DEPARTMENT: Center City Development & Operations
DEPARTMENT HEAD: Lori Houston
COUNCIL DISTRICTS IMPACTED: District 2
SUBJECT:
Amendment to Crockett Street Lofts TIRZ loan.
SUMMARY:
This ordinance authorizes an amendment of an Economic Development Program Loan Agreement in the amount of $516,000.00 among the City of San Antonio, Inner City TIRZ No. 11, and the NRP Group for the proposed Crockett Street Urban Lofts Project, a 272 unit multi-family housing complex to be located at 243 Center Street in Council District 2. The loan will be funded from the Inner City TIRZ in the amount of $516,000.00 and will be disbursed to the NRP Group.
BACKGROUND INFORMATION:
On February 12, 2015, City Council had approved a Chapter 380 agreement with the San Antonio based NRP Group on a project proposing a $42.8 mllion, multi-family housing development to be located at 243 Center Street. The project consisted of 268 housing units and a 375 space parking garage. In the agreement, the San Antonio Housing Trust's Public Facility Corporation (PFC) serves as co-developer providing the project with a 20-year tax exemption from ad valorem taxes so long as 50% of the housing units are priced at 80% of the area median income. The remaining 50% will be market rate.
Based on community needs, the NRP has adjusted their project to now be an investment of $45,358,493.00 which includes 272 multi-family housing units and a 584 space parking garage. This new investment and increase in units allows for an additional $16,000.00 in incentives for the project. The source of the loan will still be the Inner City TIRZ and will have a 2% simple interest processing fee paid annually over the 9-year loan term totaling $92,880.00 ($10,320 annually). The balance of the loan will be paid back in a lump sum of the entire principle on or before September 30, 2025.
Due to the project's scope and its location within the Inner City Reinvestment ...
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