HomeMy WebLinkAbout032183 ORD - 08/18/2020 Ordinance designating 258.9 acres within the jurisdiction of the City of
Corpus Christi as a Tax Increment Financing District to be known as
"Reinvestment Zone Number Five, City Of Corpus Christi, Texas"
pursuant to petition by owners of Crosstown Commons subdivision;
setting a maximum City financial participation of 75% over 20 years and
a maximum contribution of $9,000,000; and establishing a Board of
Directors for the Reinvestment Zone.
WHEREAS, the Texas Legislature has authorized cities to establish reinvestment
zones by its enactment of the Tax Increment Financing Act, Chapter 311, Texas Tax
Code ("Act");
WHEREAS, the owner of the Crosstown Commons subdivision has petitioned the
City of Corpus Christi ("City") to establish a reinvestment zone ("Zone"), as authorized by
section 311.005(a)(4) of the Act, within the area of the City as described in Exhibit "A,"
and depicted by map in Exhibit "B," which exhibits are attached to and incorporated into
this ordinance; and the City has determined that the petition complies with all
requirements of the Act;
WHEREAS, the City has prepared a preliminary reinvestment zone financing plan,
a true and correct copy of which is attached to and incorporated into this ordinance as
Exhibit"C," and has taken and shall take all other actions required under Section 311.003
of the Act;
WHEREAS, the preliminary reinvestment zone financing plan provides that the ad
valorem taxes of the City constituting its tax increment are to be deposited into the Tax
Increment Fund created by this ordinance, and that ad valorem taxes of any other taxing
units constituting their respective tax increments may also be utilized for the purposes
described in the preliminary financing plan;
WHEREAS, in compliance with the Act, the City called a public hearing to hear
public comment on the creation of the proposed zone and its benefits to the City and the
property in the proposed zone;
WHEREAS, in compliance with the Act, notice of the public hearing was published
in the Corpus Christi Caller-Times, a daily newspaper having general circulation in the
City, the publication date being not later than seven days prior to the date of the public
hearing;
WHEREAS, the hearing was convened at the time and place mentioned in the
published notice, to-wit, on August 11, 2020, at the Regular Meeting of the City Council
commencing at 11:30 a.m., at the City Hall of the City, which hearing was conducted, in
accordance with the Texas Open Meetings Act and emergency procedures related to the
COVID-19 pandemic that were approved by the Governor of the State of Texas, and then
closed;
032183 SCANNED
WHEREAS, the City, at the hearing, invited and permitted any interested person
to speak for or against the creation of the zone, its boundaries, and the concept of tax
increment financing;
WHEREAS, all owners of property located within the proposed zone were given a
reasonable opportunity to protest the inclusion of the property in the proposed zone;
WHEREAS, City Council considered all information provided to it relevant to the
merits of creating the zone, consistent with the criteria in Chapter 311; and
WHEREAS, all requirements of the Act have been met.
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF
CORPUS CHRISTI, TEXAS, THAT:
SECTION 1. FINDINGS. The City Council, after conducting the above-described public
hearing and having heard all evidence and testimony, makes the following findings and
determinations based on the evidence and testimony presented to it:
(a) That the facts and recitations contained in the preamble of this Ordinance
are hereby found and declared to be true and correct and are adopted as part of
this Ordinance for all purposes.
(b) That the Zone is a contiguous geographic area located wholly within the
corporate limits of the City.
(c) That the proposed zone meets the criteria and requirements of Texas Tax
Code §311.005 because the Zone is an area described in a petition requesting
that the area be designated as a reinvestment zone by the owners of property
constituting at least 50 percent of the appraised value of the property in the area
according to the most recent certified appraisal roll for the county in which the area
is located.
(d) That the total appraised value of taxable real property in the proposed
reinvestment zone and in existing reinvestment zones within the City according to
the most recent appraisal rolls for the City, does not exceed 25 percent of the
current total appraised value of taxable real property in the City and in the industrial
districts created by the City.
(e) That the improvements to be implemented in the proposed zone will
significantly enhance the value of all taxable real property in the proposed zone
and will be of general benefit to the City.
(f) The development or redevelopment of the property in the proposed zone
will not occur solely through private investment in the reasonably foreseeable
future.
SECTION 2. DESIGNATION AND NAME OF THE ZONE. The City Council designates
as a reinvestment zone the area described by the metes and bounds in Exhibit "A" and
depicted by map in Exhibit "B" to promote development and redevelopment of the area,
which development or redevelopment the City Council determines will not occur solely
through private investment in the reasonably foreseeable future. The reinvestment zone
shall be identified as Reinvestment Zone Number Five, City of Corpus Christi, Texas"
("Zone" or "Reinvestment Zone"). The Zone shall be informally referred to as TIRZ #5
(BoCo).
SECTION 3. BOARD OF DIRECTORS. That a Board of Directors for the Zone (the
"Board") is established, which consists of up to 9 members. The Board shall be appointed
as follows:
(a) Under Section 311.009(b), Tax Code, the respective governing bodies of
each taxing unit other than the City each may appoint one member of the Board if
the taxing unit has approved the payment of all or part of the tax increment
produced by the unit into the tax increment fund for the zone. Each governing
body may waive its right to appoint a director and is deemed to have waived the
right if it has not made the appointment within thirty days of receiving written notice
of its right to appoint.
(b) The member of the state senate in whose district the zone is located is a
member of the board, and the member of the state house of representatives in
whose district the zone is located is a member of the board, except that either may
designate another individual to serve in the member's place at the pleasure of the
member.
(c) The remaining members of the Board are appointed by the City Council of
the City. All members appointed by the Board must meet eligibility requirements,
as set forth in the Act.
(d) Terms of Board members, except for the members of the state senate and
state house of representatives, are two years. Officers must be appointed as
provided in the Act.
(e) The Board shall make recommendations to the City Council concerning the
administration of the Zone. The Board shall prepare and adopt a project plan and
reinvestment zone financing plan for the Zone and submit the plans to the City
Council for its approval under Section 311.011, Texas Tax Code. The Board shall
exercise other powers and responsibilities with respect to the Zone only to the
extent expressly granted by the City Council by ordinance or resolution.
SECTION 4. DURATION OF THE ZONE. The Zone shall take effect immediately upon
the passage of this Ordinance. Termination of the Zone occurs on December 31, 2040,
at an earlier or later time designated by subsequent ordinance of the City Council, at the
time as all project costs, and all tax increment bonds and interest on any bonds, have
been paid in full, or at the time that the total amount of increment collected from all
participating tax entities reaches the maximum increment collection of$17,000,000.
SECTION 5. TAX INCREMENT BASE. That the Tax Increment Base of the City or any
other taxing unit participating in the Zone is the total appraised value of all real property
taxable by the City or other taxing unit participating in the Zone and located in the Zone,
determined as of January 1, 2020, the year in which the Zone is designated as a
reinvestment zone(the"Tax Increment Base"), is shown in Exhibit"D", which is attached
to and incorporated into this ordinance.
SECTION 6. TAX INCREMENT FUND. There is created and established a Tax Increment
Fund for the Zone, which may be divided into the accounts and subaccounts, as deemed
necessary or convenient under generally accepted accounting principles for government,
into which all tax increments, less any amounts not required to be paid into the Tax
Increment Fund under the Act, are to be deposited. The Tax Increment Fund may be
utilized only for purposes permitted by the Act and managed under the Act.
