DEPARTMENT: Planning and Community Development
DEPARTMENT HEAD: Bridgett White
COUNCIL DISTRICTS IMPACTED: 1, 2 & 5
SUBJECT:
Public Hearing and consideration of an Ordinance amending the boundary of the Inner City TIRZ by 1,530 parcels to further economic development opportunities within the zone.
SUMMARY:
City Council is being asked to consider an amendment to the boundary of the Inner City TIRZ to support future economic development projects. The proposed amendment includes five separate areas and will add approximately 631 parcel acres (1,530 parcels) to the Inner City TIRZ boundary.
BACKGROUND INFORMATION:
In February and March of 2016, TIF staff received proposals from the District 2 City Council Office and the Precinct 4 Bexar County Commissioner's Office to increase the boundary of the Inner City TIRZ in anticipation of several potential economic development projects on the horizon. Over the following months, staff had several meetings with both the Offices to refine the proposal and conducted additional analysis to ensure compliance with the TIF statute. On August 12, 2016, staff presented the proposal to the Inner City TIRZ Board of Directors who unanimously approved a Resolution authorizing the proposed boundary amendment.
The Inner City TIRZ was designated by City Council on December 14, 2000 through Ordinance 93101. The Inner City TIRZ, throughout its history, has supported a wide variety of projects. These projects include historic renovations, public facilities, healthcare services, infrastructure improvements, economic development projects, multifamily housing, single family housing, and social capital projects. To date, the Inner City TIRZ has collected over $21 million in tax increment.
The proposed boundary amendment includes five separate geographic areas, each of which are adjacent to the current Inner City boundary. The proposed amendment will add 1,530 new parcels to the Inner City TIRZ boundary and over 6...
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