CC MEETING: July 16, 2024
DATE: July 10, 2024
TO: Erin Rinehart, City Manager
FROM: Josh Giles, Development Program Manager
Ravi Shah, Executive Director of Development Services
Title
Consider A Resolution Authorizing The Assignment Of An Economic Development Grant Agreement To Rebate Property Taxes At 1415 South Broadway From BSPMT Broadway Carrollton, LLC to CRP/RPM LYV Broadway Owner, L.P
Body
BACKGROUND:
LYV Broadway, formerly known as Olympus on Broadway, is a mixed-use multi-family project in Downtown Carrollton. Trammell Crow, d/b/a High Street Carrollton Developer, LLC, entered into an economic development agreement with the City to construct LYV Broadway on February 13, 2019. The project was subject to the following incentive requirements:
Trammell Crow agreed to develop a Class-A apartment building, including:
o Minimum 300 apartment units (390 units were built)
o Multi-level structured parking garage
o Streetscape improvements on Broadway
The City agreed to:
* Provide a construction reimbursement incentive in an amount not to exceed $4,662,000 for the purpose of paying the costs of the reconstruction of City infrastructure improvements, including the reconstruction of South Broadway and installation of associated streetscape improvements;
* Provide an economic development grant to rebate 50% of the property's ad valorem taxes for a 7-year period, beginning 18 months after the completion of construction.
With the exception of the rebate grant, the City and Trammell Crow completed all other obligations of the economic development agreement. In 2022, Trammell Crow sold the property to BSPMT Broadway Carrollton, LLC. On June 7, 2022, the City authorized an assignment of the remaining property tax rebate benefit to BSPMT Broadway Carrollton, LLC.
In June 2024, LYV Broadway was sold by BSPMT Broadway Carrollton, LLC to CRP/RPM LYV Broadway Owner, L.P. The new owner has requested receipt of the assignment of the benefits of an economic devel...
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