Council Passes Ordinance to Create Sixth Tax Reinvestment Zone
City of Corpus Christi
CORPUS CHRISTI, TEXAS (News Release) – Corpus Christi City Council approved the first reading of an ordinance creating a sixth tax increment reinvestment zone (TIRZ #6).
TIRZs are special zones created by the City Council to attract investment to specific areas, offset redevelopment costs, and promote growth in areas that would otherwise not attract sufficient market development in a timely manner.
TIRZ #6 will reimburse infrastructure costs and support the redevelopment of the former Pharaoh Valley County Club and Golf Course, which has been non-operational for many years.
The new development will be named Barisi Village and is a proposed mixed-use European village-type development with an estimated value of between $800 million and $1 billion at completion.
The planned development will be comprised of 210 townhomes, 1,350 multi-family units, a 120-room hotel, 91,000 square feet of commercial space, and public spaces built around lakes, ponds, and water features.
TIRZ #6 will reimburse the developer for needed infrastructure, including streets, water/wastewater, stormwater infrastructure, and public amenities including structured parking, parks and fountains, public restrooms, village-style public plazas and towers.
The reimbursement of the development costs, at most $32 million, will come from ad valorem taxes generated by the increase in the appraised value created by the new development. Barisi Village is expected to be completed in 10-12 years. TIRZ #6 will expire at the end of 20 years or with the payment of $32 million, whichever is earlier.
“We believe this vibrant new landmark will positively impact our local economy,” Mayor Guajardo said. “Barisi Village will attract new residents and businesses, create job opportunities, and provide luxurious living and recreational experiences for the public.”
In addition to the City of Corpus Christi, Nueces County and Del Mar College are being asked to participate in the Reinvestment Zone.
