Clear Lake council approves amending urban renewal plan to set plans for two commercial developments in Courtway Park
CLEAR LAKE — The Clear Lake City Council this week approved amending the city’s Consolidated Urban Renewal Plan, paving the way for two more commercial projects that will be part of the Courtway Park development northeast of the intersection of Interstate 35 and State Highway 122.
City Administrator Scott Flory says one of the two developments would feature a 47,000-square-foot commercial and retail space resulting from a $7.5 million investment. “The city would offer the developer an incremental property tax rebate agreement for ten years in an amount not to exceed $850,000. Additionally we would utilize $350,000 in incremental property tax revenues to help finance municipal water and sewer service mains and laterals needed for the project.”
Flory says the Starboard Square retail development project would be a 6000-square foot commercial and retail space to be located south of the Marriott hotel and event center currently under construction. The council also approved a non-binding letter of intent with the Starboard Square developer Momberg Land LLC to provide incentives for the $1 million project. “The city will offer the developer an incremental property tax rebate for seven years in an aggregate amount not to exceed $225,000 with payments subject to annual appropriation by the council. Additionally, $50,000 in incremental property tax revenues will be used by the city to finance municipal water and sanitary sewer improvements and connections, and $15,000 for professional service fees to be reimbursed to the developer for things like engineering work and legal work incurred in the project.”)
The Courtway Park land, formerly the Andrews Prestressed Concrete property, was purchased by Lorri and Todd Hall of Sheffield in the spring of 2019. Construction of the hotel is slated to be completed in August, while small freight motor carrier Old Dominion Freight Line is still looking to start construction of a center in the northern part of the development later this year.