Inner City TIRZ Board of Directors Meeting - May 12, 2017
Individual Item #5
SUBJECT
Discussion and possible action to consider an invoice for up to $950,000.00 from Alamo Community College District for activities related to the construction of the Veterans Outreach and Transition Center.
BACKGROUND:
On November 13, 2015 the Inner City TIRZ Board of Directors awarded up to $950,000.00 to the Alamo Community College District for activities related to the construction of the Veterans Outreach and Transition Center.
On March 3, 2016, the City of San Antonio approved the Development Agreement between the City, the Alamo Community College District, and the Inner City TIRZ Board through Ordinance 2016-03-03-0165.
On April 24, 2017, the Alamo Community College District submitted their first and final invoice for expenses related to the project. Staff has reviewed the invoice, the expenses are eligible for reimbursement and the developer has provided the necessary supporting documentation. See attached Project Status report and Contract Progress Payment Request (CPPR) summary page for details.
FISCAL IMPACT:
If approved, this action will authorize the payment of $950,000.00 from the Inner City TIRZ fund for the reimbursement of eligible expenses related to the construction of the Veterans Outreach and Transition Center, as agreed to between the City of San Antonio, the Alamo Community College District and the Inner City TIRZ Board of Directors. After the payment of this invoice a balance of $0.00 will remain on the agreement.
RECOMMENDATION:
Staff is recommending the TIRZ Board approve an invoice for up to $950,000.00 from Alamo Community College District for activities related to the construction of the Veterans Outreach and Transition Center.