16,944 10,533 3,325 208,504 199,392 186,063 30,802 33.2 34.7 4.8% 4.8% 5.8% 13.6% 15.6% 7.2% 6.0% 4.3% 3.4% 6.1%. 3.8% 1.2% 75.2% 71.9% 67.1% 11.1% 12,521 12,791 16,567 37,792 36,898 20,455 20,261 17,612 13,860 17,541. 11,561 4,739 218,504 210,077 197,286 33,841 34.8. 36.2 Source: PCensus for Mapinfo, Tetrad Computer Applications, 2009 4.4% 4.5% 5.8% 13.1% 12.9% 7.1% 7.1% 6.1% 4.8% 6.1% 4.0% 1.7% 76.1% 73.2% 68.7% 11.8% 12,07❑ 12,697 16,327 39,694 35,129 18,549 19,715 19,236 16,568 21,490 11,372 5,402 224,315 216,179- 203,482 38,264 35.1 36.8 4.1% 4.3% 5.5% 13.5% 11.9% 6.3% 6.7% 6.5% 5.6% 7.3% 3.9% 1.8% 76.2% 73.4% 69.1% 13.0% -918 -538 509 0 -6,377 527 3,604. 5,588 4,333 597 1,028 1414 10,000 10,685 11,223 3,039 1.6 1.5 -451 -94 -24❑ 1,902 -1,769 -1,906 -546 1,624 2,708 3,949 -189 663 5,811 6,102 6,196 4,423 0.2 0.6 Population and Employment Forecasts for City of Corpus Christi City Population and Employment Forecasts The table at the right shows the forecast of population and employment provided by the MPO. The current estimates differ somewhat from other sources such as the Census. Nevertheless, the principal point of these forecasts is that they demonstrate Tong -term growth rates consistent with past trends -- continued slow growth. Po • ulation Total Em • to ment 2006 294 075 156 632 2035 399'328 Change 105 253. 67 083 CAGR* 1.2% * CAGR = Compound Annual Growth Rate Source: Corpus Christi Metropolitan Planning Organization CDS 1 Spillette 8 Economic Study Update -- Tax Increment Reinvestment Zone #2 Corpus Christi, Texas TIRZ Demographics In the 2000 Census, only 908 persons resided in the designated for TIRZ #2 shown below. According to the PCensus estimates, that number increased by 288 persons to 1,196 in 2009. TIRZ #2 Map Source: The City of Corpus Christi CDS I Spillette 9 Economic Study Update -- Tax Increment Reinvestment Zone #2 Corpus Christi, Texas The population in TIRZ #2, as illustrated in the table below, has a marked lack of children and overall lack population under the age of 20. This population makes up only 12.2% of the total population in TIRZ #2, while this group comprises 31.5% of the population of the City of Corpus Christi overall. The TIRZ also has a higher share of persons over age 65. Age Group Total Population Age 0 to 4 Age 5 to 9 Population and Age Trends in TIRZ #2 2000 Census Number 908 Share 2009 Estimate 2014 Estimate Number 1,196. Share Number 1,343 Share 29 3.2% 34 2.9% 39. .....:.:.:. . 2.9%. Change 2000- 2009- 2009 2014 22 2.5% 40 3.4% 41 3.0% Age 10 to 14 Age 15 to 17 25 2.8% 22 2.5% 37 3.1% J 17 1.4% 47 3.5% 22 1.6% Age 18 to 20 Age 21 to 24 30 3.3% 16 1.4% 23 1.7% 288 5 18 12 -5 -14 147 5 10 5 7. 87 9.55% 43 3.6% 30 2.3% -44 -13 Age 25 to 34 Age 35 to 44 A e 45 to 49 168 18.5% 209 17.4% 180. 13.4% 41 -29 139 15.3% 201 16.9% 235 17.5% 62 34 78 8.5% 96 8.0% 115 8.6% 18 19 Age 50 to 54 Age 55 to 59 77 8.5% 118 9.9% 125 9.3% 41 7 53 5.9% 106 8.8% 130 9.7% 53 24 Age 60 to 64 48 5.4% 82 6.9% 111 8.3% 34 29 Age 65 to 74 Age 75 to 84 88 9.7% 107 8.9% 138 10.2% 19 31 39 4.3% 72 6.0% 76 5.7% 33 4 Age 85 and over 1 0.2% 18 1.5% 30 2.2% 17 12 Age 16 and over 826 91.0% 1,080 90.3% 1,213 90.3% 254 133 Age 18 and over Age 21 and over Age 65 and over 808 89.1% 1,068 89.3% 1,195 89.0% 260 127 779 85.8% 1,052 88.0% 1,172 87.2% 273 120 129 14.2% 196 16.4% 244 18.1% 67 48 Median Age 40.3 45.0 47.4 4.7 2.3 Average Age 41.1 44.7 46.4 3.7 1.7 Source: PCensus for Mapinfo, Tetrad Computer Applications, 2009 CDS 1 Spillette 10 Economic Study Update -- Tax Increment Reinvestment Zone #2 Corpus Christi, Texas The tables on this page illustrate household characteristics for TIRZ #2 compared with the City of Corpus Christi. The overwhelming majority of households in the TIRZ being one-person non- family