Title
Land Clearance for Redevelopment Authority (LCRA) Application - Minsky's Pizza, LCRA Urban Renewal Redevelopment Project, 1251 NE Rice Road; Aardvark Foods, Inc. dba Minsky's Pizza, Applicant (LCRA Application #2016-001)
Body
Issue/Request:
Land Clearance for Redevelopment Authority (LCRA) Application - Minsky's Pizza, LCRA Urban Renewal Redevelopment Project, 1251 NE Rice Road; Aardvark Foods, Inc. dba Minsky's Pizza, Applicant (LCRA Application #2016-001)
Key Issues:
Minsky's Pizza is pursuing the redevelopment of the property located at 1251 NE Rice Rd. The most recent businesses to operate from the property were Future, a teen nightclub, and YES which is a youth fitness facility. The property has also been the home of Tanners Bar and Grill and Summit Hickory Pit. Minsky's intends to completely remodel and refurbish the existing 6,980 square foot building, make exterior updates and add an outdoor dining area on the west/front of the building.
In pursuing the redevelopment project, Minsky's Pizza is seeking real property taxabatement through the LCRA. As the amount of the tax abatement sought is within the guideline established in the adopedof the Economic Incentive Policy (50% for 10 years or 100% for 5 years), Minsky's was not required to present a conceptual redevelopment plan to the City Council for consideration and direction prior to submitting a completed LCRA application and application fee.
Minsky's Pizza submitted a completed LCRA Urban Renewal Redevelopment Application on May 2, 2016, requesting a 100% real property tax abatement for a period of 5 year period on the incremental increase in value of the property.
The proposed redevelopment project is located within an existing Urban Renewal Area known as "US 50/M 291 Highway" Urban Renewal Area which was created June 12, 2014. The LCRA is recommending a 100% real property tax abatement for a 5 year period on the incremental increase in value of the project. The estimated new investme...
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