SUBJECT
title
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 Isaias Perez for a proposed residential project located at 1306 Sanders Ave., N41' of Lots 1-2 Blk 90, Eastern Division, that consists of, in accordance with the authorized guidelines and criteria established for the Neighborhood Empowerment Zone (NEZ). This agreement will be for a (5) year period and will abate taxed on new improvements for the purpose of economic development. The project has an estimated capital investment total of $37,113.00, estimated annual tax abatement total of $187.40, and estimated total fee waivers of $248.00. Guidelines and criteria for the agreement are set forth in the attached agreement and information. This project is located in District 8.
body
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 the City Council Districts I, II, III, IV, and VIII in the City of Laredo for the purpose of development.
BACKGROUND
VIVA LAREDO PLAN ALIGNMENT:
Strong
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 proposed tax abatement and fee waiver serve as targeted financial incentives to encourage private residential investment, consistent with the Plan's direction to stimulate economic development through partnerships and incentives.
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 is located wit...
Click here for full text