DEPARTMENT: Department of Planning and Community Development
DEPARTMENT HEAD: John Dugan
COUNCIL DISTRICTS IMPACTED: 3 and 4
SUBJECT:
Public hearing and Ordinance amending the Verano TIRZ Project and Finance Plans, extending the term of the TIRZ and authorizing amendments to related agreements.
SUMMARY:
After a public hearing, City Council is being asked to consider amendments to the Verano Tax Increment Reinvestment Zone (TIRZ) Project and Finance Plans modifying the development schedule, construction timeline, financial assumptions, and extending the term of the TIRZ by eight years until September of 2045. These changes to the Project and Finance Plans have necessitated amendments to additional documents which are also to be considered by City Council. The related agreements for City Council consideration are as follows:
* Amended Development Agreement between Verano Land Group LP, the City of San Antonio, Bexar County, and the Verano TIRZ Board of Directors
* Assignment of Rights from VTLM Texas LP to Verano Land Group
* Amended Consent Agreement between the City of San Antonio, San Antonio Water Systems, Verano Land Group and the Verano TIRZ Board of Directors
* Amended Interlocal Agreement between the City of San Antonio and Bexar County
* Amended Interlocal Agreement between the City of San Antonio and the San Antonio River Authority
* Amended Interlocal Agreement between the City of San Antonio and Alamo Colleges
BACKGROUND INFORMATION:
On December 6 2007, City Council through Ordinance 2007-12-06-1257 designated the Verano Tax Increment Reinvestment Zone (TIRZ) #28. The TIRZ Project and Finance Plans and Development Agreement were approved by City Council on November 20, 2008 through Ordinance 2008-11-20-1016 and amended on June 24, 2010 through Ordinance 2010-06-24-0621.
Additional action by City Council included the approval of a Consent Agreement which authorized the assignment of TIRZ revenue to ...
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