DEPARTMENT: Planning and Community Development
DEPARTMENT HEAD: John Dugan
COUNCIL DISTRICTS IMPACTED: 1, 2 & 5
SUBJECT:
Pre-development Agreement and Right of Entry Agreement with the George Gervin Youth Center (GGYC) for due diligence on the proposed Echo East mixed use development located at 301 Spriggsdale.
SUMMARY:
City Council is being asked to consider and Ordinance authorizing the execution of a Pre-development Agreement a Right of Entry Agreement with the GGYC to conduct due diligence on the proposed Echo East mixed use development project on City owned property at 301 Spriggsdale, and authorize payment to the George Gervin Youth Center of $150,000 from the Inner City TIRZ Fund to fund the pre-development analysis
BACKGROUND INFORMATION:
On May 1, 2015, Barbara Hawkins, President and CEO of the George Gervin Youth Center (GGYC), made a request to the Inner City Tax Increment Reinvestment Zone (TIRZ) Board of Directors to utilize City owned property at 301 Spriggsdale for a future mixed use development. The proposed project, named Echo East, would combine the Spriggsdale property with ten acres owned by GGYC (see attached map) to develop 250 units of one and two bedroom apartments/condos; a specialty grocery store with pharmacy; ten to fifteen retail businesses; a Comfort Suites hotel; a 350-450 square foot banquet hall and related parking.
The Spriggsdale property was conveyed to the City through a deed in lieu of foreclosure resulting from default on a Grant and Loan Agreement between the Inner City TIRZ Board of Directors and MAUC Point East Housing LLC after that organization failed to meet the obligations of the agreement. The City and GGYC owned properties represent approximately 20 acres of vacant land. The City owned property is 9.889 acres and is valued at approximately $732,300.00. The property owned by GGYC is 9.99 Acres and is made up of five parcels valued at $492,930.00 by the Bexar Appraisal District.
The ori...
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