on- family and two -person family households further illustrates of the lack of children in the TIRZ. In fact, the quantity of non - family households exceeds family households in the TIRZ; this is in stark contrast to the city overall, where there are more than twice the number of family households versus non - family households in the city. The table at the bottom of the page shows that the average household size was also substantially lower in the TIRZ (1.75) compared to 2.70 persons per household in the City. Household Type Non -family households 1 person Household Characteristics TIRZ #2 2000 Count 1 Share 279 2009 Count 1 Share 373 2014 Count Share 420 227 81.3% 2 persons 3 persons 46 16.6% 5 4 or more persons Family households 2 persons 1 1.9%, 0.4% 310 56 7 83.0% 15.0% 351 60 1.7% 8 83.7% 14.2% 1.8% 1 0.3% 1 0.2%. 230 304 342 168 73.0% 222 73.1% 251 73.3% 3 persons 33 14.5% 45 14.7% 50 14.7% 4 or more persons 28 12.2% 37 12.2% 41 12.0% Household Type Non -family households 1 person City of Corpus Christi 2000 Count 1 Share 28,326 2009 Count 1 Share 29,817 2014 Count 1 Share 30,740 22,956 25,094 84.2%. 26203 85.2% 85.4% 2persons 3persons 4,428 3,869 13.0% 3,688 12.0 11.8% 633 605 2.0% 600 2.0% 1.9% 4ormorepersons 309 249 0.8% 249 0.8%.. 0.8% Family households 2persons 3persons 70,465 74,458 76,907. 25,058 27,490 36.9% 28,810 37.5% 37.6% 17,334 18,629 25.0% 19,341 25.2% 25.2% 4orrnorepersons 28,073 28,339 38.1% 28,756 37.4% 37.3% Source: PCensus for Mapinfo, Tetrad Computer Applications, 2009 Household Size TIRZ #2 vs. Corpus Christi Average Household Size 2000 2009 2014 TIRZ #2 1.77 1.75 1.75 City of Corpus Christi EIMI 2.70 2.68 Source: PCensus for Mapinfo, Tetrad Computer Applications, 2009 CDS f Spillette 11 Economic Study Update - Tax Increment Reinvestment Zone #2 Corpus Christi, Texas The tables on this page illustrate the household income characteristics of the area in the TIRZ and the City of Corpus Christi. Overall, the income distribution in the TIRZ mirrors that of the City of Corpus Christi closely, except on a per capita basis; this is likely due the lack of children residing in the TIRZ. The table at the bottom of the page includes a comparison of average, median and per capita household income for the two geographies in constant 2009 dollars. According to the PCensus estimates, household incomes in the TIRZ are declining more than double the amount as the city as a whole. This may be due to the increasing number of retirees living in the TIRZ. Household Income Distribution TIRZ #2 vs. Corpus Christi - Nominal Dollars 2000 TIRZ U2 2009 Count 1 Share Count Share 2014 Count Share Total ' Households 521 2009 Projection 677 TIRZ #2 762 $57,359 Less than $15,000 86 6.6%v109 $57,050 16.1% 120 15.8% $15,000 to $24,999 51 9.7% 70 10.3% 79 10.4% $25,000 to $341999 78 15.1% 91 13.5% 91 12.0% $35,000 to $49,999 97 18.7% 129 19.1% 150 19.7% $50,000 to $74,999 102 193% 125 18.5% 130 17.1% $75,000 to $99,999 55 10.6% 75 11.1% 91 11.9%. $100,000 to $149,999 24 4.7% 39 5.8% 52 6.9% $150,000 to $244,999 21 4.1% 30 4.5% 37 4.9% $250,000 to $499,999 6 1.1% 7 1.0% 9 1.2% $500,000 or mors 1 0.2% 1 0.2% 2 0.3% CORPUS CHRISTI Total Households 98,779 104,275 107,647 Less than $15,000 19,524 19.8% 17,241 16.5% 16,459 15.3% $15,000 to $24,999 14,684 14.9% 13,290 12.8% 12,739 11.8% $25,000 to $34,999 13,319 13.5% 12,869 12.3% 12,502 11.6 $35,000 to $49,999 16,639 16.8% 16,429 15.8% 16,382 15.2% $50,000 to $74,999 17,987 18.2% 19,825 19.0% 20,405 19.0% $75,000 to $99,999 8,734 8.8% 11,007 10.6% 12,008 11.2% $100,000 to $149,999 5,159 5.2% 9,302 8.9% 11,460 10.7% $150,000 to $244,999 1,873 1.9% 2,831 2.7% 3,852 3.6% $250,000 to $499,999 614 0.6% 1,039 1.0% 1,236 1.2% $500,000 or more 246 0.3 442 0.4% 604 0.6% Measure Geography