ELAN WEST AGREEMENT APPROVED
At the Aug. 14 meeting, the Fort Worth City Council approved an economic development program agreement with Elan West 7th LP for just over $204,000.
In July 2013 the council authorized a tax abatement agreement with Elan West 7th for construction of a multi-family development at 2726 Mercedes Ave. consisting of apartments and town homes, with at least 374 units and a parking garage with at least 498 spaces.
All of the required construction improvements have been completed, and the company has acted in good faith to meet all annual commitments for year one of 10 as required in the agreement, city officials said.
The city will provide an economic development grant in an amount equal to the lost abatement.
Note: A previous version of this story contained some incorrect information regarding the abatement.