SUBJECT
title
A resolution of the City Council of the City of Laredo, Texas authorizing and approving a fee waiver and tax abatement agreement between the City of Laredo and Virginia Garcia for the rehabilitation of an existing residential property located at 1520 Farragut Street, Lots 1-2 BLK 143 Western Division, in accordance with the authorized guidelines and criteria established for the Neighborhood Empowerment Zone (NEZ). This agreement will be for a five (5) year period and will abate taxes on new improvements for the purpose of economic development. The project has an estimated capital investment total of $37,500.00, an estimated annual tax abatement of $189.80, and estimated fee waivers of $2,224.50. Guidelines and criteria applicable to the agreement are set forth in the attached agreement and supporting documentation.
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VIVA LAREDO PLAN ALIGNMENT
Alignment Rating:
Strong
SUMMARY OF ALIGNMENT
The agenda item appears generally aligned with the intent of the Comprehensive Plan, particularly its objectives related to neighborhood reinvestment, housing rehabilitation, preservation of existing residential areas, and economic development. The proposed action would provide municipal financial incentives-approximately $2,224.50 in fee waivers and an estimated $189.80 annual tax abatement on new improvements for ten years-to support a $37,500 residential rehabilitation investment at 1520 Farragut Street.
Because the action concerns rehabilitation of an existing residential property, rather than new residential construction, its principal planning significance is neighborhood reinvestment and improvement of the existing housing stock. The NEZ incentive also intersects with broader themes of housing, neighborhood revitalization, economic development, and reinvestment in established areas.
PREVIOUS COUNCIL ACTION
N/A
BACKGROUND
The City of Laredo established Neighborhood Empowerment Zones (NEZ) One, Two, Three, and Four within City Council Districts, I, II, III, IV and VIII. The City determined that the creation of these zones serves as public benefit and public purpose by promoting development and encouraging investments within the designated areas.
COMMITTEE RECOMMENDATION
N/A
STAFF RECOMMENDATION
recommendation
Staff recommends that the City Council approve this resolution
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Fiscal Impact
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FINANCIAL IMPACT:
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