DEPARTMENT: Economic Development
DEPARTMENT HEAD: Rene Dominguez
COUNCIL DISTRICTS IMPACTED: 3
SUBJECT:
City Council consideration of (A) an Interlocal Agreement between the City of San Antonio, Brooks Development Authority, and Brooks City-Base TIRZ; and (B) the Amended Project Plan, Amended Finance Plan, and the Amended and Restated Development Agreement for the Brooks City-Base TIRZ.
SUMMARY:
Staff is requesting City Council action on the following items: (A) an Ordinance authorizing the City of San Antonio to enter into an Interlocal Agreement with the Brooks City-Base TIRZ (Brooks TIRZ) and Brooks Development Authority (BDA); and (B) a public hearing and Ordinance approving the Amended Project Plan, Amended Finance Plan, and the Amended and Restated Development Agreement for the Brooks TIRZ. The ILA establishes terms for funding and repayment regarding the TIRZ Funds and the rehabilitation and finish-out of the buildings located at Brooks. The BDA will obtain a $6 million bridge loan that will be paid off by the City through a resolution that will be brought to City Council for consideration at a later date. In turn, the Brooks TIRZ will reimburse the City over time for principal and interest on the $6 million through incremental captured appraised value. Projects funded through the Brooks TIRZ will be repaid solely from the tax increment generated by the Brooks TIRZ and will have no impact on the City's general fund. The rehabilitated buildings on the Brooks campus will be used by Czech professional services company, OKIN, as the home of its North American headquarters.
BACKGROUND INFORMATION:
The Brooks Tax Increment Reinvestment Zone #16 (Brooks TIRZ) supports the development of housing, commercial, retail and technology-based office space at Brooks. OKIN has chosen Brooks as the site for its North American headquarters and will occupy Buildings 167 (2415 Sidney Brooks Road) and 176 (7965 Kennedy Hill Drive) inside of the campus. Brooks TIRZ Fun...
Click here for full text