HomeMy WebLinkAboutC2012-367 - 10/9/2012 - ApprovedThis Tax Abatement Agreement ("Agreement") is made and entered into by and
between the City of Corpus Christi, Texas ("City") and Cosmopolitan Corpus, LTD, a
Texas limited partnership ("Owner"), the owner of taxable property in the City of Corpus
Christi, Texas, located on 401 North Chaparral Street, Corpus Christi, Nueces County,
Texas ("Property").
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This Agreement is authorized by the Texas Property Redevelopment and Tax
Abatement Act, - Texas Tax Code, Chapter 312, as amended ("Act"), and is subject
the laws of the State of Texas and the charter, ordinances, and orders of the City.
A. As used in this Agreement, the following terms have the following meanings:
1. "Abatement" means the temporary or partial exemption from ad valorem taxes
of certain added value to real and personal property in a zone designated for
economic development purposes under the Act
2. "Added Value" means the increase in the assessed value of the Eligible
Property as a result of "expansion" or "modem izatio n" of an existing facility or
construction of a "new facility." It does not mean or include "deferred
maintenance,"
3. "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.
4. "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.
(a) 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).
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Ord. 029647
Cosmopolitan Corpus Ltd.
(2) When commercial production of a product or provision of a
service is achieved at the facility.
(3) When the architect or engineer supervising construction issues
a certificate of substantial completion, or some similar instrument.
(4) Two (2) years after the date of this Agreement.
(b) The determination of the end of the Construction Phase is made by the
City, in its sole and absolute discretion, based upon the above criteria and
the other factors as the City may deem relevant.
(c) The determination of the end of the Construction Phase by the City is
conclusive, and any judicial review of the determination is governed by the
substantial evidence rule.
5. "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 under this Agreement. A list of the
Eligible Property is set forth in the Project Description, which is attached to this
Agreement as Exhibit A and made a part of this Agreement. During the
Construction Phase of the Eligible Property, the Owner may make the change
orders to the Eligible Property as are reasonably necessary to accomplish its
intended use, provided that no 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 City.
6. "Facility" means a Basic Manufacturing or Service Facility, Regional
Distribution Center Facility, Regional Telecommunications/Data Processing
Center Facility, Regional Visitor Amusement Facility, Central Business District
(CBD) Residential Facility, Renewal Community Facility, or Petrochemical
Facility approved by the City as set forth in the Guidelines and Criteria for
Granting Tax Abatement adopted by the City.
7. "Improvements" means the buildings, portions of buildings, and other
improvements, including fixed machinery and equipment, used for commercial or
industrial purposes on the Property.
8. "Ineligible Property" 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); 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
Cosmopolitan Tax Abatement Agreement 06 18 12
directed by a political subdivision of the State of Texas; unless any of the above
types of property are specifically authorized by the City.
9. The Guidelines and Criteria for Granting Tax Abatement adopted by the City
are incorporated as a part of this Agreement. Except as the guidelines and
criteria are specifically modified by this Agreement, all definitions in the
guidelines and criteria are applicable to this Agreement.
A. The Property is an area within the City of Corpus Christi, Texas, located in whole or
in part within the jurisdiction of the City, and is more fully described in Exhibit B, which is
attached to this Agreement and made a part of this Agreement. The Property is located
within a zone for tax abatement established under Chapter 312 of the Texas Tax Code,
as amended, by the City of Corpus Christi, Texas.
B. 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. 0540-0012-0010 (R191705)
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C. The City 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: $732,646
D. Addition of the above amount to the valuation of the Improvements as of the
January I valuation date prior to the date of execution of this Agreement results in a
Base Year Value as follows:
Base Year Value $882,006
A. The City agrees to abate the ad valorem taxes on the Eligible Property under this
Article and Articles V and VI of this Agreement. The Abatement is effective with the
January 1 valuation date immediately following the date of execution of this Agreement.
The Abatement continues for up to two (2) years during the period of the Construction
Phase and for the next six (6) full tax years after the Construction Phase, expiring as of
December 31 of the 2020 tax year. If the period of the Construction Phase exceeds two
(2) years, the Facility is considered completed for purposes of Abatement, and in no
case may the period of Abatement, inclusive of construction and completion exceed
eight (8) tax years. The years of Abatement provided in this Agreement in each
instance coincide with the tax year commencing on January I and expiring on
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Cosmopolitan Tax Abatement Agreement 06 18 12
December 31, and in no event may the Abatement extend beyond December 31 of the
2020 tax year. This Abatement also covers as Eligible Property those supplemental
improvements to the Eligible Property that are added or constructed during the post-
construction two (2) year period of Abatement. In no event, however, may the total
Abatement period for the Eligible Property exceed the maximum six (6) year Abatement
period for the entire project as specified in this Agreement.
