CITY OF EL PASO, TEXAS
AGENDA ITEM SUMMARY FORM
Details
District 4
Economic and International Development, Jessica Herrera, (915) 212-1624
Economic and International Development, Monica Fuentes, (915) 212-1618
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public hearing date: 11/24/2020
strategic goal:
Goal
Goal 1 - Create an Environment Conducive to Strong Sustainable Economic Development
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subgoal: Choose an item.
SUBJECT:
APPROVE a Resolution / Ordinance / lease to do what? OR AUTHORIZE the City Manager to do what? Be descriptive of what we want Council to approve. Include $ amount if applicable.
Title
That the City Manager is authorized to sign the Consent to Assignment of the Chapter 380 Agreement between the City of El Paso and EPT The Reserve at Sandstone Ranch Apartments II, LLC, therein consenting to the assignment of the Chapter 380 Agreement from EPT The Reserve at Sandstone Ranch Apartments II, LLC to EPT The Reserve at Sandstone Ranch Apartments, LLC.
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Background / DISCUSSION:
Discussion of the what, why, where, when, and how to enable Council to have reasonably complete description of he contemplated action. This should include attachment of bid tabulation, or ordinance or resolution if appropriate. What are the benefits to the City of this action? What are the citizen concerns?
Applicant built an apartment complex located at 11210 Sean Haggerty Blvd., El Paso, Texas
79934. Applicant invested over $8,200,000 in the development.
Applicant is now requesting to change the entity name listed on the executed Chapter 380
Economic Development Program Agreement from EPT The Reserve at Sandstone Ranch
Apartments II, LLC to EPT The Reserve at Sandstone Ranch Apartments, LLC.
There will be no changes to the grant term or dollar amount approved on the incentive package, all other terms will remain the same.
PRIOR COUNCIL ACTION:
Has the Council previously considered this item or a closely related one?
Yes, on April 18, 2013 El Paso’s City Council approved a Chapter 380 Economic Development
Program Agreement.
AMOUNT AND SOURCE OF FUNDING:
How will this item be funded? Has the item been budgeted? If so, identify funding source by amount numbers and description of account. Does it require a budget transfer?
General Fund
********************REQUIRED AUTHORIZATION********************
If Agenda Item Summary Form is initiated by Purchasing, client department should sign also