HomeMy WebLinkAbout031981 ORD - 01/14/2020 Ordinance amending Ordinance No. 031927, which created
Reinvestment Zone Number Four, City of Corpus Christi, Texas, to
correct the Tax Increment Base for the Zone by replacing Exhibit D;
and approving the amendments to the Tax Increment Reinvestment
Zone #4 Amended Project & Financing Plans approved by the Board
of Directors of Reinvestment Zone Number Four, Corpus Christi,
Texas, regarding additional ad valorem property values within the
zone, and other matters relating thereto.
WHEREAS, in 2019, through Ordinance 031927, the City of Corpus Christi created a tax
increment financing district, to be known as "Reinvestment Zone Number Four, City of
Corpus Christi, Texas," over a portion of the City on North Beach;
WHEREAS, Ordinance 031927 included a preliminary reinvestment zone financing plan;
WHEREAS, the final reinvestment zone project and financing plan was approved by City
Council on November 19, 2019;
WHEREAS, after Ordinance 031927 was passed and the project and financing plan
approved, it was discovered that some parcels in the Zone were inadvertently left out of
the calculation provided by the Appraisal District;
WHEREAS, on December 17, 2019, the Board of Directors of Reinvestment Zone
Number Four took action to approve amendments to the language of the Plan;
WHEREAS, a public hearing on this amendment was held at the City Council meeting,
which began at 11:30 a.m. on December 17, 2019;
WHEREAS, the Tax Increment Base needs to be corrected to reflect the current base of
the City and Nueces County so that the Tax Increment Fund can accurately reflect the
increment received in the Zone; and
WHEREAS, Texas Tax Code Section 311.011(d) provides that the governing body of the
municipality that designated the zone must approve a project plan or reinvestment zone
financing plan after its adoption by the Board and the approval must be by ordinance;
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL FOR THE CITY OF
CORPUS CHRISTI, TEXAS:
SECTION 1. Ordinance No. 031927 is hereby amended to correct the Tax Increment
Base for the Zone as shown in Exhibit D. Exhibit D to the Ordinance is hereby deleted in
its entirety and replaced with the attached Exhibit D, which is incorporated herein.
SECTION 2. The City Council approves the amendments to the Revised Project and
Financing Plans for the Reinvestment Zone Number Four, City of Corpus Christi,
Texas ("the Plan") for the Reinvestment Zone Number Four, Corpus Christi, Texas, as
approved by the Board of Directors of Reinvestment Zone Number Four on December
031981 SCANNED
17, 2019, regarding additional ad valorem property values within the zone, and other
matters relating thereto. A copy of the Plan is attached hereto and incorporated.
That the foregoing rdinance was read for the first time and passed to its second reading on this
the / day of , 20/, by the following vote:
Joe McComb Ar. Michael Hunter A",
Roland Barrera p Ben Molina 1-7r,
�
Rudy Garza Everett Roy
Paulette M. Guajardo Greg Smith l
-Q__.
Gil Hernandez e
That the foregoing ordinance was read for the second time and passed finally on this the /14-
day
` Lday o (Xrvary 2020, by the following vote:
Joe McComb4--/-eMichael Hunter e
Roland Barrera 49‹ Ben Molina /41.<-
Rudy Garza '. Everett Roy4?
Paulette M. Guajardo % Greg Smith 47,4_
_ /
Gil Hernandez rZ
PASSED AND APPROVED on this the 1 day of J 0 vc.t r'1 20 :,
ATTEST:
'ele‘W.41----1---(-1-1U244- -/ kk-be- 67-,tc-//
Re ecca HuertacComb
4101"
City Secretary
031981
Exhibit D
Nueces County 2019 CERTIFIED TOTALS As of Certification
CO3-CITY OF CORPUS CHRISTI
Property Count:1,061 Grand Totals 12/2/2019 10:29:38AM
Land Value
Homesite: 9,488,496
Non Homesite: 41,831,252
Ag Market: 0
Timber Market: 0 Total Land (+) 51,319,748
Improvement — Vain
Homesite: 56,152,690
Non Homesite: 90,413,340 Total Improvements (+) 146,566,030
Non Real Count Value
Personal Property: 0 0
Mineral Property: 0 0
Autos: 0 0 Total Non Real (+) 0
Market Value = 197,885,778
Ag Non Exempt Exempt
Total Productivity Market: 0 0
Ag Use: 0 0 Productivity Loss (-) 0
Timber Use: 0 0 Appraised Value = 197,885,778
Productivity Loss: 0 0
Homestead Cap (-) 304,863
Assessed Value = 197,580,915
Total Exemptions Amount (-) 92,719,523
(Breakdown on Next Page)
Net Taxable = 104,861,392
Freeze Assessed Taxable Actual Tax Ceiling Count
DP 330,835 47,685 308.17 411.25 6
OV65 9,567,781 5,271,864 22,282.04 25,343.36 64
Total 9,898,616 5,319,549 22,590.21 25,754.61 70 Freeze Taxable (-) 5,319,549
Tax Rate 0.646264
Freeze Adjusted Taxable = 99,541,843
APPROXIMATE LEVY=(FREEZE ADJUSTED TAXABLE*(TAX RATE/100))+ACTUAL TAX
665,893.31 =99,541,843*(0.646264/100)+22,590.21
Tax Increment Finance Value: 0
Tax Increment Finance Levy: 0.00
CO3/595028 Page 1 of 4
Nueces County 2019 CERTIFIED TOTALS As of Certification
CO3-CITY OF CORPUS CHRISTI
Property Count:1,061 Grand Totals 12/2/2019 10:30:02AM
Exemption Breakdown
I Exemption Count Local State Total I
DP 6 268,114 0 268,114
DV1 1 0 5,000 5,000
DV2 1 0 7,500 7,500
DV3 1 0 10,000 10,000
DV4 4 0 48,000 48,000
DVHS 6 0 1,007,204 1,007,204
EX 1 0 1,200,000 1,200,000
EX-XV 61 0 85,059,967 85,059,967
HS 121 1,655,087 0 1,655,087
OV65 72 3,408,651 0 3,408,651
OV65S 1 50,000 0 50,000
Totals 5,381,852 87,337,671 92,719,523
CO3/595028 Page 2 of 4
Nueces County 2019 CERTIFIED TOTALS As of Certification
GNU-NUECES COUNTY
Property Count: 1,111 Grand Totals 12/2/2019 10:29:38AM
Land Value
Homesite: 9,488,496
Non Homesite: 42,319,097
Ag Market: 0
Timber Market: 0 Total Land (+) 51,807,593
Improvement Value
Homesite: 56,152,690
Non Homesite: 90,420,840 Total Improvements (+) 146,573,530
Non Real Count Value
Personal Property: 0 0
Mineral Property: 0 0
Autos: 0 0 Total Non Real (+) 0
Market Value = 198,381,123
Ag Non Exempt Exempt
Total Productivity Market: 0 0
Ag Use: 0 0 Productivity Loss (-) 0
Timber Use: 0 0 Appraised Value = 198,381,123
Productivity Loss: 0 0
Homestead Cap (-) 304,863
Assessed Value = 198,076,260
Total Exemptions Amount (-) 95,285,217
(Breakdown on Next Page)
Net Taxable = 102,791,043
Freeze Assessed Taxable Actual Tax Ceiling Count
DP 330,835 24,331 74.86 164.39 6
OV65 9,567,781 3,740,377 7,692.02 9,573.41 64
Total 9,898,616 3,764,708 7,766.88 9,737.80 70 Freeze Taxable (-) 3,764,708
Tax Rate 0.307689
Freeze Adjusted Taxable = 99,026,335
