DEPARTMENT: Planning and Community Development
DEPARTMENT HEAD: John Dugan
COUNCIL DISTRICTS IMPACTED: 1
SUBJECT:
Closeout Agreement and related close out documents concluding the participation of Street Retail San Antonio LP in the Houston Street TIRZ
SUMMARY:
City Council is being asked to consider an Ordinance authorizing the execution of a Closeout Agreement with Street Retail San Antonio LP concluding their participation in the Houston Street TIRZ and authorizing the execution of several public use easements conveying the public elevator and stairwell attached to the Valencia Hotel to the City.
BACKGROUND INFORMATION:
On December 9, 1999, City Council, through Ordinance 90969, designated the Houston Street Tax Increment Reinvestment Zone (TIRZ) as a City-Initiated TIRZ. The Ordinance established the boundaries of the zone, created the Houston Street TIRZ Board of Directors, established a termination date for the zone (September 30, 2014), and established the Houston Street Tax Increment fund. On March 30, 2000, City Council, through Ordinance 91539, executed a Development Agreement with Street Retail San Antonio LP (the Developer). On August 24, 2000, City Council, through Ordinance 92409, approved the Houston Street TIRZ Project and Finance Plans which described the projects to be completed within the TIRZ and their related expenses. The Development Agreement, which was amended four times during the life of the TIRZ, described the obligations of the City and the Developer relating to projects within the zone. Additionally, interlocal agreements with Bexar County, University Health Systems and Alamo Colleges were executed authorizing those taxing entities to participate in the zone through their own contributions of tax increment.
Projects completed by the Developer as part of the Houston Street TIRZ include; the Presa Street Bridge Linkage, The Houston Street Bridge Linkage, the Majestic Courtyard, Fa?ade improvements along ...
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