Title
An Ordinance approving the 2nd and Douglas LCRA Redevelopment Plan.
(NOTE: First reading by City Council on April 16, 2019.)
Body
Issue/Request:
An Ordinance approving the 2nd and Douglas LCRA Redevelopment Plan.
Key Issues:
Approval of this ordinance will allow for the sales tax exemption on the construction materials for the 2nd and Douglas Land Clearance for Redevelopment Authority (LCRA) Redevelopment Plan and Project. The Developer worked with City staff to structure the sales tax exemption through the LCRA rather than through a Chapter 100 program which has been previously utilized for sales tax exemption on other multi-family projects. The Developer is only seeking the sales tax exemption through the LCRA Redevelopment Plan and is not seeking tax abatements for the redevelopment project.
Additional information may be found in the attached staff report for the 2nd and Douglas LCRA Plan which outlines the various aspects of the Plan.
A simple majority vote is necessary to adopt the proposed ordinance.
Proposed City Council Motion:
I move for second reading of an ordinance approving the 2nd and Douglas LCRA Redevelopment Plan.
Background:
On July 12, 2018, the Developer presented a conceptual economic development incentive request to the Mayor and Council for consideration in accordance with the City's adopted Economic Development Incentive Policy. The request entailed utilizing Tax Increment Financing (TIF) to reimburse the Developer for construction costs related to the structured parking aspects of the proposed multi-family development. The Mayor and Council directed the Developer and staff to formally prepare the proposed incentive request and development plan, and proceed through the formal processes to consider the proposed redevelopment project. The proposed redevelopment plan at that time entailed removing all existing structures on the site located at 114 SE Douglas Street (Summit Church) and constructing approximately 257 market-r...
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