Authorizing and approving a fee waiver and a tax abatement agreement between the City of Laredo and Jesus & Melba Ortiz for a proposed project located at 1220 Mier St., lot 5 block 691 Eastern Division that consists of residential single family, in accordance with authorized guidelines and criteria established for the Neighborhood Empowerment Zone (NEZ) 3. This agreement will be for a five-year period and will abate taxes on new improvements for the purpose of economic development. The project has an estimated capital investment total of $180,000.00, estimated annual tax abatement total of $961.10 and estimated total fee waivers of $763.00. 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 Agenda Ready Introduced April 30, 2024

What this record is

Amount: $961
Runs until: April 30, 2029 3 years away calculated from the contract term stated in the record
Type: contract

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