SECTION 7. CITY'S PLEDGED INCREMENT. The City pledges to contribute to the Tax
Increment Fund 75% of the increment on all taxable real property in the Zone for the
duration of the Zone, except as provided in this Section. The pledged increment does not
include any tax collected in accordance with Article VIII, Section 1(c) of the City's City
Charter (commonly referred to as the 2+2+2 residential street tax). The pledged
increment also does not include any look-back taxes collected in accordance with Texas
Tax Code §23.55 related to the change of use of the open-space land. The City's total
contribution will not exceed $9,000,000.
SECTION 8. IMPLEMENT THE PROJECT PLAN. The City Council finds that the creation
of the Zone and the expenditure of moneys on deposit in the Tax Increment Fund, which
are necessary or convenient to the creation of the Zone or to the implementation of the
project plan for the Zone, constitute a program to promote local economic development
and to stimulate business and commercial activity in the City.
SECTION 9. SEVERABILITY. If for any reason any section, paragraph, subdivision,
clause, phrase, word or provision of this ordinance shall be held invalid or unconstitutional
by final judgment of a court of competent jurisdiction, it shall not affect any other section,
paragraph, subdivision, clause, phrase, word, or provision of this ordinance, for it is the
definite intent of this City Council that every section, paragraph, subdivision, clause,
phrase, word or provision of this ordinance be given full force and effect for its purpose.
SECTION 10. PUBLICATION. Publication shall be made in the official publication of the
City of Corpus Christi as required by the City Charter of the City of Corpus Christi.
That the foregoing oriirnce was red for th first time and passed to its second
reading on this the � day ofd , 2020, by the following vote:
Joe McComb Michael Hunter
Roland Barrera Ben Molina
Rudy Garza Everett Roy
Paulette M. Guajardo Greg Smith A ,e._
Gil Hernandez 45wAAN`"
That the Joregoing or inance was read for the second time and passed finally on this
the %\day of 020, by the following vote:
Joe McComb Michael Hunter Py_
Roland Barrera Ben Molina Ay._
Rudy Garza Everett Roy N.f_
Paulette M. Guajardo Greg Smith
Ay
Gil Hernandez
PASSED AND APPROVED on this the 10\ day of 1 1 , 2020.
ATTEST:
ftt
Reb cca Huerta J McComb
City Secretary or
03218
EXHIBIT A
DESCRIPTION OF TIRZ #5 BOUNDARY
The Boundary of Reinvestment Zone Number 5, City of Corpus Christi, Texas,
encompasses the property described by the metes and bounds attached here to as
Exhibit A-1 and Exhibit A-2, save and except any portion of that property that is included
in Nueces County Appraisal District geographic ID 0847-0004-0040, described as
BOHEMIAN COLONY LANDS 2.271 ACS OUT LT 1 BLK 1, and included in the filed deed
number 2016054337 dated December 21, 2016. The Boundary will also include that
portion of the right-of-way known as Holly Road that is adjacent to and connects the
property described by the attached metes and bounds as shown in the map attached to
this ordinance as Exhibit B.
EXHIBIT A-1
EXHm1T" A •`
i --- ' Job No. 19925.4101
.— LI R OA S April 30, 1951
" ENGINEERING vas ti343PAGE 68
/—
(5 72054-3101 P.O.80X 6358•CORPUS CHRISTI.TEXAS 7B46&6355 FAX(512$$4.6001
STATE OF TEXAS
COUNTY OF NUECES
Fieidnotes for a 32.81 acre tract of land out of Lots 3 end 4, Section 4,
8ohenian Colony Lands, a wap of which Is recorded in Volume A, Page 48, Map
Records of Nieces County, Texas:
8EBINNING at a 5/8 inch iron rod set on the the west right-ef-way line of
State Highway No. 286 (Ayers Street) for the southeast corner of a 2.11 acre
tract of land conveyed to the City of Corpus Christi and recorded in Volume
2175, Paan 829, Mao Records of fiascos County, Texas and for the northeast
corner of this surveys
THENCE South 29'02'25" Pest, with the west right-of-way line of State
Highway No. I98. parallel with its centerline and 58.00 feet distant
therefrom, measured at right angles thereto, 1527.88 feet to a 5/8 inch iron
rod found fora corner of it 25.84 acre tract of land conveyed to the State of
Texas for the proposed Crosstown Extension and recorded in Volume 2215. Page
894 of said Deed Records, and for the southeast corner of this survey, from
which corner a 5/8 inch iron rod found bears South 29'132'25'• West 75.17 feet;
THENCE South 73'48'E0' West, with the easterly boundary line of said
25.84 sore tract, 71.85 feet to 5/8 inch iron rod set for a corner of said
25.84 acre tract and of this surveys
O �
THENCE North 81'28'30" West, along the easterly line of said 25.84 acre
tract, parallel with the centerline of the Naval Rir Station Railroad
right-of-way which is also the south boundary of said Lot 4, Suction 4 and
120.00 feet distant therefrom, measured at right angles thereto, 747.34 feet
to a 5/5 inch iron rod set for a corner of said 26.84 more tract and a corner
of this survey;
THENCE North 16'34'SS" West, with the east line of said 25.84 acre tract,
70.82 foot to a 5/8 inch iron rod set for a corner of said 25.84 acre tract
and the southwest corner of this survey;
THENCE North 28'19'00" Eaet, with the east line of said 25.84 acre tract,
1527.57 feet to is 5/8 inch iron rod set for the southwest corner of the
aforementioned 2.11 acre tract and for the northwest corner of this survey;
THENCE South 5I'21'46" East, with the south line of said 2.11 acre tract,
917.17 feet to the POINT OF BEGINNING.
OF
�.��6sAagrb?,�` URBAN ENGINEERING
JUAN JOSE SALAZAR ,)
`!' ,or,. JUAN .1. SALAZAR, R.P.L.S.
2725 SWANTIER DR.•CORPUS CHRISTI.TEXAS 78404
EXHIBIT A-2
LI URBAN Revised:October 18,2006
September 1,2006
ENGINEERING Job No. 19925.A6.00
State of Texas
County of Nueces
Field Notes 219.067 acre tract of land out of Lots 3,4,5 and 6,Section 4,Bohemian Colony Lands,a map of
which is recorded in Volume A,Page 48,Map Records of Nueces County,Texas,and a portion of Lot 1,Block 9,
Lexington Center,a map of which is recorded in Volume 36,Page 42,Map Records of Nueces County,Texas,said 219.067
acre tract being more fully described by metes and bounds as follows:
Beginning at a 5/8 inch iron rod with a red plastic cap stamped"Urban Engr C.C.TX"set at the intersection of the
southeast boundary of Greenwood Drive,a 120.00 feet wide public roadway,and the common boundary between Lot 6 and
7,said Section 4,for the north corner of this tract
Thence,South 61030'02"East(record=South 61°30'02"East),with the southwest boundary of a 26.335 acre
Texas Department of Transportation tract,of Lot 4,Block 1,S.P.1.C.E.Plaza(Volume 58,Pages 166 and 167,Map
Records of Nueces County,Texas),of Silverberry Drive,60 foot wide public roadway,of Lot 11,Block 3, ,S.P.I.C.E.
