From
Marty Wieder
Title
Resolution granting 380 Incentive Agreement and entering into a separated sales tax contract with Aerofirma Corporation for the Retreat to rebate 50% of the $.01 documented general sales tax revenue on construction materials purchased to complete the new development
Presenter
Marty Wieder, Director of Economic Development
Recommended Action
Approve
Analysis
Aerofirma Corporation purchased the site of the former Town & Country Furniture Store and retail spaces fronting Pioneer Parkway - and City Council approved a separated sales tax contract for Aerofirma to situs or source construction sales tax to Grand Prairie for a mixed-use project known as The Gibson. Representatives of Aerofirma have since communicated their interest in doing the same for other projects in the coming year and desires to share 50% of the General Fund portion of sales taxes with the City. In particular, Aerofirma desires such an agreement in association with The Retreat, a 141,504 square foot, 154-unit market rate senior apartment community located at 2902 South Belt Line Road.
Aerofirma will return to Council later for consideration of separated sales tax contracts associated with Elevation 161 (320 units at Forum and SH 161), for Phase II of Prairie Gate (200 units), and for 300 units near SH 360 and SH 287.
Financial Consideration
Projected Investment, Real estate improvements: $22,649,000
Projected Taxable Materials Costs-$12,500,000
Projected Sales Tax Revenue-$250,000
Projected Sales Tax Amount Rebated (associated with situs): $62,500
Body
A RESOLUTION OF THE CITY OF GRAND PRAIRIE, TEXAS, TO ENTER into a Chapter 380 Program Agreement for Economic Development Incentives with AEROFIRMA CORPORATION granting a rebate
WHEREAS, Aerofirma Corporation desires to develop 141,508 square feet and 154 units of market rate, senior apartments in association with The Retreat, located at 2902 South Belt Line Road; and
WHEREAS, construction of thes...
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