HomeMy WebLinkAboutC2006-619 - 5/30/2006 - ApprovedTAX ABATEMENT AGREEMENT
This Tax Abatement Agreement (hereinafter referred to as the "Agreement") is made and entered
into by and between the CITY OF CORPUS CHRISTI, TEXAS (the "Governmental Unit") and
NUECES LOFT APARTMENTS, LP, formerly known as Nueces Loft Apartments, Ltd. (the "Owner"),
the owner of taxable property in the City of Corpus Christi, Texas, {the "Property").
L AUTHORIZATION
This Agreement is authorized by the Texas Property Redevelopment and Tax Abatement Act, Texas
Tax Code, Chapter 312, as amended (the "Act"), and is subject to the laws of the State of Texas and the
charter, ordinances, and orders of the Governmental Unit.
II. DEFINITIONS
As used in this Agreement, the following terms shall have the meanings set forth below:
A. "Base Year Value" means the assessed value of the Improvements on the Property as certified
by the Nueces County Appraisal District as of the January 1 preceding the execution of this
Agreement plus the agreed upon value of Improvements made after January 1 but before the
execution of this Agreement.
B. "lmprovements" means the buildings or portions thereof and other improvements, including
fixed machinery and equipment, used for commercial or industrial purposes on the Property.
C. "Construction Phase" means the period during which a material and substantial improvement of
the Property occurs which represents a separate and distinct construction operation undertaken
for the purpose of erecting the Improvements. The Construction Phase ends upon the earliest to
occur of the following events:
(1) when a certificate of occupancy is issued for the project (if within City limits); or
(2) when commercial production of a product or provision of a service is achieved at the
facility, or
(3) when the architect or engineer supervising construction issues a certificate of substantial
completion, or some similar instrument, or
(4) two (2) years after the date of this Agreement.
The determination of the end of the Construction Phase shall be made by the Governmental
Unit, in its sole and absolute discretion, based upon the above criteria and such other factors as
the Governmental Unit may deem relevant. The determination of the end of the Construction
Phase by the Governmental Unit shall be conclusive, and any judicial review of such
determination shall be governed by the substantial evidence rule.
2oa6-619
05/30/06
Res. 026810
Nueces Loft Apartments , A ~
D. "Abatement" means the temporary full or partial exemption from ad valorem taxes of certain
added value to real and personal property in a zone designated for economic development
purposes pursuant to the Act.
E. "Eligible Property" means the buildings, structures, site improvements, and that office space
and certain personal property necessary to the operation and administration of the Facility to be
constructed pursuant to this Agreement. A list of the Eligible Property is set forth in the Project
Description which is attached hereto as Exhibit "A" and made a part hereof. During the
Construction Phase of the Eligible Aroperty, the Owner may make such 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 Guidelines and Criteria for Granting Tax Abatement approved by the
Governmental Unit.
F. "Ineligible Aroperty" means land; inventories; supplies; tools; furnishings and other forms of
movable personal property; vehicles; vessels; aircraft; housing; hotel accommodations; deferred
maintenance investments; property to be rented or leased except as provided in Section 2(e);
improvements for the generation or transmission of electrical energy not wholly consumed by a
New Facility or expansion; any improvements, including those to produce, store or distribute
natural gas, fluids or gases, which are not integral to the operation of the Facility;
improvements to real property which have an economic life of less than 15 years; property
owned or used by the State of Texas or its political subdivisions or by any organization owned,
operated or directed by a political subdivision of the State of Texas; unless any of the above
types of property are specifically authorized by the Governmental Unit.
G. "Added Value" means the increase in the assessed value of the Eligible Property as a result of
"expansion" or "modernization" of an existing facility or construction of a "new facility." It
does not mean or include "deferred maintenance."
H. "Facility" means a Basic Manufacturing or Service Facility, Regional Distribution Center Facility,
Regional Telecommunications/Data Processing Center Facility, Regional Visitor/Amusement
Facility, Enterprise Zone Residential Redevelopment Facility, Downtown Revitalization Housing
Facility and Petrochemical Facility approved by the Governmental Unit as set forth in the
Guidelines and Criteria for Granting Tax Abatement adopted by the Governmental Unit.
