Title
Conceptual Economic Development Incentive Request - Land Clearance for Redevelopment Authority - Real Property Tax Abatement for Mine Remediation Costs; Streets of West Pryor project; Drake Development, applicant
Body
Issue/Request:
This is a conceptual presentation pursuant to the City's Economic Development Incentive Policy for the request by Drake Development, developer of the Streets of West Pryor project, for real property tax abatement pursuant to the Land Clearance for Redevelopment Authority (LCRA Act) to provide compensation for mine remediation costs associated with the Vanguard Villas consisting of 84 residential units in the western-most lot in the Streets of West Pryor project. The mine remediation is necessary to make the property developable, presenting extraordinary redevelopment costs to this part of the overall project.
Key Issues:
Evaluation of a request for 50% real property tax abatement for 25 years to assist with extraordinary redevelopment costs associated with remediating the undermined areas to allow for residential townhome development to occur on the western-most lot of the project.
Proposed City Council Motion:
Motion to advance the proposal: I move to direct staff and the applicant to formally prepare the LCRA Redevelopment Plan to be presented to the LCRA for recommendation and formal consideration by the City Council.
Background:
The City Council approved Ordinance No. 8531 on January 8, 2019 which approved the rezoning and preliminary development plan for the Streets of West Pryor project. During January and February of 2019, the City Council also approved several other ordinances that provided an incentive package using a variety of incentive mechanisms associated with developing the areas of the project containing retail, restaurants, the grocery store and apartments. On the date of this presentation, two restaurants, the grocery store and some retail is open, and the first phase of the apartments is under constru...
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