24-1571
Discussion and action on a Resolution authorizing the City Manager to execute a Chapter 380 Economic Development Program Agreement (“Agreement”) by and between CITY OF EL PASO (“City”) and POPULAR BUILDING EL PASO LLC (“Applicant”) in support of a downtown multi-family housing redevelopment project located at 301 E. San Antonio Ave., El Paso, Texas 79901. The Agreement requires the Applicant to make a minimum investment of $35,000,000. Over the term of the Agreement, the City shall provide economic incentives not to exceed $2,720,000 in the form of a Real Property Tax Rebate via TIRZ 5 Funds, a Construction Materials Sales Tax Rebate, and a Building Construction Fee Rebate; in addition to a 10-Year Development Note of $4,000,000 via Impact Funds.
What this record is
- Held by
- Popular Building EL PASO LLC
- Amount
- $2.72M
- Runs until
- Not stated in the agenda text — the term is normally in the signed agreement, attached to the original item ↗
- Type
- contract
- Field
- Construction
construction contracts in TX that end within a year →
Governments publish the end date in the award. That date is when the
work goes back out to bid, and it is usually stated years ahead.
Read automatically from the title of the official record. The source document below is authoritative.
- Committee
- City Council
- Introduced
- November 5, 2024
- On agenda
- November 19, 2024
Where it was heard
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