The September 13, 2022 meeting of the Bryan City Council included approval of amendments to two economic development agreements.
There were no public comments by lawmakers prior to the unanimous vote.
One of the proposed amendments would give developers of senior housing and retail complexes an additional $310,000 as incentives for projects at a college near Copperfield. Under the original deal, $290,000 in property taxes was reimbursed to developers. The council approved raising the reimbursement amount to her $600,000. The reason is that the cost of drainage improvements increased from his $400,000 to his $1.3 million. The developer will start construction on the retail component early, double the size of the retail space to 24,000 square feet, and increase the taxable value of the project from $22 million to $24 million. I agree to
Click here to read and download background information for the Amended Contract for University Drive Senior Housing and Retail Projects.
Bryan City Council has agreed for the third time to change the terms of an economic development agreement that includes a downtown housing project. Before last week’s unanimous vote, council members were unable to say anything publicly. Across Main Street from the Farmers Market, loft apartments are being built on 22nd and Maine. Three years ago, the council agreed to pay for off-street and street parking. Rising construction costs were cited as the reason Congress increased the city’s contribution from his $100,000 to his $150,000. The revised contract should allow the Jordan’s Lofts developer to move in by his April of next year. With his $7 million minimum valuation, the building also includes retail and office space.
Click here to read and download background information on the Jordan’s Lofts Amendment Agreement.
