Title
Public Hearing: Paragon Star Apartments Amended and Restated Land Clearance Redevelopment Authority Redevelopment Plan; Grayson Capital, LLC, applicant.
Body
Issue/Request:
This is a public hearing for the Paragon Star Apartments Amended and Restated LCRA Redevelopment Plan, which would provide sales and use tax exemption on construction materials for the Apartments to be constructed for the project by Grayson Capital, LLC (the “Developer”).
Key Issues:
Public hearing to consider the Amended and Restated LCRA Redevelopment Plan for the Paragon Star Apartments.
Background:
The City approved the original Paragon Star Tax Increment Financing (TIF) Plan through the adoption of Ordinance No. 7833 on March 10, 2016. The City approved the First Amendment to the TIF Plan through the adoption of Ordinance No. 8946 on September 8, 2020. The City and Paragon Star, LLC (the “Developer”) executed the Amended and Restated TIF Contract on September 8, 2020 (the “TIF Contract”).
The City Council has also approved other incentives for the Project. The City Council approved the I-470 and View High Community Improvement District (“CID”) through the adoption of Ordinance No. 7762 on December 3, 2015.
The Western Gateway Transportation Development District (“TDD”) was approved by the Jackson County Circuit Court on May 24, 2018. The TDD issued the Transportation District Sales Tax Bonds in February 2019 in the total amount of approximately $31,773,000 which are funding the road improvements, bridges and the interchange improvements.
Previously, the Council approved the Paragon Star LCRA Redevelopment Plan for the Paragon Star Apartments through the adoption of Ordinance No. 9467 on July 19, 2022.
New Request
Grayson Capital, LLC is requesting that the City approve an Amended and Restated LCRA Redevelopment Plan for the purpose of providing sales and use tax exemption on the purchase of construction materials that are used to construct the Apartments.
LCRA ...
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