/
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 MG Contractors, LTD. For a new residential construction located at 901 E. Price Street, west two-thirds (2/3) of Lot 1, Block 542, Eastern 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 $180,000.00, and estimated annual tax abatement of $910.73, and an estimated fee waiver of $2,107.00. Guidelines and criteria applicable to the agreement are set forth in the attached agreement and supporting documentation.
body
VIVA LAREDO PLAN ALIGNMENT
Alignment Rating:
Strong
Supporting goal(s)/policy(ies):
Policy 5.1.1 — “Encourage a variety of housing types and densities to meet the needs
of all residents at different stages of life and income levels.”
Page: 5.31
Source: Viva Laredo City of Laredo Comprehensive Plan
Relevance: Because the proposal is for a new residential project, it supports the Plan’s stated objective of broadening housing types and densities. The alignment is indirect rather than direct because the resolution concerns incentives for development, not a housing policy implementation measure itself.
Policy 1.1.2 — “Encourage infill development and redevelopment within the existing city limits to maximize infrastructure investments and reduce sprawl.”
Page: 1.27
Source: Viva Laredo City of Laredo Comprehensive Plan
Relevance: A tax abatement and fee waiver for a project on an identified city lot is consistent with the Plan’s support for infill or redevelopment in existing urban areas.
This is particularly relevant where the City’s NEZ program is intended to encourage private investment in housing and services withi...
Click here for full text