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
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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