Authorizes the Master Redevelopment Agreement for the Soccer Stadium Redevelopment Area
Overall Purpose/Reasons for the Board Bill The Soccer Stadium Redevelopment Area consists of approximately 34.7 acres, including rights-of-way, and is generally comprised of I-64 exit and entrance ramps and associated rights-of-way, Aloe Plaza West park, surface parking, and vacant and occupied commercial buildings. The Soccer Stadium Redevelopment Plan contemplates that the Redevelopment Area will be redeveloped for use as a stadium and associated team facilities, but Aloe Plaza West will remain a public park owned by the City. The Redevelopment Plan contemplates 25 years of real property tax abatement on the value of improvements constructed within the Redevelopment Area, as well as certain other incentives. To implement those incentives, the Redevelopment Plan and the Redevelopment Area must qualify under both the LCRA Law (Chapter 99) and the Urban Redevelopment Corporation Law (Chapter 353).