SUBJECT: A motion to set a public hearing date for November 16, 2022, regarding the designation for the Brittmoore Founders District, GP, LLC. Reinvestment Zone for tax abatement purposes.
RECOMMENDATION: A motion to set a public hearing date for November 16, 2022, regarding the designation of the Brittmoore Founders District. Reinvestment Zone for tax abatement purposes.
SPECIFIC EXPLANATION:
State law requires cities to adopt tax abatement guidelines and criteria before entering into tax abatement agreements, and each approved abatement agreement must meet those guidelines. State law also provides that cities’ tax abatement guidelines and criteria expire after two years. City Council renewed the tax abatement guidelines and criteria on May 19, 2022. Sec. 312.201 of the Texas Tax Code requires that the City hold a public hearing before it can adopt an ordinance designating an area as a reinvestment zone.
Brittmoore Founders District, GP, LLC. (the “Company”) is expanding its development of an innovation business and workplace complex designed by entrepreneurs for fostering and growing startups and small businesses. The City entered into the tax abatement agreement with the Company (Ord. No. 2019-1022) on December 11, 2019.
The expanded development consists of an increase in modern office space from 180,000-sq. ft. to 260,000-sq. ft.; an increase in co-working space from 60,000-sq. ft. to 80,000-sq. ft.; an increase in multi-family units from 250+ units to 300+ units; 90,000-sq. ft. of destination and neighborhood-serving restaurants, retail and commercial; and a regional community events center to be located at 1336 Brittmoore, Houston, Texas. The Company plans to invest between $150 million to develop the Project.
The City Council approved the Brittmoore Founders District, GP, LLC. Reinvestment Zone (Ord. No. 2019-2021) on December 11, 2019. The company recently acquired 6 acres adjacent to the existing site which will allow for an expanded project and a second entrance onto the site. The new zone will reflect the original boundary and the additional 6 acres. The proposed date of the public hearing is November 16, 2022.
The hearing notice will be published in the Houston Chronicle a minimum of 7 days prior to the public hearing as statutorily required.
________________________________________
Andrew F. Icken, Chief Development Officer