Average householdincome 2000 Adjusted 2009 Projection Change % TIRZ #2 $69,976 $57,359 -18.03% City of Corpus Christi $61,407 $57,050 -7.10% _ Median household income TIRZ #2 $53,460 $42,983 -19.60% City of Corpus Christi $46,734 $42,978 -8.04% Per capita household income TIRZ #2 $40,598 $32,468 -20.03% City of Corpus Christi $22,203 $21,009 y -5.38% Source: PCensus for Mapinfo, Tetrad Computer Applications, 2009 2000 Income statistics where adjusted to 2009 dollars using the CPI -U CDS 1 Spillette 12 Economic Study Update — Tax Increment Reinvestment Zone #2 Corpus Christi, Texas MARKET OVERVIEW TIRZ #2 Development Trends The table below illustrates the 2003 - 2009 record of building permits within TIRZ #2. Up to now, condominium and commercial development has dominated within the TIRZ, as opposed to single family homes. Commercial permitting for new shells or buildings occurred throughout the period (see the Commercial summary below). The most significant category of permitting was new condominiums or townhouses, particularly from 2006 to 2008, during which the City issued 68 permits for new construction. The most significant new development project planned for the TIRZ at the present time is Tortuga Dunes, located immediately north of the Packery Channel. This will be an upscale residential development with a strict Caribbean -style architectural theme. Phase 1 of the development includes 92 single family lots plus townhome sites which are being marketed now. There is also land reserved for a Phase 11 with additional home lots and potentially condominiums. The developer projects the first homes to be built in 2010, with the pace of construction picking up rapidly in 2011. A Holiday Inn Express is reportedly planned for 14100 South Padre Island Drive. TiRZ #2 Building Permit Trends Number of Permits 2003 2004 I 2005 I 2006 2007 Commercial New commercial shell only New commercial building Residential New apartments New condo / townhouse Permit Valuations New commercial shell only New commercial building Residential New apartments New condo / townhouse New single family Source: City of Corpus Christi 2 2003 $346,600 $ 4,000 1 9 1 2 2004 $227,000 $818,399 $404,000 so $2,500 3 4 2005 $696,000 $507,000 6 35 1 2006 $1,887,693 $4,388,632 $82,000 11 2007 $715,000 $292,200 2008 I 2009 3 22 2008 $1,042,410 $5,418,400 2 2009 $123,200. $383,600 CDS I Spillette 13 Economic Study Update -- Tax Increment Reinvestment Zone #2 Corpus Christi, Texas Residential A mix of second home owners, retirees, and locally employed residents drives the North Padre Island housing market. A check of the TIRZ #2 property accounts indicates that relatively few homes are owner -occupied as a primary residence — only 204 accounts out of more than 1,500 total have claimed a homestead exemption. Nearly all residential properties in TIRZ #2 are classified as "condominium" by the Nueces County Appraisal district (1,499 condominium accounts vs. 13 single family, duplex, or triplex, plus one classified as "multifamily"). The residential market on North Padre Island is currently in turmoil due to the national economic and financial crisis, which has negatively affected residential mortgage borrowers. From 2005 to 2008 this area experienced a surge in housing prices. Much of the demand driving the price increases was reportedly from buyers outside Texas who were either purchasing for retirement, a second home, or an ._. income -generating investment. Since 2008, this market has decreased markedly and foreclosed properties have come to dominate the market. One real estate agent reported that two foreclosed North Padre Island townhome units (not within TIRZ #2) that originally sold for $240,000 within the last two years sold within the last month for $133,500 