The Port of Corpus Christi Authority of Nueces County, Texas (“Port Authority”) will soon be offering to buy eligible properties in certain parts of the Hillcrest and Washington-Coles neighborhoods of the City of Corpus Christi, Texas (‘Eligible Neighborhood Area”).
By May 7, 2016, the Port Authority will notify the owners of each residential and business property in the Eligible Neighborhood Area on January 1, 2016, that the Port Authority is interested in buying their property. The property owners who receive or should receive this notice will have up to three years to notify the Port Authority that they are interested in one or more of the following options, depending on whether they are homeowners, landlords, neighborhood businesses or churches.
A. Homeowners in the Eligible Neighborhood Area on January 1, 2016, may elect to:
- Sell their home to the Port Authority for the appraised value of their property and move. These homeowners will be eligible to receive relocation assistance under the Uniform Relocation Assistance and Real Property Acquisition Policies Act of 1970 (“Uniform Act”).
- Sell their home to the Port Authority and retain a life estate in the property, which means they can live in their home until they die. The purchase price will be the appraised value of the property LESS the value of the life estate. The value of the life estate will be determined under applicable actuarial tables. The younger the homeowners are the more the value of the life estate value will be. The Port Authority will become the owner of the property when the last surviving homeowner dies. No relocation assistance will be provided to homeowners selecting this option.
- Sell a “restrictive covenant” and “purchase option” on their home to the Port Authority for not less than $7,500. Homeowners choosing this option may continue to reside in their home as long as they like, but the home cannot be used for residential purposes by anyone else. Also, the Port Authority will have an option to buy the property if the homeowners elect to sell it or when the last surviving homeowner dies. If the Port Authority exercises its option to purchase the property (which is not required), the purchase price will be the appraised value of the property at the time the option is exercised. No relocation assistance will be provided to homeowners selecting this option.
B. The owners of residential rental property (i.e., landlords) in the Eligible Neighborhood Area on January 1, 2016, may elect to sell their property to the Port Authority for the appraised value of the property. Any person who is a tenant on January 1, 2016, in a residential rental property that is sold to the Port Authority and who is displaced by the sale will be eligible to receive relocation assistance under the Uniform Act. No relocation assistance will be provided to landlords.
C. The owners of property in the Eligible Neighborhood Area where a lawful business (for profit or non-profit) is operating on January 1, 2016, may elect to sell their property to the Port Authority for the appraised value of the property. In this case, the business will be eligible to receive relocation assistance under the Uniform Act.
D. The owners of property in the Eligible Neighborhood Area where a church is holding worship services on January 1, 2016, may elect to sell their property to the Port Authority for the appraised value of the property. In this case, the church will be eligible to receive relocation assistance under the Uniform Act.
This is a summary of the Program for informational purposes only and does not constitute an offer to acquire any property or an offer to provide relocation benefits to any person. The Program and the eligibility requirements for the Program are described in detail in the Four Party Agreement located on this website
Contact Details
DRA.CorpusChristi@drainc.com2301 North Port Ave.
Corpus Christi, TX 78401
361-232-5083