City of San Antonio - File #: 17-3127

• File #: 17-3127
• Type: Staff Briefing - Without Ordinance
• In control: Tax Increment Reinvestment Zone 11 -- Inner City
• On agenda: 5/12/2017
• Posting Language: Discussion and possible action to approve a Resolution authorizing the reimbursement of up to $160,000.00 in TIRZ funding to the King William Association for the Street Lighting project located along Alamo Boulevard, to authorize Staff to negotiate the appropriate agreement, and to authorize the appropriate amendments to the Project and Finance Plans.

Inner City TIRZ Board of Directors Meeting - May 12, 2017
Individual Item #4

SUBJECT
Discussion and possible action to approve a Resolution authorizing the reimbursement of up to $160,000.00 in TIRZ funding to the King William Association for the Street Lighting project located along Alamo Boulevard, to authorize Staff to negotiate the appropriate agreement, and to authorize the appropriate amendments to the Project and Finance Plans.

BACKGROUND:
On February 24, 2017, The TIF Staff met with the Chief of Staff for District 1 regarding the potential lighting project along Alamo Boulevard.

On April 25, 2017, the King William Association submitted a funding request. After review, Staff agreed with the Developer's request for an amount up to $160,000.00 in TIRZ #11 funding to be drawn on a reimbursement basis. The $160,000.00 will be utilized as gap funding to complete improvements associated with the street lighting improvements necessary to facilitate the project. The completion of this project will provide necessary and safe street lighting along Alamo Boulevard between Pereida and St. Mary's streets.

The City of San Antonio is participating in this project through the use of 2012 - 2017 bond funding in the amount of $1,000.000.00. Additional improvements to be made with the use of this funding include: Bike Lane, Pavement, and Sidewalk improvements.

FISCAL IMPACT:
The total development cost of the Street Lighting project is approximately $1,160,000.00 which includes costs for Bike Lane, Pavement, Sidewalk, and Street Lighting improvements. If approved, this action will authorize the payment of up to $160,000.00 from the Inner City TIRZ fund for the reimbursement of eligible expenses related to the Street Lighting project between the City of San Antonio, the King William Association and the Inner City TIRZ Board of Directors.

RECOMMENDATION:
Staff is recommending the TIRZ Board approve a Resolution authorizing the reimbursement of up to $160,000.00 in TIRZ f...