HomeMy WebLinkAbout033208 ORD - 11/14/2023Ordinance approving the amended Tax Increment Reinvestment Zone
#3 Project & Financing Plans, which includes language regarding
revitalization and cleaning of the Zone and the creation of a new
Rooftop Activation incentive program; appropriating $1,944,727.00
from the TIRZ #3 fund balance for additional program expenses
recommended by the Downtown Management District; and amending
the operating budget, all as approved by the Board of Directors of
Reinvestment Zone Number Three, City of Corpus Christi, Texas on
September 19, 2023.
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 May 9, 2023;
WHEREAS, on September 19, 2023, the Board of Directors of Reinvestment Zone
Number Three ("Board") passed a resolution to approve the Tax Increment Reinvestment
Zone Number Three Amended Project and Financing Plan which included language
regarding revitalization and cleaning of the Zone and the creation of a new Rooftop
Activation incentive program;
WHEREAS, on September 19, 2023, the Board also approved additional program
expenditures in the amount of $1,944,727.00 and an amendment to the fiscal year 2023-
24 TIRZ #3 budget; and
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 September 19, 2023. A
copy of the Plan is attached hereto and incorporated by reference.
SECTION 2. Funds in the amount of $1,944,727.00 are appropriated from the
unreserved fund balance of the TIRZ #3 Fund No. 1112 for additional program
expenses recommended by the Downtown Management District.
033208
SCANNED
SECTION 3. The FY2023-24 Operating Budget adopted by Ordinance No. 0333151 is
amended to increase TIRZ #3 expenditures by $1,944,727.00 for the additional program
expenditures recommended by the Downtown Management District and approved by
the Board on September 19, 2023.
Introduced and voted on the -' day of\ , 2023.
PASSED and APPROVED on the P-0.11 day of N)OVkivni?.k( , 2023.
.4.0A% ./kiaPAYP
Paulette Guajardo, May• Rebecca Huerta, City Secretary
ATTEST:
0 32 0
CITY OF CORPUS CHRISTI
CERTIFICATION OF FUNDS
(City Charter Article IV, Sections 7 & 8)
I, the Director of Financial Services of the City of Corpus Christi, Texas (or his/her duly
authorized representative), hereby certify to the City Council and other appropriate officers that
the money required for the current fiscal year's portion of the contract, agreement, obligation
or expenditure described below is in the Treasury to the credit of the Fund specified below, from
which it is to be drawn, and has not been appropriated for any other purpose. Future payments
are subject to annual appropriation by the City Council.
City Council Action Date: November 14, 2023 Legistar Number: 23-1714
Agenda Item:
Ordinance approving the amended Tax Increment Reinvestment Zone #3 Project & Financing
Plans, which includes language regarding revitalization and cleaning of the Zone and the
creation of a new Rooftop Activation incentive program; appropriating $1,944,727.00 from the
TIRZ #3 fund balance for additional program expenses recommended by the Downtown
Management District; and amending the operating budget, all as approved by the Board of
Directors of Reinvestment Zone Number Three, City of Corpus Christi, Texas on September 19,
2023
Amount Required: $1,944,727.00
Fund Name
Accounting Unit
Account No.
Activity No.
Amount
TIF #3
Downtown
1112-10287-57-
530000
530000
$210,000
TIF #3
Downtown
1112 -Requesting
New Org-57-
530000
530000
$1,734,727
Total
$1,944,727
❑e Certification Not Required
)>Icutin,r, Director of Financial Services
Date: t (202-3