SUBJECT
title
Authorizing and approving a fee waiver and a tax abatement agreement between the City of Laredo and 786 KNR store LLC for a proposed project located at 2819 Springfield Ave., lot 6 & 5 block 346 eastern division that consists of commercial, in accordance with authorized guidelines and criteria established for the Neighborhood Empowerment Zone (NEZ) 4. 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 $322,709.59, estimated annual tax abatement total of $1,723.09 and estimated total fee waivers of $857.00. Guidelines and criteria for the agreement are set forth in the attached agreement and information. This project is located within City Council District IV.
body
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 for the downtown and heights area 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.
786 KNR Store LLC has proposed a new project located at 2819 Springfield Ave. The project will be REHABILITATION - Commercial on the property. The estimated capital investment of the project is $322,709.59. The project is located within the NEZ District 4 and meets the zoning requirements as established by the NEZ criteria.
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, Sprinkler System Fees.
COMMITTEE RECOMMENDATION
N/A
STAFF RECOMMENDATION
recommendation
Staff recommends that City Council approve this resolution.
end
Fiscal Impact
Fiscal Year: 2024
Budgeted Y/N?: N/A
Source of Funds: N/A
Account #: N/A
Change Order: Exceeds 25% Y/N: N/A
FINANCIAL IMPACT:
The project has an estimated capital investment total of $322,709.59, estimated annual tax abatement total of $1,723.09 and estimated total fee waivers of $857.00.