DEPARTMENT: Center City Development & Operations
DEPARTMENT HEAD: Lori Houston
COUNCIL DISTRICTS IMPACTED: District 2
SUBJECT:
Amendments to the Master Economic Development Incentive Agreement and associated License Agreements for the Alamo Beer Microbrewery Project.
SUMMARY:
This ordinance authorizes amendments to the Master Economic Development Incentive Agreement and its associated License Agreements for the Alamo Beer Microbrewery Project (Project) located at 803 N Cherry Street and 415 Burnett.
BACKGROUND INFORMATION:
On August 2, 2012, City Council authorized a Master Economic Development Incentive Agreement with Alamo Beer Company, LLC and the Inner City Tax Increment Reinvestment Zone for the development of the Alamo Beer Micro Brewery. The Project includes a microbrewery and administrative offices; a restaurant/beer garden; indoor/outdoor event venue; and an outdoor activity area. The Master Economic Development Incentive Agreement provides up to $794,000.00 in incentives to include the following:
1. Up to $449,000.00 in real property tax increment paid by the developer for the Project over a fifteen year period.
2. Up to $295,000.00 for landscaping improvements associated with the Brewery Project.
3. Up to $50,000.00 in a forgivable loan to incentivize retail space within the Project.
In addition to the approved financial incentives, the City agreed to sell 1.69 acres of unimproved land located at 803 North Cherry Street which is owned by the City of San Antonio. The Developer agreed to pay the appraised value of $295,000.00. The land was to serve as the location of the microbrewery; while parking and other ancillary facilities for the microbrewery were to be located at 415 Burnet. Due to litigation, the conveyance of 803 N Cherry Street was delayed. Therefore, the Developer built the microbrewery on adjacent property it owned located at 415 Burnet. However, the conveyance of 803 N Cherry Street is nece...
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