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 Salvador Nino for a proposed project located at 3309 E. Saunders, Abst 241 Por 28 E Martinez 11.65 ACS (Hwy 59 frontage) that consists of new construction, in accordance with authorized guidelines and criteria established for the Neighborhood Empowerment Zone (NEZ) #4. This agreement will be for a period of ten (10) years and will abate taxes on new improvements for the purpose of economic development. The project has an estimated capital investment total of $17,375,000, estimated annual tax abatement total of $87,902 and estimated total fee waivers of $137,977. Guidelines and criteria for the agreement are set forth in the attached agreement and information. This project is located within City Council District 4.
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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.
COMMITTEE RECOMMENDATION
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STAFF RECOMMENDATION
recommendation
Recommend approval of this resolution.
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Fiscal Impact
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Change Order: Exceeds 25% Y/N: Click or tap here to enter text.
FINANCIAL IMPACT:
No Financial impact at this time.