File #: 14-00640    Version: 1 Name:
Type: Ordinance Status: Withdrawn
File created: 6/2/2014 In control: City Council
On agenda: 6/24/2014 Final action: 6/24/2014
Title: First Reading Ordinance - Type A loan to Solid Rock Commercial Properties, Ltd. to extend Junior Beck Drive Approving a Business Incentive Agreement between the Corpus Christi Business and Job Development Corporation (“Type A Corporation”) and Solid Rock Commercial Properties, Ltd. (“Solid Rock”) to provide an interest-free loan of up to $1,497,000 payable in 10 years, to expand Junior Beck Drive to Old Brownsville Road and authorizing the City Manager, or designee, to execute a Business Incentive Project Service Agreement with the Type A Corporation regarding implementation and administration of the Solid Rock Business Incentive Agreement; and appropriating $1,497,000 from the unreserved fund balance in the No. 1140 Business/Job Development Fund for said business incentive grant from the Type A Corporation to Solid Rock and changing the FY 2013-2014 operating budget, adopted by Ordinance No. 029915, by increasing proposed expenditures by $1,497,000.
Sponsors: Economic Development
Attachments: 1. Agenda Memo - Ordinance-Solid Rock, 2. Ordinance - Solid Rock, 3. Performance Agreement - Solid Rock, 4. Business Support Agreement - Solid Rock
Title
First Reading Ordinance - Type A loan to Solid Rock Commercial Properties, Ltd. to extend Junior Beck Drive
 
Approving a Business Incentive Agreement between the Corpus Christi Business and Job Development Corporation ("Type A Corporation") and Solid Rock Commercial Properties, Ltd. ("Solid Rock") to provide an interest-free loan of up to $1,497,000 payable in 10 years, to expand Junior Beck Drive to Old Brownsville Road and authorizing the City Manager, or designee, to execute a Business Incentive Project Service Agreement with the Type A Corporation regarding implementation and administration of the Solid Rock Business Incentive Agreement; and appropriating $1,497,000 from the unreserved fund balance in the No. 1140 Business/Job Development Fund for said business incentive grant from the Type A Corporation to Solid Rock and changing the FY 2013-2014 operating budget, adopted by Ordinance No. 029915, by increasing proposed expenditures by $1,497,000.