HomeMy WebLinkAbout032389 ORD - 03/23/2021Ordinance approving the amended Tax Increment Reinvestment Zone
#3 Project & Financing Plan approved by the Board of Directors of
Reinvestment Zone Number Three, City of Corpus Christi, Texas on
January 26, 2021.
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 Plan";
WHEREAS, the "Tax Increment Reinvestment Zone #3 Amended Project & Financing
Plan" was last amended by City Council on December 8, 2020;
WHEREAS, on January 26, 2021, the Board of Directors of Reinvestment Zone Number
Three passed a motion recommending an amendment to the "Tax Increment
Reinvestment Zone #3 Amended Project & Financing Plan" that expands the Chaparral
Street Property Improvement Program to allow incentives for properties on N. Mesquite
St and amends the New Commercial Tenant Finish Out Program to allow administrative
approval of grants under $10,000;
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 January 26, 2021. A copy of
the Plan is attached hereto and incorporated by reference.
03239
SCANNED
That the foregoing ordinance was read for the first time and passed to its second
reading on this the [(firâ–º\ day of Ilf\QrC. , 2021, by the following vote:
Paulette M. Guajardo
Roland Barrera
Gil Hernandez
Michael Hunter
Billy Lerma
John Martinez
Ben Molina
Mike Pusley
Greg Smith
Thate'foregoing ordinance was read for the second time and passed finally on this
the 5r day of !\NOo\(1)(\ 2021, by the following vote:
Paulette M. Guajardo
Roland Barrera
Gil Hernandez
Michael Hunter
Billy Lerma
N -P?
Acikeiz
A9
Fhy
PASSED AND APPROVED on this the
ATTEST:
John Martinez
Ben Molina
Mike Pusley
Greg Smith
day of
, 2021.
Rebecca Huerta Paulette M. Guajardo
City Secretary
032389
Mayor