Discussion and possible action to enter into a tax abatement agreement under the Webb County Neighborhood Empowerment Zone (NEZ), Number Two Program ("Program") with Outer Loops, LLC. as owners of a tract of land situated in Webb County, Texas, being the surface only of lot number Two (2) in Block One (1), Emerald Hills Subdivision, in the City of Laredo according to plat thereof recorded in Volume 21, Page 70, except 13,534 square feet conveyed to the State of Texas in deed recorded in Volume 2738, Page 166, Plat Records of Webb County, Texas; also commonly known as 1022 Bob Bullock Loop, Laredo, Teas 78043. Said real property has already been approved pursuant to City of Laredo resolution No. 2021-R-236 and now requires approval by Webb County Commissioners Court in order to proceed with the project; and authorizing the County Judge to execute any and all relevant documents; and any other matters incident thereto.
Issue: A tax abatement has been approved by City of Laredo for a commercial property project which requires approval from the Webb County Commissioners Court and is a necessary in order for the Webb County Tax Appraisal District to issue the respective tax abatement.
Solution: Approval of this tax abatement for 1022 Bob Bullock Loop, Laredo, Texas 78043.
Result: Approval of this tax abatement will allow the Webb County Tax Appraisal District to issue the respective tax abatement under the NEZ, Number Two Program.