Plaza(Volume 61,Page 44,Map Records of Nueces County,Texas),same being the northeast boundary of said Lot 6,
Section 4,Bohemian Colony Lands and the northeast boundary of this tract,a distance of 2,581.55 feet to a 5/8 inch iron
rod found for a corner of this tract;
Thence,South 61°27'34"East,with the southwest boundary of said lot 11,Block 3,S.P.I.C.E.Plaza and of a
2.698 acre tract in the name of J.S.CIark and Deanna Ericson,same being the northeast boundary of said Lot 3,Section 4,
Bohemian Colony Lands and of this tract,a distance of 737.37 feet(record=737.10 feet)to a 5/8 inch iron rod found for the
north corner of a City of Corpus Christi lift station site and for a corner of this tract;
Thence,South 28°59'36"West(record=South 29°03'20"West),with the northwest boundary of said lift station
site,same being the northeast boundary of this tract,a distance of 39.73 feet(record=40.00 feet)to a 5/8 inch iron rod with
a red plastic cap stamped"Urban Engr C.C.TX"set for the west corner of said lift station site and for an interior corner of
this tract;
Thence,South 61°10'00"East,with the southwest boundary of said lift station site,same being the northeast
boundary of this tract,at 3.50 feet pass the northwest boundary of said Lot 1,Block 9,Lexington Center,in all a total
distance of 32.75 feet to a 5/8 inch iron rod with a red plastic cap stamped"Urban Engr C.C.TX"set for the south corner of
said lift station site and for an interior corner of this tract;
Thence,North 28°24'57"East(record=North 29°03'20"Past),with the southeast boundary of said lift station site,
same being the northeast boundary of said Lot 1,Block 9,Lexington Center and of this tract,a distance of 15.28 feet
(Plat=15.00 feet)to a 5/8 inch iron rod found for an interior corner of said lift station site and of this tract;
Thence,South 61°10'00"East(record=South 61°29'45"East),with the southwest boundary of said lift station site,
same being the northeast boundary of said Lot 1,Block 9,Lexington Center and of this tract,a distance of 424.11 feet to a
5/8 inch iron rod with a red plastic cap stamped"Urban Engr C.C.TX"set on the northwest boundary of State Highway
286,a public roadway,for the east corner of this tract,being the point of curvature of a non-tangent curve to the right,
whose radius point bears North 77°30'04"West(record=North 77°34'04"West),a distance of 1,600 feet,and having a
central angle of 09°48'58"(record=09°53'46"),a radius of 1,600 feet,a tangent length of 137.40 feet(record=135.52 feet),
and an arc length of 274.12 feet(record=276.35 feet);
Thence,along said non-tangent curve to the right,same being the northwest boundary of said State Highway 286,
and the southeast boundary of this tract,an arc length of 274.12 feet(record=276.35 feet)to a concrete monument with
brass disc found for the end of this curve and for the beginning of another circular curve to the right whose radius point
bears North 67°40'50"West(record=North 67°40'15"West)2350.00 feet and having a central angle of 05°59'50"
(record )5°59'15"),a radius of 2350.00 feet,a tangent distance of 123.10 feet(record=122.90 feet)and an arc length of
245.97 feet(record=245.57 feet);
(361)854-3101 2725 SWANTNER DR.•CORPUS CHRISTI,TEXAS 78404 FAX(361)854-6001
S:1Surveying1199251A6001FN219ac.doc mall@urboneng.corn Paget of 3
EXHIBIT A-2
September 1,2006
Job No.19925.A6.00
219.067 Acre Tract
Thence,with said circular curve to the right,continuing along the northwest boundary of State Highway 286,
same being the southeast boundary of this tract,an arc length of 245.97 feet(record=245.57 feet);
Thence,South 28°19'00"West,along the northwest boundary of said State Highway 286,same being the
southeast boundary of this tract,a distance of 1928.98 feet(record=1928.45 feet)to a concrete monument with brass disc
found for a corner of this tract;
Thence,South 73°26'38"West(Record=South 73°25'05"West),with the northwest flared right-of-way of Stat
Highway 286,same being the southeast boundary of this tract,a distance of 70.49 feet(record=70.60 feet)to a concrete
monument with brass disc found on the northeast boundary of Holly Drive,a public roadway,for the south corner of this
tract;
Thence,North 61°28'34"West,along the northeast boundary of said Holy Road,parallel with the centerline of
said Holly Road and 80.00 feet distant there from,measured at right angles thereto,a distance of 450.25 feet
(record=450.00 feet)to a concrete monument with brass disc found for a corner of this tract,from which corner another
found concrete monument with brass disc bears North 28°32'45"East 49.98 feet;
Thence,South 28°31'10"West,continuing along the northeast boundary of said Holly Road,same being the
southwest boundary of this tract,a distance of 60.00 feet to a 5/8 inch iron rod with red plastic cap stamped"Urban Engr
C.C.TX"set for a corner of this tract;
Thence,North 61°29'48"West(record=North 61°28'50"West),continuing along the southwest boundary of this
tract,same being the northwest boundary of said Holly Road,parallel with its centerline and 20.00 feet there from,
measured at right angles thereto,a distance of 790.71 feet to a 5/8 inch iron rod with a red plastic cap stamped"Urban Engr
C.C.TX"set on the common boundary of said Lots 4 and 5,Section 4,Bohemian Colony Lands for the south corner of a
3.00 acre tract in the name of James B.Ragan and for a corner of this tract;
Thence,North 29°02'32"East(record—North 29°03'30"East),along the common boundary of said Lots 4 and 5,
same being the southeast boundary of the above mentioned 3.00 acre tract and the southwest boundary of this tract,a
distance of 261.70 feet(record=261.32 feet)to a 5/8 inch iron found for the east corner of said 3.00 acre tract and for an
interior corner of this tract;
Thence,North 61°27'03"West(record—North 61°26'40"West),along the northeast boundary of said 3.0 acre
tract,of Tracts A thru E,Holly Road Industrial Tract,a map of which is recorded in Volume 28,Page 40,Map Records of
Nueces County,Texas and of Lot 1,Block 2, Holly Road Industrial Tract,a map of which is recorded in Volume 61,Page
182,Map Records of Nueces County,Texas,same being the southwest boundary of this tract,a distance of 1,333.75 feet
(record=1,333.58 feet)to a 5/8 inch iron rod found for the north corner of said Lot 1,Block 2,Holly Road Industrial Tract
and for an interior corner of this tract•,
Thence,South 29°03'17"West(record=South 29°06'00"West),along the northwest boundary of said Lot 1,
Block 2,same being the southwest boundary of this tract,at 261.99 feet pass a found 1 inch iron pipe,in all a total distance
of 262.76 feet(record=262.16 feet)to a 5/8 inch iron rod with a red plastic cap stamped"Urban Engr C.C.TX"set on the
northeast boundary of said Holly Road for a corner of this tract;
Thence,North 61°29'48"West(record=North 61°28'50"West),along the southwest boundary of this tract,same
being the northeast boundary of said Holly Road,parallel with its centerline and 20.00 feet there from,measured at right
angles thereto,a distance of 929.01 feet(record=929.40 feet)to a 5/8 inch iron rod found for a corner of this tract;
Thence,North 55°47'22"West(record=North 55°46'12"),continuing along the northeast boundary of said Holly
Road,same being the southwest boundary of this tract,a distance of 100.50 feet to a 5/8 inch iron rod with a red plastic cap
stamped"Urban Engr C.C.TX"set for a corner of this tract;
Thence,North 6l°29'48"West(record=North 61°28'50"West),continuing along the northeast boundary of said
Holly Road,same being the southwest boundary of this tract,a distance of 200.00 feet to a 5/8 inch iron rod with a red
plastic cap stamped"Urban Engr C.C.TX"set for a corner of this tract;
S:\.Surveying\199251A600\FN2 t 9ac.doc Page 2 of 3
EXHIBIT A-2
September I,2006
Job No.19925.A6.00
219.067 Acre Tract
Thence,North 08°23'50"West(record=North 09°38'31"West),continuing along the northeast botmdary of said
Holly Road,same being the southwest boundary of this tract,a distance of 3126 feet(record=31.79 feet)to a 5/8 inch iron
rod with a red plastic cap stamped"Urban Engr C.C.TX"set on the southeast boundary of said Greenwood Drive,for the
west corner of this tract,from which corner a found concrete monument with brass disc bears South 289°03'08"West
10.82 feet,thence South 60°56"32"East 0.75 feet;
Thence,North 29°03'08"East(record=North 29°06'10"East),along the southeast boundary of said Greenwood
Drive,same being the northwest boundary of this tract,a distance of 2,545.35(record=2,545.89 feet)to the Point of
Beginning and containing 219.067 acres of land.
