HomeMy WebLinkAbout029993 ORD - 10/29/2013Ordinance approving and adopting an amendment to the Revised
Project and Financing Plans for Reinvestment Zone Number Two, City
of Corpus Christi, dated September 29, 2009, as recommended by the
Island Strategic Action Committee, the Board of Directors North Padre
Island Development Corporation, and the Reinvestment Zone #2 Board
of Directors; approving and adopting the Reinvestment Zone Number
Two, City of Corpus Christi FY 2013 -2014 Budget as recommended by
the Island Strategic Action Committee, the Board of Directors North
Padre Island Development Corporation, and the Reinvestment Zone #2
Board of Directors; appropriating and transferring $510,000 from the
Unreserved Fund Balance in Fund 1111 Reinvestment Zone #2 to and
appropriating in the No. 3278 Packery Channel Projects TIF #2 fund for
the approved Fiscal Year 2014 projects; Changing the FY 2014
Operating Budget adopted by Ordinance No. 029915 to increase
expenditures by $510,000; and authorizing the City Manager, or his
designee, to execute Amendment No. 8 to the contract between the
City and Texas A & M University - Corpus Christi in the amount of
$349,755 for a restated fee not to exceed $1,897,783 for Packery
Channel Monitoring Fiscal Year 2013 -2014.
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF CORPUS CHRISTI, TEXAS:
SECTION 1. The amendment to the Revised Project and Financing Plans for the Reinvestment
Zone Number Two, City of Corpus Christi, dated September 29, 2009, which has been
previously amended on March 22, 2011, as recommended by the Board of Directors,
Reinvestment Zone #2, Board of Directors, North Padre Island Development Corporation and by
the Island Strategic Action Committee (Amendment to TIRZ #2 Revised Project and Financing
Plans 102213) is adopted. The Amendment to the TIRZ #2 Revised Project and Financing
Plans 102213 is attached to and incorporated into this Ordinance as Exhibit 1.
SECTION 2. The City Council adopts the Reinvestment Zone Number Two, City of Corpus
Christi FY 2013 -2014 Budget as recommended by the Island Strategic Action Committee, the
Board of Directors Reinvestment Zone #2, and the Board of Directors North Padre Island
Development Corporation (TIRZ #2 FY 2013 -2014 Budget) which is attached to and
incorporated into this resolution as Exhibit 2.
SECTION 3, An amount of $510,000 from the Unreserved Fund Balance in No. 1111
Reinvestment Zone No, 2 Fund is appropriated and transferred and appropriating into the No.
3278 Packery Channel Projects No. 2 TIF Fund for the approved Packery Channel
Miscellaneous Improvements Project.
SECTION 4. The FY 2013 Operating Budget adopted by Ordinance No. 029915 is changed to
increase expenditures by $510,000.
SECTION 5. The City Manager or designee is authorized to execute Amendment No. 8 with
Texas A & M University — Corpus Christi in the amount of $349 „755 for a restated fee not to
exceed $1,897,783 for the Packery Channel Monitoring Fiscal Year 2013 -2014 project.
Armando Chapa
City Secretary
CITY `e F CORP S CHRISTI
Nelda Martinez
Mayor
;?, 0 „
INDEXEI�uu,�e .
That t e fo oing grdi a ce was read for the first time and passed to its second reading on this
the -y of Aar iO(,Lby the following vote:
Nelda Martinez
Kelley Allen
Rudy Garza
Priscilla Leal
David Loeb
Chad Magill
Colleen McIntyre
Lillian Riojas
Mark Scott
ThVheprqgoing o i . nee was read for the second time and passed finally on this the
ay of 1 .f PA 2_0 l 3 , by the following vote:
Nelda Martinez
Kelley Allen
Rudy Garza
Priscilla Leal
David Loeb
PASSED AND APPROVED, this the
ATTEST:
Chad Magill
Colleen McIntyre
Lillian Riojas
Mark Scott
th day of 04.)
Armando Chapa
City Secretary
Nelda Martinez
Mayor
0 2 9 9 '9
CITY OF CORPUS CHRISTI
CERTIFICATION OF FUNDS
(City Charter Article IV, Sections 7 & 8)
1, the Director of Financial Services of the City of Corpus Christi, Texas (or his/her duly authorized
representative), hereby certify to the City Council and other appropriate officers that the money required
for the current fiscal year's portion of the contract, agreement, obligation or expenditure described
below is in the Treasury to the credit of the Fund specified below, from which it is to be drawn, and has
not been appropriated for any other purpose. Future payments are subject to annual appropriation
by the City Council.
City Council Action Date: October, 2013
Agenda Item:
Ordinance approving and adopting an amendment to the Revised Project and Financing Plans
for Reinvestment Zone Number Two, City of Corpus Christi, dated September 29, 2009, as
recommended by the Island Strategic Action Committee, the Board of Directors North Padre
Island Development Corporation, and Reinvestment Zone #2 Board of Directors; approving
and adopting the Reinvestment Zone Number Two, City of Corpus Christi FY 2013 -2014
Budget as recommended by the Island Strategic Action Committee, the Board of Directors
North Padre Island Development Corporation, and Reinvestment Zone #2 Board of Directors;
appropriating and transferring $510,000 from the Unreserved Fund Balance in Fund
1111 Reinvestment Zone #2 to and appropriating in the No. 3278 Packery Channel
Projects TIF #2 fund for the approved Fiscal Year 2014 projects; Changing the FY 2014
Operating Budget adopted by Ordinance No. 029915 to increase expenditures by
$510,000; and authorizing the City. Manager, or his designee, to execute a Amendment No. 8
to the contract between the City of Corpus Christi and Texas A & M University - Corpus Christi
in the amount of $349,755 for a restated fee not to exceed $1,897,783 for Packery Channel
Monitoring Fiscal Year 2013 -2014.
Amount Required:
Fund Name
Reinvestment Zone #2
Packery Channel Projects
TIF #2
$ 510.000
Account
No.
251850
352050
Fund No.
3278
Org. No.
60000
00000
Project
No.
E13083
Amount
(510,000)
510,000
Total
['Certification Not Required
0
Director of Financial Services Date: OCT 1 8 2013
CITY OF CORPUS CHRISTI
CERTIFICATION OF FUNDS
(City Charter Article IV, Sections 7 & 8)
I, the Director of Financial Services of the City of Corpus Christi, Texas (or his/her duly authorized
representative), hereby certify to the City Council and other appropriate officers that the money required
for the current fiscal year's portion of the contract, agreement, obligation or expenditure described
below is in the Treasury to the credit of the Fund specified below, from which it is to be drawn, and has
not been appropriated for any other purpose. Future payments are subject to annual appropriation
by the City Council.
City Council Action Date:
Agenda Item:
October g 2013
Ordinance approving and adopting an amendment to the Revised Project and Financing Plans
for Reinvestment Zone Number Two, City of Corpus Christi, dated September 29, 2009, as
recommended by the Island Strategic Action Committee, the Board of Directors North Padre
Island Development Corporation, and Reinvestment Zone #2 Board of Directors; approving
and adopting the Reinvestment Zone Number Two, City of Corpus Christi FY 2013 -2014
Budget as recommended by the Island Strategic Action Committee, the Board of Directors
North Padre Island Development Corporation, and Reinvestment Zone #2 Board of Directors;
appropriating and transferring $510,000 from the Unreserved Fund Balance in Fund 1111
Reinvestment Zone #2 to and appropriating in the No. 3278 Packery Channel Projects TIF #2
fund for the approved Fiscal Year 2014 projects; Changing the FY 2014 Operating Budget
adopted by Ordinance No. 029915 to increase expenditures by $510,000; and authorizing the
City Manager, or his designee, to execute a Amendment No. 8 to the contract between the City
of Corpus Christi and Texas A & M University- Corpus Christi in the amount of $349,755 for a
restated fee not to exceed $1,897,783 for Packery Channel Monitoring Fiscal Year 2013 -2014.
Amount Required:
Fund Name
$ 349.755.0Q
Packery Channel Projects TIF #2
Account
No.
550950
Fund No. Org. No.
3278 00000
Project
No.
