SUBJECT
title
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 Cohort Investments, LLC for a proposed residential project located at 3117 E. Frost St, Lot 5 Blk 1957 Eastern Division, that consists of, in accordance with authorized guidelines and criteria established for the Neighborhood Empowerment Zone (NEZ). This agreement will be for a (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 $216,573.00, estimated annual tax abatement total of $1,072.80, and estimated total fee waivers of $1,300.00. Guidelines and criteria for the agreement are set forth in the attached agreement and information. This project is located in District 4.
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, making the necessary findings of public benefit and public purpose to support the creation of the Zone in City Council District I, II, III, IV, and VIII in the City of Laredo for the purpose of development.
BACKGROUND
Level of Alignment
Strong
Supporting Goal(s)/Policy(ies)
Goal 3.1 - Promote Economic Development and Investment (Viva Laredo Comprehensive Plan, p. 3.xx)
"Promote economic development through targeted incentives and partnerships that encourage private investment."
Relevance: The proposed tax abatement and fee waivers directly function as economic incentives to stimulate private residential investment within a designated NEZ area, consistent with the Plan's emphasis on leveraging partnerships and incentives.
Policy 3.1.2 - Encourage Infill and Redevelopment (Viva Laredo Comprehensive Plan, p. 3.xx)
"Encourage infill development and redevelopment of underutilized land within the existing urban area."
Relevance: The project involves development withi...
Click here for full text