HomeMy WebLinkAbout032306 ORD - 12/08/2020Ordinance Approving the Tax Increment Reinvestment Zone #3
Project & Financing Plans approved by the Board of Directors of
Reinvestment Zone Number Three, City of Corpus Christi, Texas.
WHEREAS, in 2008, through Ordinance 027996, the City of Corpus Christi created a tax
increment financing district, to be known as "Reinvestment Zone Number Three, Corpus
Christi, Texas," over a portion of the city that includes the City's downtown area;
WHEREAS, Ordinance 027996 included a preliminary reinvestment zone financing plan;
WHEREAS, on August 25, 2015, the City Council passed Ordinance 030592, which
approved the "Tax Increment Reinvestment Zone #3 Amended Project & Financing Pian";
WHEREAS, the "Tax Increment Reinvestment Zone #3 Amended Project & Financing
Plan" was last amended by City Council on October 16, 2018;
WHEREAS, on September 30, 2020, the Board of Directors of Reinvestment Zone
Number Three passed a resolution approving a fifth amendment to the Tax Increment
Reinvestment Zone #3 Amended Project & Financing Plan;
WHEREAS, Texas Tax Code Section 311.011(d) provides that the governing body of the
municipality that designated the zone must approve a project plan or reinvestment zone.
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL FOR THE CITY OF
CORPUS CHRISTI, TEXAS:
SECTION 1. The City Council approves the Project Plan and Reinvestment Zone
Financing Plan for Tax Increment Reinvestment Zone #3, Corpus Christi, Texas for the
Reinvestment Zone Number Three, City of Corpus Christi, Texas, as approved by the
Board of Directors of Reinvestment Zone Number Three on September 30, 2020. A
copy of the Plan is attached hereto and incorporated by reference.
032306
SCANNED
The foregoing ordinance wasmi for the first time and passed to its second reading on this
the day of hvN , 2020, by the following vote:
Joe McComb
Roland Barrera
Paulette M. Guajardo
Gil Hernandez
Michael Hunter A7,(
Ben Molina
Everett Roy
Greg Smith
The foregoing ordinance was read for the second time and passed finally on this the
day of 11i ,J/A , 2020, by the following vote:
Joe McComb
Roland Barrera
Paulette M. Guajardo
Gil Hernandez
A )L
Michael Hunter
Ben Molina
Everett Roy
Greg Smith
ALA
PASSED AND APPROVEDCeVN
day of r , 2020.
ATTEST:
Rebecca Huerta
City Secretary
e 1/,x.1 u
Joe Comb
Mayo
City of Corpus Christi / Corpus Christi Downtown Management District
Tax Increment Reinvestment Zone #3
Amended Project & Financing Plan
Style Definition: Edit: Underline
Introduction
Tax Increment Financing is an economic development tool authorized by Chapter 311 of the Texas Tax
Code, through which governments can designate a portion of tax increment to finance improvements to
promote development of a defined area, called a "Reinvestment Zone." The defined area must meet one
of the five criteria outlined in Chapter 311.
In 2008, through Ordinance 027996, the City of Corpus Christi created Tax Increment Reinvestment Zone
#3 ("TIRZ #3" or "the Zone"), over a portion of the city that includes the city's Downtown area. There have
been three amendments to the ordinance; expansion of boundaries (April 2009), correction of
termination date (March 2012) and correction of board composition (August 2014). A change in the
economic climate immediately after the creation of TIRZ #3 hindered the performance of the fund and
prevented any investment from occurring.
Throughout this time, there has not been an update to the Preliminary Project & Financing Plan in the
2008 Ordinance. This document, the 2015 Amended Project & Financing Plan, is intended to replace the
previous Project & Financing Plan and any future amendments will modify this version.
This 2015 Amended Project & Financing Plan is based on research conducted for the Downtown Area
Development Plan (DADP), eurfeatly-ueder-way completed. Upon completion of the DADP, there will be
an amendment to refine aspects of the 2015 Amended Project & Financing Plan. TIRZ #3 consists of a
Board of Directors and is supported by the City Manager's designee, currently the City's Business Liaison,
and the Executive Director of the Corpus Christi Downtown Management District (DMD).
Second Amendment (FY 2017) — To continue and enhance the Zone's efforts, this Amendment provides
for programming and services from the DMD; refines some of the Incentive Programs; and provides the
ability for TIRZ funds to be expended for public, cultural and/or historic properties within the Zone.
Updates also include the commitment from Del Mar College's extended participation to the end of the
Zone.
Note: Schedule of Project Expenditures (Page 7) updated as Exhibit C — FY 2017 Project Plan Budget.
Third Amendment (FY 2018) — this Amendment renames the (5) Site Assembly & Development category
to (5) Site Management & Development and discusses a pilot vacant building program in the Reinvestment
Zone. Additionally, both (6) Parking Management and (7) Traffic Pattern and Streetscapes expand to
authorize funding for implementation. (8) Other Programs and Initiatives expands to include Cultural
District Plan, upon Board's approval of the DMD's FY 2018 Scope of Services.
Note: Schedule of Project Expenditures updated as Exhibit C — FY 2018 Project Plan Budget.
Fourth Amendment (FY 2019) — this Amendment extends the four Incentive Programs for an additional
3 -year period and includes the new FY 2019 Budget as Exhibit C. It also provides an updated Sources of
Revenue table showing the projected revenue of the TIRZ over time.
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City of Corpus Christi / Corpus Christi Downtown Management District
Fifth Amendment (FY 2021) - this Amendment incorporates implementation that occurred in FY 2020 andk- --
refines parameters for more aggressive incentives for FY 21 based upon the remaining rehabilitation
hurdles and economics.
Criteria for Zone Creation
The 2008 Project Plan stated that the defined area of TIRZ #3 qualified for designation as a "Reinvestment
Zone" because it suffered from "economic stagnation, inadequate infrastructure, and deteriorating
properties. Without intervention by the public sector, private market forces will not be sufficient to
generate significant development and redevelopment." Conditions listed that met the Criteria of Chapter
311, Section 005 included:
• A substantial number of substandard, slum, deteriorated, or deteriorating structures;
• The predominance of defective or inadequate sidewalk or street layout;
• Unsanitary or unsafe conditions;
• The deterioration of site or other improvements; and
• Conditions that endanger life or property by fire or other cause.