E13083
Amount
$349,755.00
Total
0 Certification Not Required
$349,755.00
OCT 1 8 2013
Reinvestment Zone Number Two
City of Corpus Christi, Texas
Project Plan and
Reinvestment Zone
Financing Plan
February 25, 2003
Exhibit A
Page 6 of 39
Reinvestment Zone Number Two,
City of Corpus Christi, Texas
February 25, 2003
Project Plan and Reinvestment Zone Financing Plan
Introduction to The Project and Finance Plan
General Background
As required under the Tax Increment Financing Act, Chapter 311, Texas Tax Code (the "TIF Act"), the Board of
Directors ( the "Zone Board") of Reinvestment Zane Number Two, City of Corpus Christi, Texas (the "Zone "),
has prepared this Project Plan and Reinvestment Zone Financing Plan (the "Plan"). The City Council ofthe City
of Corpus Christi, Texas ( the "City") and the Zone Board must both adopt this Plan The Plan includes
information concerning proposed land uses and development, estimated project and non - project costs and
administrative expenses, en,gineering studies, proposed financing and economic feasibility data, and ply
appraisal data. The Plan includes financing of the Zone's portion of the North Padre Island Storm Damage
Reduction and Enviroai Restoration Project ( the "Project'). This Plan sets out the details of the tax and
economic benefits derived from development of the Project Site, the scope of the Project, and the financing
strategy for funding of Project costs through the issuance of bonds. Complete copies of the Plan, including a
report attached to this Plan, as Exhibit A, entitled "Forecast of Potential TIF Revenue Flows on North Padre
Wand", prepared by Economics Research Associates (" ERA "), which constitutes the economic feasibility study
required by the TIF Act, are available foam the City of Corpus Christi, Texas, 1201 Leopard Street, Corpus
Christi, Texas 78401, Attention: City Secretary.
North Padre Island Storm Damage Reduction and Environmental Restoration Project
The Project is a project of the U.S. Army Corps of Engineers ( the " Corps") to dredge and rhaenrli7^ a reopened
waterway ("Packay Channel") between the Laguna Madre Intracoastal Waterway and the Gulf of Mexico. In
addition to the Packay Charnel, the Project includes construction by the Corps of two 1,400 foot jetties
paralleling the Packay Channel. Of the total 530,000,000 projected cost of the Project, the City as Project
sponsor bas agreed to pay $10.5 million. The remaining Project costs are to be paid by the United States
Government. The City has created the Zone for the purpose of raising funds needed to provide the Zane Project
costs through the issuance of bonds by the North Padre Island Development Corporation (the "Issuen and -foe
proft local govamnnent corporation. It was established by the City under the provisions of Chapter 431, Texas
Transportation Code, and the general laws of the State of Torras to aid, assist, and act on behalf of the City lathe
performance of the City's governmaitai f motions and to provide a nneans of &lancing certain Project costs in
connection with the Zone.
The Corps was directed by the Congress of the United States ("Congress") to carry out a project for ecosystem
restoration and stoma dotage reduction at North Padre island. The Project will =taxi theadsting approximately
2.6 miles portion of the Packay Chanrrnel an additional 0.9 mile.
The Project is described in the Envi anna tat Impact Statement (EIS), as are the benefits and impacts to be
expected from the Project.. Erosion of the beach in front of the seawall just south of the boundary between
Mustang and North Padre Islands is causing a loss of recreational beach. Dredging Palmy Channel would
provide sand for nourishment ofthe beac, and an enlarged beach would reduce potential Mae atom damage. A
Project Study Plan, prepared by the Carps in 1999, examined three alternative sites, including Pacaery Channel.
Three different channel widths under three differan salinity regimes were also examined to detan i ne the
enviroomerital benefits elan opening between the Laguna Madre and the Gulf of Marko. The enviromnental
1
Exhibit A
Page 7 of 39
benefits of all alternatives were essentially negligible. The final EIS will be available upon publication by the
Corps from the City of Corpus Christi, Texas, 1201 Leopard Street, Corpus Christi, Texas 78401, Attention:
City Secretary.
The Project is a project for ecosystem restoration and storm damage reduction consisting of a jetted entrance
channel, main channel dredged to a required depth of 14 feet and a bottom width of 116 feet up to the Texas
Highway 361 bridge, scour protection for the existing bridge, concrete bulkheads on both sides of the main
channel creating three placement areas to create shallow water habitat, continuing with a smaller channel along
the existing alignment of Packery Channel from the highway bridge to the Gulfhntraooastal Waterway, dredged to
a required depth of 7 fat and bottom width of 80 feet, installation of a 30 inch HDDPE pipe for a sand bypass
system, beach nourishment on the beach south of the ehaanel and miscellaneous utility removals and relocations.
The Project consists of dredging a 134 -foot wide quarrel to connect the existing Packery Channel to the Gulf of
Mexico to a 12 -foot deep authorized depth (requiring an initial dredge depth to -14 feet) and dredging the edsmg
channel to a depth of -7 feet (mean sea level) and a width of 80-feet. The total largth of the proposed channel
from the Gulf cad of the jetties to the Gulf Intracoastal Waterway is approximately 18,500 feet (3.5 miles).
Approximately 801,200 cubic yards (cy) of material will be dredged during construction, most of which (646,000
cy) will be placed on the beach south of the proposed jetties placaneat area (PA -4S) for storm damage induction
in front of the existing concrete seawall. Sandy maintenance material from the channel cast of the SH 361 bridge
will be used for beach nourishment, and a sand bypass system will be designed to move accumulated sand from
longahore drift to the downdrift side of the jetties. Approximately 15,000 cy of estimated mains dredging
every five years will be placed in an upland site.
The Project is to be constructed by the Corps under a proposed Project Cooperation Agreement between The
Department of the Army and the City (the "Project Contract"). The Project Contract has not been approved by
either the Corps or the City, but the City expects execution of the Project Contract by both parties by Spring
2003. The Plan calls for the remainder of the approximately 519.5 million needed to complete the Project to be
funded by the United States Government under the Project Contract. As of February 25, 2003, Congress has
appropriated 54 0 million for Project construction, but is under no obligation to appropriate the remainder of its
share of Project costs.
Once the initial Project is completed, the City will incur costs of maintenance dredging of Packory Channel, as
described above. It is anticipated that upon completion of the initial Project, the estimated maintmanoe dredging
will comcnaeee in 2008, and the estimated cost of such maintenance dredging in that yea will approximate
5350, 000. The costs of the maintenance dredging are intended to be paid by the Zone, either from tax increment
collections, proceeds from bonds, a combination of those two sources, or other moneys made available to the City
or the Zone for such purpose.
Secondary development within the Zone that includes public improvements is being proposed by the City as Iocal
sponsor. Secondary duel; includes proposed park amenities that aicompass approximately 14.2 acres
providing access to Packery Channel, the beach, and the jetties; passenger and recreational vehicle parking;
walkways; restroorns; and vendor facilities. The locaiion of two potential City park am is proposed along the
area nearest the Gulf of Mexico reach of Packery Channel.
The Project, the maintenance dredging ofthe Packny Channel, and the public of p r associated wi hlhe
proposed second,aay developmag are formd to be "Project Costs" as such term is defined in the TIF Act.
The Project Contract
The Project is to be constructed by the Carps under the Project Contract. The Project Contract has not been
approved by either the Caps or the City, but the City arpects eoeeartiCn ofthe Contract by bothpartiea by Spring
2003. Under the Project Contract, the Corps, subject to receiving finds by Cangr+oss and using the
2
Exhibit A
Page 8 of 39
funds expected to be provided by the City through the Issuer, would agree to expeditiously construct the Project.
The Project Contract recognizes that Congressional appropriations to date are less than the amount of fakral
funds required for completion of the Project, and that in the event insufficient funds are appropriated for the
federal government's share of Project costs, then Project construction will be suspended or the Project Contract
terminated. The federal government expressly makes no commitment to seek additional federal funds for the
Project.
The City would agree to contnbute 35% of the total Project costs, at least five percent of which must be
contributed in cash with the remainder being the appraised value of cash or lands, easements, rights way, and
suitable burrow and dredged or excavated material disposal areas. The City must deposit its share of projected
financial obligations for construction through the first fiscal year of construction within 45 days ofnotioe fraunn the
Corps. For each subsequent year, the deposit must be made no later than 60 days prior to the beginning of the
fiscal year.
