24-3633
Authorize an economic development incentive agreement and all other necessary documents with West End Lofts LP and/or its affiliates (“Developer”) to include: (1) a tax increment financing (“TIF”) subsidy in an amount not to exceed $28,275,676.00 ("TIF Subsidy") payable from current and future City Center TIF District Funds; and (2) a Chapter 380 Economic Development Grant in an amount not to exceed $20,724,324.00 (“Grant”), in consideration of the West End Lofts Project, a mixed-use, mixed-income, and transit-oriented development project proposed on real property currently addressed as 805 Elm Street, 711 Elm Street, and 211 North Austin Street, within and adjacent to Tax Increment Reinvestment Zone Number Five (City Center TIF District), in accordance with the Economic Development Incentive Policy - Total not to exceed $49,000,000.00 - Financing: City Center TIF District Fund ($28,275,676.00) (subject to current and annual appropriations from tax increments), Public/Private Partnership Fund ($7,357,605.00), Economic Development (G) Fund (2024 General Obligation Bond Fund) ($7,724,324.00) (subject to current and annual appropriations), and Economic Development and Housing Development Program Fund (2012 General Obligation Bond Fund) ($5,642,395.00)
- Committee
- Office of Economic Development
- Requested by
- Office of Economic Development (ECO)
- Introduced
- November 18, 2024
- On agenda
- December 11, 2024
- Enactment no.
- 24-1783; APPROVED