Discussion and possible action to authorize a tax abatement agreement under the Webb County Neighborhood Empowerment Zone (NEZ), Number One Program for the following residential property as approved by the City of Laredo, and in accordance to the previously adopted NEZ Webb County Policy and Basic Incentive Guidelines. This agreement will be for abating taxes on new improvements only for the purpose of economic development. Tax abatement amount will be determined on total construction costs; and authorizing the County Judge to sign all relevant documents.
1616 Garfield St. - 5 years
Issue: Applicant is applying for a tax abatement agreement under the NEZ, Number One Program as approved by the City of Laredo.
Solution: Approval of the tax abatement agreement is necessary to participate in the NEZ, Number One Program.
Result: Approval of this agreement will allow the Webb County Tax Appraisal District to issue the respective tax abatement under the NEZ, Number One Program.
Background:
Mr. Ed Ramirez made a presentation at Commissioner's Court regarding the City of Laredo's Neighborhood Empowerment Zone (NEZ) on July 22, 2013.
Previous Court Action:
July 22, 2013; Item # 12 & May 27, 2014; item # 18; June 23, 2014 item# 12