The Project Contract obligates the City to operate, maintain, repair, replace, and rehabilitate the entire Project at
no cost to the federal government. The City is seeking transfer of a portion of the maintenance cost to the Corps,
but at this time no provision has been made for payment of ongoing maintenance costs. Fumdiag of a
maintenance reserve from proceeds of an additional series of Tax Increment Contract Revenue Bonds is
contemplated by this Plan, but these is no assurance that a maintenance reserve will be fimded, nor is there any
guarantee that if funded the maintenance reserve would be adequate to pay costs of ongoing maintenance
dredging.
Reinvestment Zone Number Two, City of Corpus Christi, Texas
The Zone was meted by the City pursuant to the TIF Act to facilitate development of the land within the
boundaries of the Zone, a 1, 947. 01 -acre parcel located entirely within the City and die County. y. The Zenc became
effective on November 14, 2000, and will terminate on December 31, 2022, or at an earlier time designated by
subsequent ordinance of the City, or at such earlier tine that all Zane Project Costs, tarot bonds, and tine
interest on all tax incrane nt bonds, have been paid in full (the duration of the Zone). The Zonc is leaded on Padre
Isl and, and intersected by State Highway 361 and Park Road 22 leading from the John F. Kennedy Causeway. A
map showing the existing uses and conditions of teril property in the Zone is attached to this Plan as Exhibit B. A
map showing the proposed improvements to and proposed uses of the real property in the Zone is attadndto this
Plan as Exhibit C.
Pursuant to the TIF Act, the ardinarrce of the City establishing the Zone also established a Board for the Zane.
The Zone Board consists of 12 persons, with one member from each Participant other than the City, and the
remainder (but not less than 10) appointed by the City.
Samuel L. Neal
Javier D. Colinas=
Bran Chesney
Rear Kirmison
him Longoria
Jesse Ncyola
Mark Scott
Gabriel Rivas
Cal Jennings
Richard Pittman
John LaRue
President
Vice President
Member
Member
Member
Member
Member
Member
Member
Member
Member
Member
3
&labial&
City of Carpus Christi
Nuxen County
City of Capes Christi
City of Capes Christi
City of Caws Christi
City of Corpus Citsisti
City of Corpus anisd
City of Carpus Christi
Del Mar College
Nueces Hospital Dim
Flour Bluff Itwagxadult School District
Part of Corpus Christi Authority
Exhibit A
Page 9 of 39
Existing Land Use
Existing land -uses within the Zone consist of light commercial development, mixed residential development,
vacant unimproved land, and non - developable land, including waterways, roadways and parks. The City has
estimated the following current usage within the Zone:
!La Ansa
Vacant 857.1718
Water Area 447.8253
Park 384.5719
Right -of -Way 158.2465
Commercial 33.6232
Medium Density Residential 34.4813
Public/Semi-Public 9.0187
High Density Residential 7.7001
Professional Office 6.0570
Light industrial 6.5105
Low Density Residential 1.8071
Total 1.247.0134
Infrastructure Ruts for Development
It is the City's policy that infrastructure required for new development within the Zone will be the responsibility
of each landowner or developer, similar to any other development that occurs in the City. The wastewater
treatment plant and trunk main collects system is in place and is of sufficient capacity to accommodate new
development, and sufficient freshwater supply is available to serve anticipated development within the Zone.
There are gully roads and streets throughout the Zone, though individual tracts may require additional street
construction, sewer collect ion lines, or water supply lines for developmenrt. The City pays for oversize and extra
depth costs associated with water and wastewater extensions that are designed to savim property outside or
Mond the owner's development. The City participates in street development topay the additional casts for extra
width associated with arterial streets or collectors that are designed to be extended beyond the developer's
property. The City also pays for the costs of brims and culverts to extend streets beyond the developer's
may
Undeveloped Land Within the Zone
Approximately 857 acres within the Zone are unimproved or underdeveloped Lad. The Cityanticktates that such
unimproved land will be developed for residential and light commercial use consistent within existing uses, and
additional development must occur before the Issues can provide for the payment of additional Tax Ina-anent
Contract Revenue Bonds (hantinathYdefined) required for completion ofthe Project without adversdy
the Issuer's ability to pay debt service on the Series 2003 Bonds (hereinafter dchned), No radon is made
in this Plan with respect to the ultimate development of such property.
Project Costs
A detailed listing of the proposed public works and public improvanents to be undertaken is the Zone, shown by
g k, nm ber
of Pa cka y and lc atin,
Chann el, an d d ac the m aintma noe Feled ost s d rf gin g the Z ncos, t s, inch withat
Projecteosts, the costs of ooststhe of ' t h
e .;
Zone, and other non - project costs (such as water supply improvements n; roads that are not intended to be
f mdod throengh the operation of the Zone), are set forth in Exhrbit D. The animated amoimt of boarded
4
Exhibit A
Page 10 of 39
indebtedness to be incurred to pay initial Project costs, and the timing of when related costs and mcnetary
obligations for implementing this Plan are to be incurred, are set forth in Exhibit D. The City currently estimates
that the total amount of Issuer debt necessary to be issued for completion of initial Project costs will not exceed
512,000,000.
Secondary development improvements are to be financed as funding becomes available from surplus tax
increments or bonds. The City currently estimates the total amount of Issuer debt that may be issued for
secondary developments will not exceed 53,000,000.
The Plan of Finance
The City has created the Zone for the purpose of raising funds needed to provide the City's share of the Project
costs, and the Series 2003 Bonds (hereinafter defined) are the first installment of Issuer bonds to be issued for
that purpose.
The City, the County, Del Mar College, a junior college district and political subdivision of the State of Texas
(the "College") and Nueces County Hospital District, a hospital district and political subdivision of the State of
Texas (the "Hospital District") each have agreed to deposit to the Tax Increment Fund established for the Zone
(the "Tax Increment Fund") certain tax collections arising from their respective taxation ofthe inaease, if any, in
the appraised value of real property located in the Zone since November 14, 2000 (hereinafter defined as the
(Dedicated Tax Increments"), through the earlier of December 31, 2022, or the date on which any outstanding
obligations payable from the Dedicated Tax Incranents are finally paid. The City has enteral into separate
intalocal agreanents (the "Interlocal Agreements") with the County, the College,, and the Hospital District which
sets forth, among other things, the agreement of the City and County, College, or Hospital District, as applicable,
to pay to the Issuer the Dedicated Tax Increments (the "Contract Tax Incremental. The bonds to be issued to
fund Project costs are to be payable solely from the Comma Tax Inarmarts and certain other funds on deposit
with IPMorgan Chase Bank, Houston, Texas (the "Trustee") or which may be deposited with the Trustee in the
future together with earnings and investments thereon (the "Pledged Revenues").
The City, the County, the College, and the Hospital District (each ref to iidividually herein as a "Participant"
and collectively referred to as the "Participants") have agreed to deposit to the Tax Increment Fundthe Dedicated
Fax Increments, as described havin.
Pursuant to the TIF Act, a taxing imit's tax inaement for a year (a "Tax Incranent") is the mourn of property
taxes levied by the unit for that year on the "captured" appraised value of real property taxable by the unit and
located in a reinvestment zone. Tax Increments do not result from any increase in the appraised value of personal
property (such as equipment or inventory) taxable by the unit and located in a reinvealment zone. The TIF Act
dermas captured appraised value ("Captmed Appraised Value") as the total value of all real property
taxable by the unit and located in a reinvestment zone less the tax inclement base ofthe unit The tax increment
base of a taxing unit (the "Tax Increment Base") is the total appraised value elan real property taxable by the
unit and located in a reinvestment zcoe for they= in which the zone was designatal. In the case ofthekoe, tile
Tax Imamate Base is the total appraised vahie of all real property in the Zone taxable by the relevant
Participants as of Jimuary 1, 2000. Tax Incranents result only from Captured Appraised Value in the Dam,
which consists of 1,947.0 138 acres, approximately 542.8184 ofwhich is publicly owed and not taxable. Welt
A shows (a) the Tax Increment Base ofthe Zone, (b) the aurent (as ofthe date ofthis Plan) total appraised value
of taxable real property in the Zone and (c) the estimated captured appraised value oftheZcoe during each pm
of its scheduled existence.
