Title
An Ordinance Approving the Paragon Star Village Garage Land Clearance for Redevelopment Authority (LCRA) Redevelopment Plan
(Note: First read by Council on July 12, 2022. Passed by unanimous vote with one recusal.)
Body
Issue/Request:
This is an ordinance to approve the Paragon Star Village Garage LCRA Redevelopment Plan, which would provide Real Property Tax Abatement for the Parking Garage to be constructed for the project by Paragon Star, LLC (“Developer”).
Key Issues:
Ordinance to approve the LCRA Redevelopment Plan for the Garage.
Council Motion:
I move for second reading of An Ordinance Approving the Paragon Star Village Garage Land Clearance for Redevelopment Authority (LCRA) Redevelopment Plan
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 credit enhancement for the issuance of revenue bonds for the project. The City has adopted numerous other ordinances in connection with the incentives for the project, what are itemized in the attached ordinances and resolutions log for the project.
The Western Gateway Transportation Development District (“TDD”) was approved by the Jackson County Circuit Court on May 24, 2018. The TDD issued the Transportation District ...
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