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Victoria council approves Chapter 380 agreement for Victoria Exchange retail development up to $1.5 million
Summary
Council authorized a Chapter 380 economic development agreement with Victoria Exchange Development LP that includes up to $1 million for road improvements and a sales-tax rebate up to $500,000 tied to phase completions.
The Victoria City Council voted May 20 to approve an economic development agreement under Chapter 380 of the Texas Local Government Code with Victoria Exchange Development LP for a retail project at 9009 North Navarro Street.
City staff said the private investment is about $25 million for roughly 90,000 square feet of retail built in two phases. Phase 1 includes Burlington, Five Below and Ulta and approximately 40,000 square feet of retail already under construction. Phase 2 would add roughly 50,000 square feet and associated Broadmoor Street roadway and utility improvements, which the developer plans to start later this year.
Under the agreement the Victoria Sales Tax Development Corporation will reimburse the developer up to $1,000,000 for completed roadway infrastructure work. In addition, after phase two completion the city will rebate 50% of the city portion of sales tax generated by the developer’s campus for up to five years, capped at $500,000. Combined, the reimbursements and rebate amount to no more than $1,500,000, the presentation said.
Economic development staff introduced the developer, Asif Mamtaz, who thanked the city for cooperation. Council approved the agreement on a voice vote; staff said work on Phase 1 has already begun and Broadmoor improvements were scheduled to begin in August.
The agreement as described links reimbursements and rebates to completion milestones and future sales tax receipts, and staff emphasized the city’s payment would be limited to the amounts and conditions stated in the agreement.
