Discussion and possible action to consider a Resolution approving a Payment Schedule from Weston Urban, LLC for the Frost Bank Building Project in accordance with the Interlocal Agreement between the City of San Antonio and Bexar County.
SUMMARY
Discussion and possible action to consider a Resolution approving a Payment Schedule from Weston Urban, LLC for the Frost Bank Building Project in accordance with the Interlocal Agreement between the City of San Antonio and Bexar County.
BACKGROUND
On October 15, 2015, the City of San Antonio entered into an Interlocal Agreement with Bexar County through Ordinance 2015-10-15-0881 that authorized the Houston Street Tax Increment Reinvestment Zone (TIRZ) #9 to provide funding for Public Improvements within the TIRZ and from the COUNTY Contribution only for funding in the amount up to Three Million Dollars and Zero Cents ($3,000,000.00) for public infrastructure related to the Weston Urban Tower Project.
The Interlocal Agreement states that the Bexar County shall enter into a separate Chapter 381 Agreement with Weston Urban to fund Project Costs associated with infrastructure improvements in the amount of up to Three Million Dollars and Zero Cents ($3,000,000.00) from the Bexar County's increment contribution to the TIRZ. The Parties acknowledged that the infrastructure improvements shall be of significant benefit to the TIRZ. Bexar County's Agreement with the Weston Urban Tower Developer requires that the TIRZ funds be used solely for Project Costs associated with Public Infrastructure. Payments of TIF funds to the Weston Urban Tower Developer for reimbursement of Project Costs for the Weston Urban Tower Project shall be carried out in accordance with the 381 Agreement and shall be paid to the extent that Bexar County's Contributions in the TIF funds are available, until such time as the Weston Urban Tower Developer receives full reimbursement of Project Costs up to Three Million Dollars and Zero Cents ($3,000,000.00), or th...
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