Title
Presentation and Consideration of Land Clearance for Redevelopment (LCRA) Application - MAR Building Solutions, LCRA Project, 1445 SE Broadway Drive; MAR Building Solutions applicant (LCRA Application 2018-002).
Body
Issue/Request:
Presentation and Consideration of Land Clearance for Redevelopment (LCRA) Application - MAR Building Solutions, LCRA Project, 1445 SE Broadway Drive; MAR Building Solutions applicant (LCRA Application 2018-002).
Key Issues:
Mr. Chad Anderson with MAR Building Solutions is pursuing the construction of a new 7,250 sq. ft. office warehouse on property located at 1445 SE Broadway Drive in the Newberry Landings planned industrial area. Mr. Anderson is requesting the abatement of real property taxes afforded through the Land Clearance for Redevelopment Authority (LCRA) Act. MAR building Solutions intends to occupy the building and currently operates from a location on SW Jefferson Street which is being condemned for public improvements to Jefferson Street.
Mr. Anderson requested 100% property tax abatement on the incremental increase in value of the project over a 10 year period which is the maximum allowable abatement through LCRA.
Ms. Donna Gordon, Chairperson of the LCRA will be presenting the LCRA recommendation to the City Council for this proposal. Provided below is the rationale and summary of the LCRA recommendation to the Mayor and City Council:
Assuming a $656,100 investment in the construction of the building and improvements to the property, the LCRA evaluated the project through the LCRA incentive model (spreadsheet) and developed a recommendation for 100% abatement on the incremental increase in value of the property for a 5 year period. The LCRA recommendation is estimated to result in an annual property tax abatement of $10,664.00, therefore over the 5 year period of recommended abatement, approximately $53,320.00 in real property taxes would be abated.
The proposed project will allow MAR Building Solutio...
Click here for full text