04-28-2025 Agenda Packet - Laserfiche WebLink

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memorandumItem No. 22 TO: City Council Rose Beverly, City Manager FROM: Osei Amo-Mensah, Director of Planning and Community Development SUBJECT: Economic Development and Residential Tax Abatement Agreement with Todd Stephens DATE: April 28, 2025 BACKGROUND: Todd Stephens (the Developer) has applied for an Economic Development and Residential Tax Abatement Agreement under the 5 in 5 Housing Infill Development Program (the Program) to build 5 single family homes on the following properties that are currently in tax trustee status with the city: • LCAD# 10729, W. Walker St., Colonial Addition Block 7, Lot 5 • LCAD# 10730, W. Walker St., Colonial Addition Block 7, Lot 6 • LCAD# 13006, W. Campbell St., Maxey Addition Block 7, Lot 2-B • LCAD# 13010, W. Campbell St., Maxey Addition Block 8, Lot 3 • LCAD# 13011, W. Campbell St. and 16"' St. NW, Maxey Addition Block 8, Lot 4 STATUS OF ISSUE: Staff has reviewed the application and determined that the properties are within the Program Area, and that the proposed improvements meet the criteria for the Program. The proposed agreement, attached hereto, provides incentives under Chapter 380 of the Texas Local Government Code relating to transfer of the city trustee properties, tap fees, building plan review, and permitting as well as a residential tax abatement under the authority of Texas Tax Code Chapter 312. All incentives are provided in the Program guidelines and criteria. Notice of the Council's consideration of the tax abatement was duly posted at least 30 days prior to this meeting as required by law. BUDGET: Discounts on the fees described above. The tax abatement will have negligible budgetary impact as the abatement will apply only to the incremental value to taxable value attributable to the required improvements on otherwise undeveloped property. RECOMMENDATION: Staff recommends adopting a resolution approving the attached 5 in 5 agreement with Todd Stephens.