Title
Presentation: Introduction of Grayson Capital
Body
Issue/Request:
Presentation: Introduction of Grayson Capital
Key Issues:
Grayson Capital is seeking to replace Gold Crown Properties, Inc. and Altus Equity as the Developer of the Paragon Star Village Apartments associated with the Paragon Star Village Apartments LCRA Redevelopment Plan. This presentation is an introduction to who Grayson Capital is and what the proposed project may be. In the future, an amendment to the LCRA Redevelopment Plan and a Redevelopment Agreement and Lease will be brought forward to the City Council for consideration.
Proposed City Council Motion:
This is an introductory presentation only and no motion is required.
Background:
On July 19, 2022 Gold Crown Properties, Inc. and Altus Equity were approved as the Developers associated with the Paragon Star Village Apartments LCRA Redevelopment Plan. The Redevelopment Plan provides for Sales Tax Exemption on Construction Materials only. The apartments were anticipated to start construction in 2022, however they did not occur, and no construction has occurred related to the apartment project. Further details can be found by viewing related file 2022-5019 and related file Bill No. 22-140 for additional background information.
On June 11, 2019 the a Preliminary Development Plan for Paragon Star Village was approved. The Paragon Star Village PDP included the Paragon Star Village Apartments. Further details can be found by viewing related file 2019-2719 and related bile Bill No. 19-119.
Presenter
Michael Collins, Grayson Capital
Ryan Elam, Assistant City Manager