DEPARTMENT: Center City Development and Operations Department
DEPARTMENT HEAD: John Jacks
COUNCIL DISTRICTS IMPACTED: District 1
SUBJECT: Amendment to the Property Redevelopment Agreement for the Agave Apartments
SUMMARY:
An ordinance amending the Property Redevelopment Agreement for the Agave Apartments at 633 S. Saint Mary's Street.
BACKGROUND INFORMATION:
In August 2013, the City of San Antonio entered into a Property Redevelopment Agreement with CRP-GREP Elan Riverwalk for the development of 350 multifamily units at 633 South Saint Mary's Street as authorized by City Council in Ordinance number 2013-06-20-0453. The City also entered into a Center City Housing Incentive Policy (CCHIP) Agreement in May 2013 to provide an incentive package for this multifamily development.
The purpose of the Property Redevelopment Agreement was for the City to release six easements originally held on the property for channel improvements, storm water, and right-of-way at no cost to the developer. In exchange, the developer replatted the Property, dedicated five new functional easements, made public improvements, and constructed the now-operating multifamily project.
The Agreement was signed in August 2013 and the replat of the property was recorded in September 2013 reflecting the rededicated five new easements as required in the agreement. As a condition of the Agreement, the developer delivered to the City a contingent promissory note in the amount of $973,000 - the value of the original six easements that the City released.
ISSUE:
After the Agreement was approved and the replat was recorded, it was discovered that Section 3 of the Agreement requires the replat to dedicate 14 feet of public right-of-way along the property's entire boundaries with C?sar Ch?vez Boulevard and South St. Mary's Streets. Due to the project design and the improvements that have been constructed, it is not feasible to fulfill the 14-foot right-of-way along C?sar Ch?vez Boulevard. Addit...
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