Discussion and possible action to consider a Chapter 381 Economic Development Agreement between Webb County and Killam Development, Ltd., by approving an annual grant payment to Killam Development, Ltd. of an amount equivalent to 100% of the uncommitted M&O and business personal property portion of the ad valorem property tax generated by 32 downtown properties (inside the downtown TIRZ) and 100%

Staff Report & Agenda Item Details

Discussion and possible action to consider a Chapter 381 Economic Development Agreement between Webb County and Killam Development, Ltd., by approving an annual grant payment to Killam Development, Ltd. of an amount equivalent to 100% of the uncommitted M&O and business personal property portion of the ad valorem property tax generated by 32 downtown properties (inside the downtown TIRZ) and 100% of the County’s sales tax, generated on each property, beginning the calendar year immediately following the year in which the Company makes a cumulative investment of at least $4,000,000 in the Improvements, for a ten year period with an option for an additional ten years and any matters incident thereto; authorizing the County Judge to sign all relevant documents. [Requested by Killam Development, Ltd.] [Sponsored by Ricardo Jaime, Commissioner Pct. 4] [Closed Session/Executive Session is requested pursuant to Government Code §551.0725 Deliberation Regarding Contract Being Negotiated; Closed Meeting]

This motion is scored as EXPANDS_GOVERNMENT (Impact Weight: 8.4/10). 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).