HomeMy WebLinkAbout030308 RES - 10/14/2014 RESOLUTION REGARDING THE FUNDING OF UTILITY IMPROVEMENTS IN THE
SOUTHSIDE FM 2444 ANNEXATION AREA WITH PROPERTY TAXES FROM THE
AREA
WHEREAS, on October 14, 2014, the City Council approved the annexation of the
Southside FM 2444 area to regulate land use and development in this area;
WHEREAS, the City expects the ad valorem property tax revenue from this area to be
substantial due to the taxes on the wind turbines that are planned to be built in the near future;
WHEREAS, the City does not expect the cost of utilities and other services needed to
serve the area annexed on this day to exceed $13 million;
WHEREAS, the City Council therefore intends for City staff to ensure that future
adopted budgets preserve this expectation through the use of property tax revenue from this area
to fund expected improvements;
THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
CORPUS CHRISTI THAT:
The City Council of the City of Corpus Christi through this resolution expresses its intent
and directs City staff to use ad valorem tax revenue from the annexed property in the Chapman
Ranch area, known as the Southside FM 2444 Property, to first fund costs of utility construction
and improvements in that area in order to avoid increases in utility rates for such improvements.
City staff are directed to establish special revenue fund(s) for this specific purpose in upcoming
proposed budgets to accumulate amounts equivalent to the property taxes received from the
Southside FM 2444 Property, which will be used to defray infrastructure development costs for
said area and thereby avoid any increase of City utility rates from this annexation.
Date: October 14, 2014
Attest:
Rebecca Huerta, City Secretary NELDA MARTINEZ, MAYOR
CITY OF CORPUS CHRISTI
030308
INDEXED
Corpus Christi, Texas
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The above resolution was passed by the following vote:
Nelda Martinez '�
Kelley Allen I ! L
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Rudy Garza /�
Priscilla Leal (A 041
David Loeb
Chad Magill(I,_A
Colleen McIntyre l2(.
Lillian Riojas
Mark Scott
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