Bearings based on the northwest boundary of State Highway 281,as monumented on the ground and shown as
South 28°19'00"West.
Unless this Fieldnotes Description,including preamble,seal and signature,appears in its entirety,in its original
form,surveyor assumes no responsibility for its accuracy.
Urban Engineering
;Q�GRFNirO , I Jed J.Sehrnr, ' .L.S.
I.., ...«_.....«««......»\ License No.4909
a JUAN JOSE SALAZAR
.ti 4909 7.,7
\\Eng2U)Wa\Surveying\199251A6001FN219ac.doc Page 3 of 3
EXHIBIT B
MAP OR TIRZ #5 BOUNDARY
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EXHIBIT C
PRELIMINARY PROJECT AND FINANCING PLAN
Tax Increment Reinvestment Zone #5 - BoCo
Preliminary Project & Financing Plan
July 31, 2020
tl
" Bohemian Colon
Development Project
Prepared by
tXP
TXP, Inc.
1310 South 1st Street,Suite 105
Austin,Texas 78704
(512) 328-8300 phone
www.txp.com
Table of Contents
Section 1—Introduction 3
Purpose of a Tax Increment Reinvestment Zone 3
Section 2—Project Plan 5
Criteria for Zone Creation 6
Existing Tax Increment Financing Districts in the City of Corpus Christi 6
Description of the Tax Increment Reinvestment Zone#5 7
Existing Zoning and Land Use Guidelines Applicable to TIRZ#5 9
Taxing Jurisdictions Applicable to TIRZ 9
Proposed Changes in Master Plans,Zoning Ordinances, and Building Codes 9
Relocation of Displaced Persons 9
Section 3—Project Plan Improvements 10
Eligible Project Costs 10
Section 4—Finance Plan 13
Compliance& Reporting 13
Method of Financing Project Costs 13
Estimated Time when Related Costs or Monetary Obligations Incurred 13
Estimated Amount of Bonded Indebtedness 13
Public Sector Entities Participating in TIRZ#5 13
Financial Forecast Assumptions 13
Financial Forecast Summary Results 15
Conclusion 18
Appendix—Boundary Description of TIRZ#5 Parcels 19
Legal Disclaimer 20
City of Corpus Christi, Texas— BoCo Tax Increment Reinvestment Zone' May 2020 •
List of Figures
Figure 1: How the Tax Increment is Calculated 3
Figure 2: BoCo Master Plan 5
Figure 3:Ayers Tract Development Plan 5
Figure 4: BoCo TIRZ Geographic Boundary 8
Figure 5: Existing Land Use within the BoCo TIRZ 8
Figure 6: Location of Public Improvements and Infrastructure within the BoCo TIRZ 12
List of Tables
Table 1: Existing TIRZ in Corpus Christi 7
Table 2: Existing Land Use of Proposed TIRZ#5 (2020) 7
Table 3: BoCo Development Project Eligible Type Costs for Reimbursement 11
Table 4: Summary of Eligible Type TIRZ#5 Project Costs 12
Table 5: Taxing Jurisdictions Participating TIRZ#5 13
Table 6: Preliminary BoCo Buildout Schedule 15
Table 7: Preliminary TIRZ#5 Taxable Property Value Per Year 16
Table 8: Preliminary TIRZ#5 Taxable Property Value Forecast @ 75%Contribution 17
City of Corpus Christi, Texas— BoCo Tax Increment Reinvestment Zone' May 2020 ,
Section 1 — Introduction
The City of Corpus Christi, based on the landowner's request and petition, is proposing
to create a Tax Increment Reinvestment Zone (hereafter referred to as "TIRZ #5") over
a portion of 258.9 acres located near the intersection of South Padre Island Drive and
the Crosstown Expressway. The proposed new zone would be named Reinvestment
Zone Number 5, City of Corpus Christi, Texas and referred to as TIRZ #5 - BoCo.
The landowner of the property is South Padre Investment Inc. The landowner is
requesting the City of Corpus Christi, Nueces County, and the Del Mar College District
participate in the tax increment reinvestment zone to help fund public improvements to
be located within the development. The duration of the zone is projected to be 20 years,
with the TIRZ in existence through 2040.
Purpose of a Tax Increment Reinvestment Zone
A tax increment reinvestment zone ("TIRZ") is a tool that local governments can use to
finance needed improvements and infrastructure within a defined geographic area.
These improvements usually are undertaken to promote the viability of existing
businesses and to attract new commercial enterprises. The cost of eligible
improvements is repaid by the contribution of future tax revenues by each taxing unit
that levies taxes against the property. The additional incremental tax revenue that is
received from the affected properties is referred to as the tax increment
Figure 1: How the Tax Increment is Calculated
cD
z
j — TIRZ Ends
All tax revenue
- - to general fund
Incremental
Growth
Tax Increment goes to TIRZ
TIRZ Base Value
Tax Revenue Remains with Jurisdictions
Time
Creation Termination
of TIRZ of TIRZ
Each taxing unit can choose to dedicate all, a portion, or none of the tax revenue that is
attributable to the increase in property values due to the improvements within TIRZ.
3
Each taxing unit determines what percentage of its tax increment, if any, it will commit to
repayment of the cost of financing the public improvements.
This preliminary feasibility study and project plan is required by state law. This
document is designed to meet the legal requirements of designating a TIRZ. The
statutes governing tax increment financing are located in Chapter 311 of the State of
Texas Tax Code. To assist Corpus Christi and the other taxing entities in understanding
the overall financing plan, TXP has included preliminary revenue projections assuming
other entities participate in the TIRZ.
