CITY OF EL PASO, TEXAS
AGENDA ITEM SUMMARY FORM
Details
District 4
Economic and International Development, Jessica Herrera, (915) 212-1624
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PUBLIC HEARING DATE: 3/2/2021
STRATEGIC GOAL:
Goal 1 - Create an Environment Conducive to Strong Sustainable Economic Development
SUBGOAL: 1.1 Stabilize and expand El Paso's tax base
SUBJECT:
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Discussion and action that the City Manager is authorized to sign a Chapter 380 Economic Development Program Agreement by and between CITY OF EL PASO, TEXAS and MCCOMBS VILLAGE, LLC in support of an in-fill residential development project located at 9787 McCombs Street, El Paso, Texas 79924.
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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?
McCombs Village, LLC applied and qualified for a 5-year Infill redevelopment incentive grant. The Applicant is proposing to invest a minimum of $4,200,000 to construct a 45,000 sq. ft. residential development on what is currently vacant land in Northeast El Paso. The 40-unit complex will be an upscale development designed for professionals and families. 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. 5-year grant period. Capped at $90,590
? Construction Materials Sales Tax Rebate- A one-time rebate of the City's Portion (1%) of Sales Taxes levied on project-related construction materials. Capped at $21,000
? Building and Planning Permit Fee Rebate: A one-time rebate of project-related Building & Planning permit fees. Capped at $10,000
The total proposed incentive is not to exceed $121,590.
PRIOR COUNCIL ACTION:
Has the Council previously considered th...
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