titleSUBJECT
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A Resolution of the City Council of the City of Laredo, Texas approving a Chapter 380 Agreement between the City of Laredo and Clear Choice Hospital LLC., pursuant to an economic development incentive under Chapter 380 of the Texas Local Government Code and authorizing the City Manager to execute all relevant documents, and any other matters incident thereto; providing for severability; providing for an effective date; and providing for publication. The 8 year agreement obligates Clear Choice LLC to invest an aggregate estimated amount of $125,500,000.00 for the construction of a Hospital and create at least 100 new full-time permanent jobs. Rebates will be based on performance.
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PREVIOUS COUNCIL ACTION
During the June 24, 2024 City Council Meeting in Executive Session, Council motioned to approve the request to move forward with negotiations regarding an incentive to Clear Choice LLC pursuant to Chapter 380 of the Texas Government Code, and to have the City Manager and City Attorney proceed accordingly to provide the best and final offer to Clear Choice LLC and authorize the City Manager and the Mayor to sign all relevant documents.
BACKGROUND
Clear Choice LLC has submitted a Letter of Intent and an Application for Chapter 380 to the Economic Development Department for consideration. The proposed location for the development would be in the Coves off of Loop 20. The proposed location for the development would be in the Coves off of Loop 20. A Tax rebate will be based on the allowable portion of the M&O Tax collected by the City in the designated TIRZ #2 area where the project will be located.
COMMITTEE RECOMMENDATION
N/A
STAFF RECOMMENDATION
recommendation
Recommends approval of this Resolution.
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Fiscal Impact
Fiscal Year: Click or tap here to enter text.
Budgeted Y/N?: Click or tap here to enter text.
Source of Funds: Click or tap here to enter text.
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Change Order: Exceeds 25% Y/N: Click or tap here to enter text.
FINANCIAL IMPACT:
No financial impact until 2027.
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recommendation
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