Title
An Ordinance approving the Abatement Agreement for the Stanley Event Space Redevelopment Project.
(Note: First reading by Council on March 3, 2020.)
Body
Issue/Request:
An Ordinance approving the Abatement Agreement for the Stanley Event Space Redevelopment Project.
Key Issues:
The proposed ordinance would approve the extension of the Land Clearance for Redevelopment Authority (LCRA) real property tax abatement as well as an increase in value of abatement from $178,460 to a targeted amount of $192,011 for The Stanley LCRA redevelopment project. The ordinance also would implement an Abatement Agreement which will require a payment in lieu of tax (PILOT) payment to achieve the targeted amount of real property tax abatement of $192,011.
Proposed City Council Motion:
I move for adoption of an Ordinance approving the Abatement Agreement for The Stanley Event Space Redevelopment Project.
Background:
In October of 2012, the City Council approved Ordinance 7251 approving the Stanley Event Space LCRA redevelopment project and authorizing 100 (one-hundred) percent real property tax abatement for a 5 (five) year period on the incremental increase in value on the project. The estimated abatement over the five-year period based on project assumptions was valued at $178,460.
In February of 2014, the Stanley Event Space presented information to the LCRA outlining actual costs for the redevelopment project, which were higher than anticipated, and requested the LCRA recommend adjusting the abatement period to allow for additional abatement for the project. At that time, the market value for the redevelopment project was not known, therefore the LCRA voted to authorize the issuance of the certificate of qualification for tax abatement as originally recommended by the LCRA and approved by the City Council for 100 percent abatement for five years, and continue to monitor the project. At that time the LCRA was open to revisiting the project as more data became availa...
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