Title
Public Hearing: Vanguard Villas LCRA Redevelopment Plan for the Streets of West Pryor Project.
Body
Issue/Request:
Consideration of the “Vanguard Villas at Streets of West Pryor LCRA Redevelopment Plan” by the Streets of West Pryor developer for tax incentives to perform undermined remediation and off-site public improvements in connection with the development of the Vanguard Villas residential development on the western portion of the Streets of West Pryor mixed-use project.
Key Issues:
Approval of an LCRA Redevelopment Plan to provide sales tax exemption on the purchase of construction materials and 50% real property tax exemption for a period of 25 years for the Vanguard Villas development, as a reimbursement source for the extraordinary redevelopment costs associated with remediating the undermined areas and the construction of off-site road improvements.
Proposed City Council Motion:
No motion required as part of the public hearing. The Council will consider an ordinance for this request.
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. At this time, two restaurants, the grocery store and some retail is open, and the first phase of the apartments is under construction.
On February 16, 2021, Drake Development and Tegethoff Development made a conceptual presentation to the City Council pursuant to the City's Economic Development Incentive Policy for the request by for sales tax exemption on the purchase of construction materials and real property tax abatement pursuant to the Land Clearance for Redevelopment Authority (LCRA Act) to provide ...
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