Pursuant to separate bialocal Agreements between the City and each of the Canty, the College, and the
Hospital District, respectively (the "Interlocal Agreements") the Participants have agreed to deposit all or a
portion oftheir Tax Increments to the Tax Increment Fund. The City, the Cy, and the Hospital District have
agreed to deposit to the Tax increment Fund 100% of their tax collectioes on Captured Appraised Value intim
5
Exhibit A
Page 11 of 39
Zone for each tax year that the Zone remains in existence, commencing in tax year 2000. The College has agreed
to deposit to the Tax Increment Fund 100% of the its Tax Increments for the first five years (2000 -2004) of the
Interlocal Agreement, 80% for the sixth year (2005), 60% for the seventh year (2006), 40% for the eighth year
(2007), 20% for the ninth year ( 2008), and none thereaiber. The amounts the Participants have agreed to deposit
to the Tax Increment Fund are referred to herein as the "Dedicated Tax Increments." The obligations of the
Participants to pay Dedicated Tax mats into the Tax Increment Fund are subject to the rights of any of the
holders of bonds, notes or other obligations that have been or are hereafter issued by a Participant that =payable
from and secured by a general levy of ad valorem taxes throughout the taxing jurisdiction of that Participant.
North Padre bland Development Corporation
The Issuer
The Issuer is a not -for -profit local government corporation and was established by the City under the provisions
of Chapter 431, Texas Transportation Code, and the general laws of the State of Texas to aid, assist, and act on
behalf of the City in the performance of the City's governmental fimctions and to provide a means of financing
certain Project costs in connection with the Zayre. It is governed by a Board of Directors, whose members are
appointed by the City Council. On December 17, 2002, the City Council of the City appointed all of the members
of the City Council to serve as members of the Corporation.
The Bonds
It is anticipated that three series of bonds will be issued by the Issuer to finance the initial costs of the Project.
The first series of bowls is anticipated to be issued in the spring of 2003 (the "Sales 2003 Bonds "), in cemaection
with the implementation of this Plan. Should bonds be issued to fund the costs of maintenance dredging, it is
anticipated that fiords for such use would be included in the third series of bonds to be issued.
The Series 2003 Bonds are the first issue of bonds (the "Tax Increment Contract Revenue Bonds ") to be issued
by the Issuer. The Tax Increment Contract Revenue Bonds, including the Series 2003 Bonds, are secured by the
Issuer's pledge of payments to be received pursuant to a Tri-Party Agreement among the City, the Zone, and the
Issuer (the " Tri-Party Agreemtnt"). Under that agreement, the Contract Tax Increments will be paid into the Tax
Inarem It Fund at the City's depository.
The Bonds will find a portion of the City's share of the Project Costs. Completion of the Project will require
additional funding, which currently is anticipated to be provided through the issuance of additional bonds by the
Issuer secured from Dedicated Tax Increments on parity with the Bonds. Seccndary development improvoments
may also be financed from additional bonds. For the Issuer to be able to repay such additional bonds, substantial
growth in the taxable values within the Zone must oases, and there is no guarantee that such growth will have
been accomplished to the timing of funding the ranaining phases of the development and oampletiaeof the
Project. Growth in taxable vabxs within the Zone is dependent on Anise ckvclop ant of additional taxable
improvements. While the City expects that such additional impcovanents will be constructed if the Packery
Channel is completed, these are approximately 1,838 tracts of land within the Zone owned by approximately
1,034 diffi a ant owners, and neither the Issuer nor the City has any agreement with any for construction
of impro vanents within the Zone, or knowledge that any landowners intend to =enact additional
Without future development within the Zone, there can be no guaatee of additional Dedicated Incrernarts
suit to pay debt service an issued to finance the Project. A projection of the Project costs to be
funded with band proceeds and the sizing of the bond issues to find those Project costs is set forth in Exhibit D.
The Tri-Party Agreement
If
6
Exhibit A
Page 12 of 39
The City, the Zone and the Issues will en to into the Tri Party Agreement. Pursuant to the Tri-Party Agreement,
the Issuer will provide certain management and administrative services for the Zone. The Issuer is authorized to
issue bonds or enter into other obligations to be repaid Contract Tax Incremaits but only with the approval
of the City Council. The Issuer agrees to use all Contract Tax Increments in a manner consistent with the Plan.
The Tri -Party Agreement provides for duties and responsibilities of the City with respect to Dedicated Tax
Incrailents and provides for duties and responsibilities of the Zone with respect to Dedicated Tax %ts,.
The Dedicated Tax Increments are to be deposited when received into the Tax Increment Fund. The City and the
Zone will covenant and agree that they will continuously collect the Dedicated Tax Increments from the
Participants in the manner and to the maximum extent permitted by applicable law. To the extent the City and
Zone may legally do so, they also will covenant and agree that they will not permit a redaction in the Dedicated
Tax Its paid by the Participants. The City will covenant and agree to annually levy, assess and Dolled its
ad valorem taxes in the Zone. The City and the Zone will agree to pay to the Issuer the Contract Tax Increments
in consideration for the Issuer finding certain of the Project costs with the proceeds of the Tax Increment
Contract Revenue Bonds.
The obligations of the City and the Zone to pay Contract Tax %ts shall be subject to the Tri-Party
Agreement and the rights of any of the holders of bonds, notes or other obligations that have been or are hereafter
issued by the City, the County, the College, or the Hospital District that are payable ham and seemed by a general
levy of ad valorem taxes throughout the taxing jurisdiction of the City, County, College, or Hospital District.
It is anticipated that the interests of the Issuer in the Tri-Party Agreement will be assigned to the Trustee for the
Tax incxmment Contract Revenue Bonds under the terms of the Indenture pursuant to which such Tax Increment
Contract Revenue Bonds are to be issued. The Tri -Party Agreeemcat may be amended with the mutual consent of
the parties; however, any amaxlment must be accompanied by an opinion of counsel to the Issuer to the effect
that such agent will not materially impair the rights of the owners of the Issuer's bonds or other outstanding
obligations.
7
Exhibit A
Page 13 of 39
Reinvestment Zone Number Two
City of Corpus Christi, Texas
xm rr A
ForecastdPoten#W TIF
Revenue Mars on
North Padre bland
(Final )
Dated August 2002
ERA Project Number. 14663
Exhibit A
Page 14 of 39
Final Report
Forecast of Potential TIF
Revenue Flows on North
Padre Island
Submitted to:
The City of Corpus Christi
August 2002
ERA Project Number. 14663
Exhibit A
Page 15 of 39
TABLE OF CONTENTS
General Limiting Conditions iv
Introduction 1
Approach 2
Participating Jurisdictions 3
Methodology 3
TIF REVENUE ANALYSIS 5
Summary 5
Real Estate Market Discussion 5
TIF Waterfront Properties 2002 ,. 6
Growth Rates 10
Padre Island 10
TIE Revenue Conclusions 11
TIF ANORAK far North hale bird — Rod
■.,.. a
Exhibit A
Page 16 of 39
List of Tables and Exhibits
Table 1. Taxable Value of Land & Improvement, 2
TIF District - 2000 2
Table 2. Tax Rates for Participating Jurisdictions 3
Table 3. Waterfront Properties by Location and Value within the TIF District 6
Table 4. Average Assessed Land Value by Location 7
Table 5. Average Condominium Assessed Value by Water frontage 8
Table 6. Condominium Properties in the TIF District 8
Table 7. Lake Padre Properties by Tax ID 9
Table 8. Other Non - Exempt Water Front Properties 9
Table 9. Exempt Properties 10
Table 10. Padre Island Growth Rates by Location — 1992-2002 10
Table 11. Scenario 1. TIF District Taxable Value and Revenue, 2001 — 2022 11
Table 12. Scenario 2. TIF District Taxable Value and Revenue, 2001— 2022 11
Exhibit 1. TIF Revenue Schedule, Scenarios 1 and 2 12
Table 13. TIF Taxable Value and Tax Revenue Schedule, Scenarios 1 and 2 ($000s) 13
TIF Analysis Par Noah Para Island —
Exhibit A
Page 17 of 39
GENERAL LIMITING CONDITIONS
Every reasonable effort has been made to ensure that the data contained in this study
reflect the most accurate and timely information possible, and they are believed to be
reliable. This study is based on estimates, assumptions and other information developed
by Economics Research Associates from its independent research effort, general
knowledge of the industry, and consultations with the client and the client's
representatives. No responsibility is assumed for inaccuracies in reporting by the client,
the clients agent, and representatives or any other data source used in preparing or
presenting this study. No warranty or representation is made by Economics Research
Associates that any of the project values or results contained in this study will actually be
achieved.
