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HomeMy WebLinkAbout030310 RES - 10/21/2014 Page 1 of 2 Resolution Authorizing the execution of an agreement with Prosperity Bank 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 Prosperity Bank 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 Prosperity Bank 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 Prosperity Bank, attached as Exhibit A, is approved, and the City Manager is authorized to execute the agreement. • This re oluttion kes effect upon City Council approval on this the G day of C� \.� , 2014. ATTEST: THE CITY OF CORPUS CHRISTI ebecca Huerta Nelda Martinez City Secretary Mayor RESOLUTION-Tax Abatement Prosperity Bank 0303 .10 INDEXED Page 2 of 2 Corpus Christi, Texas , of Coitk-ex , 2014 The above resolution was passed by the following vote: Nelda Martinez Kelley Allen Rudy Garza Jr. (, Priscilla G. Leal ( 4t b a/RA- David Loeb Chad Magill —ajf— Colleen McIntyre Lillian Riojas Mark Scott RESOLUTION-Tax Abatement Prosperity Bank 0303 .10