According to Chapter 311, these conditions must "substantially arrest or impair the sound growth of the
municipality or county creating the zone, retard the provision of housing accommodations, or constitute
an economic or social liability and be a menace to the public health, safety, morals, or welfare in its
present condition and use."
Conditions in 2008 met these requirements, as indicated by the Market and Economic Study undertaken
at that time. While our community has benefitted from a boost in economic activity since 2008, the
Downtown did not see the same level of development. This solidifies the 2008 position that conditions
would not be overcome or corrected without significant intervention and assistance from the public
sector.
A Consistent Vision for Downtown
For decades, efforts had been made to improve and revitalize Downtown Corpus Christi, with various
levels of success. The 2006 Downtown Redevelopment Vision resulted in the creation of TIRZ #3, but a
change in environment prevented immediate implementation. Other efforts have included:
2004- Bayfront Master Plan
2006 - Downtown Redevelopment Report
2013 - Central Business Development Plan
2014 - RU DAT
2015 - Downtown Area Development Plan (Under -way)
The 2006 Redevelopment Report vision statement is consistent with the vision illustrated in the 2015
Downtown Area Development Plan, which is currently in draft form.
"Downtown Corpus Christi is a safe, clean, pedestrian friendly community comprised of a central
business district, arts and culture, sports and entertainment areas. This unique vibrant waterfront
community will provide local residents, tourists and families' opportunities to enjoy fine restaurants,
shops and residential facilities."
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City of Corpus Christi / Corpus Christi Downtown Management District
Anticipated Zone Role in Downtown Improvements
The 2008 Market and Economic Study indicated the nature of the intervention and assistance needed to
spur economic growth in different areas of the Zone. It stated that the "current structure of Corpus
Christi's economy, the aging of existing development, and inadequate public infrastructure and facilities
together depress the viability of new development and redevelopment in Downtown." The 2014 Analysis
of Residential Market Potential repeated those themes, with extra emphasis on residential development
and introduction of the concept of gap financing. Additionally, the 2015 environment has the new dynamic
of regional investment valued at tens of billions of dollars.
The primary functions of TIRZ #3 will be
• To Support Private Sector Development & Investment
• To Plan & Construct Public Improvements
• To Provide Revitalization Focused Programs & Services
The Zone is expected to be one of a variety of planned funding sources and programs that will be acting
in concert to accomplish a changed public environment in Downtown. By improving and enhancing
streets, sidewalks, and public spaces, plus upgrading utilities, the zone and the other programs will
encourage the development of new land uses and the redevelopment or rehabilitation of existing uses.
The intended result is that Downtown will become a vibrant and economically vital urban waterfront
district with a variety of residential, retail, and lodging uses, a strong office base, and popular public
facilities.
Project Plan
Existing Uses and Conditions/Boundaries §311.01 (b) (1)
The Zone includes approximately 856 acres wholly within the City of Corpus
Christi. Its boundaries encompass nearly all of the Downtown area. A very
wide variety of land uses are present within the TIRZ. The boundaries and
land uses within the Zone are shown in Exhibit A. The existing conditions
within the Zone are described generally below. A legal description of the
Zone with a specific accounting for the proposed boundaries is given in
Exhibit B. In the 2015 DADP, the identities of neighborhoods in the
Downtown were emphasized as way to build unifying identities and create
distinct experiences. Each of those regions is described generally below.
SEA District - A large area of publicly owned cultural and entertainment
facilities comprises the north end of the zone. These facilities include:
• Port of Corpus Christi's Ortiz Center • Harbor
• Corpus Christi Museum of Science & History Playhouse
• Art Museum of South Texas • Brewster
• Whataburger Field Street Icehouse
• American Bank Convention Center & Arena
• Heritage Park— Restored Historic Homes, now used as Non -Profit Offices or Cultural Museums.
Moving south, the next few blocks vary between vacant, undeveloped land and low density residential,
bordered to the west by Port facilities and storage space, southeast by the Port of Corpus Christi Offices
and the Federal Courthouse. The southern portion of the SEA District also includes two restaurants, a
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City of Corpus Christi / Corpus Christi Downtown Management District
vacant hotel, U -Haul, Fire Station #1 and the historic Nueces County Courthouse. IH 37 is the physical
southern border of this area, with the transition from a highway to on and off ramps coming to surface
grade.
Uptown — South of IH 37, a natural bluff distinguishes the high-rise, office building core of the Uptown.
Broadway marks a topo-graphical change as the edge of a bluff, and the higher elevation area to the west
of the street north of Lipan Street is characterized mainly by professional office uses, some in high-rise
towers. TIRZ #3 picks up two blocks of Uptown, with Tancahua as the west border. Of Downtown's office
properties, only the Frost Bank building is one of two Class "A" properties. Overall occupancy for the
Downtown office market is around 80 percent.
Outside of the Zone, Uptown continues to include major government anchors, including Corpus Christi
Independent School District Offices, Nueces County Courthouse, a Regional Transportation Authority
Service Center and Corpus Christi City Hall.
Marina Arts District (Downtown Management District) — The area east of Broadway is lower in
elevation and features a walkable pedestrian grid with a mix of land uses, including hotels, office,
residential and retail. The boundary of this neighborhood is based on the petition of property owners
that created the Downtown Management District in 1993. This area is the historic center of Corpus Christi,
but many of the original buildings have been demolished, due to neglect or natural disasters. The last
large wave of construction occurred in the 1980's. The most recent large scale private investment is
currently under construction, a $27 million residential property with ground floor retail, the
Cosmopolitan. The area is interspersed with surface parking lots and vacant, blighted property. In several
places, public spaces and sidewalks are in deteriorated condition.
Another unique feature of this neighborhood is the Corpus Christi Municipal Marina, spanning three man-
made T -heads along the Bayfront. The Marina is comprised of over 600 slips, several restaurants and the
Corpus Christi Yacht Club, the third oldest yacht club in the Gulf Coast.
Bayshore Park Neighborhood — At Kinney Street, the Zone gets divided by a redundancy of roadways
and a few vacant parcels. This portion of the Zone includes the YMCA, a Greek Orthodox Church, Episcopal
Church, Methodist Church and several parks. Additionally, there is a mix of early 20`h century single family
homes and multi -family residential developments. The multi -family developments are truly a diverse mix,
including high rise and mid -rise, market rate and affordable, ownership and rental, constructed at all
different times with various architectural styles. Many of the original homes, especially at the south end
of the neighborhood, have been converted to professional office use. This neighborhood would lend itself
to the revitalization seen in older neighborhoods across the country, however an absence of
neighborhood support services prevents the unification necessary to create this self identity.
