DEPARTMENT: Planning and Community Development
DEPARTMENT HEAD: John Dugan
COUNCIL DISTRICTS IMPACTED: 1, 2 & 5
SUBJECT:
Consideration of a resolution approving Bexar County tax abatements within the boundaries of the Inner City Tax Increment Reinvestment Zone (TIRZ) and the Midtown Tax Increment Reinvestment Zone (TIRZ) as required by State law.
SUMMARY:
City Council is being asked to consider a resolution approving two tax abatements by Bexar County on projects that fall within the boundaries the following City Designated TIRZ; Inner City TIRZ and Midtown TIRZ.
The project in the Inner City TIRZ is a mid-rise, market-rate apartment community of 302 Class A multi-family rental units with 2,838 square feet of retail space at 1130 Broadway totaling $40 million in capital investments. The property is being developed by 1130 Broadway Residential, L.P. The County is providing an abatement of 50% of the County's taxes over ten years estimated at $454,114. The City, through the Center City Housing Incentive Policy, has provided incentives for this multifamily housing project totaling $4,646,861.
The project in the Midtown TIRZ is a mid-rise, market-rate apartment community of 191 multi-family rental units with a parking structure and ground floor retail space at 111 W. Jones Street totaling $39.6 million in capital investments. The property is being developed by Alamo Manhattan River Walk, LLC. The County is providing an abatement of 50% of the County's taxes over ten years estimated at $563,296. The City, through the Center City Housing Incentive Policy, has provided incentives for this multifamily housing project totaling $4,489,253.
Because these projects are within the boundaries of active City of San Antonio designated Tax Increment Reinvestment Zones, the County is required to seek approval from all taxing entities participating in the zones in accordance with the State Property Tax Code Section 311.0125(b)(1)(2).
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