DEPARTMENT: Economic Development Department
DEPARTMENT HEAD: Rene Dominguez
COUNCIL DISTRICTS IMPACTED: Council District 1
SUBJECT:
City Council consideration of a Tax Abatement Agreement with NEC Networks, LLC (d/b/a CaptureRx) and GrayStreet Partners (GrayStreet), a Chapter 380 Economic Development Grant Agreement with CaptureRx, SAWS Impact Fee Waivers, establishment of the CaptureRx Reinvestment Zone, and nomination of CaptureRx as a Texas Enterprise Zone Project.
SUMMARY:
Staff is requesting City Council action on the following items related to the NEC Networks, LLC (d/b/a CaptureRx) project: (A) a Public Hearing and Ordinance designating the CaptureRx Reinvestment Zone located at the adjoining buildings at 305 E Houston St. and 315 E Houston St. (Kress and Grant buildings) in Council District 1; (B) an Ordinance approving a 6-year, 100% Tax Abatement Agreement based on a capital investment of at least $10.5 million in real and personal property improvements at the site, the retention of 114 jobs and the creation of 240 new full-time jobs over five years with a minimum base salary of $50,000 annually for all retained and new full-time jobs; (C) an Ordinance authorizing the City to enter into a Chapter 380 Economic Development Grant Agreement providing performance-based financial incentives to CaptureRx in an amount not to exceed $614,000 based on the company's retention of 114 jobs and the creation of 200 new full-time jobs over five years; (D) authorization of SAWS Impact Fee Waivers not to exceed $158,160; and (E) a resolution nominating CaptureRx for designation as a Texas Enterprise Zone Project.
BACKGROUND INFORMATION:
The CaptureRx project falls in line with several of the key long-term economic goals laid out in the City's SA Tomorrow Comprehensive Plan, as well as those presented in Forefront SA, the community's economic development strategic plan led by the San Antonio Economic Development Foundation, including the retention of local headqu...
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