Title
Consider public testimony regarding and an ordinance creating Reinvestment Zone No. 28 for La Frontera Section IIIB Subdivision, Lot 1, Block G. (First Reading)*
Body
Cities are authorized to establish reinvestment zones pursuant to Texas Tax Code Section 312.201. The purpose of the reinvestment zone is to establish a boundary for an area which will receive a tax abatement. A reinvestment zone must be established prior to the City Council's action on a tax abatement agreement.
The proposed reinvestment zone is regarding the construction of an office facility for Houghton Mifflin Harcourt (HMH), a publishing house which is the largest provider of pre-K-12 education solutions. The property owner, Live Oak Gottesman, intends to invest at least $14,250,000 in the construction of a Class A Office Building and other improvements and HMH intends to expend at least $3,000,000 in the purchase of personal property for the facility. HMH intends to lease the office facility from Live Oak to relocate their business offices, resulting in at least 270 new full-time jobs in Round Rock.
Recommended Action
Staff recommends approval.