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[COMMITTEE SUBSTITUTE FOR] ORDINANCE NO. 231018
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Sponsor: Mayor Quinton Lucas
Authorizing the City Manager to enter into a Tax Redirection Agreement with Monte Rosa, LLC for the reimbursement of certain expenses related to the construction of a mixed-use project at 14th and Wyandotte.
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WHEREAS, Monte Rosa, LLC (the "Developer") has proposed a multi-use project located on a 1.06 acre site on the Northeast Corner of West 14th Street and Wyandotte Street (at the "Project Site"); and
WHEREAS, the Project will include an approximately 27 story, 690,000 square foot mixed use building containing approximately 240 market rate residential units, 60 affordable housing units, 200 hotel rooms, and a 358 space parking garage(the "Development Project"); and
WHEREAS, on August 4, 2023, the LCRA approved Resolution No. 8-1-23 authorizing a sale/leaseback for the Development Project with associated PILOTs to achieve abatement equivalent to 80% for 10 years and 50% for seven years, along with a sales tax exemption on construction materials; and
WHEREAS, Developer intends to petition the City Council to establish a Community Improvement District that would impose up to a 1% sales tax on all eligible retail sales made at the Project Site; and
WHEREAS, The Developer and the City believe that utilizing a portion of the City's net new revenues generated by the Development Project will advance multiple primarily public purposes including, but not limited to, (i) providing additional housing, including affordable housing, (ii) positive economic impact generated from hotel, retail, and restaurant uses, (iii) improvements to the streetscape, (iv) the elimination of blight, and (vi) furthering the City's policy of encouraging economic stability and growth; and
WHEREAS, the City therefore desires to encourage the Project for the purpose of realizing these public benefits by entering into an agreement to contribute certain rev...
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