SUBJECT
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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 Roberto Garza for a proposed multi-family project located at 3502 S. Urbahn Ave., Lot 2, Block X14A, Eastern Division that consists of new construction, in accordance with authorized guidelines and criteria established for the Neighborhood Empowerment Zone (NEZ) 2. This agreement will be for a ten (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 $2,939,799.00, estimated annual tax abatement total of $14,923.10 and estimated total fee waivers of $15,185.00. Guidelines and criteria for the agreement are set forth in the attached agreement and information. This project is located within City Council District II.
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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, and making the necessary findings of public benefit and public purpose to support the creation of the zone in districts I, II, III, IV and VIII in the City of Laredo for the purpose of development.
BACKGROUND
The City of Laredo created the NEZ Program to improve City Council Districts I, II, III, IV and VIII by encouraging private investment in housing, businesses, and services in NEZ areas. The NEZ Program is the vehicle by which incentives such as building permit fee waivers and municipal property tax abatements may be granted to homeowners, investor-owners and developers proposing new construction projects or rehabilitation projects that are located within the NEZ area.
Roberto Garza have proposed a new project located at 3502 S. Urbahn Ave. The project will be new construction - multi-family on the property. The estimated capital investment of the project is $2,939,799.00. The project is located within the in NEZ Dist...
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