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Packery.Com - Information source for the proposed Packery Channel Project...
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Flash
 Secret
Agent "0007 Dredge Bonds" has
uncovered this document asking the Texas Secretary of State for an opinion
on the validity of the Packery TIF vote...
A request for an
opinion on the validity of the Packery TIF vote has been sent to the Texas Secretary of State
Here is a copy of the
letter sent to the Texas Secretary of State:
TO: Secretary of State
RE: APRIL 2001 VOTE ON TAX INCREMENT FINANCING ZONE FOR THE CITY OF CORPUS CHRISTI, FOR CONSTRUCTION OF PACKERY CHANNEL
We are requesting an opinion from the Texas Secretary of State concerning the validity of the vote to create the TIF Zone to finance the building of Packery Channel. The information provided to the voters in April 2001 specifically stated that the developer of the project would solely be held accountable for the payment of the City of Corpus
Christi's (sponsor's) portion of the City's 10.5 million dollar part of the project thru the financing of the TIF, by the developer buying bonds and that the taxpayers of the City of Corpus Christi would have no liability. The
primary developer has backed away from the project. New bond buyers will not purchase all the bonds upfront.
We now understand that "the City of Corpus Christi" must sign the "Project Cooperative Agreement" (contract) with the US Army Corps of Engineers holding the City (local taxpayers) ultimately liable for the project and not the developers.
We are asking for an opinion on whether this election is now void due the change in financial liability.
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Packery Factiod
- Do you remember the ballot language from last year's election for the
Packery TIF?
Here it is:
Shall the City Council continue Ordinance No. 024270 which creates a taxing Zone on part of Padre Island to pay, solely from the increased property values within the Zone, for construction and maintenance of Packery Channel and related beach restoration, a park, beach access, restrooms, showers, walkways, parking, fishing and related improvements?
Yes or NO
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