HomeMy WebLinkAbout031432 ORD - 05/15/2018 Page 1 of 3
Ordinance approving a Business Incentive Agreement between the
Corpus Christi Business and Job Development Corporation and
Nueces County Courthouse Development Partners, LLC, to provide a
grant of up to $3,000,000, for the creation of jobs and infrastructure
construction to enhance economic development; appropriating said
funds from the Business/Job Development Fund; and amending the
budget.
Whereas, the Corpus Christi Business and Job Development Corporation ("Type A
Corporation") has budgeted funds to assist businesses create or retain jobs in the City of
Corpus Christi, Texas ("City").
Whereas, the Type A Corporation has requested proposals from businesses that will
create or retain jobs within the City, and determined that the proposal from Nueces County
Courthouse Development Partners, LLC, ("Courthouse") to redevelop the old Nueces
County Courthouse into a four-star hotel for tourists and visitors from outside of the local
area and create jobs; over a five-year period will best satisfy this goal;
Whereas, City Council deems that it is in the best interest of the City and citizens to
approve the business incentive agreement for creation of jobs and infrastructure
construction between the Type A Corporation and Courthouse;
Whereas, the Board of the Directors of the Type A Corporation (the "Board") approved
an agreement with Courthouse for an incentive in an amount not to exceed $3,000,000
in its meeting on April 16, 2018. ----Now, therefore, be it resolved by the City Council of the City of Corpus Christi,
Texas:
SECTION 1. That the business incentive agreement between the Type A Corporation
and Courthouse, which provides for the creation of jobs and the construction of
infrastructure to enhance economic development, within the City of Corpus Christi, is
approved.
SECTION 2. That $3,000,000 from the unreserved fund balance in the No. 1140
Business/Job Development Fund is appropriated for a business incentive grant from the
Type A Corporation to Courthouse for the creation of jobs and infrastructure construction
to enhance economic development.
SECTION 3. That Ordinance No. 031255, which adopted the FY 2017-2018 Operating
Fund, is changed to increase proposed expenditures in the No. 1140 Business/Job
Development Fund by $3,000,000 for a business incentive grant from the Type A
Corporation to Courthouse for the creation of jobs and infrastructure construction to
enhance economic development.
031432
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ATTEST: THE CITY OF CORPUS CHRISTI
-c ( 04A-e -w-e/ -
Rebecca Huerta JoeComb
City Secretary May
Corpus hristi, Texas
of , /)'CI I
That the foregoing ordynance was read for the first time and passed to its second
reading on this the `✓ `day of ` \'ck,
2018, by the following vote:
Mayor Joe McComb a.6.4,_, Ben Molina ___Z/4,__
Rudy Garza t Lucy Rubio _____Ly_—
I
Paulette Guajardo 1 L'; Greg Smith
Michael Hunter /� Everett Roy ____a_y_
Debbie Lindsey-Opel l,K,U
That the fc r going ordinance was read for the second time and passed finally on this
the 6 day of , 2018, by the following vote:
Mayor Joe McComb $ Ben Molina
Rudy Garza Ok=t Lucy Rubio ,
— 71Paulette Guajardo 11, f Greg Smith 4�,
Michael Hunter t�_ A� Everett Roy / i /
I
Debbie Lindsey-Opel I. A /
{) 31432
c4f439f7-5df6-401d-8680-f929289aa652ourthouse
Page 3 of 3
�
PASSED AND APPROVED on this the C
J day of 1 , 2018.
ATTEST:
a C-• '-C-fit-- ii , 1/14- t (_,c2,-.14A-fr--
Rebecca Huerta Joe „it omb
City Secretary May•
c4f439f7-5df6-401d-8680-f929289aa652ourthouse
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: May 15, 2018
Agenda Item:
Ordinance approving a Business Incentive Agreement between the Corpus Christi Business and
Job Development Corporation and Nueces County Courthouse Development Partners, LLC, to
provide a grant of up to $3,000,000, for the creation of jobs and infrastructure construction to
enhance economic development; appropriating said funds from the Business/Job Development
Fund; and amending the budget.
Amount Required: $3,000,000.00
Fund Name Account No. Fund No. Org. No. Project Amount
No.
CCBJDC 530000 1140 15010 $3,000,000.00
Total $3,000,000.00
[' Certification Not Required
Director of Financial Services
Date: MAY 0 7 2018