TXP, Inc. was retained by South Padre Investment Inc. to assist in developing this
Preliminary Project & Financing Plan.
4
Section 2 — Project Plan
The purpose of TIRZ #5 is to finance the construction of public facilities and
infrastructure necessary to catalyze residential and commercial development within the
zone boundaries. Expenditures associated with the design and construction of public
infrastructure, as well as other specific project related costs, will be funded by tax
increment revenues derived from increases in property values following new residential
and commercial development.
The Project will be a master planned development that will include the construction of
public infrastructure to support the development of 777 townhomes, 999 multifamily
units, and 450,000 square feet of commercial space. The commercial space will be
located as follows: 275,000 square feet within the BoCo master planned community and
175,000 square feet on the Ayers tract.
The public infrastructure and capital costs associated with the development will be
financed with private capital. It is the intent of the Developer to enter into an
agreement with TIRZ #5 to receive reimbursement for investments made in the public
facilities from revenues generated by TIRZ #5.
Figure 2: BoCo Master Plan
„
—`' 5oCo.
BOHEMIAN COLONY
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• 142 Units 145 ural SOU Units •
•'
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Figure 3: Ayers Tract Development Plan
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Criteria for Zone Creation
The area within the zone qualifies for a TIRZ because it suffers from economic
stagnation, inadequate infrastructure, inadequate sidewalks and street layout. Without
intervention by the public sector, private market forces will not be sufficient to generate
significant development and redevelopment. In addition, the landowner is requesting
that the area be designated as a reinvestment zone. These conditions meet the criteria
of the Tax Code of the State of Texas, Chapter 311, Section 005 for reinvestment zone
designation.
Existing Tax Increment Financing Districts in the City of Corpus Christi
There are three existing TIRZs in Corpus Christi. According to state law, cities with
more than 100,000 residents may not create a new TIRZ if the total appraised value of
taxable real property in the proposed reinvestment zone and in the existing
reinvestment zones would exceed 25.0 percent of the total appraised value of taxable
real property within the city and its industrial districts. In addition, a TIRZ may not be
created if more than 30.0 percent of the property in the proposed new TIRZ (excluding
publicly-owned property) is used for residential purposes at the time of designation. The
proposed TIRZ #5 complies with these state rules.
6
Table 1: Existing TIRZs in Corpus Christi
Land Use Value Data Source
2019 Assessed Value
City of Corpus Christi—Real Property $25,258,276,745 2019 Certified Totals Report NCAD
TIF#2-Padre Island $573,503,809 2019 City of Corpus Christi
2019 Assessed Value
TIF#3-Downtown $735,558,739 2019 Certified Totals Report NCAD
2019 Assessed Value
TIF#4-North Beach $104,512,349 TIRZ Project Plan and Financing Plan
2020 Preliminary Assessed Value
Proposed TIF#5-BoCo $825,943 NCAD Website
Total TIRZ $1,415,677,439
TIRZ as%of Corpus Christi Total 5.6%
Source: Nueces County Appraisal District
Description of the Tax Increment Reinvestment Zone#5
The proposed TIRZ #5 will cover approximately 258.9 acres (including roads and right
of way). The 2020 baseline assessed property value of the TIRZ is approximately $0.8
million.
Table 2: Existing Land Use of Proposed TIRZ#5 (2020)
City of Corpus
Acreag Christi
Land Use a Assessed Value
Qualified Open-Space Land 244.5 $527,312
Rural Land, Non-Qualified Open Space Land 2.4 $232,284
Commercial 0.4 $66,347
Public Right of Way* 11.6 $0
Total 258.9 $825,943
Source: Nueces County Appraisal District
The majority of this property is publicly owned right of way (ROW) along Holly Road
7
Figure 4: BoCo TIRZ Geographic Boundary
4
a F
3�a
1sr s` a
a"
e
aoe'
F`
0
i 'iPy
_ O T'.RZ 05 BOOnadfy
v�,
s�4 O.
Source: Nueces County Appraisal District
Figure 5: Existing Land Use within the BoCo TIRZ
1970,9
Ai9'e 2YYl0
19]9,9
V.
be 2000T01.39
9;ace
O nRZ s5 0ounaary
State Land Use Code
_ Ouaneea Open space Lana su07e599
Rural Land nor puallllea
commerual
Pual¢Right of Way
•,e9.
•
Source: Nueces County Appraisal District
8
•
Existing Zoning and Land Use Guidelines Applicable to TIRZ#5
Existing City of Corpus Christi land use, zoning guidelines, and policies would apply to
all properties within the city limits.
Taxing Jurisdictions Applicable to TIRZ
The proposed TIRZ#5 is located within the following taxing jurisdictions:
• City of Corpus Christi
• Nueces County
• Del Mar College
• Nueces County Hospital District
• Corpus Christi Independent School District
• Farm to Market Road District
Proposed Changes in Master Plans,Zoning Ordinances,and Building Codes
There are no anticipated changes to the master development and zoning ordinances.
Relocation of Displaced Persons
This plan currently does not call for nor anticipate the displacement and relocation of
persons for the proposed projects.
9
•
Section 3 — Project Plan Improvements
TIRZ#5 will provide support for catalytic infrastructure and economic development
projects that will facilitate the development of properties within zone. In addition, to
public utility infrastructure, the Developer is seeking reimbursement for building a 10-
acre park within the zone.
Eligible Project Costs
1. Parks & Streetscape Enhancements
This category includes gateway features, linear parks, corridor landscaping, public
plazas, etc.
2. Infrastructure Improvements
This category includes water, sanitary sewer and storm water improvements, roadway
and street intersection enhancements, public transportation, relocation of aboveground
utilities, public sidewalks, etc.
3. Economic Development Grants
It is anticipated that economic development loans or grants might be made to assist in
creating the tax base that facilitates implementing the project plan. The City, with
advisement from the TIRZ Board shall have the authority to establish and administer
economic development programs, including but not limited to grants and loans,
authorized under Chapter 380 of the Texas Local Government Code. Should such loans
or grants be made, it will be done with the intent to fulfill the public purposes of
developing and diversifying the economy, eliminating unemployment or
underemployment, and developing or expanding transportation, business, and
commercial activity in the TIRZ.
4. Non-Project Costs
It is not possible to quantify other non-project costs at this time, other than to say that
they are anticipated. However, these costs should not exceed TIRZ#5 revenue less
other costs delineated in the project plan. Consultants, engineers, surveyors, and other
costs incurred not related to the other categories and other unforeseen costs are
included in this category.
5. Administration & Implementation
Administration costs, including reasonable charges for time spent by City of Corpus
Christi employees, will be eligible for reimbursement as project costs. In addition, this
category includes City costs associated with creating the TIRZ.
