(CD 11) Authorize Execution of a Five-Year Tax Abatement Agreement with Filiberto Gaona for the Construction of an Approximately 2,568 Square Foot Commercial Building for Office Use and Seating For a Mobile Food Park, Having a Cost of at Least $200,000.00 on Property Located at 3419 E. Berry Street, in the Polytechnic Heights South Neighborhood and within Neighborhood Empowerment Zone Area Six and Neighborhood Empowerment Reinvestment Zone No. 6R

The City Council is asked to authorize a five-year tax abatement agreement with Filiberto Gaona for the construction of a 2,568 square foot commercial building at 3419 E. Berry Street. The building will be used for office space and seating for a mobile food park, with an estimated investment of at least $200,000.00. This property is located within the Polytechnic Heights South neighborhood and is part of Neighborhood Empowerment Zone Area Six. The tax abatement will freeze the municipal property tax on the increased value of the improvements for five years, starting January 2027. The estimated total tax revenue loss over this period is $10,050.00. The agreement is capped at 150% of the capital investment, with a maximum abated value of $300,000.00.