Possession of this study does not carry with it the right of publication thereof or to use the
name of "Economics Research Associates" in any manner. No abstracting, excerpting, or
summarization of this study may be made. This study may not be used for purposes other
than that for which it is prepared. Exceptions to these restrictions may be permitted after
obtaining prior written consent from Economics Research Associates. This study is
qualified in its entirety by, and should be considered in light of these limitations,
conditions and considerations.
Tff *nu is liar North Padre blind — flee!
Mem Iv
Exhibit A
Page 18 of 39
INTRODUCTION
Economics Research Associates (ERA) was engaged to provide the City of Corpus
Christi with estimates of tax increment revenues in the proposed North Padre Island Tax
Increment Finance (TIF) district. ERA understands that estimated future tax revenues
from the district will be targeted to fund a portion of the development cost of funding the
North Padre Island Damage Reduction and Environmental Restoration Project.
This forecast makes use of data provided by the City of Corpus Christi and the Nueces
County Appraisal District covering property tax rates, assessed values, and actual historic
taxes paid for the defined TIF district. Data from these sources have been assessed to
generate a reasonable estimate of potential tax increment revenue.
This report is independent from an earlier report prepared by ERA in the year 2000. This
report does not assume any major development in North Padre Island and uses a different
methodology to forecast tax revenue in the TIF District.
Some numbers are rounded and might differ from the original database. Although every
possible effort has been made to present correct information, some errors might be
present due to handling of large data sets in a short time period. However, ERA believes
that the results are reasonable and concur with the data available.
ERA would like to thank all staff members at the City of Corpus Christi and the Nueces
County Appraisal District for providing us with data in timely fashion that ensured
preparing a comprehensive report.
TIF Aealr■is ilsr Nth Padre hiked — Thud
arm" I
Exhibit A
Page 19 of 39
APPROACH
The approach followed by ERA first defines the current baseline assessed and taxable
value of the proposed TIF district, using assessment information for land and
improvements provided by officials with the City of Corpus Christi and the Nueces
County Appraisal District. ERA understands that the base year for the district is calendar
year 2000. From this base year value, ERA generates two sets of TIF revenue inputs:
• Forecast growth in the taxable value of currently existing buildings and vacant land in
the district over a 20 -year period using constant growth rate for all types of
properties.
• Forecast growth in the taxable value of currently existing land and development in the
district using variable growth rates based on location within the district.
Growth in assessed values and taxes paid for current improvements and vacant land, as
well as new development, beyond levels defined in the base year constitute the increment
in property tax revenue that can be captured for potential use in the Packery Channel
project.
Working with officials at the Nueces County Appraisal District, City officials provided
ERA with year 2000 assessed and taxable values for all land and improvements in the
proposed T1F district. The following table indicates that the district currently contains
vacant land and improvements amounting to $85,870,603 in taxable value. The table
breaks down values between home site and non -home site land and improvements, as
well as exemptions and adjustments, to arrive at a total taxable value. Exemptions and
adjustments are made for homestead, disabled individuals and veterans, and people over
65. Preliminary assessments for 2001 are $98,153,611 and for 2002 $107,588,794.
Table 1. Taxable Value of Land & improvement,
TIF District - 2000
Category V
land—Home Site S5,491,354
Land — Non -Hoene Site 323,947,556
Improvements —Home Site S42,200,590
Improvements —Non-Home Site 317,684,297
Sub-Tatai 689,323,797
Exemptions &Adjustments $3,453,194
Tolal Taxable Vane SS5' 4 4
Names County Anneal Duct
Looking further at the above table, ERA determined that home site improvements include
single-family homes as well as higher-density condominium projects on the seawall.
This distinction is important because home site land accounts for only 18% of total land
assessed vahie, but home site improvements account for 70% of total improvements.
TIF Analysis for Haab Peeks blind — Fin■i
Exhibit A
Page 20 of 39
Participating Jurisdictions
Four jurisdictions are contributing 100% into the tax increment fund for the whole period
starting in 2001 through 2022. One jurisdiction, Del Mar Jr. College, is contributing
100% into the tax increment fund for the first 5 years, 80% for the sixth year, 60% for the
seventh year, 40% for the eighth year, 20% for the ninth year and 0% thereafter. Three
jurisdictions will not participate: Flour Bluff Independent School District (ISD), Port of
Corpus Christi and Fire District #2. The following table shows tax rates schedule per
$100 of taxable value.
Table 2. Tax Rates for Participadng Jurisdictions
Jurisdictions Providing ALL 20014005 2006 2007 2008 2009 2010-2022
Increment Jurisdictions
City of Corpus Christi 0.644175 0.644175 0.644175 0.644175 0.644175 0.644175 0.644175
Farm to Market Rd. 0.005238 0.005238 0.005238 0.005238 0.005238 0.005238 0.005238
County Hospital 0.228028 0228028 0.228028 0228028 0.228028 0.228028 0.228028
Del Mar Jr. Collage 0.21988 0.21988 0.175904 0.131928 0.087952 0.043976 0
Nueoes County 0.350242 0.350242 0.350242 0.350242 0.350242 0.350242 0.350242
Port of Corpus Christi 0.002117
Flour Bluff 1SD 1.526197
Fire District #2 0.022200
TOTAL 2.998077 1.447563 1.40359 1.359611 1.31564 1.27166 1.227683
Assuming tax rates do not change
fig: Nueces County Appraisal Diszict, City of Corpus Christi
Regarding the above tax rates, local officials indicated that they did not expect to see
unusual growth in the above tax rates in the near future. Following standard TIF
modeling guidelines, ERA has taken the above tax rates and held them constant for the
duration of the 20 -year TIF model With tax rates held constant, key drivers of the
forecast become rates of appreciation for existing improvements and vacant land.
Methodology
In order to estimate a reasonable tax revenue flow, ERA made the following assumptions:
• Base tax year is 2000
• 2002 tax rates for each participating jurisdiction are assumed fixed for the
whole period (through 2022)
• Tax increment fired starts in 2001
• End of TIF district is 2022
• Padcery Channel will be completed in 2004
• The TIF district tax revenue flow is completely .4 I P ( of any potential
major development that could potentially have a great impact on other
developments and land value.
TIF Analysis for North Padre Mod -Elul
Pam 3
Exhibit A
Page 21 of 39
• First to Increase: Value of land and current developments with water
frontage in the District excluding beach properties will be the first to increase
in value due to the opening of Puckery Channel, as it would provide direct
access to the Gulf of Mexico.
• Magnitude of Increase: Water front properties (vacant land) in the District
excluding beach properties will have the greater increase in value compared to
properties without water frontage. It is assumed that the value will approach
the value of vacant beach properties.
Based on the above assumptions, ERA compiled data from the City of Corpus Christi and
the Nueces County Appraisal District to estimate current land and improvement value by
location in the District. Using Tax ID data, ERA aggregated properties based on their
location by defining 4 distinct locations:
• Beach
• Lake Padre
• Other water front properties
• Non-water front properties
After linking each property to a location, total assessed and taxable values were
calculated for each location. Value comparison was established and was later used to
estimate growth rates for properties within the District.
ERA also aggregated all values of properties on North Padre Island for the past 10 years
to estimate an average calculated average growth rate (CAGR) for the island. This
CAGR was then applied in the forecast model.
Tax rates from the participating jurisdictions were then applied to estimate tax revenue
flows.
TIP &riO, for Noah Padre
Mar 4
Exhibit A
Page 22 of 39
TIF REVENUE ANALYSIS
Summary
Two scenarios were developed and are presented in this report. The first scenario applies
an annual growth rate of 9% from 2003 through 2012, and 3% annual growth rate from
2013 through 2022 for all properties within the TIF District. The 9.1% annual growth
rate represents the CAGR of the assessed values of all properties on Padre Island from
1992 through 2002.
The second scenario applies different annual growth rates for each property type in the
TIF district. Waterfront properties on Lake Padre, the canal and on the proposed Packery
Channel are estimated to grow at an annual rate of 24% between 2003 and 2007. During
the same period, Beach properties and non-waterfront properties are assumed to grow at
9.1 %. From 2008 through 2022, all properties are estimated to grow at the inflation rate
of 3% per annum. The 24% annual growth rate represents the estimated CAGR of the
total taxable value of TIF properties within the five participating jurisdictions from 1996
through 2001.
The two scenarios are conservat 'e and do not assume any new development.
From 2001 through 2022 and using 2000 as the base year, the first scenario
generates a total tax revenue of $63.4 million of which $38.9 million is the TIF
revenue. The second scenario generates a total tax revenue of $55.9 million of which
$31.3 million is 111? revenue.
