STRATEGIC PRIORITY: Economic Development
AGENDA DATE: December 11, 2024
COUNCIL DISTRICT(S): 14
DEPARTMENT: Office of Economic Development
EXECUTIVE: Robin Bentley
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SUBJECT
Title
Authorize an economic development incentive agreement and all other necessary documents with West End Lofts LP and/or its affiliates ("Developer") to include: (1) a tax increment financing ("TIF") subsidy in an amount not to exceed $28,275,676.00 ("TIF Subsidy") payable from current and future City Center TIF District Funds; and (2) a Chapter 380 Economic Development Grant in an amount not to exceed $20,724,324.00 ("Grant"), in consideration of the West End Lofts Project, a mixed-use, mixed-income, and transit-oriented development project proposed on real property currently addressed as 805 Elm Street, 711 Elm Street, and 211 North Austin Street, within and adjacent to Tax Increment Reinvestment Zone Number Five (City Center TIF District), in accordance with the Economic Development Incentive Policy - Total not to exceed $49,000,000.00 - Financing: City Center TIF District Fund ($28,275,676.00) (subject to current and annual appropriations from tax increments), Public/Private Partnership Fund ($7,357,605.00), Economic Development (G) Fund (2024 General Obligation Bond Fund) ($7,724,324.00) (subject to current and annual appropriations), and Economic Development and Housing Development Program Fund (2012 General Obligation Bond Fund) ($5,642,395.00)
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BACKGROUND
In February 2024, West End Lofts LP submitted an incentive application to the Office of Economic Development for gap funding to support the proposed West End Lofts Project ("Project"), a mixed-use, mixed-income, and transit-oriented development to be located on approximately 1.1 acres in the West End Historic District and within a High Opportunity Area.
On January 22, 2024, the Housing and Homelessness Solutions Committee was briefed by memorandum regard...
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