SUBJECT
title
A Resolution of the City Council of the City of Laredo, Texas approving a Chapter 380 Agreement between the City of Laredo and Killam Development Ltd., pursuant to an economic development incentive under Chapter 380 of the Texas Local Government Code, and any other matters incident thereto; to promote economic development and stimulate business and downtown revitalization; establishing performance requirements; and authorizing the City Manager to execute said agreement on behalf of the City; providing for severability; providing for an effective date; and providing for publication. The 10 year agreement obligates the Company to invest an aggregate estimated amount of $40,720,000.00 towards acquisition, revitalization, construction and completion of the project.
body
VIVA LAREDO PLAN ALIGNMENT
Alignment Rating:
Supporting goal(s)/policy(ies): Goal 1.1 Reinvigoration of Downtown Policy 1.1.1, 2.6.1, 2.8.3
Summary of alignment: The comprehensive plan supports using financial incentives, such as tax rebates to:
* Stimulate private development and adaptive reuse of buildings,
* Encourage infill development,
* Improve the public realm and pedestrian infrastructure to make downtown attractive.
PREVIOUS COUNCIL ACTION
During the April 22, 2025 City Council Meeting in Executive Session, the Economic Development Department presented a recommendation to consider an incentive program to promote the revitalization and activation of 30 downtown properties. Council motioned to move forward with negotiations for an incentive pursuant to Chapter 380 of the Texas Government Code.
BACKGROUND
Click or tap here to enter text.
COMMITTEE RECOMMENDATION
Click or tap here to enter text.
STAFF RECOMMENDATION
recommendation
Recommends approval of this Resolution
end
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.
Account #: Click or t...
Click here for full text