SUBJECT
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A Resolution of the City Council of the City of Laredo, Texas, authorizing and approving a fee waiver and a tax abatement agreement between the City of Laredo and Gonzalo Prida Medellin for a proposed project located at 520 Lincoln, LOT 1 BLK 90 WD that consists of Rehabilitation, in accordance with authorized guidelines and criteria established for the neighborhood empowerment zone (NEZ) 8. This agreement will be for a Ten (10) year period and will abate taxes on new improvements for the purpose of economic development. The project has an estimated capital investment total of $674,000, estimated annual tax abatement total of $3,406 and estimated total fee waivers of $3,704. Guidelines and criteria for the agreement are set forth in the attached agreement and information. This project is located within City Council district 8.
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VIVA LAREDO PLAN ALIGNMENT
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PREVIOUS COUNCIL ACTION
The City of Laredo created a Neighborhood Empowerment Zone One, Zone Two, Zone Three, and Zone Four, within the City of Laredo, and making the necessary findings of public benefit and public purpose to support the creation of the zone in districts I, II, III, IV and VIII in the City of Laredo for the purpose of development.
BACKGROUND
The City of Laredo created the NEZ Program to improve City Council Districts I, II, III, IV and VIII by encouraging private investment in housing, businesses, and services in NEZ areas. The NEZ Program is the vehicle by which incentives such as building permit fee waivers and municipal property tax abatements may be granted to homeowners, investor-owners and developers proposing new construction projects or rehabilitation projects that are located within the NEZ area.
The City of Laredo would waive associated fees for the following permits: Building Permit, Plan Review, Plumbing, Electrical, Mechanical, Fire, Right-of-Way (curb and street cut), Water Permit, and Sprinkler System Fees.
COMMITTEE RECOMMENDATION
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STAFF RECOMMENDATION
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Fiscal Impact
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FINANCIAL IMPACT:
The project has an estimated capital investment total of $674,000, estimated annual tax abatement total of $3,406 and estimated total fee waivers of $3,704.