DEPARTMENT: Economic Development Department
DEPARTMENT HEAD: Rene Dominguez
COUNCIL DISTRICTS IMPACTED: Council District 1
SUBJECT:
Consideration of a resolution approving a Bexar County tax abatement within the boundary of the Houston Street Tax Increment Reinvestment Zone (TIRZ) as required by State law.
SUMMARY:
City Council will consider a resolution approving a tax abatement between Bexar County, NEC Networks, LLC (d/b/a CaptureRx), Graystreet Houston-315 E. Houston Street, LLC (Graystreet 315), and Graystreet Houston-305 E. Houston Street, LLC (Graystreet 305) for a project that falls within the boundary of the city-designated Houston Street TIRZ, and which includes the relocation and expansion of the CaptureRx's headquarters and the redevelopment of adjoining buildings at 305 E Houston St. and 315 E Houston St. (Kress and Grant buildings).
Because this project is within the boundaries of an active City of San Antonio designated Tax Increment Reinvestment Zone, the County is required to seek approval from all taxing entities participating in the zone in accordance with the Texas Tax Code Section 311.0125(b)(1)(2).
BACKGROUND INFORMATION:
At the request of the Bexar County Economic Development Department, on March 6, 2017 the Houston Street TIRZ Board of Directors approved a resolution authorizing a Bexar County tax abatement for the redevelopment project of 305 E Houston St. and 315 E Houston St. (Kress and Grant buildings). Bexar County is a Participating Taxing Entity (PTE) in the Houston Street TIRZ. By authorizing this tax abatement, The Houston Street TIRZ Board has agreed to forego the Bexar County portion of tax increment generated by this project during the abatement period. By providing a tax abatement, the County is providing valuable incentives to support CaptureRx which presents an opportunity to secure the presence of an innovative, rapidly growing and high-paying healthcare technology company in the heart of Downtown San Antonio, wh...
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