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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 Arms LTD and affiliate Aarav 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 10 year agreement obligates the Company to invest an aggregate estimated amount of $37,000,000.00 for the construction of a flagship hotel and create at least 30 new full-time permanent jobs.
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PREVIOUS COUNCIL ACTION
During the February 19, 2025 City Council Meeting in Executive Session, the Economic Development Department presented a recommendation to consider an incentive program to fill a financial gap for a hotel project to promote the creation of jobs and diversification of industry. Council motioned to move forward with negotiations for an incentive agreement not to exceed $1,000,000 to project Maktub pursuant to Chapter 380 of the Texas Government Code.
BACKGROUND
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COMMITTEE RECOMMENDATION
N/A
STAFF RECOMMENDATION
recommendation
Recommends approval of this Resolution.
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Fiscal Impact
Fiscal Year: 2027
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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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