Student housing project in Texas gets state and city support
Local governments will use tax reducing in order to assist with the costs for the development of a college student dormitory at Lamar State College-Port Arthur in Port Arthur, Texas. The project will be built through a public-private partnership (PPP).
Itex Group was chosen by the Texas State University in May 2014 to develop the project, which consisting of a 146 unit building on roughly 1 hectare.
The Port Arthur City Council has approved a US$17,700 annual tax reducing for 10 years and the Jefferson County Commissioners has also approved a five year abatement worth $3.9 million in total.
Furthermore the Port Arthur Economic Development Corporation has also contributed to the project. The agency awarded a US$1 million grant to help fund the project and provided a no-interest $1 million loan to Itex Group for the US$6.6 million project development.
The project will be developed on a design, build, finance, operate, and maintain (DBFOM) method by Itex Group through a 30-year lease agreement, after which, Lamar State college will take ownership of the project.
Country news
-
-
February 25, 2016
David Horner joins Hunton & Williams infrastructure PPP practice
David B. Horner has returned to Hunton & Williams LLP as a partner in the firm’s infrastructure public-private partnerships practice. A former Hunton & Williams corporate associate, he has served at the US Department of Transportation as Deputy Assistant Secretary for Transportation Policy and as Chief Counsel of the Federal Transit Administration. Read more -
February 25, 2016
Army hospital in Washington DC may be redeveloped through a public-private partnership
The District of Columbia’s city council, USA, is mulling the redevelopment of a closed Army hospital in northwestern Washington, D.C. through the PPP model. Read more -
February 24, 2016
GIP III reaches first close with funds of $7.7 billion
Global Infrastructure Partners has reached first close for its Global Infrastructure Partners III (GIP III) fund with a total of US$7.717 billion in commitments. Read more -
February 23, 2016
MainePERS commits $300 million to infra fund
According to sources, Maine Public Employees Retirement System (MainePERS) has made two commitments totaling up to US$300 million to infrastructure funds. Read more -
February 23, 2016
York City shortlists 4 teams for sewer system lease
York City, located in Pennsylvania (USA), has identified potential bidders showing interest in leasing control of the city's sewer system and the waste-water treatment plant. Read more
