DEPARTMENT: Center City Development and Operations
DEPARTMENT HEAD: Lori Houston
COUNCIL DISTRICTS IMPACTED: 1
SUBJECT:
Amendment to the Tobin Garage Funding Agreement
SUMMARY:
This ordinance authorizes a Third Amendment to the Grant and Development Agreement between the City of San Antonio, Bexar County, and The Bexar County Performing Arts Center Foundation to provide a contribution from the City and the County of up to $5 million each towards construction of a parking facility to serve the Tobin Performing Arts Center.
BACKGROUND INFORMATION:
On February 14, 2008, City Council approved a Memorandum of Understanding with Bexar County and the Bexar County Performing Arts Center Foundation ("Foundation"), a non-profit corporation. The MOU established the terms upon which the City agreed to convey the Municipal Auditorium, located at 100 Auditorium Circle, and the adjacent San Antonio Fire Department Headquarters Building, located at 115 Auditorium Circle, as well as the underlying real estate to the Foundation for a new performing arts center campus.
On June 19, 2008, City Council approved a Grant and Development Agreement ("Agreement") with Bexar County and the Bexar County Performing Arts Center Foundation. Under the Agreement, the Foundation is responsible for the design, construction and operation of the campus. In addition, the County paid $100 million of the construction costs from the visitor tax revenues and the City contributed $500,000.00 per year for five years to the Foundation's performing arts center Reserve Fund. The Foundation committed to raising $54 million from the private sector for the project. The Foundation has already raised $47 million to date, which funds the balance of construction costs and the Foundation's Reserve Fund to help pay for operation costs.
The Tobin Performing Arts Center is expected to open in September 2014. The Center will feature a state-of-the-art, multi-purpose 1,759-s...
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