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File #: 2022-4939    Name:
Type: Presentation Status: Agenda Ready
File created: 5/11/2022 In control: City Council - Special Session
On agenda: 5/31/2022 Final action:
Title: Conceptual Economic Development Incentive Requests for the Paragon Star Project through the Land Clearance for Redevelopment Authority: (1) Property Tax Abatement for Parking Garage, Paragon Star, LLC, applicant; and (2) Sales Tax Exemption on Construction Materials for Apartments, Gold Crown Properties, Inc., applicant
Attachments: 1. Paragon Star Ordinance & Resolutions Log, 2. Parking Garage Incentive Application, 3. Garage Plans, 4. Apartments Conceptual Presentation, 5. Apartments Aerial Image, 6. Apartment Plans
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Title
Conceptual Economic Development Incentive Requests for the Paragon Star Project through the Land Clearance for Redevelopment Authority: (1) Property Tax Abatement for Parking Garage, Paragon Star, LLC, applicant; and (2) Sales Tax Exemption on Construction Materials for Apartments, Gold Crown Properties, Inc., applicant

Body
Issue/Request:
This is a conceptual presentation pursuant to the City's Economic Development Incentive Policy for two separate requests in connection with the Paragon Star project, both using the Land Clearance for Redevelopment Authority:

(1) Real Property Tax Abatement for the Parking Garage by Paragon Star, LLC (“Developer”).

(2) Sales and Use Tax Exemption on construction materials for the apartments, requested by Gold Crown Properties, Inc. (“Gold Crown”);

Key Issues:
Evaluation of incentive requests for the parking garage and apartments in the Paragon Star project.

Proposed City Council Motion:
No motion requested as this is only a conceptual presentation. The Developer and Gold Crown are seeking the City Council's feedback pursuant to the City's Economic Development Incentive Policy.

Background:

Paragon Star Incentive History

The City approved the original Paragon Star Tax Increment Financing (TIF) Plan through the adoption of Ordinance No. 7833 on March 10, 2016. The City approved the First Amendment to the TIF Plan through the adoption of Ordinance No. 8946 on September 8, 2020. The City and Paragon Star, LLC (the “Developer”) executed the Amended and Restated TIF Contract on September 8, 2020 (the “TIF Contract”).

The City Council has also approved other incentives for the Project. The City Council approved the I-470 and View High Community Improvement District (“CID”) through the adoption of Ordinance No. 7762 on December 3, 2015. The City Council approved Paragon Star Neighborhood Improvement District (“NID”) through the adoption of Ordinance No. 9234 on September 7, 2021 for the purpose of providing credi...

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