Members of the Amarillo City Council voted unanimously during last night's regularly scheduled meeting to approve two tax incentive deals for entities tied to Prana Development Group.
During last night's meeting, two entities, 79101 Properties, LP and 800 S. Polk, LP, sought tax reimbursements from the Center City Tax Increment Reinvestment Zone. Funding from the zone is contributed by all local taxing entities for the purpose of development of properties that otherwise would not be developed.
Both entities, according to Corporation Wiki's databases, are managed by Prana Development Group, Prana Gp. Prana is partially-managed by real estate investor and attorney Alan Rhodes and realtor Joe Bob McCartt. The group has had previous dealings with the City of Amarillo and the Amarillo Economic Development Corporation for development downtown. Specifically, Prana and entities controlled by Prana have been involved in the development or sale of several properties including the Commerce Building and the Blackburn Clothiers Building.
As City staff discussed the TIRZ program with City Council members, Councilmember Eddy Sauer praised the deal as a "win-win" for the City of Amarillo. Councilmember Elaine Hays also talked about the future of the TIRZ program downtown and other TIRZ that are planned.
In the end, the City Council voted 5-0 to give 90 percent property tax reimbursement to the entities developing 800 S. Polk and 626 S. Polk.
There were questions on whether Mayor Ginger Nelson planned to vote for the incentives, as she and her husband, Kevin, are business partners with Rhodes and McCartt. When asked during the meeting's public comment period on whether she would vote, Nelson made no remarks.
For more information about the Center City Tax Increment Reinvestment Zone, please visit amarillo.gov.