10
Table 3: BoCo Development Project Eligible Type Costs for Reimbursement
Estinated
Phase Quantity Unit Price Cost
Existing Silverberry Drive to Greenwood Drive
Roadway Improvements(Paving,Curbs&Sidewalk) 2,100 $225 $472,500
Minor Drainage Extensions& Utility Stubouts 2,100 $75 $157,500
15%Contingency& Design $94,500
Total $724,500
Future Coastal Crosstown Drive
Roadway Improvements 1,700 $430 $731,000
Drainage Addition off Existing Line 1 $60,000 $60,000
Sanitary Sewer 500 $100 $50,000
Water Line& Hydrants 1,700 $50 $85,000
Lift Station Rehabilitation 1 $200,000 $200,000
15%Contingency& Design $168,900
Total $1,294,900
Main East/West Access Drive Greenwood to
Roundabout
Roadway Improvements 2,400 $430 $1,032,000
Drainage 2,400 $250 $600,000
Sanitary Sewer 2,400 $100 $240,000
15%Contingency& Design 2,400 $50 $120,000
Tota I $298,800
$2,290,800
Main North/South Access Drive to Holly Road
Roadway Improvements 2,600 $500 $1,300,000
Drainage 2,600 $250 $650,000
Sanitary Sewer 2,600 $100 $260,000
Water Line and Hydrants 2,600 $50 $130,000
15%Contingency& Design $351,000
Total $2,691,000
Roundabout to S.H.286 Access Road
Roadway Improvements 1500 $430 $645,000
Drainage 1500 $250 $375,000
Sanitary Sewer 1500 $100 $150,000
Water Line and Hydrants 1500 $50 $75,000
15%Contingency& Design $186,750
Tota I $1,431,750
Roundabout Quantity
Roadway 450 500 $225,000
15%Contingency& Design $33,750
Total $258,750
Estimated Total Cost $8,691,700
Source. South Padre Investment Inc.
11
Figure 6: Location of Public Improvements and Infrastructure within the BoCo TIRZ
\ ,-:i i-,:,e
1 7—
SLVERBERRY(COASTAL CRC6STOVN)CRAVE - . AL CRCSSTOTN ORIYE
i I
I.
\ LOT L A.00R'
25.59 ACRES
Ib
LOT'.BLOM! \
• 60.10 WAS V \
\ \--,...__---• --- 's
J 1
LOT 9Of2 a 1
-- 21.52 ACRES 'ioac1 LOT I,1004 2
aO 4s ACRES
i
—1
LOT,... xca s I
z9a AC91S 1
l
— —
•1 — - /14./1. Kral —
its{ _.— _a KAM SIMM' - i r.
•
Source: South Padre Investment Inc.
Table 4:Summary of Eligible Type TIRZ#5 Project Costs
Phase Cost
Existing Silverberry Drive to Greenwood Drive $724,500
Future Coastal Crosstown Drive $1,294,900
Main East/West Access Drive Greenwood to Roundabout $2,290,800
Main North/South Access Drive to Holly Road $2,691,000
Roundabout to S.H. 286 Access Road $1,431,750
Roundabout $258,750
Park Development Cost and Maintenance $3,100,000
Administration Costs $2,000,000
Total Cost $13,691,700
Source: South Padre Investment Inc.
12
Section 4 — Finance Plan
Tax increment financing is a tool used by local governments to publicly finance needed
infrastructure and other improvements within a defined area. These improvements are
usually undertaken to promote the viability of existing businesses and to attract new
commercial enterprises to the area. The statutes governing tax increment financing are
located in Chapter 311 of the State of Texas Tax Code.
Compliance & Reporting
The TIRZ #5 Board policies would comply with all federal, state, and local laws, rules
and regulations. The TIRZ Board will submit project status reports and financial reports
as required by state law.
Method of Financing Project Costs
All project costs will be paid through the contribution of incremental property taxes
collections by participating taxing jurisdictions.
Estimated Time when Related Costs or Monetary Obligations Incurred
The TIRZ will be cash funded. Reimbursements under any agreements with developers
will be made as funds become available.
Estimated Amount of Bonded Indebtedness
It is anticipated that financial transactions by the TIRZ are to be on a cash only basis
and to the extent only that funds are available. However, if the resources become
available to issue debt, the TIRZ #5 Board may recommend to the Corpus Christi City
Council that it is appropriate to issue TIRZ debt if the Tax Increment Fund can make
such payments. The TIRZ is under no obligation to issue any notes or debt
Public Sector Entities Participating in TIRZ#5
All project costs will be paid through the contribution of incremental property taxes
collections. This preliminary plan assumes that the Corpus Christi and other taxing
entities contribute a portion of their total tax rate (M&O and l&S) ad valorem tax rate for
20 years.
Table 5:Taxing Jurisdictions Participating TIRZ#5
Property Tax
Rate per$100
Entity (2019)
City of Corpus Christi $0.646264
Nueces County $0.307689
Del Mar College District $0.280665
Source: Nueces County Appraisal District
Financial Forecast Assumptions
• TIRZ Duration — TXP has assumed the TIRZ will have a 20-year lifespan.
13
• TIRZ Allocation — TXP has assumed the City of Corpus Christi and other taxing
entities will contribute 75% of their total incremental tax collections.
• Tax Rate — While tax rates do change over time, the 2019 tax rates were held
constant for the duration of the TIRZ.
• Baseline Value — The 2020 baseline property value of the TIRZ is approximately
$0.8 million but varies slightly by taxing jurisdiction based on exemptions offered.
• Real Property — Only taxable real property values are included in the tax
increment calculations. By law, business personal property values are excluded
from TIRZ.
• Inflation & Appreciation Rate — The inflation rate used for construction costs
and the value of improvements is 2.5 percent per year.
• Net Present Value — The net present values of the tax increment were
calculated at a discount rate of 5.0 percent.
• Future Development Patters — To provide an order of magnitude estimate, TXP
phased in new construction based on the BoCo master plan development
timeline.
14
Financial Forecast Summary Results
The following table depicts the anticipated revenue generated over 20 years. The
revenue forecast assumes the TIRZ is established in 2020 (baseline year). The first
TIRZ increment will occur in 2021 (total 2021 value less 2020 baseline value). Note,
2021 taxes are not due until January 2022.
Table 6: Preliminary BoCo Buildout Schedule
Apartment Units Townhome Units Commercial SF _•
Perio New Per New Per Crosstown
L Year d Year Cumulative Year Cumulative Commons ` Ayers_
2020 0 0 0 0 0 0 0 '
2021 1 0 0 0 0 0 0
2022 2 0 0 48 48 0 60,000
2023 3 111 111 53 101 0 60,000
2024 4 111 222 58 159 137,500 60,000
2025 5 111 333 64 223 137,500 _ 120,000_
2026 6 111 444 70 293 137,500 _ 120,000
2027 7 185 629 77 370 137,500 120,000
2028 8 185 814 85 455 137,500 _ 180,000
2029 9 185 999 94 549 275,000 180,000
2030 10 0 999 103 652 275,000 180,000 1
2031 11 0 999 125 777 275,000 180,000
2032 12 0 999 0 777 275,000 180,000
2033 13 0 999 0 777 275,000 180,000
2034 14 0 999 0 777 275,000 180,000
203515 0 999 0 777 275,000 180,000_
2036 16 0 999 0 777 275,000 _ 180,000
2037 17 0 999 0 777 275,000 180,000
2038 18 0 999 0 777 275,000 180,000
2039 19 0 999 0 777 275,000 180,000
I 2040 20 0 999 0 777 275,000 180,000
Source. South Padre Investment Inc., TXP, Inc.
