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Home My WebLink About028379 RES - 10/27/2009Page 1 of 3 RESOLUTION NOMINATING PROJECTS TO THE OFFICE OF THE GOVERNOR FOR RENEWAL COMMUNITY COMMERCIAL REVITALIZATION DEDUCTIONS WHEREAS, the Department of Housing and Urban Development designated the City of Corpus Christi's Census Tracts 1 ,3, 4, 5, 7, 10, 11, 13, 35, and 50 as a "Renewal Community" eligible to share in tax incentives to stimulate job growth and promote economic development; WHEREAS, the Renewal Community designation provides federal tax incentives to businesses located in the Renewal Community; WHEREAS, each Renewal Community may allocate $12 million of Commercial Revitalization Deductions per year and up to $10 million per project for substantially rehabilitated or newly construction buildings in the Renewal Community; WHEREAS, a business can deduct 50 percent of the building in the first year the building is placed in service or deduct the full amount of eligible expenditures pro rata over 10 years; WHEREAS, each Renewal Community may make the following types of allocations of the Commercial Revitalization expenditure amounts — an allocation in the calendar year in which a qualified revitalization building is placed in service; a binding commitment to make an allocation of a specified dollar amount to a qualified revitalization building in the calendar year in which the building is placed in service; and a carryover allocation; WHEREAS, each Renewal Community must submit to the Office of the Governor a plan for awarding its $12 million in Commercial Revitalization Deductions ("Allocation Plan"); WHEREAS, on December 19, 2006, the City Council adopted its Allocation Plan, titled "City of Corpus Christi Commercial Revitalization Local Strategic Plan for the City's Renewal Community Commercial Revitalization Deduction Allocation Program" ("Local Strategic Plan") to submit to the Office of the Governor; and WHEREAS, under its Local Strategic Plan, the City published notice of the Commercial Revitalization Deduction application process, received applications, and reviewed applications for compliance with the Local Strategic Plan; WHEREAS, the City desires to nominate two projects for allotments totaling $1,450,000 for 2009 to complete the allocation for the current year; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF CORPUS CHRISTI, TEXAS, Res -- RCCRD 2009 Nominations -- 10192009 ��;9 Page 2 of 3 SECTION 1. The following project is approved by the City of Corpus Christi and nominated for approval by the Office of the Governor to certify the following allocation of the Commercial Revitalization Deductions totaling $1,450,000: 1. SWHP Properties to receive an allocation for $1,300,000 from the 2009 Commercial Revitalization Deduction for a building located at 723 Upper Broadway. Two jobs will be created. 2. Waterfront Communications, LLC, to receive an allocation for $150,000 from the 2009 Commercial Revitalization Deduction for a building located at 1024 Leopard Street. One job will be created. SECTION 2. The City Manager, or designee, is authorized to execute a certification to the Office of the Governor that the City of Corpus Christi has followed the procedure in its Allocation Plan, to the best of his or her knowledge, and the application approved in this Resolution is complete and meets the requirements of the commercial revitalization deduction program. ATTEST: Armando Chapa City Secretary APPROVED: October 19, 2009 R. Jay eining First ssistant ity Attorney for City Attorney Res -- RCCRD 2009 Nominations -- 10192009 THE CITY OF CORPUS CHRISTI Joe Ad me Mayor Corpus Christi, Texas aid of eci.061. , 2009 The above resolution was passed by the following vote: Joe Adame Chris N. Adler Brent Chesney Larry R. Elizondo, Sr. Kevin Kieschnick Priscilla Leal John E. Marez Nelda Martinez Mark Scott Res -- RCCRD 2009 Nominations -- 10192009 4 8 3 7 9 Page 3 of 3 State of Texas County of Nueces } } PUBLISHER'S AFFIDAVIT CITY OF CORPUS CHRISTI Ad # 5921794 PO # Before me, the undersigned, a Notary Public, this day personally came JENNIFER HOBBS, who being first duly sworn, according to law, says that she is LEGAL SALES REPRESENTITIVE AND EMPLOYEE OF THE PUBLISHER, namely, the Corpus Christi Caller -Times, a daily newspaper published at Corpus Christi in said City and State, generally circulated in Aransas, Bee, Brooks, Duval, Jim Hogg, Jim Wells, Karnes, Kenedy, Kleberg, Live Oak, Nueces, Refugio, San Patricio, Victoria and Webb Counties, and that the # OP-S3iCY publication of, PUBLIC NOTICE A public hearing to be hel which the annexed is a true copy, was inserted in the Corpus Christi Caller -Times on the 10/26/2009, 10/26/2009. $ 88.93 1Time(s) LEG S ' EP SENTIVE On this day of L �''YA4, 2W1I certify that the attached document is a true and an exact copy made by publisher. MICHELLE JOYCE CABRERA M10 M.it i 1Aa201gwiREs Notary Public, State Texas CALLER -TIMES « Cctober 26, 2009 u 5E Legal Notices PUBLIC NOTICE A public hearing to be held at a City Council meeting in the City Council Chambers, beginning at 12:00 p.m. located at 1201 Leopard Street, to consider and nominate appli- cations to the Office of the Governor for Commercial Revita- lization Deduction Allocations2on Octo- ber 7, 2009: • Waterfront Com- munications, LLC • SWHP Properties, Ltd.