Authorizing and approving a fee waiver and a tax abatement agreement between the City of Laredo and Corintios Construction and Design Inc., for a proposed project located at 2707 Sanders St., Lot 8 Block 355 Eastern Division that consists of residential (multi-gamily - 4 apartments), in accordance with authorized guidelines and criteria established for the Neighborhood Empowerment Zone (NEZ) 4. This agreement will be for a ten year period and will abate taxes on new improvements for the purpose of economic development. The project has an estimated capital investment total of $460,007.52, estimated annual tax abatement total of $2,438.04 and estimated total fee waivers of $3,683.00. Guidelines and criteria for the agreement are set forth in the attached agreement and information. This project is located within City Council District IV.

Resolution Passed Introduced May 6, 2024

What this record is

Amount: $2K
Runs until: May 6, 2034 8 years away calculated from the contract term stated in the record
Type: contract
Field: Construction

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