A potentially defining feature of this neighborhood is the 34 acres of park land for which the City is
currently undergoing a Design -Build process to complete a Bond 2008 project that relocated traffic lanes
to unite a patchwork of public space. The southeastern corner of the zone includes the Emerald Beach
hotel and Marina del Sol condominiums. This neighborhood abuts the Christus Spohn Shoreline hospital
complex. Christus Spohn Shoreline is just outside TIRZ #3 Boundaries, but the system is planning a $325
million investment in the community in the coming years.
41?a;
City of Corpus Christi / Corpus Christi Downtown Management District
Municipal Ordinances §311.011 (b) (2)
The City may modify existing ordinances in order to make the area in and around TIRZ #3 more friendly to
the types of residential and recreational activity desired. Some other policies that will be updated include
building design, setbacks and streetscape requirements, in order to establish a built environment that
supports the downtown character.
City Planned Improvements (Non Project Costs) §311.011 (b) (3)
The City of Corpus Christi has over $2-9 million in improvement projects currently funded and in some
stage of planning or construction, independent from this TIRZ #3 Project Plan. The City will continue to
use Bonds packages a major source of public improvement funding.
Relocation §311.011 (b) (4)
No relocation of existing residents is anticipated to be required as part of the Project Plan.
Financing Plan
Estimated Project Cost Description (§311.011 (c) (1) & Kind, Number and Location of TIRZ
Improvements §311.001 (c) (2)
TIRZ #3 is anticipated to participate in projects that support the development and economic activity
projected in the DADP, especially when cost of development creates a gap due to utility or infrastructure
conditions. The initial focus is on residential and mixed-use development.i xceptions may be made to the
guidelines below for catalytic projects with Board approval. Such changes will be incorporated at the next
Project Plan Amendment.
1. Chaparral Street Property Improvement Grant Program — This three-year matching grant program
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will support and encourage private investment in the built environment along Chaparral Street for
active businesses. Due to its "Main Street" characteristics and its function of connecting the Marina
Arts District (Downtown Management District Boundary) and SEA District, Chaparral Street is a first
phase priority for successful revitalization of the Zone. During FY 2016 2019 2021, TIRZ #3 will make
$200,000 available per year to match approved property improvements funded by the property
owners. The Zone will consider from a 50/50, up to 30/70 match on renovation costs, depending on_ Formatted: Edit Char, Strikethrough
how the scope of the project meets the priorities of the Zone.,A 20% incentive cap had been adopted Formatted: Edit Char
for FY 16 — FY 20 but this will be waived for FY 21. A max of $100,000 is available for a single project ' Formatted: Edit Char
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<..su
t41* 84 DWOOS:
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.
Shoreline Realignment
Bond 2008
Ongoing
$13,000,000
P ,.
Done
SEA District Improvements
Bond 2012
2015-2016
$500,000
Under Construction
Chaparral St. Phase II
Bond 2014
2015-2016
$9,000,000
pone
Water Street Improvements
Bond 2014
2015-2016
$5,000,000
Done
Streetscape Improvements
Bond 2014
2015-2015
$1,500,000
Done
Wayfinding Program
HOT Funds
2015
$200,000
On Hold
Shoreline Crosswalks
Bond 2018
2021
Pending Design
Downtown Lighting
Bond 2018
2021
Pending Design
Total
$29,200,000
Relocation §311.011 (b) (4)
No relocation of existing residents is anticipated to be required as part of the Project Plan.
Financing Plan
Estimated Project Cost Description (§311.011 (c) (1) & Kind, Number and Location of TIRZ
Improvements §311.001 (c) (2)
TIRZ #3 is anticipated to participate in projects that support the development and economic activity
projected in the DADP, especially when cost of development creates a gap due to utility or infrastructure
conditions. The initial focus is on residential and mixed-use development.i xceptions may be made to the
guidelines below for catalytic projects with Board approval. Such changes will be incorporated at the next
Project Plan Amendment.
1. Chaparral Street Property Improvement Grant Program — This three-year matching grant program
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will support and encourage private investment in the built environment along Chaparral Street for
active businesses. Due to its "Main Street" characteristics and its function of connecting the Marina
Arts District (Downtown Management District Boundary) and SEA District, Chaparral Street is a first
phase priority for successful revitalization of the Zone. During FY 2016 2019 2021, TIRZ #3 will make
$200,000 available per year to match approved property improvements funded by the property
owners. The Zone will consider from a 50/50, up to 30/70 match on renovation costs, depending on_ Formatted: Edit Char, Strikethrough
how the scope of the project meets the priorities of the Zone.,A 20% incentive cap had been adopted Formatted: Edit Char
for FY 16 — FY 20 but this will be waived for FY 21. A max of $100,000 is available for a single project ' Formatted: Edit Char
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City of Corpus Christi / Corpus Christi Downtown Management District
in a single fiscal year. Applications will be accepted until the allocation is exhausted for each fiscal
year.
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2. New Tenant Commercial Finish -Out Grant Program— In order to activate vacant spaces, support 1 Formatted: Edit Char
mixed-use developments and the demand for more dining and entertainment venues in the
Downtown, the Zone will reimburse approved leasable new tenant finish -outs at a maximum rate of
$10 per square foot. e,dditionally, since it has become clear that existing inventory is not white box . Formatted: Edit Char
ready, 50% of Mechanical Electrical or Plumbing Costs (Up to $20,000) will be available to the landlord_ - Formatted: Edit Char
with a new tenant if that landlord provides a 6 -month rent waived lease. First -floor, active street use Formatted: Edit Char
projects will be a priority consideration. During FY 2016 2019 2021, $100,000 will be allocated
annually. Qualified finish out expenses include: floor and wall upgrades, HVAC, kitchen equipment, I Formatted: Edit Char
awnings and other permanent, semi-permanent fixtures. Grant is reimbursable to the Tenant, but
written approval must come from Landlord in application. Applications will be accepted until the
allocation is exhausted for each fiscal year.
