AGENDA CAPTION:
Title
Consider approval of Resolution 2022-200R, approving a Chapter 380 Economic Development Incentive Agreement with Majestic Realty Co. providing incentives in the form of refunds of 50 percent of additional real property taxes for up to three years per building for the construction of industrial lease space on Centerpoint Road, to the extent such space remains unleased; authorizing the City Manager, or her designee, to execute said agreement; and declaring an effective date.
Body
Meeting date: September 6, 2022
Department: City Manager's Office - Economic Development
Amount & Source of Funding
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Fiscal Note:
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City Council Strategic Initiative: [Please select from the dropdown menu below]
Economic Development
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Comprehensive Plan Element (s): [Please select the Plan element(s) and Goal # from dropdown menu below]
? Economic Development - Diverse Local Economic Environment
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? Land Use - Choose an item.
? Neighborhoods & Housing - Choose an item.
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? Core Services
? Not Applicable
Master Plan: [Please select the corresponding Master Plan from the dropdown menu below (if applicable)]
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Background Information:
This project was previously titled "Project Thin Mint." MW Gas Lamp Industrial Park JV, LLC is proposing to construct Class A speculative industrial space located at Centerpoint Rd. and Wassar Blvd. This project will be constructed over multiple phases beginning in Q1 2024 with completion by Q4 of 2033. The capital investment is $103 million, and the maximum length of the agreement is 10 years.
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