and $160,000. Until the foreclosed properties are cleared from the market, they will continue to depress prices. The Corpus Christi Association of realtors provided CDS 1 Spillette with data from the Multiple Listing Service (MLS) for 2007 through year to date 2009 for North Padre Island (both TIRZ and non-TIRZ areas). The data, as presented in the chart on the next page, show that the shares of overall sales activity generated by homes priced above $250,000 has receded substantially from 2007 and 2008 levels. This reflects the anecdotal evidence that many formerly higher -priced residential units are now selling for much lower prices, often because of foreclosure. The median closing prices for the time period also indicate a significant shift in pricing for 2009, as shown in the table to the right. In the long run, however, the future will bring an eventual return to strong demand and increased prices and property values. Although Corpus Christi's job base has experienced slow growth and household incomes are moderate, North Padre Island's residential market should not be as constrained as other areas of the city. This is because North Padre Island will attract out-of-town buyers and renters who are relatively detached from the local economy but who desire coastal property and find the area's home prices to be more affordable than other Gulf Coast beach locations. Median Home Sale Prices North Padre Island Year 2007 2008. 2009 YTD Median Closing Price $231,000 $232,500 $192,500 Change $1,500 -$40,000 Source: Corpus Christi Association of Realtors CDS Spillette 14 Economic Study Update -- Tax Increment Reinvestment Zone #2 Corpus Christi, Texas Share of Total Closings 25.0%T 20.0% 15.0% 10.0% 5.0% 0.0% Trends in Home Sale Prices North Padre Island Q oy aoy oy 0) o� 0) a) 0) 0) t °Q�bd�bb1�gg)?g°y, o0�' �Op 0) tg00) A°ct5) ft.39 t'2.). t2C.) t;\;) tY r -F tle/' tF t2f5) 419 a oQ Q' Q.' °'Q'Q' Q.' Q, Q' ac °a ooao�ao�s�Q�Q�ooo�oQa 41) S�paQooQpa 5 r..? t2 t t tI 4 is 2007 a 2008 ff2009 YTD Source: Corpus Christi Association of Realtors Commercial Multi -Tenant Commercial Uses Reliable data for commercial properties on North Padre Island is limited. A commercial broker who is active on the Island provided CDS 1 Spillette with some information however. A survey conducted in 2006 indicated approximately 86,000 square feet of leaseable (not owner/user) space in inventory at that time, with two properties totaling 24,732 square foot under construction. Of the built space, approximately 90 percent was occupied at that time. Rents ranged from $0.95 per month net of utilities to $1.65 per month, triple net. New multi -tenant properties since 2006 include: • Marina Plaza, 4,732 square feet, currently 75% vacant • An addition to Padre Professional Plaza, though it is unclear whether the entire planned 20,000 square feet was actually completed; the addition is mostly occupied by a church, though some vacancy also remains • Loma Alta Plaza, 23,000 square feet, vacancy data not available • Padre Station, 7,901 square feet, 59% vacant • A small retail center at 15117 —15121 South Padre Island Drive New single -tenant developments include a CVS drugstore and Ace Hardware. CDS 1 Spillette 15 Economic Study Update -- Tax Increment Reinvestment Zone #2 Corpus Christi, Texas Current occupancy rates and rents are uncertain but are reported lower than in 2006. The prime locations are near the intersection of South Padre Island Drive and SH 361, especially on the west side (the "going home" side). Traffic counts are reportedly approaching 28,000 — 30,000 vehicles per day. Traffic counts and local market area population are relatively higher on the mainland portion of the south side of Corpus Christi, putting North Padre Island at a locational