Title
An Ordinance approving lease agreements for Project 1 (Oldham Village) LCRA Redevelopment Plan within the redevelopment area for the 291 South Regional LCRA Redevelopment Plan.
Body
Issue/Request:
This is an Ordinance to approve the Lease Agreements to implement the Oldham Village Redevelopment Project 1 Plan as part of the larger 291 South LCRA Redevelopment Plan and Redevelopment Area. One lease covers the entire project area, and one lease covers the apartment project area with a 10-year PILOTs schedule.
Key Issues:
Approval of an ordinance to implement the LCRA Redevelopment Project Plan for the Oldham Village West project.
Proposed City Council Motion:
I move for a second reading of An Ordinance Approving Lease Agreements for Project 1 (Oldham Village) LCRA Redevelopment Plan within the Redevelopment Area for the 291 South Regional LCRA 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 1 (Oldham Village) LCRA Plan” as filed by Developer was heard by the LCRA Board of Commissioners on October 2, 2024, After the hearing, the LCRA Board adopted Resolution 2024-3 which recommended approval of the Oldham Village LCRA Plan. The Chair of the LCRA Board voted against the resolution due to concerns that he expressed with the design and layout of the Project, rather than the proposed businesses, the proposed land uses or the requested LCRA incentives for the Project.
The City Council held a public hearing to consider the Oldham Village LCRA Project Plan on January 7, 2025. The City Council passed Ordinance No. 10053 on January 14, 2025, which approved the Oldham Village LCRA Redevelopment Project Plan. The Oldham Village LCRA Plan provides for (i) sales tax exemption on construction materials for the Project, and (ii) 75% tax abatement for the ap...
Click here for full text