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HomeMy WebLinkAboutC2006-460 - 5/30/2006 - Approved TAX ABATEMENT AGREEMENT THE STATE OF TEXA~ * COllNTY OF NlJECES ThIS rax Ahatement\greement (hereinafter referred to as the "Agreement") is made and entered mto by and between the CITY OF CORPUS CHRISTI, TEXAS (the "Governmental Unit") and SHLTTERS MANAGFMENT, LTD.. (the "Owner"), the owner oftaxable property m the Clt) of Corpus Chri sti, Texas. 602 Winnebago Street and 922 North Carancahua Street (the "Property"). I. AlfTHORIZA TION This \greemenl is authorized by the Texas Property Redevelopment and Tax Abatement Ad Texa" Tax Code. Chapter J 12. as amended (the" Ace), and is subject to the laws of the State of Texas and the chalter. ordmances. and orders of the Governmental Unit. II. DEFINITIONS <\s used in thIS Agreement. the following terms shall have the meanings set forth below: A . Base Year Valu,-" meam the assessed value of the Improvements on the Property as certified b\ the N ueces County Appraisal DIstrict as of the January 1 preceding the I'xecution of this Agreement plus the agreed upon value ofImprovements made after anuary I hut belixe the l:xecutIon of thIS Agreement. B. Improvements' means the buIldings or portions thereof and other improvements, mcluding tixed machinery and equipment, used for commercial or industrial purposes ! 'n the Property. C ConstructIOn Phase' means the period during which a material and substantial improvement of the Propert) occurs which represents a separate and distinct !~onstructlOn operation undertaken for the purpose of erecting the Improvements. The 'onstruction Ph;lse ends upc\n the earliest to occur of the following events: ! i) when a certificate 0" occupancy IS Issued for the project (if within City limits); or ! 2) when comn lercial productIon of a product or provision of a service is achieved at the 1ctCIlttY. 'Jr .~) when the ar,,'hitect (F engmeer supervismg construction issues a certificate of substantial, iJmpleti()n. or some similar instrument. or 2006-46(' 05/30/06 \tlanti\~CBDRes Res02680l1 "'hutter" Management , -+) tW() (~. ) year, after the date of this Agreement. fhe detenninatlon of the end of the Construction Phase shall be made by the 130vemmental I nit. 10 ItS sole and absolute discretion. based upon the above criteria md such othel factor 5- .15- the G(lvemmental Unit may deem relevant. The ,letennination o! the end of the Construction Phase by the Governmental Unit shall be :onclusl\c, and any JudIcial review of such determination shall be governed by the -.,ubstantial evidence rule D Abatement' means the temporary or partial exemption from ad valorem taxes of :ertain added value to real and personal property in a zone designated for economic development purposes pursuant to the Act E. Eligible Propeny' means the buildings. structures. site Improvements, and that office -.:pace and certall1 personal property necessary to the operation and administration of the Facihty to be constructed pursuant to this Agreement. A list of the Eligible flroperty IS set 1"rth In the ProJect Description which is attached hereto as Exhibit "A" md made a par hereof During the Construction Phase of the Eligible Property, the ! )wner may make SUCf, change orders to the Eligible Property as are reasonably necessary to accomplish Its Intended use, provided that no such change order may be made which WIll change the qualification of the project as a "Facility" under the Guidehnes and Criteria for Granting Tax Abatement approved by the Governmental nit F. lnehgible ProPL~rty' means land; inventories; supplies; tools; furnishings and other 'orms (If movable per.,ona] property: \ehicles; vessels; aircraft; housing; hotel lccommodations deferred mamtenance investments; property to be rented or leased ..'xcept as provided in Section 2(e); improvements for the generation or transmission of ,,'iectrical energ \ not \\.'ho11y consumed by a New Facility or expansion; any mprovements. I!1cluding those to produce. store or distribute natural gas, fluids or ;2,ases. whIch arc not integral to the operation of the Facility; improvements to real :lroperty which have an economic lite of less than 15 years; property owned or used by he State Ill' TeXIS or Its politIcal subdivisions or by any organization owned, operated .r directed by <I polItical subdivision of the State of Texas; unless any of the above vpes of pmpert\ are spet;lfi\;ally authorized by the Governmental Unit. \J.o\dded Value' means the increase in the assessed value of the Eligible Property as a esult (If ""expansion'" OJ "modernization" of an existing facility or construction of a ne\\' fal:1I1tv .. ], does n(\t mean or include "deterred maintenance," H, Facihty' mean~ a BaSK Manufactunng or Service Facility, Regional Distribution 'enter Facility Regional Telecommunications/Data Processing Center Facility, Regional Visitor Amu~cment Facility. Central Business District (CBD) Residential i'acility, Renewt\ Community Facility. or Petrochemical Facility approved by the Jovernmental I nit as ,et forth in the Guidelines and Criteria for Granting Tax \batement adopted hy the (lovemmentall'nit. H I ,egDir gwsiEcoDe\ I'axAbatel AtlanlL~CBDRes Pal!t" .2 of I The GUIdelines and Criteria tor Granting Tax Abatement adopted by the Governmental Unit are incorporated as a part ()' this A~reement. Except as the same may be modified herein, all detinition" set f()rth therem are applicable to this t\greement. III. PROPERTY The Property is an area within the City of Corpus Christi, Texas, located in whole or in part wnhm the jurisdiction of the Governmental Unit as is more fully described in Exhibit "B" attached hereto and made d part hereof Said Property is located within a zone for tax abatement estahlished pursuant to Chapter 3] ~ of the Texas Tax Code, as amended, by the City of Corpus Chnsti. L'xas. The '\ueces County Appraisal Distnct has established the following values for the Property as ot'the January 1 \'aluat1()o date prior to the date of execution of this Agreement. :\ccount No. \1;,j Personal prr Jpern' $ n/a Account No. 07lJ:-OOO}-0020 and 0797-0006-0070 Land $153.338 /mpmvemel'ls $159.098 The Governmental! init and the O\\ner agree that the value of any additions to the Improvements made after January I or not otherwise reflected on the above valuation of Improvements is: \dditional Impr11vement" $0 Addition llfthe above amount to the valuation of the Improvements as ofthe January 1 valuation date prior to the date of execution qfthis Agreement results in a Base Year Value as follows: Base Year Valm $312A~6 IV. TERM OF ABATEMENT AND AGREEMENT The (iovernmental L nit agrees to abate the ad valorem taxes on the Eligible Property in accordance with this para!,.rraph and paragraphs V and VI hereof. The Abatement shall be effective with the January I valuatlon date immediately following the date of execution of this Ae-,rreement. The Abatement shaIllontinue for up to two (2) years during the period of the Cl'nstructlon Phase and for the ne;.,t five (5) full tax years thereafter, expiring as ofDecember31 01 sllch thlrd tax year. If the period of the Construction Phase exceeds two (2) years, the Facility shall be considered completed for purposes of Abatement, and in no case shall the period of Ahatement induslve of constructi(ln and completion exceed seven (7) tax years. The years of Abatement provided herem shall in each instance coincide with the tax year commencing on January 1 and expinng on December 31. and in no event shall the Abatement extend beyond Decemher 3 I of the seventh tax year. ThIS Abatement shall also cover as Eligible Property those H LcgDIr gws/EcoDe\ faxAbiltc/:\tlantl..:CBDRes Pa",c ~ ot 1 supplemental improvements to the EligIble Property that are added or constructed during the PO'it-construction ti\ e (5) ,ear penod of Abatement. In no event, however, shall the total Abatement period t~)r sucr Eligible Property exceed the maximum seven (7) year Abatement pennd tl)[ the entire projed as specified herein. The krm of thiS Agreement shall continue for a period of five (5) years following expiration ot the ahatement penod. A II terms and conditions imposed upon the Owner shall continue in effed dunng such period, and the l )wner shall be obligated specifically to continue the minimum employment levels specified herein Any default shall be subject to the provisions of Article VIII hert'uf. \ . TAXABILITY During the penod that the Abatement is effective, taxes shall be payable as follows: ll} The value \)fthe land compnsmg the Property shall be fully taxable; (2) fhe Base Year \ alue of I:xisting Improvements comprising the Property shall be fully 1 axable. (3) l'he value \If Ineligible Property shall be fully taxable; and (41 rhe Added Valut' of Eligible Property shall be abated as set forth in Part VI herein. \"1. AMOUNT OF ABATEMENT The Abatement provJded by tillS <\greement shall be in accordance with the following scheduk Construction Period (not to exceed::' year',) Year Year .2 Y ear ~ Year 4 Year S perc~ntage of Abatement 100% 100% 100% 100% 100% 100% [Note: It thIS project is designated as a "rehabilitation project" under the Guidelines and ('riteria which involves the adaptive reuse of an existing structure or building for a Facibty, the project must involve a minimum capital expenditure of $250,000. The rehabilitation project must involve the adaptive reuse of an existing structure or building currently on the property tax rolls so that the Base Year Value associated with the project will mclude both tht value (d' the land and the existing improvements. The Owner and Owner's landlord specitlcally disclaim any abatement for improvements to the building, and H LegDir gws/EcoDe\ laxAb~lte!Atlalltl.'CBDRes Pa!!