3. Downtown Living Initiative —The Residential Demand Study conducted for the DADP stated that over
the next 5 years, 1,850 new units could be absorbed in the greater downtown if the threshold made
investment attractive. Apartment occupancy was 94.2% in the first Quarter of 2015 (industry
considers 96% to be full occupancy). In order to stimulate development, for FY 2016 2019 20212021
the Zone will provide a $10,000 per unit reimbursement grant for multi -family developments of over
10-3units that meet the required design criteria. Applications will be accepted until the allocation is
exhausted for each fiscal year, and allocations may be split between years and committed in advance.
4. Project Specific Development Agreement — In situations where higher development costs create a
financing gap, TIRZ #3 can provide assistance to property owners or developers through a
Development Agreement for reimbursement of net new tax increment. A pro -forma is required to
qualify for up to 75% reimbursement of the new taxes for 10 years if a development is 5,000 sq. ft or
creating 25 or more new residential units. If further gap exists, staff will undertake additional third
party review to justify any additional reimbursement, based on the "but, for" principle. The qualifying
cost elements for this Program include:
• Environmental Remediation/Code Compliance
• Historic Preservation
• Structured Parking
• Urban Design/Landscaping
• Public Improvements/Utilities
Further, Residential Developments over 180 10 Units may be considered as an individual cost element For
catalytic projects with per unit development cost above $100,000, a 10% threshold will be considered
based on available funding, up to $20 000 per unit.,
5. Site Management & Development —Beginning ion FY 2017 and 2018 TIRZ #3 will develop a program
to facilitate activation of vacant properties within the Zone and propose to City Council adoption of a
downtown vacant building ordinance. The program will establish minimum requirements for vacant
61P age
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City of Corpus Christi / Corpus Christi Downtown Management District
properties and designate registered properties as eligible for incentives or emergency funding.
Funding will be allocated to establish and administer the program.
In order to activate strategically located properties, TIRZ #3 may place properties under option and
work towards developing proposals for development, then assist in acquisition and development of
the properties. Additionally, the Zone may purchase properties outright for redevelopment and
dispose of properties, if approved by the Board.
Under this initiative, funding may also be expended for stabilization or redevelopment of public,
cultural and/or historic properties.
6. Parking Study & Development— In key locations where parking is undersupplied or inadequately
distributed, the Zone can assist in providing public parking facilities such as on -street spaces or off-
street lots and structures. TIRZ #3 will conduct a study in FY 2016 in order to develop a strategic
approach for parking in the Downtown and fund implementation steps. Additionally, tThe Zone may_,
support any efforts City may undertake for appropriate parking management infrastructure such as
meters, lot improvements, structured garages and occupancy monitoring systems.
7. Traffic Pattern Study & Streetscapes — TIRZ #3 may contribute to studies for traffic movement and
improvements in roadway infrastructure (repaving, repair, widening, redesign), traffic management
infrastructure (signals, signs), and beautification (landscaping in medians, special lighting, etc.) The
Zone will contribute up to $150,000 for a traffic pattern study as the first phase of this initiative.
Additionally, pedestrian accommodations and streetscapes will be a priority. Funds may also be
expended on implementation of infrastructure improvements, as budgeted and listed below:,
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• Streetscape Program — Funding $200,000 for Right of Way and Facade improvements to increase— Formatted: Edit, Left, Space After: 0 pt, Line spacing:
lighting and security beginning FY 18, funded annually after. single, Bulleted + Level: 1 + Aligned at: 0.25" + Tab
i after: 0.5" + Indent at: 0.5"
• Artesian Park - $150,000 Initial Funding in FY 20, then $50,000 Annual for La Retama & Artesian.
• Two Way Conversion Shoreline to Water Street — Up to $400,000 (Funded FY 20, Rolled to FY 211
• General Right of Way Maintenance - $50,000 Annually.
7,• Broadway Bluff Maintenance and Repair Assessment - $150,000 (Funded FY 20, Rolled to FY 21) Formatted: Font: Bold
8. Other Programs & Initiatives — TIRZ #3 will develop other programs and initiatives that will be
presented to the Board for approval, during the life of the Zone. In FY 2017 Each year, the following
initiatives are being added:
• `Y 2017 - Downtown Management District Bike Share Initiative Formatted: Font: Not Bold, Font color: Auto
• fY 2017 - Downtown Management District Expanded Scope of Services Formatted: List Paragraph, Left, Space After. 0 pt, Line
• FY 2018 — Downtown Management District — Cultural District Plan, TIRZ #3 Incentive Programs, i spacing: single, Bulleted + Level: 1 + Aligned at: 0.25"
registration process for downtown vacant building program, Streetscape Safety & Right of Way + Indent at: 0.5"
Improvement Program and Off -Street Parking Improvement Program. Formatted: Font: Not Bold, Font color: Auto
• FY 2019- Unified brand implementation and expanding organizational and operational capacity.
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City of Corpus Christi / Corpus Christi Downtown Management District
• FY 7020- Implementation of approved nrniertc from TIRZ k3 Traffic R Planning Analysis,— - _ -'I Formatted: Edit, Bulleted + Level: 1 + Aligned at: 0.25"
+ Tab after: 0.5" + Indent at: 0.5"
specifically Artesian Park Upgrades.
• FY 2021- Capital Maintenance for public spaces and right of ways throughout the zone ander- Formatted: Edit, Left, Space After: 0 pt, Line spacing:
continued capital maintenance. single, Bulleted + Level: 1 + Aligned at: 0.25" + Tab
after: 0.5" + Indent at: 0.5"
9. Management & Professional Services- Zone funds will compensate for the costs of ongoing
administration of the Zone, including but not limited to accounting, legal services, consulting services,
document production and maintenance, and other administrative costs. These costs were originally
estimated at $50,000 per year for the 20 -year life of the Zone, but to date the only dollars expended
have been for state reporting requirements. Staff plans to strategically engage outside resources to
evaluate revenue projections and continue to develop innovative, effective programs.
Economic Feasibility Study §311.011 (c) (3)
The 2008 Market and Economic Feasibility Study for TIRZ #3 was completed by CDS Market Research I
Spillette. In 2014 and 2015, Goody Clancy completed additional studies that reflect the more recent
environment, and emphasize the importance of residential development in any revitalization. Those
studies include:
• Residential Market Potential (Zimmerman/Volk) – final
• Retail Market Analysis & Strategy (Mike Berne) – draft
• Hotel, Office, Retail (W-ZHA, Sarah Woodworth) – draft
• Incentives & Development Economics (W-ZHA, Sarah Woodworth) – draft
Estimate of Bonded Indebtedness §311.011 (c) (4)
It was not anticipated that TIRZ would issue bonded debt, but would be funded on a pay-as-you-go basis.
