by Marianne Gasaway
The Clear Lake City Council set a public hearing for March 15 to consider providing up to nearly 1.5 million in financial incentives to two potential commercial developments.
City Administrator Scott Flory did not disclose the names of the developers, but asked the Council to consider amending its Urban Renewal Plan for the Clear Lake Consolidated Urban Renewal Area. Flory told the Council the amendment would describe the use of incremental property tax revenues for a 47,000 square foot commercial retail space and 6,000 square foot commercial space.
One of those developments could potentially be located in the new Courtway Park Subdivision east of Interstate 35, Flory said. A Marriott Hotel is currently under construction in the subdivision.
The City will offer the developer of a 47,000 square foot commercial/retail space, with related surface parking, an incremental property tax rebate for 10 years, in an amount not to exceed $850,000. An additional $350,000 in incremental property tax revenues would be used by the City to finance municipal water and sanitary sewer service mains and laterals needed for the project. The developer would be required to invest at least $7.5 million in real and personal property.
The second development of approximately 6,000 square feet of commercial space, resulting from the developer’s investment of at least $1 million, would receive an incremental propertyTo read more of this article, please login or sign up for our E-Edition