B. The term of this Agreement continues for a period of five (5) years following
expiration of the abatement period. All terms and conditions imposed upon the Owner
continue in effect during the period, and the Owner is obligated specifically to continue
the minimum employment levels specified in this Agreement. Any default is subject to
the provisions of Article Vill of this Agreement.
During the period that the Abatement is effective, taxes are payable as follows:
1. The value of the land comprising the Property is fully taxable.
2. The Base Year Value of existing Improvements comprising the Property is
fully taxable.
3. The value of Ineligible Property is fully taxable.
4. The Added Value of Eligible Property is abated under Article VI of this
Agreement.
A. The Abatement provided by this Agreement is based upon a mixed use facility
located in the Downtown catalyst area, Owner represents and warrants that this project
will add seventeen (17) additional permanent or full-time operating or contract employee
and will maintain the same level of employment for the term of the abatement
agreement, the percentage of tax abated is under the following schedule:
Percentage of Abatement
Construction Period
100%
(not to exceed 2 years)
Year 1
100%
Year 2
100%
Year 3
100%
Year 4
L..
75%
Cosmopolitan Tax Abatement Agreement 06 18 12
Year 5
50%
Year 6
25%
B. In order to be counted as a permanent job under this Agreement, the job must be a
full-time position providing regular work schedules at least 35 hours per week. For
compliance purposes, the determination date is January 1 of each year commencing
with the January 1 following the date of completion of construction. The percentage of
abatement provided each year under this Agreement is based upon the employment
information as of January 1 of the year. As a result, the actual amount of abatement
may vary from year to year based upon employment levels and property valuations.
C. At the time of execution of this Agreement, the Owner reasonably estimates and
represents to the City that the Added Value comprising permanent Improvements upon
completion of the Construction Phase is:
$14,000,000 ("Estimated Added Value"), of which $14,000,000 is eligible for tax
abatement.
D. In the event that upon completion of the Construction Phase, the Added Value of
permanent Improvements, as determined by the Appraisal District, is at any time during
the period of Abatement 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 under this Agreement, an amount equal to the then current tax rate
of the City 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 term
"circumstances beyond the control of Owner "' includes casualty losses, national
economic factors, shutdowns due to govemmental regulations, strikes, acts of war, and
the like.
E. The formula for calculating the additional tax is outlined as follows:
(Tax Rate] x [(85% of Est. Added Value - Actual AV) x (100% - Abatement %)]
Additional Tax.
A. The contemplated improvements are set forth in the Project Description attached as
Exhibit "A." During the Construction Phase, the Owner may make the change orders to
the project that are reasonably necessary, provided that no change order may be made
that will change the qualification of the project as a "Facility" under the Guidelines and
Criteria for Granting Tax Abatement approved by the City. All improvements must be
completed under all applicable laws, ordinances, rules or regulations. During the term
of this Agreement, use of the Property is limited to operation of the Facility described in
Cosmopolitan Tax Abatement Agreement 06 18 12
the Project Description consistent with the general purpose of encouraging development
or redevelopment of the zone during the period of this Agreement.
B. Owner represents and warrants that this project will add seventeen (17) additional
permanent or full-time operating or contract employee and will maintain the same level
of employment for the term of the abatement agreement. Also, Owner represents and
warrants the project is not expected to solely or primarily have the effect of transferring
employment from one part of Nueces County to another.
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A. Failure to Commence Operation During Term of Agreement. In the event that the
Facility is not completed and does not begin operation with the minimum number of
eight (8) permanent jobs by the January 1 following the completion of construction, no
abatement is Civen for that tax year, and the full amount of taxes assessed against the
property is due and payable for that tax year. In the event that the Owner fails to begin
operation with the minimum number of seventeen (17) permanent jobs by the next
January 1, then this Abatement Agreement terminates and all abated taxes during the
period of construction are recaptured and must be paid within 60 days of the
termination.
