HomeMy WebLinkAbout031600 ORD - 11/27/2018 Page 1 of 2
Ordinance approving a Business Incentive Agreement between the
Corpus Christi B Corporation and LaVista Pointe, LP, to provide a
grant of up to $625,000, for infrastructure improvements to enhance
economic development; appropriating said funds from the Type B
Fund; and amending the budget.
Whereas, the Corpus Christi B Corporation ("Type B Corporation") has budgeted funds
to assist businesses create or retain jobs in the City of Corpus Christi, Texas ("City").
Whereas, the Type B Corporation has requested proposals from businesses that will
create or retain jobs and to promote and develop new and expanded business enterprises
within the City, and determined that the proposal from LaVista Pointe, LP, ("LaVista") to
build a 150-apartment complex on the north end of North Beach 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
improvements between the Type B Corporation and LaVista;
Whereas, the Board of the Directors of the Type B Corporation (the "Board") approved
an agreement with LaVista for an incentive in an amount not to exceed $625,000 at its
meeting on September 17, 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 B Corporation
and LaVista, which provides for the creation of jobs and the construction of infrastructure
improvements to enhance economic development, within the City of Corpus Christi, is
approved.
SECTION 2. That $625,000 from the unreserved fund balance in the No. 1145 Type B
Fund is appropriated for a business incentive grant from the Type B Corporation to
LaVista for infrastructure construction to enhance economic development.
SECTION 3. That Ordinance No. 031548, which adopted the FY 2018-2019 Operating
Fund, is amended to increase proposed expenditures in the No. 1145 Type B Fund by
$625,000 for a business incentive grant from the Type B Corporation to LaVista for
infrastructure improvements to enhance economic development.
ATTEST: THE CITY OF CORPUS CHRISTI
Re•ecca Huerta J e cComb
City Secretary a or
LaVista Pointe 031600
SCANNED
Page 2of2
Corpus Christi, Texas
oR n- '
of "fl0 ./-r Nv v ,1
That the foregoing ordinance was r a for thq first^,6-time and passed to its second
reading on this the j t1d'ay of 1 t,J O8, by the following vote:
Joe McComb ate, Ben Molina
Rudy Garza Everett Roy
Paulette Guajardo 12., Lucy Rubio
Michael Hunter Greg Smith _(*
Debbie Lindsey-Opel 66y..
That the fo.�egoing ordinance was read for the second time and passed finally on this
the qday of dVe .j II(,2018, by the following vote:
Joe McComb alc, Ben Molina ____Oked,
Rudy Garza acitt„ Everett Roy __%._
Paulette Guajardo I ,! Luey-Rubio \ Lt
Michael Hunter I !_!) ' Greg Smith
It.Debbie Lindsey-Opel
pa ---
PASSED AND APPROVED on this the Q/ I day of lil OVeirkil 2018.
ATTEST:
R
,104--Z66(.41Aa , , _ / -
Re cca Huerta J•e McComb
City Secretary apt-
u31600
y•rt' 31600
LaVista Pointe
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: November 27, 2018 Legistar# 18-1221
Agenda Item:
Ordinance approving a Business Incentive Agreement between the Corpus Christi B
Corporation and LaVista Pointe, LP, to provide a grant of up to $625,000, for infrastructure
improvements to enhance economic development; appropriating said funds from the
Type B Fund; and amending the budget.
Amount Required: $625,000.00
Fund Name Account No. Fund No. Org. No. Project Amount
No.
BJDTB 530000 1145 15010 $625,000.00
Total $625,000.00
❑ Certification Not Required
Director of Financial Services
Date: NOV 1 2 2018