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 Chapter 380 Economic Development Grant Agreement with Jasmine Engineering, Inc. in an amount not to exceed $385,000.00 within the Inner City Tax Increment Reinvestment Zone #11 boundary.
SUMMARY:
Consideration of an Ordinance authorizing a Chapter 380 Economic Development Grant Agreement in an amount not to exceed $385,000.00 between the City of San Antonio, the Inner City TIRZ Board of Directors and Jasmine Engineering, Inc., within the Inner City Tax Increment Reinvestment Zone (TIRZ) #11 and located in Council District 2 for eligible expenses related to the development of a Mixed-Use Project, which consists of the remediation and construction of a two-story building to be utilized for commercial use (office and retail), including the company headquarters for Jasmine Engineering Inc. The total investment in the project is approximately $3,000,000.00.
BACKGROUND INFORMATION:
The properties located at 1434 East Commerce Street and 323 Idaho are commonly known as the Sterling Building. Former uses of the Sterling Building include a saloon, grocer, restaurant, furniture manufacture, bakery and a package store.
On February 3, 2012, the Inner City TIRZ Board ("Board") issued a Request for Proposals. The City of San Antonio and the Inner City TIRZ Board entered into an Agreement committing up to $150,000.00 in tax increment funds for the Project to promote local economic development, historic preservation, and to stimulate business and commercial activity, within the Inner City TIRZ.
On October 5, 2012, the Inner City TIRZ Board of Directors awarded the Center City Development Office up to $150,000.00, as committed on February 3, 2012, for acquisition and due diligence for the Sterling Building Redevelopment Project.
On November 8, 2012, City Council authorized...
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