( 4 01 1 the (:c.venants and obligatIOns hereof shall not bt: binding upon Owner's landlord. The sole ElIgible Propeny suhject to abatement shall be the value of personal property such as furniture and movabh' equipment installed by Owner which would otherwise be considered Inehglble Property to' any other type of abatement category. In no event, however, may the lotal \ aIue of such personal property subject to abatement exceed $1 million.] At thl' time of execution of thiS Agreement, the Owner reasonably estimates and represents to the (:iovernmental Uml that the A,dded Value comprising permanent Improvements upon completlon of the Construdion Phase shall be: 'LLL.~OO,OO(J. ("Estimated Added Valut",). In the event that UpOIl completion of the Construction Phase the Added Value of permanent Improvements. as determll1ed by said Appraisal District, shall at any time thereafter during the period uf'\batement be less than eight-five percent (85%) of the Estimated Added Value, not due to Clrcumstances bey( 'nd the control of Owner, the Owner agrees to pay, as additional taxes hereunder. an amount eq ual to the then current tax rate of the Governmental Unit applied to the ditference between the A.dded Value trom eighty-fi.ve percent (85%) of the Estimated Added V;d ue, m ultiphed hy 1011% minus the net percentage of Abatement provided under this A.greement. For the purposes of this provision. the term "circumstances beyond the control of Owner" shall include casualty losses, national economic factors. shutdowns due to governmental regulations. strikes. acts ( war: and the like. The formula for calculating such additional tax is outhned a:-, follows [1 a\ Rate x [(850( of br Added Value - Actual A V) x (100% - Abatement%)] = Additional Tax VII. ('ONTEMPLATED IMPROVEMENTS rhe contemplated impr.lvements are set forth in the Project Description attached as Exhibit "A" Dunng the Construction Phase. the Owner may make such change orders to the project as, are reasonably necessary. provided that no such change order may be made which will change th~' qualification of the pn lject as ,J "Facility" under the Guidelines for Granting Tax Abatement approved hy the Governmental Unit. All improvements shall be completed in accordance with all appllcabk laws. ordinances, rules or regulations During the term of this Agreement, use of the Prnpert\ 'ihall be limited to operation of the Facility described in the Project Description C(qblstent with the genera! purpose of encouraging development or redevelopment of the zone dunng tht period ofrhls A greemell1. VIII EVENTS OF DEFAULT AND RECAPTURE A Failure to Commence Operation During Term of Agreement. In the event that the Facility is not cumpleted and does not begin operation by the January 1 following the \ompletlOn of c( Instructi,m. no abatement shall be given for that tax year, and the full H LegDirgws/EcoDe\ laxAbiHeiAtlantj.:(~'BDRes Page 'i of 1 amount ()f taxeslssessed agall1st the property shall be due and payable for that tax year. ! n the event thai the Owner fails to begin operation by the next January 1, then the dbatement Agreement ~hall terminate and all abated taxes during the period of LonstructlOn shal be recaptured and paid WIthin 60 days of such termination. B. DIscontinuance uf OperatIOns During Term of Abatement. In the event the Facility is completed and "'egins operatlOn but subsequently discontinues operations during the term of the Agreement alter the completion of construction, for any reason except on a ll~mporary basis jue to tire, explosion liT other casualty or accident or natural disaster, the Agreement may be terminated by the Governmental Unit, and all taxes previously ~lbated by \irtue .)f the Agreement shall be recaptured and paid within 60 days of such lerminatlon. C. lJelinQuenL Taxe~. In the event that the Owner allows its ad valorem taxes to become delinquent and f~lils to timel y and properly follow the legal procedures for their protest and/or contest this AbTfeement shall terminate and so shall the abatement of the taxes L)r the calendar ear of the delinquency. The total taxes assessed without abatement for Ulat calendar year shall he paid within 60 days from the date of termination. Penalty and interest shall not begm to accrue on the additional amount of taxes due as the result l,f recapture unda this provlsinn until the first day of the month following such sixty (()O) day notlce. It which time penalty and mterest shall accrue in accord with the laws l.f the State of exas Penalty and interest on the amount of taxes originally levied hased upon the \batement shall. of course. begin to accrue as of the date such taxes 'I/ere due III accord With the laws of the State of Texas. D. 