HomeMy WebLinkAbout030463 ORD - 03/31/2015 ORDINANCE APPROPRIATING $3,294.94 OF INTEREST EARNED IN
THE NO. 4730 INFRASTRUCTURE FUND AND TRANSFERRING TO
AND APPROPRIATING IN NO. 3530 STREETS CIP FUND; AND
APPROPRIATING $28,783.91 FROM THE NO. 4730 INFRASTRUCTURE
FUND TO REIMBURSE VOJO VENTURES, LLC.; AND APPROVING
$28,783.91 TO REIMBURSE THE VOJO VENTURES, LLC. FROM THE
NO. 4730 INFRASTRUCTURE FUND FOR THE PROPORTIONATE
SHARE OF A FUTURE BRIDGE CONSTRUCTION AND SUPPORTING
PUBLIC UTILITY INFRASTRUCTURE AS REQUIRED TO PLAT COVES
AT LAGO VISTA UNIT 1.
WHEREAS, On January 31, 2006, the City of Corpus Christi (the "CITY')
accepted $28,783.91 from The Lakes at King Estates as payment in lieu of The Lakes
at King Estates obligation to pay its proportionate share of a future bridge construction
(hereinafter, "the required improvements"), and supporting public utility infrastructure as
required to develop and plat The Coves at Lago Vista Unit 1.
WHEREAS, On January 31, 2006, the CITY entered into a deferment agreement
with The Lakes at King Estates for The Coves at Lago Vista Unit 1 and deposited
$28,783.91 in an interest-bearing account and total sum, both principal and interest, to
be made available to the CITY solely for the construction of the required improvements.
WHEREAS, On April 14, 2014 the CITY entered into a participation agreement
with VOJO Ventures, LLC. in the amount of$171,451.95 to extend and construct South
Oso Parkway including its proportionate share of the future bridge construction and
related storm water improvements required to develop and plat The Coves at Lago
Vista Unit 3B.
WHEREAS, VOJO Ventures, LLC. completed the required improvements and
supporting public utility infrastructure for The Coves at Lago Vista Unit 1, and the public
improvements were accepted by the CITY on October 22, 2014.
WHEREAS, The initial deposit of$28,783.91 from The Lakes at King Estates has
accrued $3,294.94 in interest earnings.
WHEREAS, This ordinance as presented will streamline the required transfer of
the deferment agreement amount to reimburse VOJO Ventures, LLC. for completing
the required improvements and supporting public utility infrastructure for The Coves at
Lago Vista Unit 1.
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF
CORPUS CHRISTI, TEXAS:
SECTION 1. Interest earnings of $3,294.94 from The Lakes at King Estates is
appropriated and transferred from No. 4730 Infrastructure Fund to 3530 Streets CIP
Fund.
SECTION 2. Security held from The Lakes at King Estates authorized by Motion
2006-026 in the amount of $28,783.91 is appropriated for reimbursement to VOJO
030463
INDEXED
Ventures, LLC. for completing the required improvements and supporting public utility
infrastructure for The Coves at Lago Vista Unit 1.
SECTION 3. Reimbursement to VOJO Ventures, LLC. in the amount of $28,783.91
is approved from the No. 4730 Infrastructure Fund for the completion of required
improvements.
The foregoin ordinance w s read for the first time and passed to its second reading on
this the ' day of �QX C , 2015 , by the following vote:
/ _4_Nelda Martinez Brian Rosas
Rudy Garza C A! Lucy Rubio
-Q#
Chad Magill (.02-a 1 Mark Scott _O-Ly.
Colleen McIntyre .: 1 Carolyn Vaughn alg--/
Lillian Riojas e ; •
•
The foregoing.c�rdinance w s read for the second time,g►�d passed finally on
this the 3 day of `�QX � , 20 I , by the following vote:
Nelda Martinez af Brian Rosas I ,�
Rudy Garza ____4__ Lucy Rubio ,,.
Chad Magill _a Mark Scott
`, i
Colleen McIntyre 4. Carolyn Vaughn _lip
Lillian Riojas
--4P
2
PASSED AND APPROVED this the V � day of 1'y1t1XCL)J , 20 Is
ATTEST:
I4--i_A-etih---
Rebecca
Huerta Nelda Martin
City Secretary Mayor
030403
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: March 31, 2015
Agenda Item: Ordinance appropriating $3,294.94 of interest earned in the No. 4730
Infrastructure Fund and transferring to and appropriating in No. 3530 Streets CIP Fund; and
appropriating $28,783.91 from the No. 4730 Infrastructure Fund to reimburse VOJO Ventures,
LLC.; and approving $28,783.91 to reimburse the VOJO Ventures, LLC. from the No. 4730
Infrastructure Fund for the proportionate share of a future bridge construction and supporting
public utility infrastructure as required to plat The Coves at Lago Vista Unit 1.
Amount Required: $32.078.85
Fund Name Accounting Unit Account Activity No. Amount
No.
Infrastructure Fund 4730 263063 32,078.85
Dev. Part BD12 CIP 3530-888 352520 -3,294.94
Fund
Infrastructure Fund 4730-60250-717 548500 3,294.94
Total 32,078.85
❑ Certification Not Required
Director of Financial Services
Date: MAR 2 0 2015
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