City of Corpus Christi Issues $20.7 Million in Bonds for Whitecap Improvement
City of Corpus Christi
CORPUS CHRISTI, TEXAS (News Release) - The Corpus City Council approved the issuance of $20.7 million in special assessment revenue bonds for public infrastructure improvements in the Whitecap Public Improvement District (PID) No. 1 on North Padre Island. This ordinance will fund critical infrastructure projects in the Whitecap master-planned community.
The bonds will cover costs for crucial infrastructure such as streets, drainage, water, wastewater services, and enhancements to the Preserve Park area. Improvement Area #1 includes 199 residential lots over approximately 55.9 acres with community amenities and parks.
In 2022, Diamond Beach Holdings filed a petition to create the Whitecap PID #1, allowing additional assessments on properties within the district. These assessments will reimburse developers for public infrastructure costs. The City’s taxes do not back the PID bonds, and repayment will come solely from assessments within the district.
The total cost of infrastructure improvements is estimated at $45.1 million. The City will issue $20.7 million in bonds, with the developer funding the remainder.