APPROXIMATE LEVY=(FREEZE ADJUSTED TAXABLE*(TAX RATE/100))+ACTUAL TAX
312,460.02=99,026,335*(0.307689/100)+7,766.88
Tax Increment Finance Value: 0
Tax Increment Finance Levy: 0.00
GNU/595059 Page 3 of 4
Nueces County 2019 CERTIFIED TOTALS As of Certification
GNU-NUECES COUNTY
Property Count: 1,111 Grand Totals 12/2/2019 10:30:02AM
Exemption Breakdown
I Exemption Count Local State Total I
DP 6 284,796 0 284,796
DV1 2 0 10,000 10,000
DV2 1 0 7,500 7,500
DV3 1 0 10,000 10,000
DV4 4 0 48,000 48,000
DVHS 6 0 1,007,204 1,007,204
EX 1 0 1,200,000 1,200,000
EX-XV 71 0 85,242,630 85,242,630
HS 121 3,258,371 0 3,258,371
OV65 72 4,154,216 0 4,154,216
OV65S 1 62,500 0 62,500
Totals 7,759,883 87,525,334 95,285,217
GNU/595059 Page 4 of 4
REINVESTMENT ZONE
PROJECT PLAN AND FINANCING PLAN
Tax Increment Reinvestment Zone #4
NORTH BEACH, CORPUS CHRISTI, TEXAS
0 1500 3000 4500 nieces amp-
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December 2019
December 9, 2019
TABLE OF CONTENTS
TABLE OF CONTENTS
INTRODUCTION 1
Criteria for Zone Creation 1
Vision for North Beach 2
Anticipated Zone Role in North Beach Improvements 2
PROJECT PLAN 3
Existing Uses and Conditions/Boundaries §311.011(b)(1) 3
Exhibit A -Zone Boundaries and Land Use 3
Exhibit 8.1 -Existing Land Use 4
Exhibit 8.2-Existing Property Designation 5
Exhibit 8.3-Existing City Limits, City Owned, Port Owned& Proposed TIRZ Parcels 6
Exhibit C- Legal Description of the Zone 7
Municipal Ordinances §311.011(b)(2) 10
City Planned Improvements (Non-Project Costs)§311.011(b)(3) 11
Relocation §311.011(b)(4) 12
REINVESTMENT ZONE FINANCING PLAN 13
Estimated Project Cost Description §311.011(c)(1) and Kind, Number,and Location of TIRZ
Improvements §311.011(c)(2) 13
Economic Feasibility Study§311.011(c)(3) 16
Estimate of Bonded Indebtedness §311.011(c)(4) 16
Timing of Incurring Costs or Monetary Obligation §311.011(c)(5) 16
Method of Financing and Sources of Revenue §311.011(c)(6) 16
Sources of Revenue 16
Current Appraised Value§311.011(c)(7) 19
Estimated Captured Appraised Value§311.011(c)(8) 19
Duration of the Zone§311.011(c)(9) 19
Appendices .... 20
Appendix A—Economic Feasibility Study§311.011(c)(3)
December 9, 2019
INTRODUCTION
The City of Corpus Christi is proposing to create a Tax Increment Reinvestment Zone or TIRZ (hereafter
referred to as the "Zone") over a portion of the city that includes the city's North Beach area along the
Bayfront from the Rincon Channel at the north end, south to the USS Lexington, adjacent to the Texas
State Aquarium, and west to the Port of Corpus Christi.
Criteria for Zone Creation
The area within the Zone qualifies for a TIRZ because it suffers from economic stagnation, inadequate
infrastructure, and deteriorating properties. Without intervention by the public sector, private market
forces will not be sufficient to generate significant development and redevelopment. Conditions meeting
the criteria of the Tax Code of the State of Texas, Chapter 311, Section 005 for reinvestment zone
designation include:
• A substantial number of substandard, slum,deteriorated, or deteriorating structures;
• The predominance of defective or inadequate sidewalk or street layout;
• Unsanitary or unsafe conditions;
• The deterioration of site or other improvements; and
• Conditions that endanger life or property by fire or other cause.
According to the language of Chapter 311,these conditions must"substantially arrest or impair the sound
growth of the municipality or county creating the zone, retard the provision of housing accommodations,
or constitute an economic or social liability and be a menace to the public health,safety,morals,or welfare
in its present condition and use." The existing conditions in the North Beach area of Corpus Christi hamper
investment in residential, retail and hospitality-related property improvements,as outlined in the portions
of the Downtown Area Development Plan (DAPD) Residential Market Analysis relevant to North Beach.
The conditions outlined above will not be overcome or corrected without significant intervention and
assistance from the public sector,therefore satisfying the general criteria for creation of the Zone.
December 9, 2019Dcccmbcr 13, 2019Dcccmbcr 9, 2019
1Iy. e,
Vision for North Beach
Over 800,000 people visit the Texas State Aquarium and USS Lexington on North Beach each year. Each of
those visitors drives through areas with frequent flooding and blighted as well as vacant properties.Corpus
Christi's first impression to over 800,000 people each year is largely a pathway of deferred maintenance,
disrepair, and unimproved properties on the way to the beautifully maintained and exciting Texas State
Aquarium and USS Lexington.
In recent years,the new Harbor Bridge construction has changed the entrance and exit ramps to and from
North Beach. These changes will have an enormous impact on access to and from North Beach and its
ability to remain the most visited location in all of the Coastal Bend area. The completion of the Harbor
Bridge, and demolition of the old bridge, will spur new opportunities for North Beach revitalization. The
proposed Zone can directly aid in the realization of this vision while addressing the deficiencies and
challenges outlined above.
The North Beach Area should have very well maintained infrastructure and public spaces including
medians, right of ways, beaches and parks. The North Beach TIRZ could participate in contributing to a
high level of proactive maintenance ensuring a clean residential, commercial and tourist community.
Anticipated Zone Role in North Beach Improvements
The DAPD Analysis of Residential Market Potential,the 2011 North Beach Development Plan and the 2018
North Beach Redevelopment Area Specific Plan indicate the nature of the intervention and assistance
needed to spur economic growth in different areas of the Zone. Flooding, vacant properties,the aging of
existing development, inadequate public infrastructure and facilities together depress the viability of new
development and redevelopment in North Beach. However, continued investment by the Texas State
Aquarium, changes brought by the new Harbor Bridge, new multi-family construction, new single-family
homes, and the City's commitment to solving flooding issues and to make public amenity improvements
are a positive indicator for North Beach.
