Upload
epdevelopment
View
55
Download
1
Tags:
Embed Size (px)
DESCRIPTION
Discussion and action that the City Manager be authorized to execute a Tax Abatement Agreement between the City of El Paso and Cavallion Developers LLC, a Texas limited liability corporation, pursuant to the City’s Infill Development Incentive Policy, for the construction of a mixed use commercial and residential property on the vacant lot located at 5101 Fairbanks, El Paso, Texas 79924. Total estimated tax abatement is $3,144.73. District 4 Discussion and action that the City Manager be authorized to execute a Chapter 380 Economic Development Sales Tax Rebate Program Agreement by and between the City of El Paso and Cavallion Developers LLC, a Texas limited liability company, pursuant to the City’s Infill Development Incentive Policy for the construction of a mixed use commercial and residential property on the vacant lot located at 5101 Fairbanks, El Paso, Texas 79924. Total estimated sales tax rebate is $2,000. Total estimated permit fee waivers are $10,000. District 4
Citation preview
Infill Development Incentive Program
Applicant: Cavallion Developers, LLC
Property: 5101 Fairbanks
Infill Development Incentive Program
Infill Development Incentive Program (approved by City Council 08/24/10; program sunsets 08/31/15)
• Intended to facilitate the reuse of vacant land, and vacant or blighted buildings
• Available for commercial projects, multifamily and attainable single-family rental housing
• Minimum investment of $50,000 for commercial projects
_______________________________________________
Incentives available:
• Property Tax exemption (5 years – based on investment level)
• Construction fee waivers (up to $10,000)
• Construction Materials Sales Tax Rebate
Infill Development Incentive Program:5101 Fairbanks
Incentive Criteria met: Blighted, vacant land Located within the
Enterprise Zone
Project description:• $200,000+ investment
• New Construction of a Mixed-Use building
• Commercial/Residential
• Development of a vacant lot
Current condition of property:5101 Fairbanks
Current condition of property:5101 Fairbanks
Proposed use: Mixed-Use Commercial & Retail
Proposed incentives per Infill Development Incentive Policy5101 Fairbanks
Minimum Investment Year 1 Year 2 Year 3 Year 4 Year 5
$200,000+ 100% 66% 33% 0% 0%
$1,549.21 $1053.14 $542.38 $0.00 $0.00
1. Eligible property tax abatement per policy (City’s portion):
2. Eligible for Construction Materials Sales Tax Rebate•100% one-time rebate of City’s portion (1%) of sales tax
3. Building Construction Fee Waivers•Fees associated with construction, redevelopment and infill development waived up to $10,000
Rebate Type Projected Grant Payment
5 Year Abatement $3,144.73
Sales Tax Rebate $2,000.00
Permit Fees $10,000.00
Projected Total Incentive Package $15,144.73