STRATEGIC PRIORITY: Economic Development
AGENDA DATE: September 28, 2022
COUNCIL DISTRICT(S):|910|DEPARTMENT: Office of Economic Development
EXECUTIVE: Majed Al-Ghafry
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SUBJECT
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Authorize a tax increment financing (TIF) development agreement and all other necessary documents with Island Rock Holdings, LLC and/or its affiliates in an amount not to exceed $2,100,000.00, payable from future TOD TIF District funds ("TIF Subsidy") and a Chapter 380 economic development grant agreement with Island Rock Holdings, LLC and/ or its affiliates 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) in accordance with the City's Public/Private Partnership Program ("380 Grant"), in consideration of the Longhorn Ballroom Redevelopment Project ("Project") on property currently addressed as 200 Corinth Street and 2202-2222 Riverfront Boulevard in Tax Increment Financing Reinvestment Zone Number Seventeen (TOD TIF District) - Not to exceed $4,150,000.00 - Financing: Equity Revitalization Capital Fund ($250,000.00), Economic Development & Housing Development Program (2012 General Obligation Bond Fund) ($1,800,000.00) and TOD TIF District Fund ($2,100,000.00) (subject to annual appropriations from tax increments)
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BACKGROUND
The Longhorn Ballroom was built in 1950 and was an iconic music venue for decades. In addition to the main ballroom building, a second building used for a variety of purposes is part of the property. The Longhorn Ballroom is unique in character and contributes to the cultural significance of the city. The "Longhorn Ballroom" sign was designated as a landmark sign in 1984 by Ordinance 18516. Since the 1990s, the property has been underutilized and has fallen into disrepair. In 2017, Texas Monthly called the Longhorn Ballroom "Texas's Most Historic Music Venue."
In 2017...
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