The primary functions of the zone will be to support:
• Infrastructure Projects
• Maintenance Projects
• Development Incentives
• Administration of the Zone
The zone is expected to be one of a variety of planned funding sources and programs that will be acting in
concert to accomplish a transformed public environment in North Beach. By improving and maintaining
public spaces with a high level of service, plus increasing density through parking structure, the zone and
the other projects will encourage the development of new land uses and the redevelopment or
rehabilitation of existing uses. The intended result is that North Beach will become a vibrant and
economically vibrant urban waterfront district with a variety of tourist, entertainment, residential, retail,
and lodging uses, sending a strong first impression to nearly one million annual visitors to Corpus Christi.
December 9, 2019Occcmber 13, 2019December 9, 2019
2 1 P
PROJECT PLAN
Existing Uses and Conditions / Boundaries §311.011(b)(1)
The Zone includes approximately 1,423 Exhibit A-Zone Boundaries
acres(454.5 Acres of Land;968.3 Acres of
Water) wholly within the City of Corpus
Christi. Its boundaries encompass all of
the North Beach area east of the Port of
Corpus Christi land,as shown in Exhibit A.
A variety of land uses, shown in maps in 1
Exhibit B and described generally below, r,
are present within the proposed TIRZ. A
legal description of the Zone is given in
Exhibit C.
The Texas State Aquarium and the USS .1t
Lexington, in the southern area of North . "* 4�°
Beach, draw more than 800,000 tourists ,;, .
and visitors annually, combined. \t
Removing the Burleson exit leaves only
one northbound exit from the new , ! �' tr
Harbor Bridge, impacting accessibility to '' �. ti
these two heavily visited attractions. j $
To the north, the zone transitions to an '`��
area of tourist retail, restaurants, hotels,
vacant buildings and unimproved land. Legend
The beach runs along the eastern portionL Nonn Sewn*IR:.
of the zone. Further north alongthe '�
beach are multi-story condominiums,city
owned Surfside Park, a small number of single-family homes, and a popular city park, Dolphin Park. If
funding is determined to be appropriate and TIRZ and City Council choose to fund them,the off shore area
allows for the potential inclusion of breakwater barriers.
Central North Beach has a linear right of way,formerly a rail easement,owned by the City of Corpus Christi.
Timon and Surfside Boulevards run along its edges, acting as a main thoroughfare through North Beach.
This right of way is the location of a proposed drainage solution, a canal to mitigate flooding. This North
Beach drainage solution could potentially improve stormwater flow on the peninsula. Residents in the
northwest portion of North Beach often experience difficulty making the turnaround at the north end of
North Beach under the causeway due to flooding.
The new Harbor Bridge,TxDOT and the Port of Corpus Christi border the zone to the west.
December 9, 2019Dcccmbcr 13, 2019December 9, 2019
3Iu ,
Exhibit B.1: Existing Uses Throughout the Zone
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December 9, 2019 4
Exhibit B.2 Criteria for the Zone
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December 9, 2019 5
Exhibit B.3 Parcels
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December 9, 2019 6 I
Exhibit C - Legal Description of the Zone
ligURBAN
ENGINEERING
Job tso 43201.89.08
August 26,2019
Exhibit A
1.423 Acre
North Beach Tax Increment Reinvestment Zone(TIRZ)
STATE OF TEXAS
COUNTY OF NUKES
Fieldnotes,for a 1.423 Acre Tract of Land(Not based on an on the ground Survey),sttuated between the
Corpus Christi Shipping Channel and Nueces Bay,over and across a portion of land commonly known as
North Beach.Corpus Christi Bay.Nueces Bay.Rincon Channel and Corpus Christi Shipping Channel in
Nueces County,Texas;the said 1,423 Acre Tract being more fully described as follows:
Beginning,at a point with a Northing of 17188715.765 and an Easting of 1342004.769,for a corner of
this Tract and the point of Beginning;
Thence,with distances and bearings as follows:
• North 51r16'18"West,a distance of 807.37 Feet to a point for a corner of this Tract;
• North 31°12'27"East.a distance of 519.93 Feet to a point for a corner of this Tract;
• North 12°34'59"West,a distance of 298.84 Feet to a point for a corner of this Tract:
• North 58°13'03"West,a distance of 151.19 Feet to a point for a comer of this Tract;
• North 37°22'07" West, a distance of 225.64 Feet to a point for a corner of this Tract and the
beginning of a circular curve to the Right,having a delta of 71°42'01",a radius of 527.86 Feet,an
arc length of 660.56 Feet.and a chord which bears North 02'51'40"East a distance of 618.29 Feet;
• With said circular curve to the Right,a distance of 660.56 Feet for a corner of this Tract:
• North 47°24'20"East,a distance of 149.01 Feet to a point for a point at the intersection of the
Northeast Right-of-Way line of Burleson Street and the Southeast Right-of-Way line of Rincon
Road and for a corner of this Tract;
• South 58°19'56" East. with said Northeast Right-of-Way line of Burleson Street. a distance of
679.38 Feet to a point for a corner of this Tract;
• North 31°47'42"East,a distance of 659.79 Feet to a point for a corner of this Tract:
S.tSurveying 43201\89081OFFICEIMF.TES AND BOUNDS'IFN04320I8908 EDrf.Docx
Page lot 3
OFFICE:(361)854.3101 2725 SWANTNER DR.•CORPUS CHRISTI.TEXAS 78404 FAX(361)854-6001
www urbanely.corn
TBPE Firm 4145•TBPL.S Firm 4 10032400
December 9, 2019 7 1 a a g
• South 58°21'36"East,a distance of 139.27 Feet to a point for a corner of this Tract;
• North 31°34'36 East,generally with the centerline of Rincon Channel,a distance of 6006.31 Feet
to a point in the State Submerged Lands parcel 788 for a corner of this Tract;
• South 56°27'08" East, over and across State Submerged Lands parcels 788. 59, 42 and 43 a
distance of 6377.15 Feet to a point in State Submerged Lands parcel 43 with a Northing of
17192577.892 and an Easting of 1350901.872,for a corner of this Tract;
• South 32°40'25" West, over and across State Submerged Lands parcels 43. 58. 59, and 59A a
distance of 8,610.67 Feet to a point in State Submerged Lands parcel 59A. for a corner of this
Tract;
• North 85°18'07" West,over and across Submerged Lands.a distance of 4,572.50 Feet to a point
for a corner of this Tract;
• North 74°02'44"West,over and across Submerged Lands,a distance of 37633 Feet to a point for
a corner of this Tract;
• North 28°15'59"East,over and across Submerged Lands and up Lands,a distance of 491.15 Feet
to a point for a corner of this Tract;
• North 36°52'49" West, a distance of 751.68 Feet to a point for a corner of this Tract and the
beginning of a circular curve to the Left,having a delta of 56°58'45",a radius of 315.97 Feet,an
arc length of 314.22 Feet, and a chord which bears North 66°04'42" West a distance of 301.43
Feet:
• With said circular curve to the Left,a distance of 314.22 Feet to a point for a corner of this Tract:
• South 88°43'24"West,a distance of 136.49 Feet to a point on the centerline of Avenue F and for
a corner of this Tract;
• North 04°55'02"East,with said centerline of Avenue F.a distance of 276.87 Feet,to a point for a
corner of this Tract and the beginning of a circular curve to the Right,having a delta of 1854'21",
a radius of 220.19 Feet,an arc length of 72.66 Feet.and a chord which hears North 19°07'11"East
a distance of 72.33 Feet;
• With said circular curve to the Right, continuing with said centerline of Avenue F. a distance of
72.66 Feet to a point for a corner of this Tract;
• North 26°48'19"East.continuing with said centerline of Avenue F. a distance of 71.31 Feet to a
point for a corner of this Tract;
• North 31°04'49"East,continuing with said centerline of Avenue F.a distance of 433.56 Feet to a
point for a corner of this Tract and the beginning of a circular curve to the Left,having a delta of
48°21'30".a radius of 207.41 Feet,an arc length of 175.05 Feet,and a chord which bears North
14°22'37"East a distance of 169.90 Feet;
• With said circular curve to the Left, continuing with said centerline of Avenue F. a distance of
175.05 Feet to a point for a corner of this Tract;
S_1SurveyingW32011690810FFICEIMTES AND BOUNDSWN04320I B908_EDIT.Docx
Page 2 of 3
OFFICE:(361)8543101 2725 SW ANTHER DR.•CORPUS CHRISTI.TEXAS 78404 FAX(361)85416001
H.,u.urb.meng Lim
TBPE,Firm 0 145•TBPI.S Firm*10032401)
December 9, 2019 8 1 " a
• North 03°04'08"West.continuing with said centerline of Avenue F.a distance of 223.76 Feet to
a point,for the centerline intersection of said Avenue F and West Causeway Boulevard and for a
corner of this Tract and the beginning of a circular curve to the Left,having a delta of 52°56'41".
