DEPARTMENT: Neighborhood and Housing Services Department
DEPARTMENT HEAD: Ver?nica R. Soto, AICP, Director
COUNCIL DISTRICTS IMPACTED: 3
SUBJECT:
Consideration of an Ordinance approving a Chapter 380 Grant Agreement for the Loma Mesa Development, a 139 market rate single family home subdivision located near 5019 Roosevelt Avenue and within the Mission Drive-In Tax Increment Reinvestment Zone (TIRZ) 32, in an amount not to exceed $1,300,000.00 for public infrastructure as approved by the TIRZ Board.
SUMMARY:
City Council is being asked to consider an Ordinance approving the Loma Mesa Development Chapter 380 Economic Development Grant Agreement with WE-Roosevelt L. P. in an amount not to exceed $1,300,000.00 for the Loma Mesa Development project.
BACKGROUND INFORMATION:
The City Council designated the Mission Drive-In TIRZ, a City-initiated tax increment reinvestment zone, on December 11, 2008 to assist with revitalization and reinvestment initiatives. The Mission Drive-In TIRZ allows for reimbursement of eligible development expenses that promote development or redevelopment in the zone that would not occur solely through private investments. The Mission Drive-In TIRZ supports the City's SA Tomorrow comprehensive plan.
The life of the Tax Increment Reinvestment Zone is 18.80 years. The termination date is September 30, 2027.
The Loma Mesa Development project is generally located on or about 5019 Roosevelt on 26.36 acres situated west of the intersection of Roosevelt Avenue and Rilling Road. The project site is located within the City Council District 3 (see attached map). The project consists of 139 market rate, single family housing units, a recreation area, and public improvements.
ISSUE:
On August 26, 2016, WE-Roosevelt L.P. (Developer), submitted a proposal to the City requesting TIRZ funding to support the development of the Loma Mesa Development project, a subdivision comprising 139 market rate, single family housing units located i...
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