DEPARTMENT: Planning and Community Development
DEPARTMENT HEAD: Bridgett White
COUNCIL DISTRICTS IMPACTED: 1
SUBJECT:
Consideration of a resolution approving Bexar County tax abatements within the boundary of the Houston Street Tax Increment Reinvestment Zone (TIRZ) as required by State law.
SUMMARY:
City Council is being asked to consider a resolution approving two tax abatements by Bexar County on projects that fall within the boundary of the city designated Houston Street TIRZ. The projects include the Maverick Building redevelopment, an 86 unit mixed use project located at 606 North Presa Street, and the Encore Riverwalk project, a 338 unit multifamily project located at 304 and 308 South Flores Street.
Because these projects are within the boundaries of an active City of San Antonio designated Tax Increment Reinvestment Zone, the County is required to seek approval from all taxing entities participating in the zone in accordance with the State Property Tax Code Section 311.0125(b)(1)(2).
BACKGROUND INFORMATION:
At the request of the Bexar County Economic Development Department, on June 23, 2016, the Houston Street TIRZ Board of Directors approved resolutions authorizing Bexar County tax abatements for the Maverick Building project at 606 North Presa Street and the Encore River Walk project at 304 and 308 South Flores Street.
Bexar County is a Participating Taxing Entity (PTE) in the Houston Street TIRZ. By authorizing these tax abatements, The Houston Street TIRZ Board has agreed to forego the Bexar County portion of tax increment generated by these projects during the abatement period. By providing tax abatements, the County is providing valuable incentives to support these projects which serve to increase housing options in downtown San Antonio.
Maverick Building
400 E. Houston, LLC has proposed the redevelopment of the historic Maverick Building at 606 North Presa Street. The Maverick project is a historic renovation project that ...
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