ORDINANCE NO. 230677

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Sponsor: CouncilmemberAndrea Bough

Approving a modification of the incentivized project construction timeline for the Tilden Station Project located generally at 1 East 135th Street.

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WHEREAS, the City Council initially approved the Martin City Neighborhood Urban Renewal Area ("The Plan") by Ordinance No. 090420, passed on June 25, 2009, to eliminate and prevent the spread, development and recurrence of the blighted conditions within the Martin City Neighborhood Urban Renewal Plan ("Plan Area"); and

WHEREAS, pursuant to Land Clearance Redevelopment Authority ("LCRA") Resolution No. 5-3-21, adopted May 26, 2021, the LCRA approved a project (the "Project") located generally at 1 East 135th Street ("Project Area") and approved a tax incentive package for the Project to include sales tax exemption on construction materials and a ten-year abatement of the increase in property taxes at 75% abatement in years 1-10; and

WHEREAS, subsequent to the approval of the Project by LCRA, the implementation of the Project was delayed by reason of causes including litigation involving the previous property owner that prevented conveyance of title, and delays in taxing authorities recombining separate parcels into one tax parcel; and

WHEREAS, pursuant to LCRA Resolution No. 8-7-23, on August 4, 2023, the LCRA approved a Sale/Leaseback and Redevelopment Contract (the "Redevelopment Contract") for the implementation of the Project; and

WHEREAS, on April 13, 2023, Council approved Ordinance No. 230316, enacting Code ? 74-12, which provides default construction timelines for incentivized projects; and

WHEREAS, Code ? 74-12 provides that construction at the Project must be substantially complete by June 1, 2024; and

WHEREAS, the construction delay for the Project is due to no fault of Martin City Venture LLC ("Redeveloper"), and Redeveloper has represented that it cannot complete cons...

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