Title
Conceptual Economic Development Incentive Request: Land Clearance for Redevelopment Authority (LCRA) incentives for the Fourth & Green Project; Omni 360 Development, applicant.
Body
Issue/Request:
This is a conceptual presentation pursuant to the City's Economic Development Incentive Policy for the development of a mixed-use residential project consisting of approximately 28 stacked town-home style residences and approximately 1,500 square feet of neighborhood scale commercial space on approximately 0.96 acres of property located at 105 and 109 SE 4th Street and 400 SE Green ST in the Downtown area, for sales tax exemption on construction materials and real property tax abatement through the Land Clearance for Redevelopment Authority (LCRA) Act.
Key Issues:
Evaluation of a request for sales tax exemption on construction materials and real property tax abatement in the amount of 75% for 25 years.
Proposed City Council Motion:
No motion requested as this is only a conceptual presentation. The Developer is seeking the City Council's feedback pursuant to the City's Economic Development Incentive Policy.
Background:
Developer is requesting an LCRA economic incentive in the form of (1) sales tax exemption on construction materials and (2) real property tax exemption in the amount of 75% for 25 years.
The site of the proposed development currently consists of 3 vacant lots located at 105 and 109 SE 4th Street and 400 SE Green Street.
The proposed development will be composed of approximately 53,625 square feet of finished building space, associated parking, site amenities, and utilities. The first floor of the building is proposed to contain 1,500 square feet of neighborhood commercial space. The project is also proposed to contain 18 two bedroom and 10 three bedroom residential units for a total of 28 residential units. The final layout, unit count, and unit mix is subject to change during the final design process.
The subject site is locat...
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