The Guidelines and Criteria far Granting Tax Abatement adopted by the Governmental Unit are
incorporated as a part of this Agreement. Except as the same may be modified herein, all definitions set
forth therein are applicable to this Agreement.
lll. PROPERTY
The Property is an area within the City of Corpus Christi, Texas, located in whole or in part within
the jurisdiction of the Governmental Unit as is more fully described in Exhibit "B" attached hereto and
made a part hereof. Said Property is located within a zone for tax abatement established pursuant to
Chapter 312 of the Texas Tax Cade, as amended, by the City of Corpus Christi, Texas.
The Nueces County Appraisal District has established the following values for the Property as of the
January 1 valuation date prior to the date of execution of this Agreement.
Account No. R191630 (Parcel 1}
Land $ 50,743.00 (2007)
Improvements $ 588,619.00 (2007)
Account No. R19I679 Parcel 2
Land $ 42,000.00 (2007)
Improvements $ 4,275.00 (2007)
Account No. R191680 (Parcel 3)
Land $ 27,510.00 (2007)
Improvements $ 2,948.00 (2007)
The Governmental Unit and the Owner agree that the value of any additions to the Improvements made
after January 1 or not otherwise reflected on the above valuation of Improvements is:
Additional Improvements:
Addition of the above amount to the valuation of the Improvements as of the January 1 valuation date
prior to the date of execution of this Agreement results in a Base Year Value as follows:
Base Year Value:
IV. TERM OF ABATEMENT AND AGREEMENT
The Governmental Unit agrees to abate the ad valorem taxes on the Eligible Property in accordance
with this paragraph and paragraphs V and Vl hereof. The Abatement shall be effective with the January 1
valuation date immediately following the date of execution of this Agreement. The Abatement shall
continue for up to two (2) years during the period of the Construction Phase and for the next five (5} full
tax years thereafter, expiring as of December 31 of such fifth tax year. If the period of the Construction
Phase exceeds two (2) years, the Facility shalt be considered completed for purposes of Abatement, and in
no case shall the period of Abatement inclusive of construction and completion exceed seven (7) tax
years. The years of Abatement provided herein shall in each instance coincide with the tax year
commencing on January ]and expiring on December 31, and in no event shall the Abatement extend
beyond December 31 of the seventh tax year. This Abatement shall also cover as Eligible Property those
supplemental improvements to the Eligible Property that are added or constructed during the post-
construction five (5} year period of Abatement. In no event, however, shall the total Abatement period
for such Eligible Property exceed the maximum seven (7) year Abatement period for the entire project as
specified herein.
V. TAXABILITY
During the period that the Abatement is effective, taxes, shall be payable as follows:
(1) The value of the land comprising the Property shall be fully taxable;
(2) The Base Year Value of existing Improvements comprising the Property shall be fully taxable;
(3) The value of Ineligible Property shall be fully taxable; and
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(4) The Added Value of Eligible Property shall be abated as set forth in Part VI herein.
VI. AMOUNT OF ABATEMENT
The Abatement provided by this Agreement shall be based upon the Added Value of Eligible
Property as a result of the project. The Project has been identifed as a Downtown Revitalization Housing
Facility; therefore, the percentage of tax abated authorized herein shall be in accordance with the
following schedule:
Year Percents e of Abatement
Construction Period ] QO%
(not to exceed 2 years)
Year 1 100%
Year 2 100%
Year 3 100%
Year 4 100%
Year 5 100%
At the time of execution of this Agreement, the Owner reasonably estimates and represents to the
Governmental Unit that the Added Value comprising permanent improvements upon completion of the
Construction Phase shall be:
$ 3,000,000.00 ("Estimated Added Value").
In the event the Added Value of permanent Improvements, as determined by the Nueces County
Appraisal District, upon completion of the Construction Phase shall at any time thereafter during the term
of this Agreement be less than Estimated Added Value to the extent that the percentage of Abatement
shall be less than the percentage applied during the Construction Phase, the amount of Abatement shall be
immediately adjusted and any taxes previously abated shall be subject to recapture as provided in Part
VIII herein.
