A Resolution of the City Council of the City of Laredo, Texas authorizing and approving a fee waiver and tax abatement agreement between the City of Laredo and Virginia Garcia for the rehabilitation of an existing residential property located at 1520 Farragut Street, Lots 1-2 BLK 143 Western Division, in accordance with the authorized guidelines and criteria established for the Neighborhood Empowe

Staff Report & Agenda Item Details

A Resolution of the City Council of the City of Laredo, Texas authorizing and approving a fee waiver and tax abatement agreement between the City of Laredo and Virginia Garcia for the rehabilitation of an existing residential property located at 1520 Farragut Street, Lots 1-2 BLK 143 Western Division, in accordance with the authorized guidelines and criteria established for the Neighborhood Empowerment Zone (NEZ). This agreement will be for a five (5) year period and will abate taxes on new improvements for the purpose of economic development. The project has an estimated capital investment total of $37,500.00, an estimated annual tax abatement of $189.80, and estimated fee waivers of $2,224.50. 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: 8.8/10). 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).