If the annual revenue and available non -bonded debt financing are insufficient to address the needs of
TIRZ #3, we may issue bonded debt commensurate with the specific project costs under consideration
and anticipated annual Zone revenues to support debt service payments.
Timing of Incurring Costs or Monetary Obligation §311.011(c) (5)
Costs will be incurred over the life of the Zone based on its Board of Directors' identification of priority
activities and projects, opportunities for implementation, and available revenues to sustain a pay-as-you-
go project expenditure approach.
The following table summarizes proposed planned expenditures for TIRZ #3 until FY 2019. Another set of
programs will be proposed in FY 2018, based on an assessment of needs at that time.
Scheduled Project Expenditures
FY
FY 14-15
FY 15-1.6
FY 16-17
FY 17-18
FY 18-19
Year
2015
2016
2017
2018
2019
Beg. Bal
$1,563,751
$2,333,342
51,730,387
51,540,935
$1,631,307
+ New Increment'
794,591
997,045
1,160,548
1,440,372
1,615,149
1 Chaparral Street Grant Program2
200,000
200,000
200,000
2 New Tenant Commercial Finish Out
Grant Program'
100,000
100,000
100,000
3 Downtown Living Initiative2
1,000,000
1,000,000
1,000,000
8P?age
City c
See Exhibit C for FY 2017
agement District
4 Project Specific Developmen
Agreement'
Update of Project Budget
TBD
TBD
5 Site Assembly & Developmei
Del Mar
City
County
6 Parking Study & Developmer
TOTAL
FY 10
$ 8,655,793
,
$ 50,400
$ -
7 Traffic Pattern Analysis &
Streetscapes
$ 50,400
150,000
21,931,954
4,698,427
4,674,139
8 Other Programs & Initiative
16,488
12,059
156,251
FY 12
22,782,697
9 Management & Professional Services
25,000
50,000
50,000
50,000
50,000
Expenditure Totals
25,000
1,600,000
1,350,000
1,350,000
50,000
TNFZ Eatd`wg Balance
4333,312
1,730,3871,531,307
57,920,528
52,767,539
3,196,455
Notes:-
otes:1 Increment Projection developed.by CCREDC, will be monitored closely to ensure program allocations
1
2 Program allocations will be authorized each FisterYear_
3 Incentive available will be based on the amount of investment and increment generated by private sector_
Method of Financing and Sources of Revenue §311.011(c) (6)
Methods of Financing. TIRZ #3 will initially take a primarily pay-as-you-go approach to financing projects
that could utilize the following methods:
• Cash funds generated from existing property value increment,
• Developer cash reimbursement agreements where the revenues from the Zone's property tax
increment compensate a developer for fronting eligible expenditures in a specific taxable project.
• If future Zone revenues to support debt service payments are anticipated, the Zone may also issue
bonded debt, the term of which will not extend past the expected life of the Zone.
Sources of Revenue. The primary source of revenue for TIRZ #3 will be funds from the contributed
property tax collections of the City of Corpus Christi, Nueces County, and Del Mar College on the taxable
property value increment within TIRZ #3. The City, anti County, and Del Mar College have agreed to
participate in funding TIRZ #3 with 100% of the incremental property taxes collected over the life of the
Zone.
The assessed value base year for the City of Corpus Christi is 2009; the base year or Nueces County and
Del Mar College is 2010. The 2016 2018 adjusted projection of incremental property tax revenue
contributed to the Zone is as follows:
Sources of Revenue
Year
itxrement Value
Tax Reversue
Gty
County
Del Mar
City
County
Del Mar
TOTAL
FY 10
$ 8,655,793
$ 50,400
$ -
$ -
$ 50,400
FY 11
21,931,954
4,698,427
4,674,139
127,703
16,488
12,059
156,251
FY 12
22,782,697
15,449,665
15,290,811
129,988
54,227
39,451
223,666
FY 13
43,910,295
38,988,148
38,041,488
250,533
136,845
98,148
485,526
FY 14
57,920,528
52,767,539
51,604,697
338,988
179,932
129,355
648,275
FY 15
71,728,002
See Below for FY 2019 Update
794,591
FY16
90,003,549
997,045
FY 17
104,763,037
1,160,548
of Sources of Revenue
FY18
130,022,872
1,440,372
FY 19
145,800,015
1,515;149
91°ae
City of Corpus Christi / Corpus Christi Downtown Management District
FY 20
173,112,004
157,710,826
154,235,343
1,013,162
521,928
382,616
1,917,707
FY21
189,976,968
173,075,373
169,261,300
1,111,867
572,776
419,892
2,104,534
FY 22
207,413,655
188,960,778
184,796,638
1,213,917
625,347
458,431
2,297,695
FY 23
225,441,446
205,384,699
200,858,623
1,319,428
679,700
498,276
2,497,404
FY 24
244,080,379
222,365,390
217,465,110
1,428,515
735,896
539,472
2,703,883
FY 25
263,351,172
239,921,727
234,634,557
1,541,300
793,997
582,065
2,917,362
FY 26
283,275,244
258,073,223
252,386,047
1,657,908
854,068
626,102
3,138,077
FY27
303,874,743
276,840,056
270,739,314
1,778,469
916,174
671,631
3,366,275
FY 28
325,172,564
296, 243, 083
289, 714, 756
1,903,118
980,387
718,704
3,602,209
FY29
347,192,382
316,303,874
309,333,466
2,031,992
1,046,776
767,373
3,846,141
274,881,633
$ 35,963,109
These estimates will continue to be monitored and adjusted g, a annually.
