A Resolution of the City Council of the City of Laredo, Texas authorizing and approving a fee waiver and a tax abatement agreement between the City of Laredo and PAVE Investments, LLC for a proposed multi-family project located at 3119 Saltillo Street, Lot 4A Block 1914 Eastern Division, in accordance with authorized guidelines and criteria established for the Neighborhood Empowerment Zone (NEZ).

Staff Report & Agenda Item Details

A Resolution of the City Council of the City of Laredo, Texas authorizing and approving a fee waiver and a tax abatement agreement between the City of Laredo and PAVE Investments, LLC for a proposed multi-family project located at 3119 Saltillo Street, Lot 4A Block 1914 Eastern Division, in accordance with authorized guidelines and criteria established for the Neighborhood Empowerment Zone (NEZ). This agreement will be for a ten (10) year period and will abate taxes on new improvements for the purpose of economic development. The project has an estimated capital investment total of $448,474.40, an estimated annual tax abatement of $2,674.87, and estimated total fee waivers of $3,077.00. Guidelines and criteria applicable to the agreement are set forth in the attached agreement and supporting documentation.

This motion is scored as EXPANDS_GOVERNMENT (Impact Weight: 8.9/10). Under the Bastiat Liberty Watchdog Index, measures that increase tax rates or fee schedules, issue new debt or Certificates of Obligation, expand regulatory/zoning restrictions on private land use, or authorize unbudgeted spending expansions reduce an official's Freedom Score when voted YES (and reward dissenting NO votes).