DEPARTMENT: Parks and Recreation
DEPARTMENT HEAD: Xavier D. Urrutia
COUNCIL DISTRICTS IMPACTED: 5
SUBJECT:
Execution of Assignment, Assumption and Amendment of Ground Lease and Sublease Agreement with The Boys and Girls Clubs of San Antonio related to the Lone Star Recreational Facility, a 2012-2017 Bond Project, and approving related documents.
SUMMARY:
This ordinance authorizes execution of Assignment, Assumption and Amendment of Ground Lease and Sublease Agreement with The Boys and Girls Clubs of San Antonio, authorizing the assignment to a newly created affiliated non-profit corporation for purposes of securing New Market Tax Credits financing for the Lone Star Recreational Facility located in Council District 5, a 2012-2017 Bond Project, and approving related documents.
BACKGROUND INFORMATION:
The Boys and Girls Clubs of San Antonio (TBGC-SA) is a non-profit organization which originally opened as the Boys Club in San Antonio in 1939 on Dolorosa Street. The mission of the TBGC-SA is to enhance the educational, social, and moral development of San Antonio's youth ages 6-18, especially those most disadvantaged by providing a fun, safe place full of age appropriate activities and opportunities. Today, TBGC-SA serves more than 8,300 club members annually and operates six branch locations as well as on-site programs in 46 locations in Harlandale, Judson and San Antonio Independent School Districts.
TBGC-SA is requesting a lease amendment prior to the end of the year to facilitate New Market Tax Credits financing associated with their Lone Star Recreational Center, a 2012-2017 Bond Project, which is under construction on property owned by TBGC-SA and is expected to open to the public by Summer 2017. In March 2015, the new $4.8 Million facility received $1.85 Million in City bond funds through a Funding Agreement approved by City Council. Through the same Council action, the City entered into a Ground Lease Agreement with TBGC-SA to fulfill ...
Click here for full text