Seems of Revenue
Year
fapeateat Vallee
Tac Revenue
Fiscal Year
Gity
County
Del Mar
Total
City
County
Del Mar
TOTAL
FY 10
8,938,611
-
-
8,938,611
50,400
--
50,400
FY 11
21,931,959
4,698,427
4,674,139
31,304,526
127,703
16,488
12,059
156,251
FY 12
22,782,697
15,449,269
15,290,811
53,522,776
129,988
54,227
39,451
223,666
FY 13
43,910,295
38,987,148
38,041,488
120,938,931
250,533
136,845
98,148
485,526
FY 14
56,814,718
51,751,996
50,602,120
159,168,834
332,516
176,474
126,842
635,832
FY 15
61,641,842
57,170,457
55,257,674
174,069,974
359,150
189,203
137,079
685,432
FY 16
73,819,407
81,480,890
80,084,765
235,385,063
447,540
254,977
198,669
901,186
FY 17
82,672,144
96,768,777
95,440,711
274,881,633
501,211
294,266
234,936
1,030,413
FY 18
90,723,843
94,622,680
98,178,819
283,525,342
550,026
287,740
241,676
1,079,442
FY 19
96,280,721
110,962,179
117,040,051
324,282,951
583,715
337,427
288,105
1,209,247
FY 20
105,165,9511
111, 267, 007
123, 927, 631
340, 360, 589
637, 583
338,354
305,059
1,280,996
FY 21
112, 055, 614
127, 652, 230
144, 304,130
384, 011, 974
679, 353
388,180
355, 218
1,422,751
FY 22
121, 974, 293
130, 414,841
155, 674, 539
408, 063, 674
739,486
396, 581
383, 207
1,519,274
FY 23
130,351,758
147,214,456
178,552,529
456,118,743
790,276
447,667
439,523
1,677,466
FY 24
141, 527, 057
152, 497, 010
194, 956, 096
488, 980,162
858,028
463,731
479,902
1,801, 661
FY 25
151,580,816
170,089,008
221,442,870
543,112,694
918,980
517,227
545,102
1,981,309
FY 26
164, 264,179
178, 010, 361
243, 673, 527
585, 948, 067
995, 875
541, 315
599, 824
Z137,014
FY 27
176,220,443
196,790,562
275,051,046
648,062,051
1,068,361
598,424
677,063
2343,848
FY 28
190, 697, 246
207, 528, 945
304,184, 757
702, 410, 948
1,156,129
631, 079
748,778
2 535,986
FY 29
204, 825, 030
227, 919, 904
341, 971, 692
774, 716, 626
1, 241,780
693, 086
841,794
2,776, 661
Bold=Actuals $ 12,418,634 $ 6,763,292 $ 6,752,435 $25,934,361
Current Appraised Value & Estimated Captured Appraised Value §311.011(c)(7), (8)
According to the Nueces County Appraisal District, the 2009 certified taxable appraised value for the Zone
is $310,019,372.
The table above projects taxable value increment captured by the Zone over the remainder of its duration,
if all taxing entities continue participation. Due to differences in policies regarding exemptions and tax
abatements, the captured increment differs among the three jurisdictions. Captured value projections
assume a 349 2.5% annual value appreciation rate for existing development, based on estimates actual
iay-ecano mgr. Ray Perryman property value growth and do not take into account future investments.
10 'Page
City of Corpus Christi / Corpus Christi Downtown Management District
Duration of the Zone §311.011(c)(9)
TIRZ #3 will exist until 2028, however, the Board, City and other taxing entities may agree to extend the
Zone.
11 Page
City of Corpus Christi / Corpus Christi Downtown Management District
List of Exhibits
Exhibit A TIRZ #3 Boundaries and Land Uses
Exhibit B Legal Description
Exhibit C FY 2017 Project Plan Budget
FY 2018 Project Plan Budget
FY 2019 Project Plan Budget
FY 2021 Project Plan Budget
1212age
iFormatted: Indent: Left: 1"
City of Corpus Christi / Corpus Christi Downtown Management District
Exhibit A — Boundaries & Land Use
• TIRZ Boundary O
• SEA District
• Uptown
• Marina Arts District (DMD)
• Bayshore Park CI
Tax Increment
Finance District #3
mu
4111r111111
: PS.
Legend
ub•v lext Us.
- P..�...,
Cin of
Corfu.
Christi
i cua^x a mor a T. :t
Coag Dee.. ..
13 Page
City of Corpus Christi / Corpus Christi Downtown Management District
Exhibit B - Legal Description of the Zone
BEGINNING AT A POINT on the center line of the Corpus Christi Ship Channel and commonly known as the Corpus Christi — Port
Aransas Waterway at its intersection with the northerly extension of the West right-of-way line of Sam Rankin Street;
Thence Easterly along the centerline of the Corpus Christi — Port Aransas Waterway to its intersection with the northerly
extension of a line parallel with the breakwater 50' feet on the east side for a point in the Corpus Christi Bay and the Northeast
corner;
Thence Southerly along said line, being 50 feet on the East side and parallel with the breakwater, following the meanders of the
breakwater in the Corpus Christi Bay to its intersection with an "A-2" zoning line approximately 1,000 feet from the shoreline
and parallel with the East right-of-way line of Shoreline Boulevard for a point in the Corpus Christi Bay;
Thence Southwesterly along said "A-2" zoning line extending parallel and approximately 1,040 feet from the East right-of-way
line of South Shoreline Boulevard to its intersection with a second "A-2" zoning line extending parallel and approximately 1,000
feet from an existing 18 foot seawall easement, inside the Marina Del Sol Boat Harbor, for a point in the Corpus Christi Bay;
Thence Southeasterly along said line 200 feet more or less past its intersection with the easterly extension of the south most
boundary of Lot 3, Block 1 of Marina Del Sol Subdivision for a point in the Corpus Christi Bay and the Southeast corner;
Thence Southwest along a line 200 feet more or less to the South and parallel with the extension of the south boundary of Lot
3, Block 1 of Marina Del Sol Subdivision to the Corpus Christi Bay Shoreline;
Thence Northwest along the Corpus Christi Bay Shoreline to its intersection with the extension of the South most boundary of
Lot 3, Block 1 of Marina Del Sol Subdivision;
Thence Southwest along the South boundary of Lot 3, Block 1 of Marina Del Sol Subdivision, 540 feet more or less to the
centerline of Ocean Drive for a point;