disadvantage when competing for tenants. Typical commercial tenants on North Padre Island were professional offices for businesses related to real estate. The economic slowdown and damaged residential real estate market has resulted in those firms having to shrink both employees and their occupied space. When the ensuing vacancies are being filled, it is with other types of retail businesses such as restaurants that can draw from vacationers. Significant neighborhood retail uses such as grocery stores are not yet on the island due to insufficient full time resident population. Tourism and Hospitality Corpus Christi receives approximately 7 million visitors per year. According to research by the Office of the Governor, over three quarters of "person -days" (one visitor spending one day in the area) to the metropolitan area comes from within Texas. Together visitors from the San Antonio and Austin areas accounted for 42 percent of total person -days in the region. The Convention and Visitors Bureau (CVB) reports marketing of Corpus Christi in the Houston region began just last year. Leisure travelers are estimated to constitute 73 percent of person -days in the Corpus Christi region. Apart from visiting family and friends, major attractions for leisure travelers include the U.S.S. Lexington and Texas State Aquarium. Fishing, beaches, and nature tourism also have a major role in visitor activities. The CVB has is trying to expand its efforts regarding nature tourism, and touts that the San Diego Audubon Society has named Corpus Christi the "birdiest city in America" for the sixth year in a row. Business travel, including meetings and conventions, makes up the balance of travel demand. North Padre Island attracts tourists for its beaches and fishing. To accommodate these visitors, there is a large stock of vacation rental housing. North Padre Island offers five hotel properties: • Best Western on the Island • Hampton Inn • Comfort Suites • Hawthorn Suites • Holiday Inn SunSpree Resort Hotel All of these properties are located within TIRZ #2. The Holiday Inn Express, mentioned earlier, would also be in the TIRZ if it is built. Among the improvements currently proposed to be funded by TIRZ #2 are amenities for the public parklands along Packery Channel. Because these amenities will likely increase visitation to these parks, their implementation should have a beneficial impact on demand for certain types of commercial uses, especially convenience retail and casual dining. CDS 1 Spillette 16 Economic Study Update — Tax Increment Reinvestment Zone #2 Corpus Christi, Texas PROPERTY ACCOUNT AND TIRZ VALUE ANALYSIS CDS 1 Spillette extensively analyzed the TIRZ #2 property account data provided by the Nueces County Appraisal District (Nueces CAD). Accounts were classified based on use (largely determined by the State of Texas codes used by appraisers) and by location --- beachfront, other waterfront, and inland sites. Residential properties on Lake Padre were noted separately as well, due to their access to Packery Channel. Historical Value Trends Nueces CAD also provided historical taxable values for the TIRZ #2 accounts, going back to 2001 if available. Analysis of these values provided data on taxable value growth trends presented in the table on the following page. The table gives the compound annual growth rates for three time intervals for all property use classes and locations for which data was available. These growth rates were often very high. Among the key observations are: • Condominium accounts experienced rapid value increases through 2008. Beachfront and Lake Padre condo accounts experienced greater increases, on a percentage basis, than inland condos. • Improved commercial properties showed wildly rapid value