STRATEGIC PRIORITY: Economic Development
AGENDA DATE: December 13, 2023
COUNCIL DISTRICT(S):|910|DEPARTMENT: Office of Economic Development
EXECUTIVE: Majed Al-Ghafry
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SUBJECT
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Authorize an amendment to the tax increment financing ("TIF") development and Chapter 380 Grant Agreement with Island Rock Holdings, LLC ("Developer") previously authorized by Resolution No. 22-1463 to allow the Director of the Office of Economic Development to approve an assignment of the construction of the public infrastructure component of the Longhorn Ballroom Redevelopment Project and the remaining unexpended portion of the TIF Subsidy (net of costs incurred by Developer for the engineering design of the public infrastructure component) to the City's Department of Public Works and/or Department of Transportation for bidding and construction - Financing: No cost consideration to the City
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BACKGROUND
On September 28, 2022, the City Council authorized a TIF development and Chapter 380 Grant Agreement ("Agreement") with Developer for a City Subsidy in a total amount not to exceed $4,150,000.00, by Resolution No. 22-1463 for the Longhorn Ballroom Redevelopment Project ("Project").
The City Subsidy is comprised of a TIF Subsidy in an amount not to exceed $2,100,000.00 (payable from future TOD TIF District Funds) and a Chapter 380 economic development grant (Grant) in an amount not to exceed $2,050,000.00 ($250,000.00 payable from Equity Revitalization Capital Fund and $1,800,000.00 payable from 2012 General Obligation Bond Fund).
The scope of the Project includes four (4) components:
(1) Various interior improvements to the approximately 30,052 square foot existing Longhorn Ballroom building ("Building #1"), including structural; mechanical; electrical; plumbing; lighting; heating, ventilation and air-conditioning (HVAC); fire alarm/sprinkler; security system; finish-out;
(2) Various exterior and inter...
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