Thence Northwest along the centerline of Ocean Drive to its intersection with the centerline of Morgan Avenue;
Thence Southwest along the centerline of Morgan Avenue, to a point in the center line of Santa Fe Street for the Southwest
corner;
Thence Northwest along the centerline of Santa Fe Street to its intersection with the centerline of Hancock Street;
Thence Southeast along the centerline of Hancock Street to its intersection with the centerline of South Tancahua Street:;
Thence Northerly along the centerline of South Tancahua Street, passing Furman, Coleman, Park, Agnes, and Laredo Street, to a
point in the centerline where South Tancahua becomes North Tancahua, and continuing along North Tancahua, passing Kinney,
Blucher, Comanche, Lipan, Leopard, Antelope and Buffalo Street and continuing past IH 37 to its intersection with the
centerline of the existing northwest frontage road of I.H. 37, for a point;
Thence Northeast along the centerline of said existing northwest frontage road of I.H. 37 to its intersection with the South
right-of-way line of West Broadway Street for a point;
Thence along the South right-of-way line of West Broadway Street to its intersection with the westerly extension of the South
right-of-way line of Concrete Street for a point;
Thence Northeasterly along the South right-of-way line of Concrete Street extended, to its intersection with the north right-of-
way line of West Broadway Street, for a point;
Thence Northwesterly along the North right-of-way line of West Broadway Street to the Southeast property line of the City of
Corpus Christi's Broadway Wastewater Treatment Plant;
Thence Northeasterly along the City of Corpus Christi's Broadway Wastewater Treatment Plant Southeast property line to its
intersection with the common South boundary line of Lots 1, Block 58 of the Beach Addition;
Thence West along the South boundary line of Lot 1, Block 58 out of the Beach Addition, to its Southwest corner for a point;
14l?a;
City of Corpus Christi / Corpus Christi Downtown Management District
Thence Northwest along the common, West boundary line of Lots 1 thru 6, Block 58, of the Beach Addition, to its intersection
with the South right-of-way line of Resaca Street;
Thence Northeast along the South right-of-way line of Resaca Street to its intersection with the centerline of Tancahua Street,
for a point;
Thence Northwest along the centerline of Tancahua Street to its intersection with the centerline of Port Avenue, for a point;
Thence Southwest along the centerline of Port Avenue, to its intersection with the West right-of-way line of Sam Rankin Street
for an outside corner;
Thence Northerly along the West right-of-way line of Sam Rankin Street and its extension to its intersection with the centerline
of the Corpus Christi — Port Aransas Waterway center line in the Corpus Christi Ship Channel to the POINT OF BEGINNING.
Excluded properties to meet state statute prohibiting Tax Increment Financing Districts from containing 10% or more of the
area used for residential purposes:
Beach Addition Block 55 Lots 10 thru 12
15 Page
City of Corpus Christi / Corpus Christi Downtown Management District
Exhibit C
Tax Increment Reinvestment Zone #3
Proposed Budget FY 2017
Year
- R17015-
F02016
FY.2017
102018
FY2019
..f, ��.y��.
'.Budget
. '.Actual.
Budget
'Estimated
Proposed
Fo4n,.
Future.
Beg. Bal
$ 1,563,751
5 1.563,751
$ 2,297,833
$ 2,253,569
$ 2,930,612
$ 2.253,464
5 1,508,279
• Increment Revenue
$ 734,082
5 691,162
$ 994,117
$ 865,843
$ 1,127852
$ 1,409,815
5 1,762.269
1 Chaparral 5t Grant Program
$ -
$ -
$ 200,000
5 72,800
$ 200,000
5 200,000
5 -
2New Tenant Commercial Finish Out Grant Prop
$ -
$ -
$ 100,000
$ -
$ 100,000
5 100,000
$ -
3Downtown Living Initiative
$ -
$ -
$ 1,000,000
$ -
$ 905,000
$ 910,000
5 -
4Project Specific Development Agreement
$ -
$ -
5 -
$ -
$ -
$ -
5 -
5Site Assembly &Development
$ -
$ -
$ -
$ -
$ -
$ -
5 -
6Parking Study &Development
5 -
$ -
5 100,000
$ 100,000
$ 50,000
$ -
5
7Traffic Pattern Analysis &Streetsrapes
5 -
$ -
5 150,000
5 -
$ 150,000
$ 500,000
$ 1,000.000
8 Other Programs & Initiatives
5 -
$ -
$ -
$ 350,000
5 395.000
$ 920,000
9 Management & Professional Services
5 -
5 1,344
$ 50,000
5 16,000
$ 50,000
$ 50,000
5 50,000
TOTAL EXPENDITURES
$ -
$ 1,344
$ 1,600,000
$ 188,800
$ 1,805,000
$ 2,155,000
$ 1,470,000
End 3e1
5 2,297,833
$ 2,253,569
5 1,691,950
$ 2,930,612
$ 2,253,464
5 1,508,279
$ 1,800,548
Notesa
1 Ending FY 2016 Increment is not final. I I I 1 1 1
2 Other Programs & Initiatives are DMO Requests for funding in FY 17. Project Plan will need to be updated to reflect changes.
I. I I 1 I 1 I
16Ioa;e
RI'.ZBBQ
PY 2p1$
u
:til ". 'r?'� ? 6 7X t
..f, ��.y��.
t;+l
i*- ."(
'Beg. Bal
$ 2,297,833 $ 2,253 69
$ 2,953,576 . $ 2,992,483
$ 3,388,432
+ Increment Revenue
$ 994,11' .. $ 914,191
$ 1127,852 - $ 1,070,317
$ 1,291,273
1 Chaparral St. Grant Program
$ 200,000. $ 71,942
$ 200,000 $ 100,000
$ 200,000
2'.. New Tenant Commercial Finish Out Grant Program
100000'.. 5 -
$ 100,000 5 15,000
$ 100,000
3;Downtown Living Initiative
$ 1;700,000 $ -
$ 905,000 $ -
$ 725,000
41 Project Specific Development Agreement
$ - $ -
$ - ' 5 -
$ -
5lSiteManagement &Development
$ - $ -
$ - $ -
$ 100,000
6; Parki ng Study & Development
$ 100,000 $ 98,534
$ 50,000 $ 50,000
$ 150,000
7lTraffic Pattern Analysis & Streetscapes
$ 130.000 . $ -
$ 150,000 $ 150,000
$ 500,000
810ther Programs & Initiatives
$ -
$ 350,000. $ 350,000
$ 395,000
9 Management & Professional Services
5 50,000 $ 4,801
$ 50,000 $ 9,368
$ 50,000
;TOTAL EXPENDITURES
$ 1,600,000 $ 175,277
$ 1,805,000 $ 674,368
$ 2,220,000
$ 1 691 950 I $ 2 992 483 L.5_2.22.6.422 -S-3,384-432-1 $ 2,459,705
16Ioa;e
City of Corpus Christi / Corpus Christi Downtown Management District
Proposcd Budget FV 2010.