In the event that upon completion of the Construction Phase the Added Value of permanent
Improvements, as determined by said Appraisal District, shall at any time thereafter during the period of
Abatement be less than eight-five percent {85%) of the Estimated Added Value, not due to circumstances
beyond the control of Owner, the Owner agrees to pay, as additional taxes hereunder, an amount equal to
the then current tax rate of the Governmental Unit applied to the difference between the Added Value
from eighty-five percent {85%) of the Estimated Added Value, multiplied by 100% minus the net
percentage of Abatement provided under this Agreement. For the purposes of this provision, the teen
"circumstances beyond the control of Owner" shall include casualty losses, national economic factors,
shutdowns due to governmental regulations, strikes, acts of war, and the like. The formula for calculating
such additional tax is outlined as follows:
[Tax Rate] x [{85% of Est. Added Value - Actua! AV} x (100% -Abatement%)] =Additional Tax
V11. CONTEMPLATED IMPROVEMENTS
Owner represents that it will develop a facility at the cost, for the purpose, and in the manner as set
forth in the Froject Description attached as Exhibit "A". During the Construction Phase, the Owner may
make such change orders to the project as are reasonably necessary, provided that no such change order
c~
may be made which will change the qualification of the project as a "Facility" under the Guidelines for
Granting Tax Abatement approved by the Governmental Unit. All improvements shall be completed in
accordance with all applicable laws, ordinances, rules or regulations. During the term of this Agreement,
use of the Property shall be limited to operation of the Facility described in the Project Description
consistent with the general purpose of encouraging development or redevelopment of the zone during the
period of this Agreement.
The project is not expected to solely or primarily have the effect of transferring employment from
one part of Nueces County to another.
VIII. EVENTS OF DEFAULT AND RECAPTURE
A. Failure to Commence O station Durin Term of A reement. In the event that the Facility is
not completed and does not begin operation by the January 1 following the completion of
construction, no abatement shall be given for that tax year, and the full amount of taxes
assessed against the property shall be due and payable for that tax year. In the event that the
Owner fails to begin operation by the next January 1, then the abatement Agreement shall
terminate and all abated taxes during the period of construction shall be recaptured and paid
within 60 days of such termination.
B. Discontinuance of O stations Durin Term of A reement. In the event the Facility is
completed and begins operation but subsequently discontinues operations on any January I
during the term of the Agreement after the completion of construction, for any reason except on
a temporary basis due to firs, explosion or other casualty or accident or natural disaster, the
Agreement may be terminated by the Governmental Unit, and all taxes previously abated by
virtue of the Agreement shall be recaptured and paid within 60 days of such termination.
C. Delin uent Taxes. In the event that the Owner allows its ad valorem taxes to become
delinquent and fails to timely and properly follow the legal procedures for their protest and/or
contest, this Agreement shall terminate and so shall the abatement of the taxes for the calendar
year of the delinquency. The total taxes assessed without abatement for that calendar year shall
be paid within 60 days from the date of termination. Penalty and interest shall not begin to
accrue on the additional amount of taxes due as the result of recapture under this provision until
the first day of the month following such sixty {60) day notice, at which time penalty and
interest shall accrue in accord with the laws of the State of Texas. Penalty and interest on the
amount of taxes originally levied based upon the Abatement shall, of course, begin to accrue as
of the date such taxes were due in accord with the laws of the State of Texas.
D. Notice of Default. Should the Governmental Unit determine that the Owner is in default
according to the terms and conditions of this Agreement, it shall notify the Owner that if such
default is not cured within sixty (60) days from the date of such notice ("Cure Period"), then
this Agreement may be terminated. In the event the Owner fails to cure said default during the
Cure Period, this Agreement may be terminated and the taxes abated by virtue of the
Agreement will be recaptured and paid as provided herein.
E. Actual Added Value. Should the Nueces County Appraisal District determine that the total
level of Added Value during any year of the term of this Agreement after completion of the
Construction Phase is lower than the Estimated Added Value such that a lower percentage of
Abatement is applicable, for each year during which an Abatement has been granted the
difference between the tax abated and the tax which should have been abated based upon the
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actual Added Value shall be determined by the Governmental Unit and paid within 60 days of
notification to the Owner of such determination. Penalty and interest shall not begin to accrue
upon such sum until the first day of the month following such sixty (60) day notice, at which
time penalty and interest shall accrue in accord with the laws of the State of Texas.
