Council Approves 20-Year Extension for Island Tax Increment Reinvestment Zone

CORPUS CHRISTI, TX – At today’s regularly scheduled Council meeting, Mayor Paulette Guajardo and City Council held a public hearing and approved an ordinance to extend the term for the Tax Increment Reinvestment Zone (TIRZ) #2-Island for an additional 20 years, expand the current boundaries of the zone, and amend the Project and Financing Plan.

This TIRZ was initially created to provide funding for the construction and maintenance of Packery Channel. In the future, it will provide funding for infrastructure projects that will benefit North Padre Island.

The existing boundaries have been expanded to include two portions of the Whitecap Public Improvement District (PID) currently not in the TIRZ boundaries. This expansion ensures that the Whitecap PID boundaries are wholly contained within the TIRZ boundaries.

The Project and Financing Plan for the TIRZ was amended to include the following projects:

  • Ongoing maintenance activities of the Packery Channel for the next 20 years, not to exceed $36.4 million
  • Infrastructure improvements to the Briscoe King Pavilion not to exceed $2 million
  • The creation of a multi-mobility plan for North Padre Island not to exceed $150 thousand
  • Developer reimbursement for public infrastructure, including public mobility bridges, water exchange culverts, and walking trails for the Whitecap development, not exceeding $11.5 million

The TIRZ #2 Board met on October 25 and November 1 to discuss the extension of the term of the zone, the modification of boundaries, and amendments to the project and financing plan. The actions taken by City Council today reflect the recommendations made by the Board to City Council.

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