Members of the Amarillo City Council will consider awarding two downtown development incentive packages during Tuesday's regular meeting.
Council members will consider awarding two incentives through the Amarillo Center City Tax Increment Reinvestment Zone. One award, to 800 S Polk, LP, would be a 90 percent annual tax reimbursement with a maximum reimbursement of $300,000, as well as the reimbursement of $50,000 of public improvements associated with this project, for the redevelopment of the Levine's building into a mixed-use commercial property at 800 South Polk, according to the City of Amarillo. According to Corporation Wiki, Prana Group is listed as an officer on 800 S. Polk, LP's state filings. Prana Development Group, Prana Gp, has a number of local businesses and businessmen listed as managers, including Joe Bob McCartt's McCartt & Associates and local attorney Alan Rhodes.
The second award, to 626 Polk would be a similar agreement for renovations to a property at 626 S. Polk. The award would be for a 90 percent annual tax reimbursement and a maximum reimbursement of $200,000. The entity receiving the agreement would also be Prana LP.
Tuesday's meeting will be held at 5pm, Tuesday at Amarillo City Hall (509 SE 7th Avenue).
For more information, visit amarillo.gov.
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