From
Bob O'Neal, Economic Development Director
Title
Resolution designating Asia Times Square as a reinvestment zone and granting a 50% / 7 year partial tax abatement to LGSW Capital Investment, LLC (Asia Times Square) on real estate improvements
Presenter
Bob O'Neal, Economic Development Director
Recommended Action
Approve
Analysis
LGSW Capital Investment, LLC (Asia Times Square) has made a significant long-term investment in modernizing an existing 130,000 square foot facility on the southwest corner of Pioneer Parkway and Great Southwest Parkway that had been vacant approximately 12 years. The Loh Family owns and operates the 120,000 square foot retail mall development on the same property that was renovated in 2008 and includes a Hong Kong Market grocery store, restaurants, bank, and other retail stores.
As an incentive for LGSW Capital Investment, LLC to expand their operations in our city, staff is recommending a 50% / 7 year partial tax abatement on the added value of real estate improvements. The appraisal district estimates the value of the real estate improvements of $10.6 million. They expect to add 100 full time employees at this location.
Because their facility is located in the enterprise zone, minimum added investment level of $1,000,000 and employment requirement of 10 added jobs shall be reached to qualify for the incentive package.
The Finance and Government Committee has reviewed this incentive request and recommended approval.
Financial Consideration
Added real property improvement: $10.6 million. Annual Property Tax Revenue from real property, equipment and inventory before abatement: $70,898 a year, $496,286 for 7 years
Amount Abated: $35,449 a year, $248,143 for 7 years
Body
A RESOLUTION OF THE CITY OF GRAND PRAIRIE, TEXAS, APPROVING A SEVEN YEAR, 50% PARTIAL TAX ABATEMENT AGREEMENT WITH LGSW CAPITAL INVESTMENT, LLC
Whereas, LGSW Capital Investment, LLC is a company which purchased and rehabilitated 130,000 sq...
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