ORDINANCE NO. 250371
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Sponsor: Councilmember Eric Bunch
Approving a modification of the incentivized project construction timeline for the Muehlebach Hotel Project, located at 1200 Baltimore Avenue.
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WHEREAS, the City Council initially approved the Central Business District Urban Renewal Plan ("The Plan") with Ordinance No. 36287 on January 17, 1969, to eliminate and prevent the spread, development and recurrence of the blighted conditions within the Central Business District Urban Renewal Area ("Plan Area"); and
WHEREAS, the Plan has been modified at least 14 times, most recently on February 26, 2015, with Committee Substitute for Ordinance No. 150116; and
WHEREAS, pursuant to the Land Clearance Redevelopment Authority ("LCRA") Resolution No. 12-2-18 dated December 19, 2018, the LCRA selected Platform Ventures, L.L.C., (the "Original Redeveloper") for a project located at 1200 Baltimore ("Project Area") and approved a tax incentive package to include sales tax exemption on construction materials and a fifteen year abatement of the increase in property taxes at 75% abatement in years 1-10 and 37.5% abatement in years 11-25; and
WHEREAS, the Original Redeveloper was unable to complete construction for the Project; and
WHEREAS, the LCRA desires to approve assignment of the tax incentives for the Project to Flint Muehlebach, LLC, a Missouri limited liability company (the "New Redeveloper"), subject to certain conditions; and
WHEREAS, on April 13, 2023, Council approved Ordinance No. 230316, enacting Code ? 74-12, which provides default construction timelines for incentivized projects; and
WHEREAS, Code ? 74-12, provides that construction at the Project must be substantially complete by December 19, 2021; and
WHEREAS, the construction delay for the Project is due to no fault of the New Redeveloper, and the New Redeveloper has represented that they cannot complete construction of the Project ...
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