a radius of 1269.76 Feet.an arc length of 1173.33 Feet,and a chord which bears North 58°43'14"
East a distance of 1132.03 Feet:
Thence, with said circular curve to the Left and said centerline of said West Causeway Boulevard, a
distance of 1173.33 Feet to the point of Beginning,containing 1.423 Acres(61,984,040 Sq.Ft.)of Land
more or less;
Grid Bearings and Distances shown hereon are referenced to the Texas Coordinate System of 1983,Texas
South Zone 4205,and arc based on the North American Datum of 1983(2011)Epoch 2010.00.
Unless this fieldnotes description, including preamble, seal and signature. appears in its entirety, in its
original form,surveyor assumes no responsibility for its accuracy.Also reference accompanying sketch
of tract described herein.
This document was prepared under 22 TAC 663.21,does not reflect the results of an on the ground survey.
and is not to be used to convey or establish interests in real property except those rights and interests
implied or established by the creation or reconfiguration of the boundary of the political subdivision for
which it was prepared TIRZ boundary provided to the Surveyor by the City of Corpus Christi.
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Municipal Ordinances §311.011(b)(2)
The City is not contemplating any specific changes to municipal ordinances as part of any projects to be
undertaken by the Zone.
December 9, 2019 10 I -
City Planned Improvements (Non-Project Costs) §311.011(b)(3)
It is expected that the City or Corpus Christi, Nueces County, and other public agencies will participate in
the rehabilitation of existing and development of new public facilities and infrastructure within the Zone.
In addition, various nonprofit organizations, private citizens and developers may also consider efforts to
remediate environmental and safety deficiencies on existing private properties.
The City of Corpus Christi has identified about $11,882,989 million in projects planned, or just recently
completed, for locations partly or wholly within the Zone intended to rehabilitate and improve existing
public facilities and infrastructure. TIRZ funds may be used to assist these projects; however, the bulk of
funding is anticipated to come from other sources. The table below lists some of these projects.
Note: Amounts may not add perfectly due to rounding
Current City Planned Improvements (Non-Project Costs)
Project Source Status Projected Cost
Gas
US 181 at Burleson Rev Bond Complete $557,788
Due to conflicts with the new bridge construction there will be 860
feet of 6"steel gas line replacement located in the Burleson St.
and US181 intersection.
Breakwater Ave..at W Causeway Blvd. Rev Bond Complete $202,883
Due to conflicts with the new bridge construction there will be 425
feet of 2"steel gas line replacement located in the East Causeway
Blvd.and Plum St.area.
Streets
North Beach Area Road Improvements&Area Beautification Bond 2012 Substantially $801,500
Includes pavement restoration to North Shoreline Boulevard,new Streets Complete
wastewater and water lines on North Shoreline Boulevard,and Storm Water
cleaning existing stormwater and wastewater pipes and manholes Wastewater
on Breakwater Avenue and Coastal Avenue. Water
North Beach Breakwater Plaza,North Shoreline Repair and Bond 2012 Substantially $1,623,900
Enhancement Complete
Includes new curb and gutter,sidewalks,ADA ramps,markings,
signage,seating,on-street parking enhancements and illumination
improvements to North Shoreline Boulevard. Improvements also
include a paved surface to Breakwater Plaza and cleaning existing
stormwater pipes and manholes on North Shoreline Boulevard.
Beach Avenue(E.Causeway Blvd.to Dead End at Gulfbreeze Bond 2018 In planning $1,000,000
Blvd.) phase
Reconstruction of existing 2-lane roadway with new pavement,
curb&gutter,sidewalks,ADA compliant curb ramps,signage,
pavement markings and illumination.Includes bike mobility
improvements per the adopted MPO bicycle mobility plan and
approved in North Beach Area Plan.
N.Beach Area Primary Access(Beach&Timon/Surfside Bond 2018 In planning $1,250,000
Intersection) phase
Design and construction of a new curved access road from E.
Causeway Blvd.onto Timon Blvd.with a new traffic circle at
intersection of Timon/Surfside and Beach roads.Provides a new
December 9, 2019 11
route for the single access road into North Beach from the new
Harbor Bridge.Traffic circle connects Timon/Surfside and Beach
and converts Beach Avenue to one-way from Surfside to E.
Causeway Blvd.New Traffic circle also allows development of new
gateway feature for the entry into North Beach approved in the
North Beach Area Plan.
N.Beach Gulfspray Ave.Pedestrian/Bike Access(Beach Access to Bond 2018 In planning $300,000
E.Causeway Blvd.) phase
Pedestrian and bicycle infrastructure improvements to create a
new train for improved access from Harbor Bridge and the beach
approved in the North Beach Area Plan.
N.Beach Coastal Protection(Breakwater Barrier) Bond 2018 In planning $250,000
Preliminary engineering and permitting with USACE,GLO,Port of phase
Corpus Christi and other agencies for the design and construction
of new breakwater barriers to mitigate beach erosion and coastal
flooding as approved in the North Beach Area Plan.
Waw
US 181-Beach Ave to Elm St Rev Bond 90% $3,715,322
Due to conflicts with the new bridge construction there will be complete by
3000 feet of 12"waterline replacement,600 feet of 16"waterline TxDOT
replacement and 800 feet of 6"waterline replacement to maintain
water quality.The work is concentrated on the east side of US181
between Reef Ave.and Burleson St.
Breakwater-W.Causeway Blvd Rev Bond 90% $1,021,191
Due to conflicts with the new bridge construction there will be 500 complete by
feet of 12"waterline replacement to maintain water quality.The TxDOT
work is located on Breakwater Ave.between Avenue F and East
Causeway Blvd.