F. Reduction in Rollback Tax 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 but is not treated
as "new property value" (as defined in Section 26.012 (17) of the Texas Tax Code} for the
purpose of establishing the "effective maintenance rate" in calculating the "rollback tax rate" in
accord with Section 26A4 (c) (2) of the Texas Tax Code and if the Governmental Unit's budget
calculations indicate that a tax rate in excess of the "rollback tax rate" is required to fund the
operations of the Governmental Unit for the succeeding year, then the Governmental Unit shall
recapture from the Owner a tax in an amount equal to the lesser of the following:
(1) The amount of the taxes abated for that year by the Governmental Unit with respect to the
Property.
{2) The amount obtained by subtracting the rollback tax rate computed without the abated
property value being treated as new property value from the rollback tax rate computed
with the abated property value being treated as new property value and multiplying the
difference by the kotal assessed value of the Governmental Unit.
If the Governmental Unit has granted an abatement of taxes to more than one taxpayer, then the
amount of the recapture calculated in accord with subparagraph (2) above shall be prorated on
the basis of the value of the abatement with respect to each taxpayer.
This event shall not constitute a "default" under this Agreement, and the sixty (6D} day Cure
Period provided above shall not apply. Such recaptured taxes must be paid within thirty (30}
days after notice thereof has been given to the Owner. Penalty and interest shall not begin to
accrue upon such sum until the first day of the month following such thirty (30} day notice, at
which time penalty and interest shall accrue in accord with the laws of the State of Texas.
G. Continuation of Tax Lien. The amount of tax abated each year under the terms of this
Agreement shall be secured by a first and prior tax Tien which shall continue in existence from
year to year until such time as this Agreement between the Governmental Unit and Owner is
fully performed by Owner, or until all taxes, whether assessed or recaptured, are paid in full.
In the event of any default by Owner, the governing body of the Governmental Unit reserves the
right to terminate or modify this Agreement. Owner shall be afforded written notice of such default and
the opportunity to cure as provided above. If Owner believes such action was improper, Owner may file
an appeal in Nueces County district court within sixty {60) days after written notice of the action by the
Governmental Unit. Owner shall remit to the Governmental Unit, within such 60-day period, any
additional or recaptured taxes levied pursuant to the payment provisions of Texas Tax Code § 42.08. If
the final determination of the appeal increases Owner's tax liability above the amount paid, Owner shall
remit the additional tax pursuant to Tax Code § 42.42. [f the final determination of the appeal decreases
Owner's tax liability, the Governmental Unit shall refund the Owner the difference between the amount of
tax paid and the amount of tax for which Owner is liable pursuant to Tax Code § 42.43.
IX. ADMINISTRATION
Inspections. The Owner shall allow 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 determine
compliance with the terms and conditions of this Agreement. All inspections will be made only after the
giving of twenty-four (24) hours prior notice and will only be conducted in such manner as to not
unreasonably interfere with the construction and/or operation of the Facility. Al] inspections will be
made with one or more representatives of the Owner and in accordance with Owner's safety standards.
Appraisals. The Chief Appraiser of the Nueces County Appraisal District shall annually determine
(i) the taxable value of the real and personal property comprising the Property taking into consideration
the Abatement provided by this Agreement, and (ii) the full taxable value without Abatement of the real
and personal property comprising the Property. The Chief Appraiser shall record both the abated taxable
value and the full taxable value in the appraisal records. The full taxable value fgure 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 terminated in a manner that results in recapture. Each year the
Owner shall furnish the Chief Appraiser with such information outlined in Chapter 22, Texas Tax Code,
as amended, as may be necessary for the administration of the Agreement specified herein.
Annual Reports. Owner shall certify to the governing body of the Governmental Unit on or before
April 1 each year that the Owner is in compliance with each applicable term of this Agreement.
Additionally, during the initial 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 1 attached hereto 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 annual report shall be accompanied
by an audit letter prepared by an independent accounting firm which has reviewed the report.
