DEPARTMENT: Center City Development Office
DEPARTMENT HEAD: Lori Houston
COUNCIL DISTRICTS IMPACTED: 2
SUBJECT:
An ordinance approving an Economic Development Loan Agreement between the City of San Antonio, Inner City TIRZ #11, and Merchants Ice Lofts LP in the amount of $700,000.00 over three years and amending the Inner City TIRZ Project and Finance Plans.
SUMMARY:
This is an ordinance approving an Economic Development Loan Agreement in the amount of $700,000.00 to support the proposed Merchant's Ice House Lofts project, a 262 unit multi-family housing complex located at 1305 E. Houston in Council District 2. Staff is requesting authorization to execute and negotiate a $700,000.00 Economic Development Loan Agreement between the City of San Antonio, Inner City TIRZ#11, and Merchants Ice Lofts LP, which is a partnership between Herman & Kittle Properties (H&K) and the San Antonio Housing Trust's Public Facility Corporation.
BACKGROUND INFORMATION:
Indiana based Herman & Kittle, Inc (H&K). is proposing a $33 million multi-family housing development located at the vacant and underutilized Merchant's Ice House buildings located at 1305 East Houston Street. The former Merchant's Ice and Cold Storage Company facility is comprised of six buildings built between 1909 and 1957. The project consists of 262 housing units of which 50% will be affordable and 50% will be market rate. In addition, the project will include a 262 space structured parking garage.
The San Antonio Housing Trust's Public Facility Corporation (PFC) will serve as co-developer of the project, and 50% of the housing units will be priced at 80% of the area median income, while 50% will be market rate. Partnering with the PFC will also provide the project an exemption from ad valorem taxes to include the City, Bexar County, University Health System, San Antonio Independent School District, San Antonio River Authority, and Alamo Community Colleges.
The project q...
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