Wastewater
Due to conflicts with the new bridge construction there will be 500 feet of 4"wastewater force main replacement and
abandonment of a total of 1000 feet of 6"and 8"gravity sewer main.This work is located west side of the existing US181
between Burleson St.and Avenue F.
US 181 at Plum St. I Rev Bond 90% $201,649
complete by
TxDOT
US 181 at E Walnut St Rev Bond 90% $446,815
complete by
TxDOT
Burleson St from US 181 SBFR to Seagull Rev Bond 90% $411,941
complete by
TxDOT
Parks aid Reae:Wiwi
North Beach Historic Plaza Hotel Dec 2019 $100,000
Placement and installation of a series of historical panels in North Occupancy Tax
Beach plaza currently being constructed as part of Bond 2012.
Told $11,882,989
Relocation §311.011(b)(4)
No relocation of existing residents is anticipated to be required as a result of the Zone's projects.
December 9, 2019 12
REINVESTMENT ZONE FINANCING PLAN
Estimated Project Cost Description §311.011(c)(1) and Kind, Number,
and Location of TIRZ Improvements §311.011(c)(2)
The Zone is anticipated to engage in projects that will support development and economic activity as well
as contribute to the image and attractiveness of North Beach Corpus Christi on a local, regional, and
national level. In addition,the Zone will pay the costs of Zone creation and ongoing administration.
The following are project cost estimates and should not be construed as definitive costs for the listed
projects (not listed in priority order).
1. INFRASTRUCTURE PROJECTS: $'"�13 15,919,636
A. Wayfinding Infrastructure — The Zone may participate in proposed construction of gateway
features with wayfinding throughout North Beach. It may also build multi-use paths to major
tourists destinations.
B. Park Improvements—The Zone may contribute to enhancements to Dolphin Park, Surfside Park,
and Kiwanis and construct a North Beach birding park(Eco Park).
C. Demolition of Blighted Structures—Many older vacant or underutilized buildings within the Zone
are not economically feasible to reuse because they contain environmentally undesirable or
unsafe elements that present a public safety hazard. The Zone may provide assistance to property
owners and developers who must remediate or demolish such structures in order to develop or
redevelop.
D. Public Safety— With the purpose of increasing safety and security within the Zone, the Zone will
provide support for security cameras and associated costs or other one-time security equipment
and system devices.
E. Drainage- The Zone may contribute financially to addressing infrastructure improvements that
would reduce tidal and stormwater related flooding.
F. Residential Streets- In November 2016, the voters approved a Charter Revision to Article VIII.
Taxation and Bonds, Section 1. Taxation of the City's Charter which authorized the City Council to
levy, assess and collect a property tax not to exceed six cents per $100 valuation for residential
street reconstruction to be gradually implemented at a rate not to exceed two cents per $100
valuation per year(i.e. 2+2+2 = 6 cents). The City Council exercised that authority in FY 2018 and
in FY 2019. The additional four cents and potential additional two cents must be used for
residential streets as approved by the residents of Corpus Christi on November 8, 2016.
City Charter Art. VIII,Sec. 1(c):
(c)A dedicated fund to be used solely for residential street reconstruction is established, and the
city council is authorized each year to levy, assess and collect a property tax not to exceed six cents
($0.06) per one hundred dollars ($100.00) of assessed value for the purpose of residential street
December 9, 2019 13 I _ -
reconstruction to be deposited in such fund. Said taxes shall be used solely for the purpose of
residential street reconstruction, including associated architectural, engineering and utility costs,
and shall be implemented gradually at a rate not to exceed two cents ($0.02) per one hundred
dollars ($100.00) of assessed value per year. For the purposes of this provision, the term
"reconstruction"is defined as removing all or a significant portion of the pavement material and
replacing it with new or recycled materials. The dedicated fund established by this subsection (c)
may not be used for payment of debt service.
2. MAINTENANCE PROJECTS: $47-547484-1,713,732
A. North Beach Public Spaces Beautification & Revitalization Programs & Services -The Zone may
contribute 5% of the total incremental ad valorem taxes collected per year in the Zone to
beautification projects including the creation of or enhancements to common areas, roadway and
median streetscapes, pedestrian landscapes, beach renourishment and beautification,wayfinding
signage, lighting, public facilities and any services relating to such program.
3. INCENTIVES: $43,2-50,000 14,391,277
All Development Incentives are approved at the discretion of the TIRZ Board.
A. Project Specific Development Agreement-In situations where higher development costs create a
financing gap, TIRZ #4 can provide assistance to property owners or developers through a
Development Agreement for reimbursement of net ad valorem new tax increment on new
developments, including mixed-use developments. A pro-forma is required to qualify for up to
75% of the qualifying tax increment for 10 years, unless the gap suggests that additional time is
required.
• The total reimbursement by the TIRZ#4 will not exceed 20%of the total project cost if a
development is at least 20,000 square feet or creating 100 or more new residential units.
• The total reimbursement by the TIRZ#4 will not exceed 10%of the total project cost if a
development is at least 5,000 square feet but less than 20,000 square feet or creating at
least 25 but less than 100 new residential units.
If further gap exists, staff will undertake additional third-party review to justify any additional
reimbursement up to 95% of the qualifying tax increment for 10 years, unless the gap suggests
that additional time is required based on the "but,for" principle. The qualifying cost elements for
this Project Specific Development Agreement include those listed in the paragraph above and also:
• Environmental Remediation/Code Compliance
• Historic Preservation
• Structured Parking, including availability for public parking
• Urban Design/Landscaping
• Public Improvements/Utilities, including drainage
To incent developers to build more than one project on North Beach,the TIRZ Board will consider
reimbursement of net ad valorem new tax increment on all of the developer's properties within
the TIRZ boundary.
December 9, 2019 14
B. North Beach Property Improvement Program - This grant will support and encourage private
investment in the existing structures and facilities already built on North Beach. The Zone will
match approved property improvements funded by the property owners. The Zone will consider
a match of 50/50 (Property Owner/TIRZ#4), depending upon the extent to which the scope of
the project meets the priorities of the Zone.
C. North Beach Living Initiative-In order to stimulate the development of North Beach and quickly
build residential density in the area,the Zone will establish a grant that will provide a $10,000 per
dwelling unit reimbursement for multi-family developments of over 10 units.
Any applicant awarded a grant must obtain a Building Permit for the entirety of such project(s)
within six (6) months of award of such grant. If a Building Permit is not obtained within the six-
month time period,then the grant will be forfeited.
4. ADMINISTRATIVE COSTS:$2,250,000
A. Creation-($250,000)Zone shall reimburse the City for City incurred expenses related to the costs
of creating the Zone.
B. Administration-($2,000,000)Zone funds shall pay for the City's costs of ongoing administration
of the Zone including but not limited to accounting, legal services, document production and
maintenance, and other administrative costs. These costs are estimated at$100,000 per year for
the 20-year life of the Zone.
