DEPARTMENT: Planning and Community Development
DEPARTMENT HEAD: John Dugan
COUNCIL DISTRICTS IMPACTED: 3
SUBJECT:
Amendment of the Tax Increment Reinvestment Zone (TIRZ) 16, Brooks City-Base Project and Finance Plans, Development Agreement, and related documents.
SUMMARY:
This is an Ordinance amending the Brooks City-Base Project and Finance Plans, Development Agreement, and related documents. The amended Project Plan requests that remaining Certificates of Obligation proceeds that have been allocated to South New Braunfels, Challenger Drive and Inner Circle Drive be reallocated to Dave Erwin Drive and other possible and future street projects. Funding of future street projects are dependent on available funds and approval by the TIRZ Board and City Council.
Approval of this Ordinance will allocate Certificates of Obligation proceeds to Dave Erwin Drive for infrastructure improvements.
BACKGROUND INFORMATION:
The City of San Antonio's Tax Increment Reinvestment Zone ("TIRZ" or "Zone") Sixteen designated by City Council on December 9, 2004 will support the development of housing, commercial, retail and technology-based office space and other amenities in and around Brooks City-Base. The zone includes approximately 2,522 acres.
The Brooks City-Base development is located inside Loop 410, a half mile west of I-37, south of S.E. Military Drive and east of Old Corpus Christi Road in City Council District 3, and in the East Central and the San Antonio Independent School Districts. This City-initiated TIRZ is designed to leverage ongoing area development in support of a special joint project between the U.S. Air Force and the City of San Antonio to successfully convert and redevelop the former Brooks Air Force Base into a business and technology park that can spur development in the southeastern sector of the City. The City is the only participating taxing entity.
ISSUE:
Brooks Development Authority (BDA) requested to am...
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