DEPARTMENT: Center City Development & Operations
DEPARTMENT HEAD: Lori Houston
COUNCIL DISTRICTS IMPACTED: District 2
SUBJECT:
An ordinance authorizing the execution of an Economic Development Program Loan Agreement with NRP Group in the amount of $500,000.00 from the Inner City TIRZ fund to undertake and complete the Crockett Street Lofts Project consisting of 268 housing units in District 2.
SUMMARY:
This ordinance authorizes the execution of an Economic Development Program Loan Agreement in the amount of $500,000.00 among the City of San Antonio, Inner City TIRZ Board No. 11, and the NRP Group for the proposed Crockett Street Urban Lofts Project, a 268 unit multi-family housing complex to be located at 243 Center Street in Council District 2. The loan will be funded from the Inner City TIRZ in the amount of $500,000 and will be disbursed to the NRP Group.
BACKGROUND INFORMATION:
San Antonio based NRP Group is proposing a $42.8 million, multi-family housing development to be located at 243 Center Street. The project will consist of 268 housing units and a 375 space parking garage.
The San Antonio Housing Trust's Public Facility Corporation (PFC) will serve as co-developer of the project providing the project with a 20-year tax exemption from ad valorem taxes so long as 50% of the housing units are priced at 80% of the area median income. The remaining 50% will be market rate.
Due to the project's scope and its location within the Inner City Reinvestment Infill Policy and Center City Housing Incentive Policy boundaries, the project qualifies for incentives in the amount of $1,072,000.00 under the Center City Housing Incentive Policy (CCHIP). Only $572,000.00 is currently available from the Inner City Incentive Loan Fund, therefore, the City requested an additional $500,000.00 from the Inner City TIRZ to be loaned to NRP Group under this Economic Development Program Loan Agreement.
The PFC Board approved ...
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