B. Discontinuance of Operations During Term of Abatement. In the event the Facility is
completed and begins operation with the required minimum number of permanent jobs,
but subsequently discontinues operations or the minimum number of permanent jobs is
not maintained on any January 1 during the term of the Agreement after the completion
of construction, for any reason except on a temporary basis due to fire, explosion, or
other casualty, accident, or natural disaster, the Agreement may be terminated by the
City, and all taxes previously abated by virtue of this Agreement are recaptured and
must paid within 60 days of the termination_
C. Delinquent Taxes. In the event that the Owner allows its ad valorem taxes to
become delinquent or fails to timely and properly follow the legal procedures for their
protest or contest, this Agreement terminates and the abatement of the taxes for the
calendar year of the delinquency also terminates. The total taxes assessed without
abatement for that calendar year must be paid within sixty (60) days from the date of
termination. Penalty and interest do 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 the sixty (60) day notice, at which time penalty and interest accrues under the
laws of the State of Texas. Penalty and interest on the amount of taxes originally levied
based upon the Abatement begin to accrue as of the date the taxes were due under the
laws of the State of Texas.
D. Notice of Default. Should the City determine that the Owner is in default under the
terms and conditions of this Agreement, City must notify the Owner that if the default is
not cured within sixty (60) days from the date of the notice ("Cure Period"), then this
Agreement may be terminated. In the event the Owner fails to cure the default during
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Cosmopolitan Tax Abatement Agreement 06 16 12
the Cure Period, this Agreement may be terminated and the taxes abated by virtue of
the Agreement will be recaptured and must be paid as provided in this Agreement.
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 then 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 that
should have been abated based upon the actual Added Value as determined by the City
and must paid within 60 days of notification to the Owner of the determination. Penalty
and interest does not begin to accrue upon the sum until the first day of the month
following the sixty (60) day notice, at which time penalty and interest accrues under the
laws of the State of Texas.
F. Reduction in Rollback Tax Rate.
1. If during any year of the period of Abatement any portion of the abated value
is added to the current total value of the City, 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" under Section 26.04 (c) (2) of the Texas Tax Code and if the City's budget
calculations indicate that a tax rate in excess of the "rollback tax rate" is required
to fund the operations of the City for the succeeding year, then the City
recaptures from the Owner a tax in an amount equal to the lesser of the
following:
(a) The amount of the taxes abated for that year by the City with respect to
the Property.
(b) 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 total
assessed value of the City.
2. If the City has granted an abatement of taxes to more than one taxpayer, then
the amount of the recapture calculated under subparagraph (b) above is prorated
on the basis of the value of the abatement with respect to each taxpayer.
3. This event does not constitute a "default" under this Agreement, and the sixty
(60) day Cure Period provided above does not apply. The recaptured taxes must
be paid within thirty (30) days after notice of the rollback in tax rate has been
given to the Owner. Penalty and interest do not begin to accrue upon the sum
until the first day of the month following the thirty (30) day notice, at which time
penalty and interest accrue under the laws of the State of Texas.
Cosmopolitan Tax Abatement Agreement 06 18 12
G. Continuation of Tax Lien.
1. The amount of tax abated each year under the terms of this Agreement is
secured by a first and prior tax lien, which continue in existence from year to year
until the time as this Agreement between the City and Owner is fully performed
by Owner, or until all taxes, whether assessed or recaptured, are paid in full.
H. City Council Reserves Right to Terminate of Modify Agreement. In the event of any
default by Owner, the City Council reserves the right to terminate or modify this
Agreement.
I. Owner's right to appeal.
1. Owner must be afforded written notice of the default and the opportunity to
cure as provided above.
2. If Owner believes the 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 City.
3. Owner shall remit to the City, within the 60-day period, any additional or
recaptured taxes levied under the payment provisions of Texas Tax Code §
42.08.
4. If the final determination of the appeal increases Owners tax liability above
the amount paid, Owner shall remit the additional tax under Tax Code § 42.42.
5. If the final determination of the appeal decreases Owner's tax liability, the City
will refund the Owner the difference between the amount of tax paid and the
amount of tax for which Owner is liable under Tax Code § 42.43.
A. Inspections. The Owner shall allow employees and/or representatives of the City 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 conducted
in the manner as to not unreasonably interfere with the construction or operation of the
Facility. All inspections must be made with one or more representatives of the Owner
and under Owner's safety standards.
B. Appraisals.
1. The Chief Appraiser of the Nueces County Appraisal District annually
determines.
Cosmopolitan Tax Abatement Agreement 86 18 12
(a) The taxable value of the real and personal property comprising the
Property taking into consideration the Abatement provided by this
Agreement.
(b) The full taxable value without Abatement of the real and personal
property comprising the Property.
2. The Chief Appraiser records both the abated taxable value and the full taxable
value in the appraisal records.
