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Council approves assignment of IRB sales-tax benefits for Walzer Automotive real-estate entity
Summary
Council approved a resolution assigning IRB benefits previously authorized for Walzer Automotive Group LLC to Walzer Real Estate LLC for an automobile dealership at 7220 West Frontage Road; staff said the assignment does not change the deal or benefits and the vote was unanimous, 8–0.
City staff explained that the requested assignment transfers the tax-exemption benefits (IRBs for sales tax on construction materials) authorized in resolution 969 from Walzer Automotive Group LLC to Walzer Real Estate LLC, the developer entity that will build or manage the property at 7220 West Frontage Road. "It does not change the business deal. It simply assigns the benefits from Walzer Automotive to Walzer Real Estate," staff told the council.
Counsel and bond counsel drafted the resolution; council moved, seconded, and approved the assignment by unanimous vote, 8–0. Staff noted the assignment mirrors prior assignments used in the Merriam Grand Station development and involves no change to public incentives beyond the existing authorization.
