SUBJECT
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A resolution of the City Council of the City of Laredo, Texas in authorizing and approving a fee waiver and a tax abatement agreement between the City of Laredo and Risada Investments LLC for a proposed multi-family project located at 2720 Saltillo St., LOT 7 BLK 1612 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 (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 $380,000, estimated annual tax abatement total of $1,923.14, and estimated total fee waivers of $3,457.00. Guidelines and criteria for the agreement are set forth in the attached agreement and information.
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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 Districts I, II, III, IV, and VIII in the City of Laredo for the purpose of development.
BACKGROUND
VIVA LAREDO PLAN ALIGNMENT
Level of Alignment
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 multi-family 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...
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