3. The full taxable value figure listed in the appraisal records is 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.
4. Each year the Owner shall furnish the Chief Appraiser with the information
outlined in Chapter 22, Texas Tax Code, as amended, as may be necessary for
the administration of the Agreement specified in this Agreement.
C. Annual Reports.
1. Owner shall certify to the governing body of the City on or before April 1 each
year that the Owner is in compliance with each applicable term of this
Agreement.
2. Additionally, during the initial four years of the term of property tax abatement,
Owner shall provide to the City an annual report covering those items listed on
Schedule I attached to this Agreement in order to document the efforts of the
Owner to acquire goods and services on a local basis.
3. The annual report is prepared on a calendar year basis and is submitted to
the City no later than ninety (90) days following the end of each the calendar
year.
4. Owner will provide a copy of the Application for Tax Abatement Exemption
(available on the State of Texas Comptrollers website) to the City_
D. Utilization of Local Contractors and Suppliers. Developer agrees to exercise
reasonable efforts in utilizing local contractors and suppliers in the construction of the
Project, except where not reasonably possible to do so without added expense,
substantial inconvenience, or sacrifice in operating efficiency in the normal course of
business, with a goal of 50% of the total dollar amount of all construction contracts and
supply agreements for elements that are not owner-provided or owner affiliate-provided
being paid to local contractors and suppliers. For the purposes of this section, the term
"local" as used to describe manufacturers, suppliers, contractors, and labor includes
firms, businesses, and persons who reside in or maintain an office within a 50 mile
radius of Nueces County. The Developer agrees, during the construction of the Project
and for four years after Completion, to maintain written records documenting the efforts
Cosmopolitan Tax Abatement Agreement 06 18 12
of the Developer to comply with the Local Requirement, and to provide an annual report
to the City Manager or designee, from which the City Manager or designee shall
determine if Developer is in compliance with this requirement. Failure to substantially
comply with this requirement, in the sole determination of the City Manager or designee,
shall be a default hereunder.
E. Utilization of Disadvantaged Business Enterprises. Developer agrees to exercise
reasonable efforts in utilizing contractors and suppliers that are determined to be
disadvantaged business enterprises, including minority business enterprises women-
owned business enterprises and historically-underutilized business enterprises, in the
construction of elements of the Project that are not owner-provided or owner affiliate-
provided. In order to qualify as a business enterprise under this provision, the firm must
be certified by the City, the Regional Transportation Authority or another governmental
entity in the jurisdiction of the home office of the business as complying with state or
federal standards for qualification as such an enterprise. The Developer agrees to a
goal of 30% of the total dollar of all construction _,antracts and supply
agreements, for elements of the Project that are not owner-provided or owner affiliate-
provided, being paid to disadvantaged business enterprises, with a priority made for
disadvantaged business enterprises which are local. The Developer agrees, during the
construction of the Project and for four years after Completion, to maintain written
records documenting the efforts of the Developer to comply with the DBE Requirement,
and to provide an annual report to the City Manager or designee, from which the City
Manager or designee shall determine if Developer is in compliance with this
requirement. Failure to substantially comply with this requirement, in the sole
determination of the City Manager or designee, shah- be a default hereunder. For the
purposes of this section, the term "local" as used to describe contractors and suppliers
that are determined to be disadvantaged business enterprises, including minority
business enterprises women-owned business enterprises and historically-underutilized
business enterprises includes firms, businesses, and persons who reside in or maintain
an office within a 50 mile radius of Nueces County.
F. Undocumented Workers. [Company] does not and agrees that it will not knowingly
employ an undocumented worker. If, after receiving payments under this Agreement,
[Company] is convicted of a violation under §U.S.C. Section 1324a(f , [Company] shall
repay the payments at the rate and according to the terms as specified by City
Ordinance, as amended, not later than the 120t day after the date [Company] has
been notified of the violation.
A. 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.
Cosmopolitan Tax Abatement Agreement 46 18 12
B. The Owner may assign this Agreement to any other new owner or lessee of the
Facility with the prior written consent of the City, which consent may not be
unreasonably withheld.
C. Any assignment must 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.
D. In the event more than one entity is Owner under this Agreement, the obligations of
the entities is joint and several.
E. Any assignment of this Agreement is to an entity that must provide substantially the
same improvements to the Property, except to the extent the improvements have been
completed.
F. No assignMI(3nt is approved if the Owner or any assignee is indebted to the Cif '
ad valorem taxes or other obligations.
