Discussion and possible action to consider a Chapter 381 Economic Development Agreement between Webb County and Killam Development, Ltd., by approving an annual grant payment to Killam Development, Ltd. of an amount equivalent to 100% of the uncommitted M&O and business personal property portion of the ad valorem property tax generated by 32 downtown properties (inside the downtown TIRZ) and 100% of the County’s sales tax, generated on each property, beginning the calendar year immediately following the year in which the Company makes a cumulative investment of at least $4,000,000 in the Improvements, for a ten year period with an option for an additional ten years and any matters incident thereto; authorizing the County Judge to sign all relevant documents. [Requested by Killam Development, Ltd.] [Sponsored by Ricardo Jaime, Commissioner Pct. 4]

Issue: Killam Development has requested a Chapter 381 economic development grant to improve 32 of their downtown properties.

Solution: Enter into a Chapter 381 Economic Development Agreement between Webb County and Killam Development, Ltd. to grant funds to assist in the rehabilitation/improvement of Killam's downtown properties.

Result: Killam Development will be incentivized to improve their properties and enhance the overall condition of the downtown.

Killam Development Ltd., has requested a Chapter 381 Economic Development Agreement to assist with efforts to revitalize 32 downtown properties with the City of Laredo TIRZ.