Project Costs are Estimated as Follows:
Infrastructure, Maintenance and Incentives $247-508762432,024,645
Administrative Costs $2,250,000
TOTAL $3-177-5-3762434,274,645
Economic Feasibility Study §311.011(c)(3)
Several market and economic feasibility studies for the Zone have been completed. The MJB Consulting
"Retail Market Analysis and Strategy" and the Zimmerman/Volk Associates "Office, Retail, and Hotel
Market Assessment" are provided under separate cover. In addition, a feasibility analysis by Landmark
Renewal was completed in August 2019,which is included in Appendix A to this Plan.
December 9, 2019 15
Estimate of Bonded Indebtedness §311.011(c)(4)
It is not initially anticipated that the Zone will issue bonded debt;instead the Zone's projects will be funded
on a pay-as-you-go basis or utilize other financing methods. However, if the annual Zone revenue and
available non-bonded debt financing are insufficient to address the needs of the Zone,the Zone may issue
bonded debt commensurate with the specific project costs under consideration and anticipated annual
Zone revenues to support debt service payments.
Timing of Incurring Costs or Monetary Obligation §311.011(c)(5)
Costs will be incurred over the life of the Zone based on its Board of Directors' identification of priority
activities and projects, opportunities for implementation, and available revenues to sustain a pay-as-you-
go project expenditure approach or a bonded debt issuance.
Method of Financing and Sources of Revenue §311.011(c)(6)
Methods of financing. The Zone will initially take a pay-as-you-go approach to financing projects that
could utilize the following methods:
• Cash funds generated from existing property value increment,
• Short term anticipation notes or other debt issued by private financial institutions based on projected
property tax increment to be generated from taxable development under construction at the time of
debt issuance, and
• Developer cash reimbursement agreements where the revenues from the Developer's property tax
increment compensate a developer for fronting eligible expenditures in a specific taxable project after
the project is completed.
If future Zone revenues to support debt service payments are anticipated,the Zone may also issue bonded
debt,the term of which will not extend past the expected life of the Zone.
Sources of revenue. The primary source of revenue for the Zone will be funds from the contributed
property tax collections of the City of Corpus Christi and Nueces County on the taxable property value
increment within the Zone. It is currently projected that the County will agree to participate in funding
the Zone with 100%of the incremental property taxes collected over the life of the Zone and that the City
will participate in the funding of the Zone based on the table below. If City reaches $20 million, then the
City shall cease contributions to the increment. It is anticipated that Del Mar College will be a participant
in the TIRZ.
TABLE-TIRZ Contributions
Taxing Entity -Maximum Dollar Contribution ince Percentage Tax Years}
City of Corpus Christi $20,000,000 100% 2019 through 2028
75% 2029 through 2038
Nueces County None 100% 2019 through 2038
December 9, 2019 16
The assessed value base year for the City of Corpus Christi and Nueces County is 2019. The projection of
incremental property tax revenue contributed to the Zone is as follows:
Certified Appraised Values
Base value is from 2019(January 1, 2019)taxable appraised value. Values in future years are based on
current development projections.
December 9, 2019 17 I -
Net Taxable Values from the Certified Roll 2019
(*with estimated development)
December 9, 2019 18 I -
Year 3% Tax Revenue Tax Increment Total
County 100%
Fiscal Year Tax Year Values City County Total City Scaled County City Scaled
FY 20 2019 60,689,500 392,214 189,101 581,316
FY 21 2020 62,510,185 403,981 194,774 598,755 11,766 5,673 17,439
FY 22 2021 64,385,491 416,100 200,617 616,718 23,886 11,516 35,402
FY 23 2022* 140,317,055 906,819 437,211 1,344,030 514,604 248,110 762,714
FY 24 2023 144,526,567 934,023 450,327 1,384,351 541,809 261,226 803,035
FY 25 2024* 187,362,364 1,210,856 583,799 1,794,654 818,641 394,697 1,213,339
FY 26 2025 200,708,235 1,297,105 625,383 1,922,488 904,891 436,282 1,341,172
FY 27 2026 214,686,232 1,387,440 668,937 2,056,376 995,225 479,835 1,475,061
FY 28 2027 229,322,271 1,482,027 714,541 2,196,568 1,089,813 525,439 1,615,252
FY 29 2028 244,643,256 1,581,041 762,279 2,343,320 1,188,827 573,178 1,762,005
FY 30 2029 260,677,109 1,684,662 812,239 2,496,901 969,336 623,137 1,592,473
FY 31 2030 277,452,814 1,793,078 864,510 2,657,587 1,050,647 675,408 1,726,056
FY32 2031 295,000,453 1,906,482 919,186 2,825,668 1,135,701 730,085 1,865,785
FY 33 2032 313,351,242 2,025,076 976,365 3,001,441 1,224,646 787,264 2,011,910
FY 34 2033 332,537,578 2,149,071 1,036,147 3,185,218 1,317,642 847,046 2,164,688
FY 35 2034 352,593,078 2,278,682 1,098,638 3,377,320 1,414,851 909,537 2,324,387
FY 36 2035 373,552,625 2,414,136 1,163,945 3,578,081 1,516,441 974,844 2,491,285
FY 37 2036 395,452,410 2,555,667 1,232,182 3,787,849 1,622,589 1,043,081 2,665,670
FY 38 2037 418,329,985 2,703,516 1,303,466 4,006,982 1,733,476 1,114,365 2,847,841
FY 39 2038 442,224,308 2,857,936 1,377,918 4,235,854 1,849,292 1,188,817 3,038,108
TOTALS 32,379,912 15,611,564 47,991,477 19,924,084 11,829,5401 31,753,624
Year 3% Tax Revenue Tax Increment
County 100%
Fiscal Year Tax Year Values City County Total City County City Scaled
FY 20 2019 104,512,349 675,426 325,648 1,001,074
FY 21 2020 107,647,719 695,688 335,417 1,031,106 20,263 9,769 30,032
FY22 2021 110,877,151 716,559 345,480 1,062,039 41,133 19,832 60,965
FY 23 2022* P 188,203,466 1,216,291 586,419 1,802,711 540,866 260,771 801,637
FY 24 2023 193,849,570 1,252,780 604,012 1,856,792 577,354 278,364 855,718
FY25 2024* 238,165,057 1,539,175 742,094 2,281,269 863,749 416,446 1,280,195
FY 26 2025 253,035,008 1,635,274 788,427 2,423,701 959,848 462,779 1,422,627
FY27 2026 268,582,809 1,735,754 836,872 2,572,626 1,060,328 511,224 1,571,552
FY28 2027 284,835,745 1,840,791 887,514 2,728,305 1,165,365 561,866 1,727,231
FY29 2028 301,822,134 1,950,568 940,442 2,891,009 1,275,142 614,794 1,889,936
FY 30 2029 319,571,353 2,065,275 995,746 3,061,021 1,042,387 670,098 1,712,485
FY 31 2030 338,113,886 2,185,108 1,053,522 3,238,631 1,132,262 727,874 1,860,136
FY 32 2031 357,481,357 2,310,273 1,113,869 3,424,142 1,226,136 788,221 2,014,357
FY 33 2032 377,706,573 2,440,982 1,176,888 3,617,870 1,324,167 851,240 2,175,407
FY 34 2033 398,823,569 2,577,453 1,242,686 3,820,140 1,426,521 917,038 2,343,559
FY 35 2034 420,867,649 2,719,916 1,311,373 4,031,289 1,533,368 985,725 2,519,093
FY 36 2035 443,875,433 2,868,607 1,383,063 4,251,670 1,644,886 1,057,415 2,702,301
FY37 2036 467,884,902 3,023,772 1,457,873 4,481,645 1,761,259 1,132,225 2,893,485
FY 38 2037 492,935,452 3,185,664 1,535,928 4,721,592 1,882,679 1,210,280 3,092,959
FY 39 2038 519,067,939 3,354,549 1,617,353 4,971,903 2,009,343 1,291,705 3,301,048
TOTALS 39,989,906 19,280,6.26 I 59,270,532 I 21,487,056 112,767,6681 34,254,724
December9, 2019 19IPage
According to these projections,63%of the tax increment revenues will come from the City of Corpus Christi
and 37%will come from Nueces County. Revenue estimates will be monitored and adjusted annually.
