Public Notice of Council Consideration of a Tax Abatement for Thorndale Plaza

The City Council Meeting on February 14, 2024 beginning at 5:30 pm will consider entering into a tax abatement agreement as follows:        1.  The name of the property owner and applicant for the tax abatement agreement is Milam Thorndale Plaza, LLC., principal owner Mehdi Arabpour.  2.  The name of the reinvestment zone shall be Tax Abatement Reenvestment Zone Numbr 1 and the location is a 1.71 acre tract of land that is situated eat of the Thondale Cooperative Gin & Grain Company; bordered to the north by East US Hwy 79; and to the south by Union Pacific Railroad.  3.The tract can be further described as 606 and 702 East US Hwy 79, Block 42, Lotts 3, 4, 5, 6 & 7 of the Liendo Abstact.  4.  The improvements to be included in the tax abatement agreement generally consist of complete redevelopment of the site to create 15,918 sq ft of building that will have 15 rental flex units that will consist of general commercial, retail & food establishment uses. There will also be an area for 5 food truck spaces along with new driveways, parking lot and other improvements.  5.  The estimated costs of the improvements are $2,760,784 million.