A. Any notice required to be given under the provisions of this Agreement must be in
writing and is duly served when deposited, with the proper postage prepaid, and
registered or certified, return receipt requested, with the United States Postal Service,
addressed to the City or Owner at the addresses listed below.
B. If mailed, any notice or communication is deemed to be received three days after the
date of deposit in the United States Mail. Unless otherwise provided in this Agreement,
all notices are delivered to the following addresses:
To the City: CITY OF CORPUS CHRISTI
1201 Leopard Street
P. 0. Box 9277
Corpus Christi, Texas 78469
Attn: City Manager
To the Owner Cosmopolitan Corpus, Ltd
1101 South Capital of Texas Highway
Suite F200
Austin, Texas 78743
C. 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 day of 2012.
FW
CITY OF CORPUS CHRISTI, TEXAS
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Cosmopolitan Tax Abatement Agreement 06 18 12
By: . ....... ...... By:
Armando r p a
City Secretary
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STATE OF TEXAS §
COUNTY OF Vav i S §
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KNOW ALL BY THESE PRESENTS
This instrument was acknowledged before me on . w; 1 2012,
by Rick J. Deyoe, President, Cosmopolitan Corpus, Ltd,' a Texas domestic for profit
limited partnership, on behalf of the partnership.
Page 12 of 15
Cosmopolitan Tax Abatement Agreement 06 18 12
SCHEDULE1
"Buy Local" Annual Reports
The following information is reported to the City on a calendar-year basis during the first
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 created 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).
8. Number of jobs created on a permanent basis (total).
* "Materials" are 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 within a 50 mile radius of
Nueces County.
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Cosmopolitan Tax Abatement Agreement 06 18'12
Exhibit A
Project Plan
The Cosmopolitan of Corpus Christi, when completed will be comprised of 130
multifamily apartment units and +/ - 10,000 sq. ft. of retail space. The project will be marketed to
families and individuals that enjoy downtown living. The site is approximately 56,000 sq.ft.
(almost a complete city block) and is located alone Chaparral, Lawrence, and Mesquite streets.
The unit mix will consist of 60 one-bedroom/one bathroom units which range from 675
sf. to 925 sf. and 70 two-bedroom/two bathroom units which range from 1,025 sf to 1,270 sf.
The proposed rents for each unit type will range from $925 to $1,195 per month for a one
bedroom unit, and from $1,275 to $1,625 for a two bedroom unit. The apartment units are
planned to be constructed in a single multi-story building and will be wood frame type V
construction over a one story concrete podium which will house parking and the retail space.
Exterior walls will be comprised of brick and stucco. There will be a large clubhouse/leasing
facility alone with a resort-style swimming pool. Also included will be a media room with audio-
visual equipment, a fitness center, executive business center with free computer and internet
access and a kitchen for use by staff and residents. Restrooms and changing rooms for the
swimming pool and fitness center will also be located within the clubhouse. Other common
amenities include barbecue grilles w/ picnic tables, and well landscaped congregation areas.
Every apartment home will exceed the requirements for the Energy Star Rating which is not
limited to, but includes having energy efficient appliances including, a frost-free refrigerator with
icemakers, a self-cleaning oven, a microwave, a dishwasher, and a garbage disposal. All
apartment homes have carpet, faux-wood floor, granite countertops, W /D connections, walk-in
closets with built in shelving, and energy efficient ceiling fans in the living and bedroom areas.
There will be Gable, phone and internet connections in the living room and each bedroom. The
ceiling heights are currently designed for 9' ft ceilings. The tenants will be responsible for paying
their own electricity, water and sewer bills; however the use of energy efficient appliances and
emphasis on sustainable construction will greatly reduce their out of pocket expenses. Realtex
prides itself in creating communities that are environmentally, physically, economically, socially
sustainable, combined with exceptional design. We want to create progressive communities that
push the envelope for socially conscious design. From the inception of the project, Realtex
Development chooses a particular site for its unique features and prime location. Selecting a
site near major employment centers, household necessities and near major transit areas is a
vital aspect of site location. In the design stages of the development, Realtex initiates various
green features in each development.
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Cosmopolitan Tax Abatement Agreement Lichtenstein 09 11 2012
EXHIBIT B
Property Description
The Lichtenstein building located at 401 North Chaparral Street. The building consists of
113,580.0 square feet of main area. The restaurant, second floor, and open porch consists of
9,435 square feet. The property is Beach Lot 1A block 12
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Cosmopolitan Tax Abatement Agreement Lichtenstein 09 11 2012