The 2019 tax rate applicable to the reinvestment zone is $0.957852 (or approximately$0.96) per$100 of
assessed valuation, broken down as follows:
City of Corpus Christi 0.646264
Nueces County 0.311588
Total 0.957852
Applying the 2019 tax rate of$0.957852 per$100 assessed valuation to the 2019 total certified roll taxable
value of properties within the zone, property taxes of $ 461,001,074 are generated. This amount
produced from the tax increment base(or the"frozen base")will continue to be allocated and paid to the
taxing entities levying taxes in the zone area, based on their respective tax rates.
Zone property tax contributions from the participating tax jurisdictions could be supplemented with other
sources of revenue as available. These could include but are not limited to:
• Grants from other local, state, and federal agencies;
• Grants from private entities such as foundations; and
• Joint implementation and funding agreements with other public agencies or private entities such as
civic associations for specific projects.
Current Appraised Value §311.011(c)(7)
According to the Nueces County Appraisal District,the 2019 certified roll total assessed value for the Zone
for the City of Corpus Christi as of July 26, 2019 is$61,724,132198,076,260.
Due to differences in policies regarding exemptions and tax abatements, the net taxable values differ
among the two jurisdictions. According to the Nueces County Appraisal District,the 2019 certified roll net
taxable value for the Zone as of July 26, 2019 is$60,689,500104,861,392 for the City of Corpus Christi and
$59,657,026102,791,043 for Nueces County.
Estimated Captured Appraised Value §311.011(c)(8)
The table above provides the projected schedule of taxable value increment captured by the Zone over its
proposed 20-year duration. There is a column shown for each entity. Captured value projections assume
a 3.0%annual value appreciation rate for existing development.
In year 2022, the development currently underway on North Beach, LaVista Pointe Apartments, will be
complete with an estimated future property value increase of $24 million. Additionally, there are other
developments planned throughout the zone with a combined projected increase in value of$105 million.
Based on calculations in the TIRZ#4 Feasibility Analysis, beginning in 2024 and continuing throughout the
remaining life of the Zone,22 apartment units valued at$150,000 each and 12 condominium or townhome
units valued at$300,000 each,are projected to be added to the tax rolls each year. The per unit amounts
are adjusted for inflation at 3% per year.
The tax increment is the amount of property taxes produced yearly during the term of the reinvestment
zone on the captured appraised value. This value is the appraised value of taxable real property within
December 9, 2019 20 I
the reinvestment zone which exceeds the tax increment base.The table above shows estimated TIRZ
revenues over the 20 life of the zone to be as follows:
City of Corpus Christi: $19,921,08121,487,056
N ueces County: $11,829,51012,767,668
Total $31,753,62134,254,724
Duration of the Zone §311.011(c)(9)
The proposed duration of the Zone is twenty years from the time of its creation. Assuming creation in
2019,the Zone would expire after 2038.
City Council may, by ordinance, extend the length of the TIRZ to allow additional time to expend funds.
Appendices
Appendix A — Economic Feasibility Study §311.011(c)(3)
Feasibility Analysis
Tax Increment Reinvestment Zone # 4
North Beach Area
City of Corpus Christi, Texas
August 2019
December 9, 2019 21 I
Jim Johnson, PhD
Landmark Renewal
2l
I. Introduction
The North Beach area of Corpus Christi,Texas, already a leading tourist destination with 800,000 visitors
annually, is primed for accelerated redevelopment upon completion of the new Harbor Bridge and
demolition of the old bridge. A number of planning processes have focused on the area, producing a
wealth of reports including:
• North Beach Development Plan (November 2011) -NBDP
• Zimmerman Volk Associates: Residential Market Potential (October 2014) -ZVA
• North Beach Redevelopment Area Specific Plan (February 2018) -NBRA
• Downtown Area Development Plan,Corpus Christi (March 2018) -DADP
In addition,the Market and Economic Feasibility Study Update for TIRZ#2 (July 2019), contains a
detailed residential, retail and hotel development analysis of the Corpus Christi metropolitan statistical
area (MSA) applicable in part to North Beach.
The feasibility of a tax increment reinvestment zone(TIRZ) depends on whether tax increment
stimulated by TIRZ improvements will cover the costs of those improvements, leaving local tax
jurisdictions better off at termination of the TIRZ than they would be without a TIRZ. While some new
development would occur regardless, establishing the zone provides a revenue source for public
improvements that can spur additional and more intensive development than would otherwise occur.
The year in which a TIRZ is established becomes its base year,with each succeeding year's incremental
tax revenues pledged to a fund controlled by the zone's board of directors. Local taxing jurisdictions may
contribute up to 100%of their tax increment. TIRZ revenues depend on:
• Overall changes in property valuations;
• Timing and value of new development; and
• Loss of value from demolition of existing improvements.
Once the zone has sufficient revenue, infrastructure improvements should coincide with and enable
associated private investment (DADP, p. 26). This analysis assumes that TIRZ spending will be based on
articulated stakeholder and planning priorities, such as the February 2018 North Beach Redevelopment
Initiative Near-Term Projects and Mid-and Long-Term Projects lists.
31
II.TIRZ Revenue Projection
City of Corpus Christi is expected to participate at 100%for the first ten years and at 75%for the last ten
years. Nueces County is expected to participate with 100%of tax increment for the full length of the
TIRZ.
Base year taxable values vary slightly between jurisdictions, primarily due to differing property tax
exemptions offered. Exemptions on owner-occupied residential property include homestead and the
over-65 tax freeze. For purposes of these projections,we assume the effect of these exemptions will be
small since most existing and new development will be commercial, including multifamily,that is
ineligible for these residential exemptions. The aggregate value of single family residential property tax
exemptions changes slowly over time. We assume no effect from commercial property tax abatements
that could be offered by participating jurisdictions.
The following projections of TIRZ revenue are based on the following assumptions:
• 3%annual growth in taxable property valuations
• Completion of a$24 million apartment complex, LaVista Pointe, in 2022
• New residential development in North Beach equivalent to 22 new apartment units and 12 new
condominium or townhome units per year beginning in 2024
Prudence requires a conservative bias in revenue assumptions so that TIRZ spending can be reasonably
planned. There is no assumption of added taxable value from retail/commercial or
hotel/hospitality/tourism-related new development,despite a reasonable possibility of such
investments.