A detailed analysis follows.
Real Estate Market Discussion
Economics Research Associates conducted a number of telephone interviews with
accredited reahors in Corpus Christi and Padre Island. The general consensus has been
that over the past three years demand for good properties, defined as those in good repair,
modern appliances, visually appealing and have good access, has increased remarkably.
This increase in demand, the limited supply, and a strong market let to an increase in
prices.
The demand for weekend and seasonal homes from residents of large Texan cities, such
as Dallas, Houston and San Antonio is also pushing prices upward. Aging y- boomers
and a healthy economy had lead to strong demand of refit and seasonal homes in
Padre Island. This demand has exceeded the markets ability to supply more housing
units.
Another factor in the escalation of price and demand is speculation regarding the Packery
Channel, which would connect Lake Padre and the Packery Channel to the Gulf of
TIF Melva far Maati Padre Imbed — Rad
Pees0,
Exhibit A
Page 23 of 39
Mexico. The Channel is perceived as a convenient way to provide access to the Gulf of
Mexico from Lake Padre and the intercoastal areas. Some realtors indicated that Lake
Padre properties would be more attractive to sailing enthusiasts that would need to be east
of the 22 -foot bridge to benefit from the Channel. This is assuming a marina is
developed on Lake Padre.
Properties without water access, known among realtors as dry or interior properties, on
Padre Island can demand a 310,000-315,000 premium over comparable properties in the
city. Some realtors indicated that the difference in price between water - accessible and
dry properties on Padre Island is too great to characterize.
When asked about Port Aransas and how the market compares to Padre Island. Most
realtors indicated that properties in Port Aransas, 20 miles from Corpus Christi, are
overpriced and are not comparable in quality. Realtors also indicated that Padre Island
has strong attributes and character that would attract investors to develop resorts,
something that Port Aransas lacks.
TB' Waterfront Properties 2002
Using the micro level data (property tax records) obtained from the City of Corpus
Christi and the Nueces County Appraisal District, ERA was able to compile waterfront
properties in the TIF District by location and type.
The TIF District has 1,930.08 acres with a total assessed value of 3107.59 million in
2002. Approximately 51% of land have or will have (after the opening of the Packery
Channel) water frontage or 977 acres. Approximately 203 acres or 21% of water front
properties are exempt properties. The waterfront properties have a total assessed value of
$65.1 million and a total taxable value of 360.6 million.
The following tables show waterfront properties by location, land value, improvement
value, total exemptions, taxable value, and acreage.
Table 3. Waterfront Properties by Location and Value within the TIF District
Type Acres Lad Vaiae Improvement Total Assessed Tumble Vase
Vai■e Vase
Coed=
Beach 13.45 $2,450,499 328,962,543 531,413,042 329,048,886
Across from the Beach 3.61 $281,352 83,902,799 $4,184,151 53,531871
Other - Lake Padre, Canal 10.93 31,459,001 311,600,220 $13,059,221 311,503,641
Lame Padre 470.66 $4, 591,013 $938,742 85,529,755 55,517,325
Beach 53.20 82,577,105 84,355,083 *6,932,188 $6,932,188
Exempt 202.86 80 SO 80 SO
Othv 222.24 $2,517,234 31,669,836 34,187,070 84,054,928
TOTAL WATERPROfERTlES 976.95 513,876,204 S51,429,223 565,305,427 560,590,839
Nueoes County Appraisal Distinct, Economics Rom e& Associates
'ii14F AnnInsb for North Peas lohnott — . •
Pane 6
Exhibit A
Page 24 of 39
Most of the condominium properties are older developments dating to mid 1980s
especially the ones with a beach frontage. Most of the properties on Lake Padre are
parcels of vacant land. The other non - classified properties are parcels located on the
Canal and what would be on the Packery Channel.
Land value, as expected, increase as it approaches the Beach. The most expensive land
parcels are those of condominium with beach frontage with over $180,600 per acre. The
second highest, on average, are condominium properties on Lake Padre with $133,500
per acre followed by condominium properties located across from the Beach. As
expected developed land, although with indirect beach frontage has more value than
undeveloped beach parcels. It is plausible to assume that the value of land parcels with
beach frontage would more than quadruple in value after it is developed.
The following Table shows average assessed value per acre by location.
Table 4. Average Assessed Land Value by Location
TyPe
Acres Average Land Value
(S/Acre)
YillieBBLUBBEEfiti
Condos
Beach 13.45 $180,623
Across from the Beach 3.61 577,840
Other _ Lake Padre, 03na1 10.93 5133,448
Lake Padre 470.66 59,754
Beach 53.20 548,442
Exempt 202.86 50
Other 222.24 511,327
976.95 517,897
TOTAL WATEBPROPER'TIRS
&,Told average nine excludes eaoemptpptpesties
Sweet No a Camay App . Economics Rah Associates
There are 16 condominium developments in the TIE' district, of which four are located on
the beach, three are located across from the beach and the remainder is located on Lake
Padre, the canal and Padua), Channel_ The most expensive condominiums are those
with a direct beach frontage. The following table shows average assessed value per
condominium by water frontage location
Table 5. Average Condominium Assessed Value by Water frontage
Ty Pe
Totil Condo Units Average Cando
Assessed Value
Condos
Beach 324
Across from the Beach 115
Other - Lake Padre, Canal 399
bass s Naeaa qty Appraisal Dim, Economics Research Associates
396,305
536,384
$32,730
The following table shows condominium properties by location, acreage, number of
units, and average condominium assessed value.
Table 6. Condominium Properties in the TIP District
Property Name
Water
Floatage
Leaden
Acreage
Total
Land
Value
Total
Improvements
Total
Assessed
Value
Total Number
Taxable of links
Value
Avg.
Condo
Valle
El Constarde Beachliont 3.05 5531,178 55,317,124
Padre Island- Beachfroot 4.78 5885,669 513,272,754
Gtdfstrcam
La Casa Del Sol Lake Padre 0.70 594,134 5889,071
Lakeshore Villas Lake Padre 1.26 5153,552 51,586,544
Leeward Wes Lake Padre 2.58 5168,810 52,761,688
Leeward Cove Lake Padre 0.61 575,632 5585,521
Lorimar Place Canal - 2 0.43 571,650 5303,335
blocks from
beach
Mystic Harbor Packery 0.94 5122,904 51,185,002
Channel
Sark x e Across the 1.03 578,814 51,189,358
shed from
Beach
Nautili' Galleria Across the 1.03 567,502 51 ,219,289
shed Rom
Beach
Pirates Crossing A Lake Padre 0.53 5184,591 51,233,405
Seascape Vfila
Portofino Beef 2.31 5483,538 55,372,008
Mariners Cay Canal -2 3.51 3539,544 52,497,196
blocks Sam
beech
Padre Island - Across the 1.55 5135,036 31,494,152
Snifide shed from
Beach
Palm h1e - Island Beach@mt 3.31 $528,142 54,812,272
Home
Seed Debar Canal 0.37 $48,184 $558`458
$5,848,302 55,581,554
514,158,423 313 ,239,239
5983,205 $983,205
51,740,096 $1,459,835
52,930,498 52,897,168
5661,153 5646,153
3374,985 $374,985
51,307,906 51,175,954
51,268,172 51,017,892
$1791 51,051,791
51417,996 51,337,959
35,855,546 55,130,665
53,036,740 52,261,740
31,629,188 $1,464,188
$5,340,414 $5,097,429
5606,642 3366,642
Total 27.99 14,168,880 544,277,171
548,446,057 544,086,398
69 584,758
130 5108,911
24 540,967
24 $72,504
87 $33,684
16 $41,322
10 537,499
32 540,872
26 $48,776
45 528,595
36 539,389
53 5110,482
136 522,329
44 537,027
72 374,172
34 517,842
838 551,812
Nmaa Canny Apronal Distort; Economics Research Animates
Eill
Beach properties other than condominiums are made up of 31 vacant parcels and one
developed parcel which is the Holiday Inn with an assessed value of $4.5 million. There
are 12 vacant parcels that range in size from one to approximately seven acres with the
largest being 6.98 acres. Most of the remainder parcels are approximately half an acre.
There are 10 (0.51 acres) parcels that are valued at 556,250 each or an average of
5110,294 per acre. These are the most valued parcels on the beach.
