CITY OF EL PASO, TEXAS
AGENDA ITEM SUMMARY FORM
Details
District 8
Economic and International Development, Jessica Herrera, (915) 212-1624
End
PUBLIC HEARING DATE: 1/19/2021
STRATEGIC GOAL:
Goal 1 - Create an Environment Conducive to Strong Sustainable Economic Development
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
Discussion and action that the City Manager is authorized to sign an Infill 380 Economic Development Program Agreement in a form substantially similar to the attached document by and between CITY OF EL PASO, TEXAS and GREAT RIVER COMMERCIAL, LLC. and EPPX MANAGEMENT PROPERTY, LLC. in support of the redevelopment of the property located at 1101-1125 TEXAS AVENUE, EL PASO, TEXAS 79901.
End
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?
GREAT RIVER COMMERCIAL, LLC. and EPPX MANAGEMENT PROPERTY, LLC applied and qualified for a 10-year Infill redevelopment incentive grant. The Applicant is proposing to completely rehabilitate a four-story building located at 1001-1125 Texas Avenue, on the eastern edge of downtown El Paso. The company will invest a minimum of $3,000,000 to activate an office condo within the currently vacant and blighted property. Upon satisfying all contract metrics, the Applicant will receive the following incentive:
? Property Tax Rebate (City's Portion): The City's portion of ad valorem incremental property taxes. 10-year grant period. Capped at $106,589
? Construction Materials Sales Tax Rebate- A one-time rebate of the City's Portion (1%) of Sales Taxes levied on...
Click here for full text