HomeMy WebLinkAbout032938 ORD - 12/20/2022Ordinance approving the amended Tax Increment Reinvestment Zone
#3 Project & Financing Plans as approved by the Board of Directors of
Reinvestment Zone Number Three, City of Corpus Christi, Texas on
December 6, 2022, which adds a program for funding of Technology,
Innovation and Entrepreneurial Ecosystem Development.
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 August 30, 2022;
WHEREAS, on December 6, 2022, 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 adds a program for
funding of Technology, Innovation and Entrepreneurial Ecosystem Development;
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 for a reinvestment zone
by ordinance.
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 December 6, 2022. A
copy of the Plan is attached hereto and incorporated by reference.
032 938
SCANNED
That the foregoing ordinance was read for the first time and passed to its second reading on this
the `q day of k3UQ2022, by the following vote:
Paulette Guajardo
Roland Barrera
Gil Hernandez
Michael Hunter
Billy Lerma
John Martinez V`11/4
Ben Molina 111///`
Mike Pusley
Greg Smith —A1.1, --
That t:le foregoing ordinance was read for the second time and passed finally on this the
day of k\(3k2022, by the following vote:
Paulette Guajardo
Roland Barrera
Gil Hernandez
Michael Hunter
Billy Lerma
PASSED AND APPROVED on this the
ATTEST:
Rebecca Huerta
City Secretary
John Martinez
Ben Molina
Mike Pusley
Greg Smith
day of IJ m ( , 2022.
032938
Paulette Guajardo
Mayor