'Jotice of DefaulT Should the Governmental Unit determine that the Owner is in default ;lccording to the terms and conditions of thlS Agreement it shall notify the Owner that 1 (such default i, not cured within sixty (60) days from the date of such notice ('Cure Period'). then th s Agreement may be term mated. In the event the Owner fails to cure '-.aid det~lUlt dun ng the (ure Period, thiS Agreement may be terminated and the taxes ~jbated bv virtue If the Agreement will be recaptured and paid as provided herein. E.\.ctual Added Value, Should the Nueces ('ounty Appraisal District determine that the lotal level of Added Vl1ue during any year of the term of this Agreement after lompletlOl1 of the Construction Phase IS lower than the Estimated Added Value such 1 hat a Icm er percentage of Abatement IS applicable, for each year during which an \batement has been granted the difference between the tax abated and the tax which ',hould ha\c been abated hased upon the actual Added Value shall be determined by the ! iovernmental l nit and paid within 60 days of notification to the Owner of such detennmatlon. Penalty and mterest shall not begin to accrue upon such sum until the '11'st day 01 the l'lonth following such sixty (60) day notice, at which time penalty and interest sh.311 acci'ue in ac,,:ord with the laws of the State of Texas. F. Reduction in Rollback 1 ax Rate. If during any year of the period of Abatement any portion of the abated value is added to the current total value of the Governmental Unit hut is not treated as 'ne"v property value' (as defined in Section 26.012 (17) of the H LegDH' g\vs/EcoDe\ laxAb<Jle/i'\tlantld~BDRes Pal.'t' h of ] exas Tax Code.! for the purpose of establishing the "effective maintenance rate" in calculating the 'mllback ;ax rate' in accord with Section 26.04 (c) (2) of the Texas Tax ( ode and If the Governmental Unit's budget calculations indicate that a tax rate in ncess \Jf the 'ro Iback tax rate is reqUlred to fund the operations of the Governmental nit for tne suu..:eedmg vear. then the Governmental Unit shall recapture from the ( )wner a tax in ali amount equal to the lesser of the following: I 11 The amouni of the taxes abated for that year by the Governmental Unit with respect to the' Propertv. ( ..~) The amount obtamed by subtracting the rollback tax rate computed without the abated property value being treated as new property value from the rollback tax rate c\lmputed with ;he abated property value being treated as new property value and multiplving the difference by the total assessed value of the Governmental 1 mt If the Governmental i nit has granted an abatement of taxes to more than one taxpayer, then the amount of the recapture -.:alculated in accord with subparagraph (2) above shall be prorated on the basis )f the value of the abatement with respect to each taxpayer. fhlS event shall not Cdnstltutc a 'default" under this Agreement, and the sixty (60) day Cure Penod proVIded abO\ c shall nllt apply. Such recaptured taxes must be paid within thirty (30) days after notice thereof has been gi ven to the Owner. Penalty and interest shall not begin to accrue upon such sun] until the first day of the month following such thirty (30) day notice, at \\hlch time penalt~ and mterest shall accrue in accord with the laws of the State of Texas. G ( ontinuatl9n ofrax Lien. The amount of tax abated each year under the terms of this .\greemem shall be secured by a first and prior tax lien which shall continue in existence from year t( year until such time as this Agreement between the (iovernmental Unit and Owner is fully perf()rmed by Owner, or until all taxes, whether <!ssessed (l( recaptured. are paid m fail. [n the event of any delault by Owner. the governmg body of the Governmental Unit reserves the nght to termmate or modify this Agreement. Owner shall be afforded written notice of such default and the opportumty to cure as provided above, If Owner believes such action was improper. Owner may filt an appeal 111 Nueces County district court within sixty (60) days after written o(ltice of the acti(,n bv tht. Governmental Unit. Owner shall remit to the Governmental L nit. Within such