HomeMy WebLinkAbout032919 RES - 11/15/20221
Resolution approving a Chapter 380 agreement with Net Zero Carbon One,
LLC in the total amount not to exceed $500,000 for the development of an
electrofuels processing plant located near 5238 Union Street.
WHEREAS, Net Zero Carbon One, LLC has proposed to construct an
approximately $25,000,000 electrofuels processing plant within the City of Corpus Christi
and to create 25 new jobs with average annual wages and bonuses of $97,000; and
WHEREAS, Net Zero Carbon One, LLC has applied for incentives through a
Chapter 380 agreement, which would provide reimbursement payments over five years
in the amount not to exceed $500,000 based on stated percentages of the amount of ad
valorem tax that the Net Zero Carbon One, LLC pays on the improvements for the plant;
and
WHEREAS, the City recognizes the positive economic impact that the proposed
Chapter 380 agreement will have on the City through creation of jobs, stimulation of
business and commercial activity in the City, and increased tax revenues related to the
co; ,htruction of the proposed plant; now therefore
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF CORPUS CHRISTI, TEXAS:
SECTION 1. The City Council specifically finds that the foregoing statements included in
the preamble of this resolution are true and correct and adopts such findings for all intents
and purposes related to the authorization of this project.
SECTION 2. That the City Manager or designee is authorized to execute a Chapter 380
agreement with Net Zero Carbon One, LLC in the total amount not to exceed $500,000
for the development of an electrofuels processing plant located near 5238 Union Street.
032919
SCANNED
PASSED AND APPROVED on the 1 I `-)day of Iv
Paulette Guajardo
Roland Barrera
Gil Hernandez
Michael Hunter
Billy Lerma
John Martinez
Ben Molina
Mike Pusley
Greg Smith
ATTEST:
rb(2022:
)6,r(
OF CORPUS CHRISTI
.4110
Rebecca Huerta aulette Guajardo
City Secretary Mayor
032919
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