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<br />The session was opened at 7:17 to meet with the Delcrest Apartments, LLC <br />representative, Mr. Braswell, and counsel, Mr. Lang. <br /> <br />Mr. Martin reminded Mr. Braswell that a tax abatement certificate will not be awarded <br />until the project is substantially complete. Mr. Martin stated that the amount of tax <br />abatement requested is significant and goes beyond the City to other taxing districts. <br />He requested consideration of a compromise on the request of 10 years of abatement <br />of property tax and consideration of a ten percent (10%) reduction every year after 5 <br />years of full abatement, meaning that in year ten fifty percent of the taxes would be <br />abated. <br /> <br />Mr. Lang responded that the request could be considered. Mr. Braswell said that he <br />would talk with the project’s investor and get back to the LCRA staff with a reply. <br /> <br />Mr. Lang suggested that an arrangement of payment-in-lieu of taxes as another <br />possible option. <br /> <br />The LCRA members and Mr. Braswell agreed to meet again on April 12, 2012, at 6:30 <br />p.m. <br /> <br />The meeting was adjourned at 7:29 p.m. <br /> <br /> <br /> <br /> <br />