SUBJECT
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A resolution of the City Council of the City of Laredo, Texas amending Resolution 2025-R-67 and tax abatement agreement between the city of Laredo and Luis Alfredo Castillo for a proposed residential project located at 2416 Ventura St., Lot 2, Block 624, Western Division. The amendments are as follow, estimated capital investment total from $178,00.00 to $233,665.00, base value from $62,615 to $72,760.00, an estimated annual tax abatement total of $903.57 to 1,550.79, and estimated fee waivers from 903.57 to $1,633.64. This project is located within City Council District 8.
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PREVIOUS COUNCIL ACTION
On February 19, 2025, the City Council approved a Neighborhood Empowerment Zone (NEZ) project for a proposed single-family residential property located at 2416 Ventura St., Lot 2, Block 624, Western Division, under Resolution 2025-R-67. The applicant is now requesting an amendment to the approved NEZ project to modify the residential structure from a one-story home to a two-story home. Additionally, the applicant has indicated that the revised project design will result in an increased capital investment exceeding the amount originally approved by the City Council.
BACKGROUND
VIVA LAREDO PLAN ALIGNMENT:
Moderate
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 amended agreement continues to utilize tax abatements and fee waivers as financial incentives to support increased private investment in residential development, consistent with the Plan's economic development strategy.
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 remains located within an existing platted lot in t...
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