Discussion and possible action to enter into a tax abatement agreement, pursuant to the County’s Tax Abatement Guidelines And Criteria under the Property Redevelopment And Tax Abatement Act, Chapter 312 of the Texas Tax Code, as requested by Seven Flags BESS LLC, for approximately $103,000,000 in improvements related to the storage of electricity using batteries for a ten year period and being a 100% tax abatement of ad valorem taxes (maintenance and operation only), with payments in lieu of taxes (PILOT payments) to be made annually to Webb County and any matters incident thereto; authorizing the county judge to sign all relevant documents. The property subject to the abatement agreement comprises approximately 5 acres and is located approximately 2 miles east of Cuatro Vientos Boulevard and approximately twelve hundred feet north of Eistetter Road (a/k/a Wormser Road) within The Webb County Seven Flags Bess Reinvestment Zone Number 1.
Background:
Reinvestment Zone was created November 13, 2023.
Previous Court Action:
Fiscal Impact
Budget Account Number:
unk
Funding Source:
n/a
Balance:
n/a
Financial Impact:
PILOT payments payable to County of approx. $151,000.00 annual for 10 years.