escalation from 2005 to 2008. • Various classes of vacant land lost value from 2008 to 2009, a significant change in trend. CDS f Spillette 17 Economic Study Update -- Tax Increment Reinvestment Zone #2 Corpus Christi, Texas Historical TIRZ #2 Taxable Assessed Value Compound Annual Growth Trends Property Use Classification Beachfront 2001-2008 Lake Padre Interior Waterfront Inland Waterfront Commercial Improved condo 32.5% 35M% 20.6% 11.3% Improved single family 43.1% 28.0% Improved multifamily 137.6% Duplex and triplex 19.9% Improved commercial 12.4% 34.9% 71.6% Vacant real property inventory 16.8% -2.5% Vacant commercial 32.0% Vacant multifamily 16.5% 150.0% Vacant unplatted condos - single family land 65.4% 273.2% Vacant commercial lots 38.0% i 17.0% 40.1% -3.7% Vacant residentially platted lots -tracts 84.9% Property Use Classification 2005-2008 Interior Beachfront Lake Padre Waterfront Inland Waterfront Commercial Improved condo ° 74.4/ 31.8% 23.1% 22.7% Improved single family 130.9% 18.4% Improved multifamily 137.6% Duplex and triplex 19.9% Improved commercial -52.4% 53.5% 71.6% Vacant real property inventory 16.8% -2.5% Vacant commercial 83.4% Vacant multifamily 16.5% 150.0% Vacant unplatted condos - single family land 65.4% 273.2% .. .....:......... . Vacant commercial lots 38.0% 17.0% 77.1% -3.7% .... . . . .. Vacant residentially platted lots -tracts Property Use Classification 31,5% 2008-2009 48.5% Beachfront Lake Padre Interior Waterfront Inland Waterfront Commercial Improved condo ° 49.3/ 18,7% 33.2% 20.4% Improved single family 239.5% 75.3% Improved multifamily 137.6% Duplex and triplex 19.9% Improved commercial -52.4% 33.8% 26.0% Vacant real property inventory 7.9% -2.5% Vacant commercial 273% Vacant multifamily 80.7% 150.0% Vacant unplatted condos - single family land 0.4% -493% Vacant commercial lots -16.6% -6.9% -3.7% Vacant residentially lots -tracts .-. y p ° 16.11 .10.9 Source: Nueces County Appraisal District and CDS 1 Spillette CDS Spillette 18 Economic Study Update -- Tax Increment Reinvestment Zone #2 Corpus Christi, Texas TIRZ Value Estimation and Projection The tables on the following pages present the analysis and projections that lead to the projection of future assessed values for TIRZ #2 and TIRZ revenues. The first table breaks down the 2009 certified taxable assessed values by property class and location as of September 2009 for the City of Corpus Christi. It also breaks down the uncertified accounts in the same manner. Different levels of taxable value loss are assumed for different classes of properties; generally, those classes which experienced more rapid increases in value up through 2008 are anticipated to suffer greater value reductions as a result of owner protest. Applying these value Toss assumptions leads to an estimated certified value of the TIRZ for 2009 of $ 380,825,433. CDS 1 Spillette used the same methodology for each participating jurisdiction; tables for these other jurisdictions were not included in this report. The second table provides CDS 1 Spillette's projections for value appreciation and average annual new development value by property class. These projections were based on the historical property accounts analysis and market research findings. CDS 1 Spillette projects that value losses will occur in the near term, 2010-2011, due to falling prices and rents. By 2012-2015, values will begin to increase slowly and more new development will occur. From 2016 on, it is projected that value increases of up to 15% annually will be achievable for several property classes and new development will average more than $25 million per year. In general, properties with beach frontage or interior waterfront (especially Lake Padre) are projected to appreciate the fastest. The