Council Approves Tax Abatement For Downtown Development

Posted: Oct 9, 2012 10:19 PM by Melissa Schroeder - mschroeder@kristv.com
Updated: Oct 10, 2012 10:38 AM

CORPUS CHRISTI -- The old Lichtenstein building on Chaparral Street could soon be demolished to make way for another project.

City council approved a ten year tax abatement for the company that bought the property.

Their plan is to demolish the building and build another one that would be used for apartments, shopping and restaurants.

The city says the developer plans to do about $14 million in improvements to the property.

But as part of the tax abatement...the first five years, they'll only pay taxes on the current property value of around $885,000.

Then, each year after that, the developer will pay a little more until by the end of the ten year period they are paying full taxes.

The reporter asked Assistant City Manager Oscar Martinez, "How sure are we this project will come to light?"

He responded, "I would consider it a for sure thing at this point."

We did call the company that owns the building but never heard back.

However, their website shows a photo of the project and lists it as "under development."

The city council will make the final approval of the tax break next week.

If all goes as planned, a ground-breaking could happen by the end of the year.

But, the project could take as long as two years to complete.

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