The next three tables summarize properties by Tax ID. The first table lists all properties
on Lake Padre, the second table shows all other (Canal, Packery Channel, non - classified)
water front properties that are non - exempt and the last table shows all exempt properties.
Table 7. Lake Padre Properties by Tax ID
TAX ID Total Laud Total Total Toed Acreage
Value Impravemcats Assessed Tasatbk
Value vase
6180- $1, 636,741 $820,671 $2,457,412 $2,444,982 20.85
6185- 51,136,341 50 $1,136,341 $1,136,341 23.75
6175- 8225,114 $65,880 $290,994 $290,994 5.01
6125- 31,309,302 $52,191 51,361,493 81,361,493 286.05
6195 - $283,515 SO $283,515 5283,515 135
Total 84,591,013 8938,742 $5,529,755 85,517,325 470.66
Nueces County Appraisal Dizict, Economics Reeeetsh Associates
Table 8. Other Non - Exempt Water Front Properties
TAX ID Total Lad Total Total
Value Improvements Assessed
Value
3730- 6152,759 8111,409 5264,168
4793 - 8791,199 8276,447 81,067,646
6170 - 8584,752 30 5584,752
6205 - 5735,000 80 8735,000
1115- 8174,019 80 5174,019
1717 - 579,505 $1,281,980 51,361,485
Total Acreage Legal Description
Taxable
Value
8264,168 8.051sland Fairway Estates
51,067,646 6.75 Madam Cay Lets
$584,752 7.58 PADRE ISLAND SEC B
$735,000 60 PADRE ISLAND SEC 18
8174,019 138.86 BRYAN WM SUR 606 LS
64,129.964 ACS ICL
51,229,343 1.00 Compass Town - 13
units
Total 82 ,517,234 81,669,836 $4,187,070 84,054,928
222.24
Source: Nueocs Canty Appraisal District, Boa nmmice Research Associates
Table 9. Exempt Properties
TAX ID Name Acreage
111500000010 STATE OF TEXAS 138.87
111500000050 STATE OF TEXAS 4.03
373000030050 FLOUR BLUFF IND SCHOOL D1 6.5
616500451400 CTrY OF CORPUS CHRISTI 3.46
619000000005 STATE OF TEXAS 0
625200000010 NUECES CO 20
625200000020 NUECES COUNTY TRUSTEE 30
Total 202.86
fieggs Nueors County Appraisal DieEzid, Economics Research Asssciates
Growth Rates
Using available data, ERA conducted trend analysis for various areas to establish a trend
in property growth rates on Padre Island and in the participating jurisdictions. These
growth rates are later used in the forecast models to estimate TIF revenue.
Engrg/Ailing
Using micro level data, ERA compiled the assessed values for all properties in North
Padre Island from 1992 to 2002. In 1992, total assessed value for properties on Lake
Padre and on the beach were high and decreased in the following years. This is the main
reason for the negative CAGR for beach properties and the small figure (less than one
percent) for Lake Padre properties for the 10 -year period. North Padre Island, in total,
including waterfront and non - waterfront properties had a CAGR of 9.1 %, i.e., properties
grew on average 9.1% per year between 1992 and 2002. The following table summarizes
growth rates for Padre Island by location of properties.
Table 10. Padre Island Growth Rates by u • . --1992 -2002
Year Padre bland Waterfront Lake Beach Other Non-
(AM Properties) Condos Padre Waterfront Waterfront
CAGR 1992-2002 9.10% 5.99% 0.77% -3.96% 2.03% 10.19%
CAGR 1993 -2002 10.14% 7.27% 5.45% -2.30% 2.39% 11.0696
Ikegga Names County Appraisal District, Eoarromis Resew& Associates
TIF Revenue Conclusions
The following tables summarize the TIF District's estimated taxable value, grand total
tax revenue and the incremental tax revenue from 2001 through 2022. Scenario 1 reflects
an overall average annual growth rate of 9.1% from 2003 through 2012 and an annual
growth rate of 3% from 2013 onwards. Scenario 2 reflects annual increase in taxable
value of 24% for properties on Lake Padre and other water front properties excluding
beach properties. Beach properties, existing condominium properties and properties
without water frontage increase 9% in taxable value from 2003 through 2007 and 3%
from 2008 onwards.
Table 11. Scenario i. TIF District Taxable Value and Revenue, 2001 — 2022
2001 -2005 2006 -2010 2011-2015 2016 -2020 2021 -2022
Tastable Value
Grand Total Tax Revenue
Incremental T1F Revenue
$590,873,474 $909,709,774 S1,300,406,021 $1,523,320,994 $675,226,929
$8,553,266 $11,899,730 $15,964,864 $16,701,553 58,289,646
$2,338,110 $6,251,011 $10,693,770 S13,430,459 $6,181,209
Accumulated TIP Revenue S2,338,110 S8,589,122 S19,282,891 $32,713,350 $38,894,559
Enitm City of Capes Claud, Nuecea County Appraised District, and Economics Research Associates
Table 12. Scenario 2. TIF IDistritt Taxable Value and Revenue, 2001 -- 2022
2001- 2005 2006 -2010 2011-2015 2016- 2020 2021 -2022
Taxable Value
Grand Total Tax Revenue
Incremental Tiff Revenue
Accumulated TIF Revenue
$601,808,948 $912,635,163 51,072,871,721 $1,243,752,371 $551,305,402
$8,711,564 $11,971,610 $13,171,464 $15,269,336 $6,768,283
$2,496,408 $6, 322,891 $7,900,370 59,998,242 $4,659,845
52,496,408 58,819,299 516,719,669 526,717,912 531,377,757
City of Capes Christi, Names County Appraisal District, end Economics Ihressrch Asa:mates
The following exhibit shows the growth in the TIF revenue from both scenarios.
Exhibit 1. TIF Revenue Scheduler, Scenarios 1 and 2
2a132 21Ie1218121115 MN sit s NM Tae MU 2e12 MIS 2ei12e15 MI 217 sue 2e1J mom" sun
The following table shows taxable values, grand tax revenue and incremental TEE'
revenue from the two scenarios in thousands of dollars.
Table 13. T1F Taxable Value and Tax Revenue Schedule, Scenarios 1 and 2 -
2001 -2022 ($000s)
YEAR TAXABALE VAL JE GRAND TAX TIF REVENUE
REVENUE
Scenario 1 Scenario 2 Scenario 1 Scenario 2 Scenario 1 Scenario 2
2001 $98,514 *98,514 *1,426 *1,426 *183 *183
2002 5107,589 *107,589 51,557 *1,557 *314 *314
2003 *117,376 *118,803 $1,699 51,720 *456 *477
2004 *127,940 *131,379 51,852 $1,902 $609 *659
2005 $139,455 *145,524 *2,019 *2,107 *776 *864
2006 *152,006 5161,483 *2,134 *2,267 5928 51,061
2007 *165,686 5179,546 *2,2253 52,441 51,085 *1,274
2008 *180,598 *184,932 52,376 $2,433 *1,246 *1,303
2009 5196,852 *190,480 52,503 52,422 *1,411 *1,330
2010 *214,568 *196,194 *2,634 52,409 51,580 51,354
2011 $233,880 *202,080 52,871 *2,481 *1,817 51,427
2012 *254,929 *208,143 53,130 $2,555 $2,075 *1,501
2013 $262,577 5214,387 53,224 *2,632 52,169 *1,578
2014 $270,454 *220,819 53,320 52,711 $2,266 $1,657
2015 5278,567 $227,443 53,420 *2,792 $2,366 51,738
2016 *286,924 5234,266 *3,523 52,876 *2,468 51,822
2017 5295,532 $241,294 53,628 52,962 *2,574 51,908
2018 5304,398 *248,533 53,737 53,051 *2,683 51,997
2019 $ 313, 530 $255,989 53,849 *3,143 52,795 52,089
2020 5322, 936 5 263,669 53,965 $3,237 *2,910 52,183
2021 *332,624 5271,579 54,084 *3,334 *3,029 *2,280
2022 * 342, 603 5279,726 $4,206 53,434 $3,152 *2,380
TOTAL 563,189 555,892 $4,999,537 54,382,374 S38,195 531,378
Somme; City of Carpus Christi,14looses County Appraisal District, and Economics Research Associates
Reinvestment Zone Number Two
City of Corpus Christi, Tema
EXHIBIT B
Map: Feting Uses and Canadian In the Zone
li
Padre Island
Tax Incremen
Financing Dr
Uuece;. 'ountg
111111111111
4f111111111t1.IIII■
ruom11[LItIlil1
Texas
rap tart s�
Scale in Feet
Copyright 1989 -2001 City of Corpus Christi
1411 6MAROI City Of Corpus Chris*, Planning Department
Reinvestment Zone Number Two
City of Corpus Christi, Texas
EXHIBIT C
Map: Proposed Improvements and Proposed
Uses of Beal Property is the Zone
Padre Island Tax Increment Finance District
Legend
e_
-
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•
*MAIM I Urals Hem
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Omni.. condor wd...rnr oe..