same value increase and new development factors were used for each participating jurisdiction. It should be noted that Tortuga Dunes is not included in the new development amounts in the table. Tortuga Dunes has provided a schedule of new development value that is included in the actual TIRZ value projections. Also, these projections represent incremental development on a property by property basis; they do not assume a large scale self-contained resort is developed on one of the large tracts within the TIRZ. Such a resort could add several $loos of millions in assessed value above the increases projected by CDS 1 Spillette. CDS 1 Spillette 19 Economic Study Update — Tax Increment Reinvestment Zone #2 Corpus Christi, Texas Property Class Estimation of Current TIRZ Value by Property Class 2009 Certified Taxable Value Sept. Property Location 2009 Improved condo Beachfront $ 73,783,554 2009 Values Under Protest Preliminary Projected Value Protest Loss 1,835,883 Lake Padre 29,822,200 1,824,218 Interior waterfront 20,090,193 Projected 2009 Final Certified Value -30% $ 75,068,672 31,099,153 20,090,193 -30% Inland 58,713,493 17,053,593 -30% 70,651,008 Improved single family Improved multifamily Duplex and triplex Improved commercial Improved real property inventory Unimproved real property inventory Unimproved commercial land Interior waterfront $ 434,849. $ 434,849 Inland Interior waterfront Inland Beachfront 1,293,317 $ 7,912,520 $ 351,685 $ 5,989,259 173,367 -30% 1,414,674 $ 7,912,520 $ 351,685 $ ,989,259 Other waterfront 3,229,447 3,229,447 Inland Lake Padre Interior waterfront 50,495,181 $ 153,409 $ 517,941 1,068,677 $ 640,275 -30% -30% 51,243,255 $ 153,409 $ 966,134 Inland Inland 386,218 $ 1,383,601 568,231 $ 273,000 Unimproved multifamily land Interior waterfront $ 1,021,500 $ -30% -30% 783,980 $ 1,574,701 $ 1,021,500 Inland 2,577 Unimproved residential unplatted land Unimproved commercial lots Vacant residentially platted Tots -tracts Interior waterfront $ 164,504 $ 2,577 $ 164,504 Inland Beachfront 24,642 $ 24,597,726 24,642 $ 24,597,726 Interior waterfront 6,320,828 6,320,828 Inland Interior waterfront 45,775,050 $ 15,349,519 240,626 $ 1,144,411 - 30% -30% 45,943,488 $ 16,150,607 Inland 9,020,370 $ 356,833,583 9,451,791 $ 34,274,072 - 30% 15,636,624 CDS 1 Spillette 20 Economic Study Update -- Tax Increment Reinvestment Zone #2 Corpus Christi, Texas Projected Increases in TIRZ Values by Property Class Property Class Property Location 2010-2011 Annual Growth Rate 2012-2015 Annual Annual New Growth Development' Rate Annual New Development' Annual Growth Rate 2016-2022 Annual New Development' Improved condo Beachfront -20% 5% 15% $ 3,375,000 Lake Padre -20% 5% $ 2,700,000 15% $ 3,600,000 Interior waterfront -25% 2% 10% Inland -30% 2% 5% $ 1,800,000 $ 2,700,000 Improved single family Improved multifamily Duplex and triplex Improved commercial Improved real property inventory Interior waterfront -20% $ 200,000 2% $ 750,000 10% Inland Interior waterfront Inland Beachfront -30% -10% -30% 0% $ 360,000 0% 2% 0% 10% 5% 10% 5% 15% $ 12,000,000 Other waterfront 0% 5% 12% $ 1,000,000 Inland Lake. Padre -10% 0% 5% 5% $ 1,000,000 10% 10% Unimproved real property inventory Interior waterfront 4%a 5% 10% $ 1,000,000 Inland -10% 2% 5% Unimproved commercial land Unimproved multifamily land Unimproved residential unplatted land Unimproved commercial Tots Vacant residentially platted lots -tracts Inland Interior waterfront 0% 0% 2% 5% 5% 10% Inland Interior waterfront 0% 0% 2% 2% 5% 10% Inland Beachfront 0% 0% o% 10% Interior waterfront 0% 5% • 5% 15% 15% Inland Interior waterfront -10% 0% 2% 2% 10% 10% Inland -10% 0% 5% TOTAL 1 Does not include Tortuga Dunes. $ 560,000 $ 4,450,000 $ 25,475,000 Source: CDS 1 Spillette CDS 1 Spillette 21 