hO-da\ penod any additional or recaptured taxes levied pursuant to the payment provisions \)fTe:\as Tax lode ~ 42.08. If the fInal determination of the appeal increases Owner's lax liahihtv abo\e the amount paid, Owner shall remit the additional tax pursuant to Tax Code ~ 42.42 If the tinal determination of the appeal decreases Owner's tax liability, the G"'vernmentaI Unit shall refund the Owner the difference between the amount of tax paid and the amount of tax for which ('wner iSlahle pursuant to Tax Code * 42.43. H'! ,egDlr gv,rs/EcoDe\ raxAbilte/Atlantic:CBDRes Pa~e 7 of ] IX. ADMINISTRATION inspections. The Owner shall allmv employees and/or representatives of the Governmental Unit to have access to the Property during the term of this Agreement to inspect the Facility to detelmine compliance with the terms and conditions of this Agreement. All inspections will be made onl: after the giving of twenty-four (24) hours prior notice and will only be conducted in such manner as w not unreasonably mterfere with the construction and/or operation of the FacIlity f\ll inspectIons \vill be made with ont' or more representatives of the Owner and in accordance with Owner's ,afety standards. Appraisals. The Chief Appraiser of the Nueces County Appraisal District shall annually detennine (i) the taxable \ alue of the real and personal property comprising the Property taking 1l1to consideration the Ahatement provided by this Agreement, and (ii) the full taxable value wnhout Abatement of the real and personal property comprising the Property. The Chief Appraiser shall record both the ahated taxable value and the full taxable value in the appraisal recl,rds The full taxable \ alue tigure listed in the appraisal records shall be used to compute the amount of abated taxes that are required to be recaptured and paid in the event this Agreement is termmated in a manner that resul1s in recapture Each year the Owner shall furnish the Chief Appraiser with such infonnation outlined in Chapter ~2, Texas Tax Code, as amended, as may be nL'CI.:ssarv tl)f the administration 01 the Agreement specified herein. Annual Report~ 0\\ ner shall ce11Jty to the governing body of the Governmental Unit on or before April I each year that the Owner is in compliance with each applicable term of this Agreement. Additionally. dunng the Il11tial four years of the term of property tax abatement, Owner shall provide to the Governmental Unit an annual report covering those items listed on Schedule attached heretu in order to document the efforts of the Owner to acquire goods and services on a local baSIS. Such annual report shall be prepared on a calendar year basis and shall be submitted to the Governmental Unit no later than ninety (90) days following the end of each such calendar year The dnnual rcp0l1 shall be accompanied by an audit letter prepared by an ll1dependent accounting ti nn which has reviewed the report. Bu-y Local'.J>Iovisiol}. The ')wner additionally agrees to give preference and priority to local manufacturers. supplIers. contractors and labor. except where not reasonably possible to do sc without added expense. substantial inconvenience, or sacrifice in operating efficiency. In any such exception cases involving purchases over $10,000.00 a justification for such purchase shall be mcluded in the annual report. rhe Owner further acknowledges that it is a legal and moral ohligation of persons recelving property tax abatements to favor local manufacturers, suppliers, cCtntractoh and lahnr. all lither fadars heing equal. For the purposes of this provision, the term 'lnt1]" tS used tel descrihe manufacturers, suppliers. contractors and labor shall include firms, busInes~e". and personsvho reSIde 111 or maintain an office in either Nueces County or San Patncio (,mnty. In the eh:nt of a '1reach of the huy local provision, the percentage of abatement shal be proportionately reduced hy the amount the disqualitied contract bears to the total COl1structHlTl cost tin the project H. LegDlf gws/EcoDe\ I"axAb,tle/ Atlantd::BDRes Pal!cR of 1 K ASSIGNM ENT fhe ()wner may assIgn this Agreement to anyone or more corporation(s), 50% or more of thl ,mtstanding votmg securities (}f which are owned, directly or indirectly, by one of the Owners.. or any partnership(s) or hmited partnership(s) in which an Owner, or a subsidiary of an Owner, IS a general partner. The Owner may assign this Agreement to any other new owner or lessee of lhe Facility with the pnor written consent of the Governmental Unit, which consent shal not be unreasonabl y withheld Any assignment shall provide that the assignee shall irrc\ oeably and unconditionally assume all the duties