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Council extends Chapter 380 economic-development agreement for LZ Development to allow work to continue

5821374 · August 11, 2025
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Summary

The council approved a 24‑month extension to a Chapter 380 economic-development agreement with LZ Development Bridgeport LLC to allow completion of drainage work behind Greystone Inn; staff described the extension as cost-neutral to the city.

The Bridgeport City Council on Aug. 11 approved an amendment extending a Chapter 380 economic-development agreement with LZ Development Bridgeport LLC (the Reserve) to permit additional time to complete drainage and related infrastructure work behind the Greystone Inn.

City staff said the developer had previously been given a one-year performance window and that work is beginning. The amendment is the "first amendment to the 380 agreement" and extends the performance period; no new city funding was requested. Councilmember Sylvia Ramirez moved to approve an amendment extending the agreement up to 24 months; Preston Brown seconded. The motion passed 5–0.

Speakers noted the developer anticipated completing the work within a year but that prior delays had prevented earlier completion. Council members said a 24-month extension would give the developer more flexibility while not obligating the city to additional expenditures.

The amendment authorizes the mayor to sign and staff will file the executed document with the city records. No additional incentives or budget appropriations were reported at the meeting.