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.

Other Business Agenda Ready Introduced November 5, 2024

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