Title
Presentation and consideration of request to extend and increase the level of Land Clearance for Redevelopment Authority abatement for The Stanley Event Space, 308 SE Douglas Street; The Stanley Event Space, applicant.
Body
Issue/Request:
The Stanley Event Space is requesting to extend the Land Clearance for Redevelopment Authority (LCRA) property tax abatement beyond the approved five-year period and increase the level of abatement for the completed project.
Key Issues:
On January 14, 2020, the applicant presented a conceptual economic development incentive request to the Mayor and Council and received direction to formally proceed through the LCRA process with the request. On January 22, 2020, the LCRA considered the request and recommended approval of the extension of the abatement period, as well as an increase in the level of abatement from $178,460 to $192,011 ($13,551 increase).
Proposed City Council Motion:
No motion necessary. If the Mayor and City Council desires to approve the request, staff has prepared an ordinance and development agreement to implement the abatement extension and increase in value of the abatement based on the “targeted amount approach” as set forth by the recently adopted LCRA policy contained within the Economic Development Incentive Policy (a copy of which is attached to this packet).
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 additi...
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