Sugar Land

The city of Sugar Land has signed off on the developer of a 20.82-acre property selling it to another real estate investment firm, and retaining the tax incentives that first brought the project to town.

The city council last week approved the assignment of a tax abatement agreement from TDC-DRI LLC to EVOX TX, a real estate investment company, according to Devon Rodriguez, the assistant director of economic development for the city of Sugar Land.

“This sort of thing does happen, though not frequently,” she said.

The council in January 2020 signed off on a tax abatement agreement, under which the developer would construct two industrial buildings and invest about $20.8 million at a site in the Sugar Land Business Park near the corner of Dairy Ashford Road and West Airport Boulevard and would receive a 35 percent tax abatement for 10 years, according to city documents.

The developer could secure a 50 percent tax abatement if they could draw a high-quality tenant to the building, measured by the tenant’s annual personal property reaching $20 million or more, according to the city.

The initial developer finished construction on the two industrial buildings this year, but is now looking to sell the property to EVOX TX, Rodriguez said.

The new property owner will likely seek a user for the site, she said.

With the council’s action last week, EVOX TX now benefits from the same terms of the tax abatement reached in 2020, Rodriguez said.

 

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