15
Table 7: Preliminary TIRZ#5 Taxable Property Value Per Year
Apartment Units Townhome Units Commercial
Tax Tax Tax
Value Value Value
Perio Per Per Per Total Taxable
Year d Unit Cumulative Unit Cumulative SF Total Retail Value
$153,15
2020 0 $38,250 $0 3 $0 $85 $0 $0
$156,98
2021 1 $39,206 $0 2 $0 $87 $0 $0
$160,90
2022 2 $40,186 $0 7 $7,723,514 $89 $5,358,188 $13,081,701
$164,92
2023 3 $41,191 $4,572,208 9 $16,657,849 $92 $5,492,142 $26,722,199
$169,05
2024 4 $42,221 $9,373,027 2 $26,879,336 $94 $18,530,259 $54,782,622
$173,27
2025 5 $43,276 $14,411,029 9 $38,641,158 $96 $24,763,697 $77,815,884
$177,61
2026 6 $44,358 $19,695,073 1 $52,039,936 $99 $25,382,790 $97,117,799
$182,05
2027 7 $45,467 $28,598,888 1 $67,358,859 $101 $26,017,359 $121,975,107
$186,60
2028 8 $46,604 $37,935,583 2 $84,904,022 $104 $32,881,648 $155,721,253
$191,26 $105,005,74
2029 9 $47,769 $47,721,240 7 9 $106 $48,299,775 $201,026,764
$196,04 $127,823,93
2030 10 $48,963 $48,914,271 9 8 $109 $49,507,270 $226,245,478
$200,95 $156,138,31
2031 11 $50,187 $50,137,127 0 2 $112 $50,744,951 $257,020,391
$205,97 $160,041,77
2032 12 $51,442 $51,390,556 4 0 $114 $52,013,575 $263,445,901
$211,12 $164,042,81
2033 13 $52,728 $52,675,319 3 4 $117 $53,313,915 $270,032,048
$216,40 $168,143,88
2034 14 $54,046 $53,992,202 1 5 $120 $54,646,763 $276,782,850
$221,81 $172,347,48
2035 15 $55,397 $55,342,007 1 2 $123 $56,012,932 $283,702,421
$227,35 $176,656,16
2036 16 $56,782 $56,725,558 7 9 $126 $57,413,255 $290,794,981
$233,04 $181,072,57
2037 17 $58,202 $58,143,697 1 3 $129 $58,848,586 $298,064,856
$238,86 $185,599,38
2038 18 $59,657 $59,597,289 7 7 $133 $60,319,801 $305,516,477
$244,83 $190,239,37
2039 19 $61,148 $61,087,221 8 2 $136 $61,827,796 $313,154,389
$250,95 $194,995,35
2040 20 $62,677 $62,614,402 9 6 $139 $63,373,491 $320,983,249
Source: South Padre Investment Inc., TXP, Inc.
16
Table 8: Preliminary TIRZ#5 Taxable Property Value Forecast @ 75%Contribution
City of Del Mar
Perio Corpus Nueces College
Year d Christi County District Total
Tax Rate 0.646264 0.307689 0.280665
TIRZ Allocation 75% 75% 75%
2020 0 $o $0 $0 $0
2021 1 $0 $0 $0 $0
2022 2 $63,407 $30,188 $27,537 $121,132
2023 3 $129,522 $61,666 $56,250 $247,438
2024 4 $265,530 $126,420 $115,317 $507,267
2025 5 $377,172 $179,573 $163,801 $720,547
2026 6 $470,728 $224,116 $204,432 $899,275
2027 7 $591,211 $281,478 $256,756 $1,129,445
2028 8 $754,778 $359,353 $327,791 $1,441,922
2029 9 $974,373 $463,903 $423,159 $1,861,434
2030 10 $1,096,607 $522,099 $476,244 $2,094,951
2031 11 $1,245,773 $593,118 $541,025 $2,379,915
2032 12 $1,276,917 $607,946 $554,550 $2,439,413
2033 13 $1,308,840 $623,144 $568,414 $2,500,398
2034 14 $1,341,561 $638,723 $582,624 $2,562,908
2035 15 $1,375,100 $654,691 $597,190 $2,626,981
2036 16 $1,409,477 $671,058 $612,120 $2,692,655
2037 17 $1,444,714 $687,835 $627,423 $2,759,972
2038 18 $1,480,832 $705,030 $643,108 $2,828,971
2039 19 $1,517,853 $722,656 $659,186 $2,899,695
2040 20 $1,555,799 $740,723 $675,666 $2,972,188
Total $18,680,195 $8,893,719 $8,112,593 $35,686,507
NPV @ 5% $9,350,370 $4,451,751 $4,060,758 $17,862,879
17
•
Conclusion
Based on the preliminary development concepts and activity zones within this area,
anticipated tax revenue, and market demand projections, TIRZ #5 is economically and
financially feasible. The TIRZ could generate significant revenue to pay for infrastructure
and redevelopment costs. Over the next 20 years, the TIRZ could generate $35.7
million in nominal TIRZ revenue. Using a 5.0 percent discount rate, the anticipated TIRZ
could generate $17.9 million.
These projections are based on the best available datasets and information related to
market conditions in the region. Given the high visibility of this area, for example, the
substantial commitment of a few large developers could have a significantly positive
impact on both the level and timing of future growth. Moreover, the financial projections
make no allowance for positive spillover to the value of other properties in area as a
result of new development (beyond inflation), which easily could occur. At the same
time, a slowdown in development as a result of a weaker national economy, negative
changes in key drivers of regional economy, or other unforeseen issues could materially
reduce the volume of construction put in place, and resulting tax revenue, over the next
20 years.
18
Appendix — Boundary Description of TIRZ #5 Parcels
The following parcels comprise TIRZ #5 plus the public right of way along Holly Road
between Greenwood Drive and Ayers Street.
Table 9: Parcels Included in TIRZ#5
Property ID Property Owner
200076939 SOUTH PADRE INVESTMENT INC
573080 SOUTH PADRE INVESTMENT INC
197819 SOUTH PADRE INVESTMENT INC
197816 SOUTH PADRE INVESTMENT INC
258830 SOUTH PADRE INVESTMENT INC
546588 SOUTH PADRE INVESTMENT INC
Source: Nueces County Appraisal District
19
Legal Disclaimer
TXP, Inc. (TXP) reserves the right to make changes, corrections, and/or improvements
at any time and without notice. In addition, TXP disclaims any and all liability for
damages incurred directly or indirectly as a result of errors, omissions, or discrepancies.
TXP disclaims any liability due to errors, omissions, or discrepancies made by third
parties whose material TXP relied on in good faith to produce the report.
Any statements involving matters of opinion or estimates, whether or not so expressly
stated, are set forth as such and not as representations of fact, and no representation is
made that such opinions or estimates will be realized. The information and expressions
of opinion contained herein are subject to change without notice, and shall not, under
any circumstances, create any implications that there has been no change or updates.