Economic Study Update -- Tax Increment Reinvestment Zone #2 Corpus Christi, Texas The TIRZ value increase projections are then applied to the projected 2009 certified assessed value for TIRZ #2 for each property class. The Tortuga Dunes projected value additions (see table at right) are then introduced; the negative increment in 2010 is due to dedication of existing taxable property for public use, taking its taxable value to zero. The result of these calculations is a projected taxable value and value increment for the TIRZ, provided in the table on the next page. The assessed value increments for each jurisdiction are based on their respective base year taxable values as shown in the table below. Tortuga Dunes Value Schedule Tax Year 2009 2010 2011 2012 2013 2014 Projected Assessed Value $18,640,008 $17,720,205 $51,224,715 $ 66,946,125 $77,890,140 $83,900,000 Incremental Value Added $(919,803) $33,504,510 $15,721,410 $10,944,015 $6,009,860 Source: Forestar Participating Jurisdiction Base Year Values Jurisdiction City of Corpus Christi Nueces County Nueces County Hospital District Del Mar Junior College Farm to Market Road District Base Year Taxable Value $81,732,341 $81,581,144 $81,732,341 $82,513,867 $82,708,597 Sources: City of Corpus Christi and Nueces County Appraisal District CDS 1 Spillette 22 Economic Study Update -- Tax Increment Reinvestment Zone #2 Corpus Christi, Texas Project TIRZ #2 Assessed Value by Participating Jurisdiction Tax Year 2009 2010 2011 2012 2013 2014 2015 2016 2017. 2018 2019 2020 2021 2022 PROJECTED ASSESSED VALUE City of Corpus Christi 380,825,433 320, 245,351 307,194,087 338,655,659 366,192,055 389,702,663 411,435,230 486,191,313 570,745,210 666,451,157 774,856,231 897,728,294 1,037,088,042 1,195, 245, 758 Nueces County 377,027,804 317,347,217 304,974,332 336,353,086 363,803,032 387,223,386 408, 861, 715 483,312,318 567,519,915 662,832,970 770,791,945 893,157,125 1,031,940,526 1f189,442,4.82 Nueces County Hospital District 377,027,804 317, 347, 217 304,974,332 336,353,086 363,803,032 387,223,386 408,861,715 483,312,318 567,519,915 662,832,970 770,791,945 893,157,125 1,031,940,526 1,189,442,482 ASSESSED VALUE INCREMENT Del Mar Jr. College 382,757,294 321,720,450 308,324,444 339,828,313 367,408,871 390,965,597 412,746,329 487,658,942 572,390,395 668,297,914 776,931,996 900,064,425 1,039,720,393 1,198,215,334 Farm to Market Road 376,776,909 317,163,481 304,840,076 336,214,560 363,660,078 387,075,840 408,709,405 483,142,951 567,331,227 662,622,374 770,556,480 892,893,404 1,031,644,672 1,189,110,054 Tax Year 2009 2010 2011. 2012 2013 2014 2015 2016 2017 2018. 2019 2020 2021 2022 City of Corpus Christi 298,311,566 237,731,484 224,680,220 256,141,792 283,678,188 307,188,796 328,921,363 403,677,446 488,231,343 583,937,290 692,342,364 815,214,427 954,574,175 1,112,731,891 Nueces County • 295,295,463 235,614,876 223,241,991 254,620,745 282,070,691 305,491,045 327,129,374 401,579,977 485,787,574 581,100,629 689,059,604 •• 811,424,784 950,208,185 1,407,710,141 Nueces County Hospital District 295,295,463 235,614,876. 223,241,991 254,620,745 282,070,691 305,491,045 327,129,374 401,579,977 485,787,574 581,100,629 689,059,604 811,424,784 950,208,185 1,107,710,141 Del Mar Jr. College 300,048,697 239,011,853 22 ,615,847 257,119,716. 284,700,274 308,257,000 330,037,732 404,950,345 489,681,798 585,589,317 694,223,399 817,355,828 957,011,796 1,115,506,737 Farm to Market Road 295,195,765 235,582,337 223,258,932 254,633,416 282,078,934 305,494,696 327,128,261 401,561,807 485,750,083 581,041,230 688,975,336 811,312,260 950,063,528 1,107,528,910 Source: CDS 1 Spillette CDS 1 Spillette 23 Economic Study Update — Tax Increment Reinvestment Zone #2 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 1 Spillette 24