"Buy Local" Provision. The Owner additionally agrees to give preference and priority to local
manufacturers, suppliers, contractors and labor, except where not reasonably possible to do so 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 included in the
annual report. The Owner further acknowledges that it is a legal and moral obligation of persons
receiving property tax abatements to favor local manufacturers, suppliers, contractors and labor, al] other
factors being equal. For the purposes of this provision, the term "local" as used to describe
manufacturers, suppliers, contractors and labor shall include firms, businesses, and persons who reside in
or maintain an office in either Nueces County or San Patricio County, In the event of a breach of the buy-
local provision, the percentage of abatement shall be proportionately reduced equal to the amount the
disqualified contract bears to the total construction cost for the project.
X. ASSIGNMENT
The Owner may assign this Agreement to any one or more corporation(s), 50% or more of the
outstanding voting securities of which are owned, directly or indirectly, by one of the Owners, or any
partnership(s) or limited 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 the Facility with the
prior written consent of the Governmental Unit, which consent shall not be unreasonably withheld. Any
assignment shall provide that the assignee shall irrevocably and unconditionally assume all the duties and
obligations of the assignor and become the Owner upon the same terms and conditions as set out in this
Agreement. In the event more than one entity is Owner hereunder, the obligations of said entities shall be
joint and several. Any assignment of this Agreement shall be to an entity that will provide substantially
the same improvements to the Property, except to the extent such improvements have been completed.
No assignment shall be approved if the Owner or any assignee are indebted to the Governmental Unit for
ad valorem taxes or other obligations.
XI. NOTICES
Any notice required to be given under the provisions of this Agreement shall be in writing and shall
be duly 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 Service, addressed to the
Governmental Unit or Owner at the following addresses. If mailed, any notice or communication shall be
deemed to be received three days after the date of deposit in the United States Mail. Unless otherwise
provided in this Agreement, all notices shall be delivered to the following addresses:
To the Governmental Unit: CITY OF CORPUS CHRISTI, TEXAS
] 201 Leopard Street
P. O. Box 9277
Corpus Christi, Texas 78469
Attn: City Manager
To the Owner: NUECES LOFT APARTMENTS, LP
13411 FM 1560 N
Helotes, Texas 78023
Either party may designate a different address by giving the other party ten days' written notice.
This Agreement has been executed by the parties in multiple originals or counterparts, each having
full force and effect.
Executed this ~ I d y of ~I'Ul1 , 2008.
ATTEST:
By:
Armando Chapa, City Secret
AAPROVED AS TO FORM:
Mary Kay Fischer, City Attorney
This ~ day of F q , 2008.
BY~ 1
Assi tan ity Attorney
GOVERNMENTAL UNIT:
CITY OT CORPUS CHRISTI, TEXAS
By:
Ge rge Noe, City Manager
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F:15929 Hooverl4 AbatelAgmt-Nueces Lofts-CC.doc 8
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OWNER:
NUECES LOFT APARTMENTS, LP
By: Nueces Loft Manager, LLC
Its General Partner
By:~" V
William L. Hoover, Manager
EXHIBIT A
Project Description
The Nueces Building is an existing building located at 317 Peoples Street, Corpus Christi, Texas
78401. The SO-year old building contains approximately 60,000 square feet of gross building
area in a ten-story structure.
The adaptive reuse for the Nueces Building calls for amixed-use development. The ground floor
will have office and commercial space, and residential rental housing units will occupy the upper
floors. There will be a total of sixty-six rental units including lofts, one- and two-bedroom units.
The ground floor will have the onsite management office and 4,669 square feet of commercial
lease space. The building's mechanical, electrical and plumbing will be renovated to meet all
code requirements for residential use. Each apartment unit will have a separate heating, venting
and air conditioning system. Interior finish of the apartment units will be a "loft type" design
with sealed concrete floors, exposed mechanical and plumbing lines inside the ten foot ceiling
height. All units will have a complete kitchen package including a refrigerator, dishwasher,
range, oven, and microwave oven. All units will have washer dryer connections. The building
will have a community laundry facility and tenant storage lockers. Covered parking will be
located across the street from the building in a controlled access lot. The cost of the construction
totals $6,600,000.
The project also includes two parking lots on Chaparral Street.
