· Context
Council approves TIRZ #1 participation in the SPS (Xcel Energy) office project
A TIRZ #1 developer agreement with SPS Amarillo TX Landlord, LLC, approved for TIRZ participation by the council on March 17, 2015, provides annual reimbursement of 90% of the property tax increment from the project until the zone expires, in exchange for at least $41.8 million in private investment in a 114,000-square-foot building and a 590-stall parking structure leased to Southwestern Public Service.[1]
What the sources say
- ✓ Verified
The TIRZ #1 agreement with SPS Amarillo TX Landlord, LLC requires at least $41.8 million in private investment, construction start by January 1, 2016 and a certificate of occupancy by December 31, 2017, and provides annual reimbursement of 90% of the property's ad valorem tax increment until the zone expires; the city summary lists the agreement as running 2018-2036.[1]
- Min investment
- $41,800,000
- Reimbursement
- 90%