Title
An Ordinance approving the Redevelopment Agreement and Lease Agreement for the Bayberry Crossing Redevelopment Project.
(Note: First read by Council on September 24, 2024. Passed by unanimous vote.)
Body
Issue/Request:
An Ordinance approving the Bayberry Crossing Redevelopment Agreement and Lease Agreement to implement the Bayberry Crossing LCRA Redevelopment Plan and Bayberry Crossing Community Improvement District, both of which the City Council has previously approved.
Key Issues:
Request for a CID and LCRA redevelopment agreement and lease to implement the approved incentives for this shopping center rehabilitation project. The incentives provide sales tax exemption on construction materials and reimbursement for certain Developer costs associated with shopping center renovation:
- Main Center Facades and Building Envelope Integrity
- Landscaping (including irrigation)
- Signage
- LED lighting
- Amenities (benches, planters, etc.)
The LCRA redevelopment plan would be in place for the redevelopment time period only, to provide sales tax exemption on construction materials that are used in the renovation process. The property would return to the tax rolls after the redevelopment work is completed. The applicant is not seeking a property tax abatement.
Background:
A Conceptual Economic Development Incentive Request was presented to the City Council at the January 9, 2024 City Council meeting.
The City Council approved the Bayberry Crossing Community Improvement District through the adoption of Ordinance No. 9886 on April 9, 2024. The City Council approved the Bayberry Crossing LCRA Redevelopment Plan through the adoption of Ordinance No. 9887 on the same date.
Baceline, LLC ("Developer"), is proposing to undertake remodeling, updates and improvements to the Bayberry Crossing shopping center. The shopping center parcel is about 5.05 acres and the building size of the completed project is about 54,000 square feet.
The Developer proposes t...
Click here for full text