DEPARTMENT: Center City Development and Operations
DEPARTMENT HEAD: John Jacks
COUNCIL DISTRICTS IMPACTED: 1
SUBJECT:
Reaffirming the funding commitment to the Tobin Center parking facility
SUMMARY:
This ordinance reaffirms an amendment to the Grant and Development Agreement between the City of San Antonio, Bexar County, and The Bexar County Performing Arts Center Foundation to provide a contribution from the City and the County of up to $5 million each toward construction of a parking facility to serve the Tobin Performing Arts Center.
BACKGROUND INFORMATION:
On August 21, 2014, City Council approved an amendment to the Grant and Development Agreement between the City of San Antonio, Bexar County, and The Bexar County Performing Arts Center Foundation first approved by City Council in June 2008. The amendment provided a framework for a contribution from the City and the County of up to $5 million each toward construction of a public parking facility to serve the Tobin Center for the Performing Arts. The amended agreement identified 5 conditions that must be met before the City and the County would fund their contributions consisting of the following: (1) the Foundation establishes a design review committee that includes representation from the City, County, Foundation, and First Baptist Church; (2) first floor retail is incorporated into the construction of the parking facility; (3) the Foundation operates the garage and funds its continued operation and maintenance; (4) the City and County will also retain an ownership interest in the garage; and (5) the Foundation will fund all costs above the $10 million contribution by the City and County.
Since August 2014, the Foundation has substantially completed the design and obtained financing for the construction of the parking garage, estimated to cost $16.2 million. The garage will be located on the corner of Lexington Avenue and Taylor Street on property owned by...
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