DEPARTMENT: Department of Planning and Community Development
DEPARTMENT HEAD: Bridgett White
COUNCIL DISTRICTS IMPACTED: Districts 2 and 10
SUBJECT:
This item is consideration of an Ordinance approving the Northeast Corridor Tax Increment Reinvestment Zone (TIRZ) #33 Final Project and Finance Plans.
SUMMARY:
City Council is being asked to consider the approval of the Northeast Corridor Tax Increment Reinvestment Zone (TIRZ) #33 Final Project and Finance Plans.
BACKGROUND INFORMATION:
The Northeast Corridor TIRZ was designated by City Council, through Ordinance 2014-12-04-0971, on December 4, 2014. The Ordinance designated and named the TIRZ, created a Board of Directors, specified the number of individuals on the board, established effective start and termination dates, approved Preliminary Project and Finance Plans and created the Tax Increment Fund. After designation, the City-initiated process includes the subsequent adoption of Final Project and Finance Plans.
The TIRZ consists of approximately 1,056 parcel acres in City Council Districts 2 and 10. The boundary is generally along both sides of Perrin Beitel Road, north of Loop 410 to Thousand Oaks Road, then continues to the northeast along both sides of Nacogdoches to O'Conner Road. The western portion of the boundary extends southwest from the intersection of Perrin Beitel and Naco-Perrin Boulevard along both sides of Naco-Perrin to approximately Wurzbach Parkway, then heads to the northwest along the northern edge of Wurzbach Parkway to Wetmore Road. At the intersection of Wurzbach and Wetmore, the boundary heads northeast along the southern edge of Wetmore to Thousand Oaks, then follows the southern edge of Thousand Oaks back to Nacogdoches Road.
The Northeast Corridor TIRZ #33 is City initiated. The term is 20 years and will terminate on September 30, 2034. The City of San Antonio is the only participating taxing entity and the City's participation rate is 100% of its tax rate.
The F...
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