Parcel ]
EXHIBIT B
DarcNptton of a ~1iE acre portion, more or less, belrp ail of lot Serer (7)- and a
Portion of lrst Eiplrt (q}. efodc f=our (4j, BFa-CN PORTION. City of Corpus Christi, Mueces
C+srtrtbl-, Tezas,~oordNg to neap ar plat tlrer~eof reooMed b Volume A, Rapes 2-3, of ttse
Map Records of Nueces County, Texas, a being further described by metes and bounds
as inflows:
Beginning at a drill hole found In ton[rete walk in the South right of way line of Peoples
Street far the Northeast corner of titre trail herein described and common Northeast
comer of said lot 7 and Lot 6, said Block 4, [;each Portion;
Thence South abnq the common boundary line between said tats 6 and 7, at a b0.00
feet pass the common corner of said Lots 6 and 7 and Lots 5 and 8, said 8bck;, Beach
Portion, and along the common boundary line between said Lots 5 and 8, In ail a
distance of 53.70 feet to a b/B inch iron red set for the common Southeast carrier of the
tract herein described and Northeast comer of a 40' X 133' tract of land deswitred by
.deed recorded at Volume 173!1, Page 148, Deed Records of Nueoes County, Texas, said
Southeast corner of fire trail herein described beans North 47.85' from a 5J81nch iron
rod found in the West boundary line of Lot 4, said Block;- at the West end of the
Boundary Line Agreement deseNbsd in sold deed recited above, and shown by plat
recorded in Volume 7, Pape i97, Miscellaneous Map Records oT Nueces County, Texas;
Thence South 89 degrees 32 minutes 00 seconds West along a line x.70' South of and _
parallel to the common boundary line between said Low 7 and 8, being alariq t~e'North
boundary fine of said 40' X 135' tract of land described indeed reaordtd itn Volurneci73g,
Page 198, at 9.90' pass the Northeast corner of a building locates) ati said 1:ot fl°ad~Ioent+~
to and South of the buildlrtQ on the tract herein desatbed- and continuing along the
Nortls face of Sall adjacent building to the South, at 30.00' pass a 5outheasterty corner
of said buildirlq on the tract herein described and continuing along the common South
face of building on tract herein described and North face of building to South, [n all a
dlstanee of ;35.00' #a a point #or con-mon Southwest corner of the tract herein
described and Northwest corner of said 40' X 13S' tract described by deed recorded in
Volumt 1739, Page 19B, said Southwest corner of the tract herein described being the
common Southwest corner of building on the tract herein described and Northwest
cooler of said adf aoetlt buitdinq ors tract to South and being In the present and East right
of way line of Chaparral 5tree~
Thence North along the present East right of way line of Chaparral Street, tsefnq a line
15.00' East of and parallel to the original Ead right of way line of Chaparral Street and
being along the West face of said biriiding on tine tract herein desdibed, at 3.70' pass
the common present Southwest corner of Lot 7 and Northwest corner of Lot 8, In all a
distancx of 53,70' to a building corner found for the 1Vorthwest wrner of the tract herein
described at the point of intersection of the South right of way Ilse of PeapTes Street and
said prase»t East right of way line of Chaparral Street;
Thence along the common South Hght of way Ilne of Peoples Street and North boundary
Ilse of said Lot 7, being alo»g [fie face of said building on the tract her$In described,
North 89 degrees 32 minutes 00 seconds East 135.00 feet to the Point of Beginning.
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Parcel 2:
Lot Three (3) and the South 0.22 feet of Lot Four (4), Block Ten (10}, Beach Portion of Corpus
Christi, Nueces County, Texas, an addition in the City of Corpus Christi, Texas as shown by map
or plat thereof recorded in Volume A, Page 3, Map Records of Nueces County, Texas, more
fully described by metes and bounds as follows:
BEGINNING at the Northeast corner of Lot 2, for the Southeast corner of this tract, from which
corner the North edge of the former Gugenheim & Cahn building foundation bears North, 0.42
feet;
THENCE, South 89 deg., 32' West, along the common boundary of Lots 2 and 3, said Block 10,
at 100.00 feet the North edge of said Gugenheim & Cohn building foundation bears North, 0.57
feet, in all a distance of 150.00 feet to the Southwest corner of said Lot 3 for the Southwest
corner of this tract;
THENCE, North along the West boundary of said Lot 3, at 26.65 pass the Western Terminus of
the agreed division line between the North and South portions of said Lot 3, at 26.87 pass a 1"
Iron pipe found on line, at 47.80 pass a 314th iron pipe found on line, at 50.0 feet pass the
common rear corner of Lots 3 and 4, said Block 10, in all a distance of 50.22 feet to a 3/4" iron
pipe found for the Northwest corner of this tract;
THENCE, North 89 deg. 32' East, parallel to the common boundary of said lots 3 and 4, 150.0' to
the East boundary of said Lot 4 for the Northeast corner of this tract, from which corner a drilled
hole found in a concrete walk bears North 89 deg. 32' 00" East 1.0 feet;
THENCE, South along the East boundary of said Lot 4, at 0.22 feet pass the common corner of
said Lots 4 and 3, at 23.80 feet pass the Eastern Terminus of the aforementioned agreed division
line between the North and South portions of said Lot 3, in all a distance of 50.22 feet to the
POINT Oh' BEGINNING, CONTAINING 7,533 square feet of land.