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1 Harry troraiu
Source: Department of Development Services
Reinvestment Zone Number Two
City of Corpus Christi, Texas
EXHIBIT D
limpet Cod. and Emanated Cash Flow.
Reiman4naut4 Zone Number TWo
City of Corpus MAK Tats
Paelary Channel Praise Comb and Funding
Pales! Costs
Coaps of
Total Zone Two Enshrines
Land, eanemente. ROW $238,200 $82,670 $153,530
Demo66on 20,834 7,292 13,542
Utility ralocalfon 104,073 38,426 67,847
Site preparation 74,219 25.977 48,242
Reach 0 0
MobUtzM on & dernoblizadon 486,881 170,408 316,473
Dredging 602239 211,029 391,910
Reach 1 0 0
Mobtizedon & demobttimtlon 1,348,383 471,934 878,449
Dredging 2212,120 1.019,242 1,892,878
Overdeplh 4250736 148,833 278,403
483.774 189,321 314,453
Pleasant in placement arse 1,382,388 483,835 896,551
Comets bulkheads 2.369,894 829,463 1,540,431
Anchored coroners bulkheads 0 0 0
Containment eheelpisFcap 0 0 0
Sand bypass pipe 321,421 112,497 208,924
3ridpe =our protection 743.041 260,064 482,977
Jetty construction 9.738.800 3,408,580 8,330,220
Wallow curbing 0 0 0
Concrete wa:aray 1202,309 525208 976,501
Binning, engineering & design 2.737.660 958„188 1,779.492
Construction management 1,817,640 638,174 1,181466
Minimums dredging reeerve(a) 1,400,000 1,400,000 0
Inagenen orate 1,250,000 437,500 812,500
Malls Beattie monitoring 541,000 189,350 351,650
Paridn g lot(b) 750,000 750.000 0
Part & recreation oerder(b) 2,000,000 2,000,000 0
Financing, om8rgency reserves & rounding 1,410683 1419683
834,659,513 $15,745274 $18.914,240
Funding Sauces
Cops d Engines 818.914,240 116,914,240
Series 2003 Bonds 2,509,000 $2,500000
Series 2004 Donds 4200.000 4.300.000
Series 2405 Bads 4230`000 031000
May and Land Green 340273 340,273
General Lard Ottlos Cearrt 1.275,000 1275200
Supba Tax increments or Borde(b) 3.000.000 3,000000
$34,859.513 115.745273 115.914.240
(a) NsMnle art s dredging g swerve either b be !maned tom the moods d Series 2006
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Exhibit A
Recap IBIlvd
Padre Baih
County IPa @*c
ou e: De
of D^ °w;�r.;alnPi
Exhibit B
Page 1 of 2
CITY OF CORPUS CHRISTI, TEXAS
TIRZ #2
Printing Date, 8/28/2009
File' H:1PLN- DIR\SHAREDtGIS Pixiiects1LegaRTIFtZ2Vira.mxd
Prepared By MikeN
0 City of Corpus Christi, Texas
0 1,500 3,000
6,000
Feet
Exhibit B
Page 2 of 2
CITY OF CORPUS CHRISTI, TEXAS TIRZ #2
Current Land Use
Legend
!WV 4 i:» Corridor
Current Land Use
vwrar
W. Natural Ann j Her Dandy R*siden641
di t tand _w..:$Ikb' a Hama
Park
77: !raw Denial
Wad.=Danny Rasidmrtlal
Prolottirootl 0111o*
' I `l aubilos°"® PubLz PM'
,/ Lipid E dushi l
Maw kridlaulal
Printing Date; 8/26/2009
File, H IPLN•DIRISHAREDIGIS Projects\LegaP \TIRZ21clu mxd
Prepared By: MikeN
0 City of Corpus Christi, Texas
0 1,450 2,900 5,800
Feet
Exhibit C
Page 1 of 1
CITY OF CORPUS CHRISTI, TEXAS TIRZ #2
Zoning
FOB B 10 ATIIO
t�60 "7RI
;4('
B 2/1
R- 1BIPUID -41108
B- IlO �0 ✓ /
Printing Date 9!2612009
File: H IPLN- DIRISHARED "+GIS Projectstegau4TIRZ2lzoning mxd
Prepared By, MikeN
0 City of Corpus Christi„ Texas
0 1,350 2,700
5,400
Feet
Exhibit D
Page 1 of 1
CITY OF CORPUS CHRISTI, TEXAS TIRZ #2
Future Land Use
}
Printing Date. 8/28/2009
Flle: H IPLN- DIRISHAREDIGIS Projects LegaIITIRZ2Iflu mxd
Prepared By MikeN
0 City of Corpus Chrisd, Texas
A1 Drainage Corridor • Commercial
Park r RessereNBusiness Park
Estate Resi tial Tourism
»rye Low Density Residentia, Publio-Semi Pubic
74% Medium Density Residential E4' Light Industrial
High Density Residential MS Heavy Industrial
1: "'MosiieHome
0 1,375 2,750 5,500
Feet
Exhibit E
Page 1 of 1
NOT TO 'SCALE
0HIBI T .F
f
6
PHASE 1 - SEAWALL PARKING LOT RESTROOMS
PHASE 2 - PACKERY CHANNEL PARKING & OVERLOOKS
(NORTH & SOUTH SIDES)
PHASE 3 - PACKER? CHANNEL RESTROOMS.
(NORTH & SOUTH S ES)
IMW PHASE 4 - ADA RAMPS TO JETTIES
(NORTH & SOUTH 3IDFS)
EN PHASE 5 - PACKERY CHANNEL PAVILION
PHASE 6 - ADMINIDTRAT ION & ANA
DIALLING NG (NORTUSIID)
PHASE 7 . ADA PARKING LOS' IMPROVEMENTS AT
JETTIE RAMPS
PACKERY CHANNEL
SIX PACK
PROJECT LOCATION MAP
CITY COUNCIL EXHIBIT
CITY OF CORPUS CHRISTI, TEXAS
DEPARTMENT OF ENGINEERING SERVICES
PAGE: 9 of 1
DATE: 10/08,
Exhibit F
Page 1 of 1
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Page 1 of 6
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Page 2 of 6
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Page 3 of 6
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Page 4 of 6
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Page 5 of 6
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Exhibit G
Page 6 of 6
PACKERY CHANNEL IMPROVEMENTS
Remaining "Six Pack" Cost Estimates
PROJECT PHASE:
Phase 1: Restroom Facilities at South Parking Lot
Project Complete
Phase 2: Parking and Overlooks
Project Complete
Phase 3: Restroom Facilities at Packery Channel
Current Budget
FY 15 Budget Request
FY 16 Budget Request
200,000 Design
815,000 Construction
1,051,000 Construction
2,066,000 Total Project Budget
Phase 4: Ramps to Jetties
Current Budget 274,000 Construction
Design completed under Phase 2
Phase 5: Pavilion
Current Budget
FY '15 Budget Request
FY '16 Budget Request
75,000 Prelminary Design
200,000 Design
1,006,200 Construction
1,281,200 Total Project Budget
Phase 6: Administration and Maintenance Building
FY '18 Budget Request
715,000 Design /Construction
Phase 7: Parking Lot Improvements at Jetty Ramps
FY '18 Budget Request 879,000 Design /Construction
Exhibit H
Page 1 of 1
111)%41.
PACKER CHANNEL
PROJECT 0 3400
GENERAL AREA OF
SAND REMOVAL
APPRW TWO CY.
GENERAL AREA OF
SAND PLACEMENT
SITE PLAN
NOT TO SC4LE
SEAWALL SAND MOVEMENT &
CITY COUNCIL EXHIBIT
RELOCATION PROJECT � 0
EXHIBIT'
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