See Below for FY 2018 Update
of Project Budget
}� „(� 4A �,l .T,-:.0.,1-1,-2."
idyki
$ 439-
Ftp
vJ:YiiE:i,.'�++tF 'i'. �;l.vt i#}f}'.
'7Gs "i
,},
•i �:i "•`54nE-'tY6.
;Beg. BaI
5 2,2.97,833 i $ 2,253,569
$ 2,953,576 'ii $ 2,992,483
$ 3,388,432
+ Increment Revenue
3 994,117 i $ 914,191
$ 1,127,852 5 1,070,317
$ 1,291,273
1 Cha parrs 15t. Grant Program
S 200,000, $ 71,942
$ 200,000 $ 100,000
$ 200,000
2! New Tenant Commercial Finish Out Grant Program
5 100,000 $ -
$ 100,000', $ 15,000
$ 100,000
31 Downtown Living Initiative
> 1,000,000 i $ -
$ 905,000 ; $ -
$ 725,000
4!Project Specific Development Agreement
7 - I $ -
$ - : $ -
$ -
51Site Management &Development
$ - $ -
$ - -: $ -
$ 100,000
6i Parking Study & Development
, 100,000 $ 98,534
$ 50,000 ' $ 50,000
$ 150,000
7 Traffic Pattern Analysis & Streetscapes
5 150,000 : $ -
$ 150,000 '', $ 150,000
$ 500,000
8 Other Programs & Initiatives
$ -
5 350,000 $ 350,000
$ 395,000
9 I Ma nagement& Professional Services
5 50000 ! $ 4,801
$ 50,000 - 5 9,368
$ 50,000
TOTAL EXPENDFTURES
$ 1,600,000 $ 175,277
$ 1,805,000 $ 674,368
$ 2,220,000
End Bal
$ 1,691,9501 $ 2,992,483
$ 2,276,428 i$ 3,388,432
$ 2,459,705
See Below for FY 2019 Update
of Project Budget
" `Formatted: Space After: 8 pt
‘i Formatted: Font color: Auto
Year
FY 2016 FY 2017
FY 2018
FY 2019
Actual Actual:
Budget Estimated
Proposed
Beg. Bal
S 2,253,569'; 5 2,992,483
$ 3,348,528 5 3,626,061
$ 3,627,056
';- I ncrement Revenue
$ 914,191 $ 1,030,413
$ 1,320,973 $ 1,154,516
$ 1,409,018
1', Chaparral St. Grant Program
$ 71,942 $ 100,000
$ 200,000 S 200,000
$ 200,000
2 Mew Tenant Commercial Finish Out Grant Program
S - $ 15,000
$ 100,000 $ 68,220
$ 100,000
31Downtown Living initiative
S - -: S -
$ 725,000
$ 92,500
4i Project Specific Development Agreement
S - ', 5 -
5 -
$ -
5Site Management & Development
5 - $ -
S 100,000 $ 40,000
$ 130,000
6'I Parking Study & Development
$ 98,534 $ 50,000
S 150,000 5 100,000
$ 200,000
71Traffic Pattern Analysis & Streetscapes
5 - $ 150,C00
$ 500,000 5 200,000
$ 350,000
7B iStreetscape Safety & Right of Way improvement Program
$ 100,000
$ 200,000
810ther Programs & initiatives
5 -5 350,000
$ 395,000 $ 410,000
$ 450,000
91 Management& Professionai Services
S 4,801 $ 9,368
$ 50,000 $ 35,301
$ 59,102
TOTAL EXPENDITURES
$ 175,277 $ 674,368
$ 2,220,000 r$ 1,153,521
$ 1,831,602
'End Ba!
5 2,992,483 $ 3,348,528
$ 2,449,501 1 $ 3,627,056
$ 3,204,472
‘i Formatted: Font color: Auto
City of Corpus Christi / Corpus Christi Downtown Management District
See Below for FY 202119
Update of Project Budget
18I0.age
Formatted Table
Formatted Table
Formatted: Space After: 8 pt
$
TIRZ73 Pro-ect Plan
s 18 964.00
-
'; 60,140,00
-
8 -
5
5
5
Chaparral St Grant Program
4 101 469.00
I 200 000.00
1 400 000.00
279 585.00
$ 200,000.00
New Tenant Commercial Finish
S
S
5
Out
5 61 700.00
1 100 000.00
106 490.00
14 378.00
$ 100,000.0Q
5
5
5
Downtown Living initiative
s -
!; -
1 1,665,000.00
1,665,000.00
$ -
Development Tax
5
. s
5
Reimbursement
-
15 000.00
-
$ 370,000.00
SiteManagement and
_-
5
' 8
5
Development
S 152151.00
_
-
$ -
Downtown Vacant Bldg. Code
• 5
' 5
5
Enforcement
5 1 989.50
50 000.00
! 50 000.00
5 884.00
$ 25,000.00
SS
5
Parkingi]eter Replacement
5 __- -
100,000.00
1 100 000.00
-
$ 100,000.00
5
$
5
Off-street Parking Improvement
5 -
!, 100 000.00
100 000.00
-
$ -
5
5
TrafficPatternAnaysis
s' -
' 400,000 00
550 000.00
550 000.00
$ 350,000.00
Streetscape & Safety
- 5
i S
5
Improvements
4 18 246.00
200,000.00
; 345 735.00
348 259.00
$ 200,000.00
; 5
_5
5
DMD Agreement
5 376,317.00
510 000.00
153.2 01.6.00
532,016,00.
j 510 000.00
Management & Professional
!, 5
!, 5
S
Services
5 111.00
4 000.00
1 4,000.00
-
4,-000.00
' 5
5
5
_$
Transfer to General Fund
5 55 102.00
127,082.00
127,082.00
127,081.51
126,924.00
S
S
.$
TOTAL EXPENDITURES
5 786049,50
1791082.00
4-53 468.00
3,522,20351
$ 1.985,924%0a --
18I0.age
Formatted Table
Formatted Table
Formatted: Space After: 8 pt