and obligations of the assignor and become tho;;' ')wner upon the same terms and conditions as set out in this Agreement. In the event more than om.' entity IS Owner hereunder. the obligations of said entities shall be joint and several. Any aSSIgnment of thIS Agret'lnent shall be to an entity that will provide substantially the same Improvements to thl' Property. except to the extent such improvements have been completed. No as:-.Ignment shall he appro -.ed 1 l' the 0\\ ner or any assignee is indebted to the Governmental Unit f(n .ld \allirem taxes or other ohligaticlJ1s XI. NOTICES "\m notice required II) be gi\en under the proVIsions of this Agreement shall be in writing and shall be dul) served when it shall have been deposited, with the proper postage prepaid thereon. and duly registered or certified. return receIpt requested, with the United States Postal Sef\ ice. addressed to the (Jovernmental Unit or Owner at the following addresses. If mailed, any nnth.:e or commulllcation shall be deemed to be received three days after the date of deposit in the LJnited States \1ail Unless .)therwise provided in this Agreement, all notices shall be del i vered 10 the to II owmg addresses: To the Governmental Unit CiTy OF CORPUS CHRISTL TEXAS 120 I Leopard Street P O. Box 9277 ( orpus Christi. Texas 78469 i\ttn' City Manager To the Owner: SHlTTERS MANAGEMENT. LTD. P. O. Box 8324 (orpus Christi. Texas 78468 Either party mav desl gnatl' a iilfferent address hv giving the other party ten days' written nl'tl....:e. fhls A.greement has heen executed by the parties in multiple originals or counterparts, each havmg full force and effect. Executed rhis day at -<, .2006. H LegDn gws/EcoDe\ laxAbitlelAtlantl;CBDRes Page 9 ot I G( )\'ER1\\1ENTA! I 'il <\iTEST B\ ~- f7~ ,"- --~~ . .~ Annando Chapa. City Secretary ~PPROVt;D AS TO FOR \1: B,: /;. tA.6 JmtiJ(u___ ~ Smith, Assistant Cit: Attorney for Mary Kay Flscher City Attome: OW \JER H LegDirgws/EcoDe\ [axAbaie! Atlantl.:CBDRes Page 10 ('1' , ( 'flY OF CORPUS CHRISTI, TEXAS By: UAe-- i!7Z",m~ If" George Noe. City Manager SHUTTERS MANAGEMENT, LTD. By: iil/'L,t /~~-- Mark (Adam e President Qe5 /)2.k3o~ .....-,,_..........._..........__........' r:t.,,'; nu.';... ~ :. ra~a _--,.~'f1-1 ~/:sJr __ _. _._...... ..... . f\j' ." ~ .~ Y"J}C" ;:' iV' SCHEDLLEl Buy Local' Annual Reports J'he following information shall he reported to the Governmental Unit on a calendar-year basJ'- during the first t()Ur '" ears of lhe tax abatement program: Dollar amount spem for materials* (local). Dollar amount spent for materials (total). Dollar amount spent for labor** (local). 4, Dollar amount spent tor labor** (total) Number of lobs created in the construction project (local). h Number of lobs created in the construction project (total). Number ot lobs created on a permanent basis (local). :-. N umber of lobs created on a permanent basis (total). * Matenals' is detined to include all materials used in excavation, site improvement, demolition, concrete, structural skel, tire proofing, piping, electrical, instruments, paintings and scaffoldmg, insulatJon, temporary construction facilities, supplies, equipment rental in construction, small tools and consumables. This term does not include major items of machinery and equipment not readily available locally. *" Labor is defIned to lIlclude all labor in connection with the excavation, site improvement, demolition, concrete construction. structural steeL tire proofing, equipment placement, piping, electrical, instruments, pamting and scaffolding, insulation, construction services, craft benefits, pavroll burdens, and related labor expenses. This term does not include engineering services in connectIOn with the project deSign The term "Ioca]" as used hl descrihe manufacturers, suppliers, contractors and labor shall include finns, husmesses. and persons who reside in or maintain an office in either Nueces County or San PatriLlo Count\ H'LcgDir gVv's/EcoDe\ "axAbate! Atlanti,;CBDRes Pa~e 11 d j Exhibit A ( 'oepus Christl Project Plan Ma\ 23 2006 This project will im nlve the adaptIve reuse of an existing downtown building and convert the budding into private residences. The site is currently vacant. Penl1anent Improvements $11,187,564 Estlmated.apital S 11,187,564 H' i .egDir gws/EcoDn r axAba rei Atlanti,:CBDRes Pa::rf !2 of "\ EXHIBIT "8' t .0\ 7 (less purtion (0 right-or-way), BlutT Subdivision and Lots 7 and 8, Block 6, Bluff Subdivision. City elf Corpus Chnsti, Nueces County, Texas, and being known as 602 W1I1nebago Street and 922 '\iorth Carancahua Street. Corpus Christi, Texas. H. LlgDif. gwsiEcoDc\ TaxAbareu'\tlanti,;CBDRes Pa\'.t 13. ,f :I