Title
Presentation: Conceptual Economic Development Incentive Request for the Oldham Village East; Drake Development, applicant.
Body
Issue/Request:
This is a conceptual presentation pursuant to the City's Economic Development Incentive Policy for the request by Drake Development (“Developer”) for development of approximately 122 acres on the east side of Highway 291 South, from Highway 50 on the north to 16th Street on the south.
Key Issues:
Evaluation of a request for incentives in the form of:
(1) an LCRA Project pursuant to the 291 South Regional LCRA Plan for sales and use tax exemption on construction materials for the entire project, and tax abatement for the multifamily residential components of the project;
(2) a tax increment financing plan that collects PILOTs at 50% (up to 100% allowed) and EATs at 50%.
The 291 South Regional Community Improvement District has already been approved by the City Council and includes the project property. The CID sales tax would be in effect for any retail development that occurs in the project area.
Presenters
Matt Pennington, Drake Development
David Bushek, Chief Counsel of Economic Development & Planning