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Council approves amended TW Steel redevelopment plan and tax incentives; staff outlines pilot payment schedule
Summary
The council unanimously approved amendments to the LCRA redevelopment plan and associated redevelopment contract/lease for TW Steel's expansion, allowing a sales-and-use tax exemption during construction and a 10‑year, 75% property tax abatement under a PILOT schedule; staff projected initial pilot payments around $25,000 and roughly $271,000 over ten years.
The City Council approved amendments to the Land Clearance for Redevelopment Authority (LCRA) redevelopment plan for a TW Steel expansion and advanced the redevelopment contract and lease that implement the amended plan.
Applicant representatives described a local expansion to a roughly 30‑acre industrial site at 1601 Southeast Hamblin Road. Economic development staff explained the incentive package consists of two principal components: (1) a construction sales-and-use tax…
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