Corpus Christi City Council will vote Tuesday on extending a tax incentive agreement with La Palmera Mall by ten years to help fund the demolition of the former Macy’s and make room for a Dick’s House of Sport.
La Palmera’s owner, Corpus Christi Retail Venture LP, is asking to extend its Chapter 380 agreement through 2045. The deal does not increase the original $15 million incentive cap approved in 2008. About $6.5 million has already been paid out, leaving roughly $8.47 million.
Under the agreement, the city reimburses the mall owner 70 percent of the increase in city ad valorem taxes and one percent sales tax above a 2007 base year…