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Council approves development agreement for Border Region retail project near Belvoir
Summary
Council approved Resolution 37‑14 authorizing a development agreement with ER Investment LLC for a proposed retail center; staff projected taxable sales and an incentive split under the development agreement.
The council approved Resolution 37‑14 on Aug. 14 authorizing execution of a development agreement with ER Investment LLC for a proposed retail project near the Belvoir intersection.
City staff explained the Industrial Development Board unanimously recommended approval. The developer proposes a small shopping center of at least three tenant spaces anticipated for restaurant, retail and laundry/convenience uses. Staff projected initial taxable sales of roughly $1.8 million from two operating commercial units used for the incentive baseline and presented an annual incentive schedule in the packet.
Mister Litchford (or staff presenting the item) outlined an estimated total development cost slightly above $3 million and said the incentive structure proposed a 70/30 split that favors the developer on reimbursable amounts tied to the retail portion; under staff’s projection the city’s portion of the baseline revenue sharing would be just under $500,000 over the incentive period shown in the agreement.
Vice Mayor Tyler moved to approve the resolution; Council Member Ezell seconded. The council voted unanimously to approve Resolution 37‑14.
Staff said the Industrial Development Board recommended the project and provided an exhibit of the proposed annual incentive schedule in the meeting packet. The resolution authorizes appropriate city officials to execute the development agreement and take related actions.
