Title
An Ordinance approving lease agreements for Project 2 (East Village) within the redevelopment area for the 291 South Regional Land Clearance Redevelopment Authority Redevelopment Plan.
Body
Issue/Request:
This is an Ordinance to approve five Lease Agreements to implement the East Village Redevelopment Project 2 Plan as part of the larger 291 South LCRA Redevelopment Plan and Redevelopment Area. One Lease covers the entire project area, and four Leases cover the three apartment project areas and one town home project area.
Key Issues:
Approval of leases to implement the LCRA Redevelopment Project Plan for the East Village project.
Proposed City Council Motion:
I move for a second reading of an Ordinance approving lease agreements for Project 2 (East Village) within the redevelopment area for the 291 South Regional Land Clearance Redevelopment Authority Redevelopment Plan.
Background:
The City approved the 291 South Regional LCRA Redevelopment Plan in November 2023 through the adoption of Ordinance No. 9783 to facilitate development and redevelopment of property along the 291 South corridor.
The “Project 2 (East Village) LCRA Plan” as filed by Developer was heard by the LCRA Board of Commissioners on November 20, 2025. After the hearing, the LCRA Board adopted Resolution 2025-2 which recommended approval of the East Village LCRA Plan.
The City Council held a public hearing to consider the East Village LCRA Project Plan on December 9, 2025. The City Council passed Ordinance No. 10296 on December 16, 2025, which approved the East Village LCRA Redevelopment Project Plan. The East Village LCRA Plan provides for (i) sales tax exemption on construction materials for the Project, and (ii) 75% tax abatement for three apartment components and the townhomes component of the East Village project.
Impact/Analysis:
Approval of the Lease Agreement to implement the LCRA Redevelopment Plan Project 2 (East Village) LCRA would provide sales tax exemption on ...
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