title
Approval of the Economic Development Agreement Between the City of Lewisville and Legacy Parks VR, LLC, and Authorization for the City Manager, or her Designee, to Execute the Agreement.
request
ADMINISTRATIVE COMMENTS:
Legacy Parks VR, LLC (“Developer”) currently owns land at the corner of Lake Vista Drive and Vista Ridge Mall Drive and is proposing a 30,000 square feet Class A office condominium park consisting of ten office buildings with units available for sale, lease, and/or owner occupancy. The agreement requires the Developer to make a minimum capital investment of $10 million in the property and continuously operate the property as an office park. In return, the City will provide a 10-year grant equal to 75% of the real property taxes paid to the City of Lewisville for years 1-5 and 50% for years 6-10 (estimated value $272,740). The City will also provide a one-time waiver equal to 100% of all fees paid to the City at the time of applying for a building permit (estimated value $71,837.50) and a one-time impact fee grant equal to 100% of all impact fees paid to the City (estimated value $14,938.18).
RECOMMENDATION:
That the City Council approve the agreement and authorize the City Manager, or her designee, to execute the agreement as set forth in the caption above.