AGENDA CAPTION:
Title
Consider approval of Resolution 2024-93R, on the second of two readings, approving a Chapter 380 Economic Development Incentive Agreement with BRE Group 500 Wonder World 2022 LP., also known as project Snapdragon, providing for the rebate of real property taxes owed to the city for only the unoccupied portions of a newly constructed spec building for the first three years after construction in amounts equivalent to 100 percent in year one, 75 percent in year two, and 50 percent in year three; authorizing the City Manager, or her designee, to execute said agreement; and declaring an effective date.
Body
Meeting date: July 2, 2024
Department: City Manager's Office
Amount & Source of Funding
Funds Required: Click or tap here to enter text.
Account Number: Click or tap here to enter text.
Funds Available: Click or tap here to enter text.
Account Name: Click or tap here to enter text.
Fiscal Note:
Prior Council Action: City Council previously approved this agreement on first reading on May 21, 2024
City Council Strategic Initiative: [Please select from the dropdown menu below]
Economic Vitality
Choose an item.
Choose an item.
Comprehensive Plan Element (s): [Please select the Plan element(s) and Goal # from dropdown menu below]
? Economic Development - Fiscally Responsible Incentives for Economic Development
? Environment & Resource Protection - Choose an item.
? Land Use - Choose an item.
? Neighborhoods & Housing - Choose an item.
? Parks, Public Spaces & Facilities - Choose an item.
? Transportation - Choose an item.
? Core Services
? Not Applicable
Master Plan: [Please select the corresponding Master Plan from the dropdown menu below (if applicable)]
Choose an item.
Background Information:
This project was originally titled "Project Snapdragon" is proposing to construct 98,296 square feet of class A speculative industrial space at 500 Wonderworld Dr. The capital investment of the project is $16.4 million, and the maximum l...
Click here for full text