Title
An Ordinance approving the Ellis Glen Land Clearance for Redevelopment Authority (LCRA) Redevelopment Plan.
(First read by Council on March 14, 2023.)
Body
Issue/Request:
This is an ordinance to approve the Ellis Glen LCRA Redevelopment Plan, which would provide sales and use tax exemption on construction materials and long-term tax abatement for the proposed development to be constructed by Ellis Glen, LLC (the “Developer”) which is located at 102-110 SW Market Street.
The proposed development provides for the design, development, and construction of a single three-story mixed-use building with the surface parking lot located to the rear of the building. The first floor of the building will be approximately 8,000 square feet of commercial office space. Floors two and three will be a mix of studio, one-and-two-bedroom apartments and approximately 24,000 square feet, respectively, along with all associated onsite and offsite sitework and infrastructure, including utilities, stormwater management, street/drive and parking improvements, and landscaping.
The LCRA Plan will establish public ownership during the construction of improvements for Developer to receive and use a sales tax exemption certificate for the purchase of construction materials that are used in the construction of the Project, and thereafter for a period of 25 years to facilitate real property tax abatement. Developer is requesting sales and use tax exemption on construction materials and real property tax abatement through the Land Clearance for Redevelopment Authority Act.
Key Issues:
Public hearing to consider the LCRA Redevelopment Plan for the Ellis Glen Project.
Background:
On September 20, 2022, Developer made a conceptual incentive request to the City Council for the requested incentive package and received positive non-binding feedback from the Council.
On October 4, 2022, the City Council passed Ordinance No. 9514 which approved a rezoning from District RP-2 to Distr...
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