Authorizing and approving a fee waiver and a tax abatement agreement between the City of Laredo and Jose Alvaro Rosales Medrano for a proposed project located at 102 Floral Blvd, lot 1 block 1 Las Flores Subdivision that consists of commercial, in accordance with authorized guidelines and criteria established for the Neighborhood Empowerment Zone (NEZ) 2. This agreement will be for a ten (10) year period and will abate taxes on new improvements for the purpose of economic development. The project has an estimated capital investment total of $2,500,000.00, estimated annual tax abatement total of $13,325.00 and estimated total fee waivers of $2,680.00. Guidelines and criteria for the agreement are set forth in the attached agreement and information. This project is located within City Council District III.

Resolution Passed Introduced January 18, 2024

What this record is

Amount: $13K
Runs until: January 18, 2034 7 years away calculated from the contract term stated in the record
Type: contract

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