DEPARTMENT: Department of Planning and Community Development
DEPARTMENT HEAD: John Dugan
COUNCIL DISTRICTS IMPACTED: 3, 4, and 5
SUBJECT:
Assignments of Development Agreements for specific Developer Initiated Tax Increment Reinvestment Zones.
SUMMARY:
This is an Ordinance by City Council authorizing the City Manager or designee to execute Assignments which would assign all benefits, rights and obligations arising from the Development Agreement from HLH Developments, L.P. to their parent company Hausman Holdings, Ltd for the following Tax Increment Reinvestment Zones (TIRZ): Plaza Fortuna TIRZ # 12 located in City Council District 5, Mission Creek TIRZ # 17 located in City Council District 3, Hallie Heights TIRZ # 19 located in City Council District 4, and Heathers Cove TIRZ # 21 located in City Council District 4. These are all Developer-Initiated TIRZ.
Approval of this Ordinance and execution of the four TIRZ Assignments will assign all benefits from HLH Developments L.P. to Hausman Holdings, Ltd.
BACKGROUND INFORMATION:
Per the developer's request HLH Developments, L.P. requested to assign all of its benefits, rights and obligations arising from the Development Agreement to their parent company Hausman Holdings, Ltd. All TIRZ assignments require formal approval from their respective TIRZ Board, Bexar County Commissioners Court and City Council. The above mentioned TIRZ held Board meetings on March 19, 2014 and approved the request to assign benefits, rights and obligations to Hausman Holdings, Ltd. Subsequently, Bexar County Commissioners Court met and approved the request on June 3, 2014. The TIRZ Boards and the Bexar County Commissioners Court have executed the Assignments.
Hausman Holdings, Ltd. will be bound by all terms, provisions and representations of the City Council approved Development Agreements as a condition of assignment and agree to assume all obligations and liabilities of HLH Development...
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