By DINA ARÉVALO
Port Isabel-South Padre Press
In a unanimous decision Tuesday, the Port Isabel City Commission approved a 5-year tax abatement agreement for the new owners and developers of the Port Isabel Yacht Club.
The tax abatement will be for a period of 5 years and will only pertain to new developments or improvements to the property, explained Port Isabel City Manager Jared Hockema. “It’s an abatement it’s for 5 years; first four years is 100 percent, the 5th is 50 percent of new improvements,” he said.
As a City-owned property since 2014, the property has not produced any taxes for the City, Hockema explained. “It’s at zero because it’s off the rolls,” he said.
He added that the new owners, Ernesto Martinez and his family, have already begun the process of restoring and cleaning up the much beloved structure. “They are already starting on remediation on the asbestos and the mold,” he said.
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