EL PASO, Texas ( KTSM ) — El Paso City Council representatives unanimously voted on Tuesday, Nov. 19 in favor of a development agreement that will result in the revitalization of one of El Paso’s most historic buildings — “The Popular” department store building in Downtown.
Representatives voted in favor of a Chapter 380 agreement that they say will spur the development of 99 multifamily residential units.
According to the City’s Economic Development Department, 15% of those units will be priced as moderately affordable, meaning applicants will need to make at least 80% of the area’s average income. The proposed development plan also entails a 65-space parking garage and has the ground floor reserved for retail space.
Part of the agreement required the developer to invest a minimum of $35 million. In return, the City would give an incentive package that totals $6.72 million. The two major components of that package include a TIRZ No. 5 property tax rebate, along with an impact fund development note. Overall, this is 16% of the anticipated project costs, said Karina Brasgalla, interim director of Economic Development.