HomeMy WebLinkAbout029647 RES - 10/09/2012Page 1 of 2
Resolution
Authorizing the execution of an agreement with
Cosmopolitan Corpus Ltd providing for temporary
property tax abatement
Whereas, the Texas Property Redevelopment and Tax Abatement Act (the "Act"),
Texas Tax Code, Chapter 312, as amended, authorizes the City of Corpus Christi,
Texas (the "City") to enter into tax abatement agreements for projects meeting the
guidelines and criteria for granting tax abatement duly adopted by the City; and
Whereas, an application for temporary tax abatement has been filed with the City by
Cosmopolitan Corpus Ltd for the construction of a facility in the City; and
Whereas, the property to be covered by the proposed tax abatement agreement is
located in the city limits of the City within an area designated as a reinvestment zone
eligible for property tax abatement under the provisions of the Act; and
Whereas, the project is not located on property that is owned or leased by a person
who is a member of the City Council of the City of Corpus Christi;
Now, therefore, be it resolved by the City Council of the City of Corpus Christi,
Texas:
SECTION 1. The City Council finds and determines that the terms of the proposed
agreement with Cosmopolitan Corpus Ltd providing for temporary property tax
abatement and the property subject to the proposed agreement meet the applicable
guidelines and criteria, as amended, adopted by the City. The City Council further
determines that the proposed project is feasible and the proposed temporary abatement
of taxes will_ inure to the long term benefit of the City.
SECTION 2. The Tax Abatement Agreement with Cosmopolitan Corpus Ltd, attached
as Exhibit A, is approved, and the City Manager is authorized to execute the a rg eement.
Thissolution takes effect upon City Council approval on this the q day of
W 1/i} , 2012.
ATTEST:
Armando Chapa
City Secretary
8756b493-553a-4763-b6ca-b48065b06d97.docx
THE CITY OF CORPUS CHRISTI
Joe Mame
Mayor
029647
INDEXED.
Corpus Christi, Texas
moo, Ok*v;
, 2012
The above resolution was passed by the following vote:
Joe Adame
Chris N. Adler
Kelley Allen
Larry Elizondo, Sr.
Priscilla G. Leal
David Loeb
John E. Marez
Nelda Martinez
Mark Scott
8756b493-553a-4763-b6ca-b48065b06d97.docx
112947
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