Title
Conceptual Economic Development Incentive Request - Land Clearance for Redevelopment Authority incentives for the Ellis Glen Residential and Office Project; Integrity Group Real Estate, applicant
Body
Issue/Request:
This is a conceptual presentation pursuant to the City's Economic Development Incentive Policy for the request by Integrity Group Real Estate (“Developer”), along with designated partners, as the developer of a mixed use project consisting of 8,000 square feet of office and 26 multifamily residential units on approximately 1.2 acres of property located at 102-110 SW Market Street in the Downtown area, for sales tax exemption on construction materials and real property tax abatement through the Land Clearance for Redevelopment Authority Act.
Key Issues:
Evaluation of a request for sales tax exemption on construction materials and real property tax abatement in the amount of 75% for 25 years.
Proposed City Council Motion:
No motion requested as this is only a conceptual presentation. The Developer is seeking the City Council's feedback pursuant to the City's Economic Development Incentive Policy.
Background:
Developer is requesting an LCRA economic incentive in the form of (1) sales tax exemption on construction materials and (2) real property tax exemption in the amount of 75% for 25 years.
The site of the proposed development currently consists of 5 unplatted parcels. The properties at 104 and 106 SW Market St. are vacant. Existing single-family homes are located at 108 and 110 SW Market St. The remaining property at 102 SW Market St. has an existing single-family home with a large detached garage.
The proposed development will be composed of a single three-story mixed-use building with the associated surface parking lot located to the rear of the building. The first floor of the building will be 9,944 sq. ft. of commercial office space. Floors two and three will be a mix of studio, one- and two-bedroom apartments.
The subject site...
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