20
EXHIBIT D
BASE YEAR TAXABLE APPRAISED VALUES
NCAD GEO ID PROPERTY DESCRIPTION LOCATION ACS APPRAISED
VALUE
BOHEMIAN COLONY GREENWOOD DR @
0847-0004-0053 LANDS 144.452 ACS OUT HOLLY RD 144.45 $60,670.00
OFLTS S & 6SEC 4
LEXINGTON CENTER 9.73
4398-0009-0010 ACS OUT LT 1 BLK 9(W 5333 AYERS ST 9.73 $168,342.00
I OF ROW)
BOHEMIAN COLONY CROSSTOWN
0847-0004-0034 LANDS 62.51 ACS OUT EXTENSION @ HOLLY 62.51 $26,254.00
LTS 3&4 SEC 4(W OF RD
ROW
BOHEMIAN COLONY
0847-0004-0039 LANDS 2.37 ACS OUT LT5 2.37 $232,284.00
3 &4 SEC 4(W OF ROW)
I BOHEMIAN COLONY CROSSTOWN
0847-0004-0038 LANDS 29.4423 ACS OUT EXTENSION &AYERS 29.44 $ 272,046.00
LTS 3&4 SEC 4(E OF RR) ST
BOHEMIAN COLONY
0847-0004-0041 LANDS .30 ACS OUT LTS 3 0.30 $66,347.00
&4 SEC 4 (E OF RR)
TOTAL $852,943.00
•
Cal ler Ti meSNr\NCE DEPAR-t'MER...
PART OF THE USA TODAY NETWORK
2020 SEP -I PM 4: 13
Certificate of
Publication
NOTICE OF PASSAGE OF NOTICE OF PASSAGE OF
ORDINANCE(S) ORDINANCES)
NO.032183, Ordinance des- No.032183, Ordinance des-
CITY OF CORPUS CHRIS TI -SECRETARY ignating 258.9 acres within ignating 258.9 acres within
PO BOX 9277 the iurisdiction of the City the jurisdiction of the City
of Corpus Christi as a Tax of Corpus Christi as a Tax
Increment Financing Increment Financing
CORPUS CHRISTI,TX 78401 District to be known as District to be known as
"Reinvestment Zone Num-
"Reinvestment Zone Num-
ber Five, City Of Corpus ber Five, City Of Corpus
Christi, Texas' pursuant to Christi, Texas" pursuant to
petition by owners of petition by owners of
STATE OF WISCONSIN) Crosstown Commons subdi- Crosstown Commons subdi-
)) vision; setting a maximum vision; setting a maximum
City financial participation City financial participation
COUNTY OF BROWN) of 75% over 20 years and a % vea
maximum contribution of of maxi75mumover contribution20 ba and of
$9,000,000; and establishing $9,000,000; and establishing
I,being first duly sworn,upon oath depose and say that I a Board of Directors for the a Board of Directors for the
am a legal clerk and employee of the publisher,namely,the Reinvestment Zone. This Reinvestment Zone. This
ordinance was passed and ordinance was passed and
Corpus Christi Caller-Times,a daily newspaper published approved on second approved on second
at Corpus Christi in said City and State,generally circulated reading by the Corpus reading by the Corpus
Christi City Council on Au- Christi City Council on Au-
in Aransas, Bee, Brooks, Duval,Jim Hogg,Jim Wells, gust 18,2020. gust 18,2020.
Kleberg,Live Oak,Nueces,Refugio, and San Patricio,
Counties,and that the publication of which the annexed is a
true copy,was inserted in the Corpus Christi Caller-Times
on the following dates:
08/24/2020
On this August 24,2020, I certify that the attached document
is a true and exact copy made by the publisher:
Ar----
Legal Notice CI-rk
c
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This is not an invoice
. • Caller Times
PART OF THE USA TODAY NETWORK
Certificate of
Publication
NOTICE OF PUBLIC
NOTICE OF PUBLIC HEARING
HEARING -The City of Corpus Christi
The City of Corpus Christi -is considering designating a
is considering designating a
CITY OF CORPUS CHRISTI - SECRETARY certain area within the iu- _certain area within the ju-
PO BOX 9277 , risdiction of the City of risdiction of the City of
Corpus Christi as a Tax In-
r
crement Financing (TIF) Corpus Christi as a Tax In-
Zone to be known as "Rein- -crement Financing (TIF)
CORPUS CHRISTI, TX 78401 vestment Five, City of CorpuNumber -Zone to be known as "Rein-
ti, Texas", establishing a -vestment Zone Number
Board of Directors for the Five, City of Corpus Chris-
STATE OF WISCONSIN) Reinvestment Zone, and -
other matters relating ti, Texas", establishing a
thereto. The area to be -Board of Directors for the
desthe
COUNTY OF BROWN southwest is on South
-Reinvestment Zone, and
� southwest corner of South
1 Padre Island Drive and -other matters relating
I,beingfirst dulysworn, upon oath depose and saythat I
Crosstown Expressway.h ?hereto. The area to be
P Po The City Council will hold a
am a legal clerk and employee of the publisher,namely,the public hearing on Tuesday, -designated is on the
Corpus Christi Caller-Times,anewspaperpublished August 11, 2020, at its regu- Southwest corner of South
dailyearly scheduled meeting,
at Corpus Christi in said City and State,generally circulated which commences at 11:30 -Padre Is land Drive and
Jim Wells,
a.m., City Hall, 1201 Leop- -Crosstown Expressway.
in Aransas, Bee, Brooks, Duval,Jim Hogg, and St., Corpus Christi, -The Cit Council will hold a
Kleberg, Live Oak, Nueces, Refugio,and San Patricio, Texas. The map of the Foca- y
Counties,and that the publicationofwhichtheannexedisa tion for the proposed rein- -public hearing on Tuesday,
vestment zone is available August 11, 2020, at its regu-
true copy,was inserted inthe Corpus Christi Caller-Times in the City Secretary's Of- 7
fico located on the first early scheduled meeting,
on the following dates: floor of City Hall. At the Which commences at 11 :30
hearing, interested persons -o.m., CityHall, 1201
are entitled to speak and Leop-
present evidence for or -ard St., Corpus Christi,
August 2,2020 against the designation. ,
COVID-19 Public Attend-
Texas. The map of the loco
ance & Comment Proce- _tion for the proposed rein-
On this September8,2020,I certify that the attached dures can be found at https vestment zone is available
://www.cctexas.com/depart ,.
document is a true and exact copy made by the ments/city-secretary. In the City Secretary's Of-
/s/ Rebecca Huerta
publisher: City Secretary
-floor locatedof City Hall.h At e first
I / hearing, interested persons
. • .... .are entitled to speak and
ALb.1% ,iit _ Imo/ present evidence for or
Legali'o ice I'rk -against the designation.
1COVID-19 Public Attend-
-once & Comment Proce-
_ ``1"' t F -dures can be found at https
.://www.cctexas.com/depart
Notary 'u:lc,State sf Wiscon.in,County of Brown
ments/city-secretary.
7s/ Rebecca Huerta
"I. _City Secretary
Notary Expires �' f
.4\GKY I IF Ci',%
Publication Cost: $213.40 <el''• PUBL\C 2
Ad No:0004309767 %,'9j.'••. xli.co •�.`�
Customer No: 1490432 ,'/i//��QF�wIISGO````\`