According to ZVA(p.42),the residential "market is constrained in North Beach due to the additional cost
of development incurred by flooding issues." In the five years since the ZVA report, no multifamily
residential development has been completed.The TIRZ revenue forecast assumes that a flooding
mitigation solution, such as the proposed canal (NBRI Alternative 2), is devised and implemented by the
City of Corpus Christi within the next five years. While drainage improvements are unlikely to erase the
additional costs of development in North Beach, it should substantially ease that market constraint,
making the ZVA residential projections for North Beach realizable in the future.
LaVista Pointe,a 150-unit apartment complex, is planned for completion around 2022. ZVA projects
North Beach annual residential absorption over a 10-year period of 44-53 apartment units and 26-31
condominium and townhome units. Taking a middle point of those projections,or 48 apartment units
41
and 28 condo/townhome units,times 10 years, and subtracting the 150 completed apartment units,
results in a projection of 330 additional apartment units and 280 new condo/townhome units after 2024.
This analysis assumes that tax revenue from these units is, conservatively,spread over a 15-year period
beginning in 2024, after LaVista Pointe has likely reached stabilized occupancy. Apartments are
estimated at$150,000 per unit and condos and townhomes at$350,000 at the beginning of the 15-year
period,with 3% inflation for new construction in each succeeding year. The 2024 per unit values
discounted back to 2019 values at 3%per year equal about$129,000 per apartment unit and$300,000
per condo/townhome unit.
While the TIRZ revenue forecast involves no additional retail or hotel development,TIRZ infrastructure
should make high intensity tourism-oriented development appealing to the private sector. In particular,
TIRZ infrastructure, a canal or other drainage solution,and right of way opened up by demolition of old
the Harbor Bridge ramps,together should enable the transformative potential of high-density mixed-use
development and structured parking near existing tourist attractions and associated parking needs
(DADP, p. 87). "Opportunities here could include hotels, other tourism-related uses, and surface parking
serving the beach and other visitor destinations." (DADP, p. 85)
III.TIRZ Projects,Costs and Timing
The proposed TIRZ project list is derived from the planning documents listed above and stakeholder
input. Project costs are estimates derived from similar types of projects, and therefore should not be
construed as definitive costs for the listed projects. The TIRZ Project Plan should contain cost estimates
in categories of spending rather than for specific projects,which over the 20-year life of the zone may
change conceptually and in terms of scope and extent.
Among recommendations of the DADP are the following:
• Restore street connections where old Harbor Bridge is removed, and provide "convenient,
attractive access at Beach Ave. connecting to Surfside and Timon Blvd." (p. 32)
• Build a "new multi-use path extending along Beach Ave.to the Beachwalk, and along Timon and
Surfside Blvd.to the Texas State Aquarium ferry dock." (p. 36)
• "Complete North Beach birding park and Timon/Surfside path within 5 years." (p. 36)
• "Create a welcoming Beach Ave. gateway at the new point of entry to North Beach off the
Harbor Bridge." (p. 86)
5 )
• "A new `North Beach Blvd.' should also be created through the redesign of existing Timon and
Surfside Blvd.with street upgrades, a new wide multi-purpose path for pedestrians and
bicyclists...and planting the center median with a rich palette of native, coastal plant species." (p.
86)
The North Beach TIRZ should include the following project categories:
Roads and wayfinding
• Beach Ave. roadway/pedestrian improvements and area beautification
• Construction of Traffic Circle at the intersection of Beach Ave.with Surfside Blvd. and Timon
Blvd. including gateway feature with wayfinding
Parks
• Dolphin Park improvements
• Surfside Park improvements
• Kiwanis Park and Community Center improvements
Other infrastructure
Demolition of blighted structures
Structured parking
6I
Cumulative revenue is projected as follows:
Year Revenue
Year Revenue
Fiscal Year Tax Year Annual Cumulative Fiscal Year Tax Year Annual Cumulative
FY 20 2019 FY 20 2019
FY 21 2020 17,439 17,439 FY 21 2020 30,032 30,032
FY 22 2021 35,402 52,842 FY 22 2021 60,965 90,998
FY 23 2022 762,714 815,556 FY 23 2022 801,637 892,635
FY 24 2023 803,035 1,618,591 FY 24 2023 855,718 1,748,353
FY 25 2024 1,213,339 2,831,929 FY 25 2024 1,280,195 3,028,548
FY 26 2025 1,341,172 4,173,102 FY 26 2025 1,422,627 4,451,175
FY 27 2026 1,475,061 5,648,162 FY 27 2026 1,571,552 6,022,728
FY 28 2027 1,615,252 7,263,415 FY 28 2027 1,727,231 7,749,959
FY 29 2028 1,762,005 9,025,419 FY 29 2028 1,889,936 9,639,895
FY 30 2029 1,592,473 10,617,893 FY 30 2029 1,712,485 11,352,379
FY 31 2030 1,726,056 12,343,949 FY 31 2030 1,860,136 13,212,516
FY 32 2031 1,865,785 14,209,734 FY 32 2031 2,014,357 15,226,872
FY 33 2032 2,011,910 16,221,644 FY 33 2032 2,175,407 17,402,280
FY 34 2033 2,164,688 18,386,332 FY 34 2033 2,343,559 19,745,839
FY 35 2034 2,324,387 20,710,720 FY 35 2034 2,519,093 22,264,932
FY 36 2035 2,491,285 23,202,005 FY 36 2035 2,702,301 24,967,232
FY 37 2036 2,665,670 25,867,675 FY 37 2036 .2,893,485 27,860,717
FY 38 2037 2,847,841 28,715,516 FY 38 2037 3,092,959 30,953,676
FY 39 2038 3.038,108 31,753,624 , FY 39 2038 3,301,048 34,254,724
TIRZ spending could begin as early as 2022 on modest improvements, but assuming a pay-as-you-go
structure, major infrastructure spending would have to wait at least until approximately$2.83_0 million
had been accumulated in 2024. A parking structure would have to wait until near the end of the TIRZ
lifetime, unless a private developer could be induced to build a garage in a public-private partnership
earlier than that. With the opportunity of vacated ROW from the demolished Harbor Bridge ramps, such
a partnership is feasible, perhaps in conjunction with an on-street meter parking policy as envisioned by
the DADP (p. 28).
71
•
CallerTimes
PART OF THE USA TODAY NETWORK
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NOTICE OF PUBLIC
HEARING
CITY OF CORPUS CHRIS TI CITY SECRETA The City of Corpus Christi NOTICE OF PUBLIC
is considering amending HEARING
PO BOX 9277 the City of Corpus Christi The City of Corpus Christi
Tax Increment Zone Num-
ber Four Project and Fi- is considering amending
CORPUS CHRISTI, TX 78469-9277 nancing Plan in a way that the City of Corpus Christi
will increase total project Tax Increment Zone Num-
costs over the 20 year peri- ber Four Proiect and Fi-
od due to additional ad nancing Plan in a way that
valorem property values will increase total proiect
STATE OF WISCONSIN) within the zone, and other costs over the 20 year peri-
)) matters relating thereto.
The City Council will hold a od due to additional advalorem property values
COUNTY OF BROWN) public hearing on Tuesday, within the zone, and other
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