SUBJECT
title
A Resolution of the City Council of the City of Laredo, Texas authorizing and approving the transfer of a Tax Abatement Agreement between the City of Laredo and Julio Cuevas to the City of Laredo and Trebol Investments, L.L.C. of an existing multi-family project located at 1318 Salinas Avenue, Lot 7, Block 229, Western Division in accordance with authorized guidelines and criteria established for the Neighborhood Empowerment Zone (NEZ).
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, 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
On August 5, 2019, City Council approved resolution 2019-R-107 authorizing a tax abatement agreement with Julio Cuevas for ten (10) years. On October 10, 2024 the property was sold to Trebol Investments, L.L.C. On October 28, 2024, Trebol Investment L.L.C. applied for a tax abatement as per the guidelines and criteria set forth on March 18, 2013. This agreement will be for the remaining six (6) year period of the previously approved tax abatement agreement to abate taxes on the previously approved for the new improvements. The previously approved project had a capital investment total of $355,500.00, and had an annual tax abatement of $2,253.87. 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.
Trebol Investments, LLC recently purchased ...
Click here for full text