DEPARTMENT: Planning and Community Development
DEPARTMENT HEAD: Bridgett White
COUNCIL DISTRICTS IMPACTED: Council Districts 1, 2 and 5
SUBJECT:
Consideration of an Ordinance authorizing a Development Agreement with MLK Garden Homes, LLC in an amount not to exceed $300,000.00.
SUMMARY:
Consideration of an Ordinance authorizing a development agreement in an amount not to exceed $300,000.00 between the City of San Antonio, the Inner City TIRZ Board of Directors and MLK Garden Homes, LLC., within the Inner City Tax Increment Reinvestment Zone (TIRZ) #11.
BACKGROUND INFORMATION:
On November 17, 2016, MLK Garden Homes, LLC submitted a funding request to the Board of Directors of the Inner City TIRZ. After negotiations, Staff recommended to the Board an amount up to $300,000.00 in TIRZ #11 funding, to be drawn on a reimbursement basis upon successful completion of infrastructure improvements. The $300,000.00 will be utilized to address utility, sidewalk, and street improvements necessary to facilitate the development of twelve (12) single-family residences. The completion of this project will provide new, affordable housing stock in the TIRZ #11 boundary.
MLK Garden Homes, LLC was successful in acquiring ten surplus lots from the City of San Antonio at a cost of $75,000.00, per Ordinance 2016-09-29-0733. Additionally, they are under contract to acquire two additional parcels necessary to assemble the land required to complete the project.
ISSUE:
On December 9, 2016, the Inner City TIRZ Board approved a Resolution awarding up to $300,000.00 of TIRZ funding to MLK Garden Homes, located at Martin Luther King Drive and Aurelia Street, and authorized staff to negotiate any necessary agreements.
On February 10, 2017, the Inner City TIRZ Board considered and approved a Resolution authorizing the execution of a Development Agreement, in substantial form, for up to $300,000.00 in TIRZ funding with MLK Garden Homes, LLC.
This Ordinance authorizes the execut...
Click here for full text