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Parcel 3:
Fieldnotes for the East 100.00 feet of Lot 2 and a portion of the East 100 feet of Lot 1, Block 10,
Beach Portion of Corpus Christi, Nueces County, Texas an addition in the City of Corpus
Christi, Texas as shown by map or plat thereof recorded in Volume A, Aage 3, Map Records of
Nueces County, Texas, more fully described by metes and bounds as follows:
BEGINNING at the Northeast corner of said Lot 2, for the Northeast corner of this tract from
which corner the intersection of the North edge of the former Gugenheim & Cohn building
foundation with the East boundary of Lot 3, Block 10, bears North 0.42 feet;
THENCE, South along the East boundary of said Lot 2, at 50.0 feet pass the common front
corner of said Lots 2 and i , in all a distance of 63.45 feet to the North exterior wall of the
building originally owned by the City National Bank of Corpus Christi, for the Southeast corner
of this tract, from which corner a drilled hole found in a concrete walk bears East 1.0 feet;
THENCE, West along said North wall 78.58 feet to the Southeast corner of a boiler room for an
interior corner of this tract;
THENCE, North along the East exterior wall of said boiler room 2.50 to its Northeast corner;
THENCE, West along the North exterior wall of maid boiler room 4.02 feet to its Northwest
corner;
THENCE, South along the West wall of said boiler room 2.50 feet to the North exterior vail of
said bank building for an interior corner of this tract;
THENCE, West along the North exterior wall of said bank building 17.40 feet for the Southwest
corner of this tract;
THENCE, North at 0.10' pass a 3/4" iron pipe found on line, at 9.10 feet pass a 314" iron rod
found on line, at 60.41 feet pass a 518" iron rod on line in all a distance of 62.64 feet to the North
boundary of Lot 2 for the Northwest corner of this tract from which corner the aforementioned
North edge of the Gugenheim & Cohn Building foundation bears North 0.57 feet;
THENCE, North 89 deg. 32' East, along the North boundary of said Lot 2, 100.00 feet to the
POINT OF BEGINNING, CONTAINING 6,295.0 square feet of land.
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SCHEDULEI
"Buy Local" Annual Reports
The following information shall be reported to the Governmenkal Unit on a calendar-year basis
during the frst four years of the tax abatement program:
1. Dollar amount spent for materials* {local).
2. Dollar amount spent for materials* (total).
3. Dollar amount spent for labor** (local).
4. Dollar amount spent for labor** (total).
5. Number of jobs creaked in the construction project {local).
6. Number of jobs created in the construction project {total).
7. Number of jobs created on a permanent basis (local).
$. Number of jobs created on a permanent basis (total}.
* "Materials" is defined to include all materials used in excavation, site improvement, demolition,
concrete, structural steel, fire proofing, piping, electrical, instruments, paintings and scaffolding,
insulation, 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 include all labor in connection with the excavation, site improvement,
demolition, concrete construction, structural steel, fire proofing, equipment placement, piping, electrical,
instruments, painting and scaffolding, insulation, construction services, craft benefits, payroll burdens,
and related labor expenses. This term does not include engineering services in connection with the
project design.
The term "local" as used to describe manufacturers, suppliers, contractors and labor shall include firms,
businesses, and persons who reside in or maintain an office in either Nueces County or San Patricio
County.
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