The County Commissioners, at their regular meeting on April 28, approved a tax rebate payment to the owner of Pearl Point Rockport One LLC, developer of the first phase of the Pearl Point apartments, under a Chapter 381 economic development agreement. A similar request for Phase Two of the project was tabled due to the absence of a representative.
John Davis, a representative for the owner and developer of Pearl Point, presented the annual report required by the agreement, which supports the construction of market-rate apartments on a property located at 2400 FM 2165. The agreement was originally entered into in October 2018 with a previous owner and was amended in July 2022 when Pearl Point Rockport One LLC purchased Phase One for $43.2 million.
Davis certified that the owner complies with all terms of the agreement. Construction of Phase One, which includes 216 units, was completed in February 2020 and began within the required 60 days of the effective date. The previous owner certified an investment of over $30.8 million in Phase One, significantly exceeding the $20 million capital investment required by the agreement for this phase. The current owner’s investment, based on the purchase price, is $42.2 million. Davis also confirmed that all ad valorem taxes have been timely paid, amounting to $219,260.74…