City of San Antonio - File #: 17-4824

• File #: 17-4824
• Type: Miscellaneous Item
• In control: City Council A Session
• On agenda: 8/31/2017
• Posting Language: An Ordinance authorizing a funding and development agreement among the City of San Antonio, Bexar County, Alameda Theater Conservancy and Texas Public Radio in an amount of $9,200,000 which includes $700,000 in tax increment and $8,500,000 in certificate of obligation funding for the renovation of the Alameda Theater Complex; amending the Houston Street Tax Increment Reinvestment Zone (TIRZ) Project Plan and Finance Plan to include the Alameda Theater Restoration Project; and providing for a reimbursement from the Houston Street TIRZ of $8,500,000 in principal amount and associated interest for the certificates of obligation.

Date	Ver.	Action By	Action	Result
8/31/2017	1	City Council A Session	adopted	Pass

DEPARTMENT: Center City Development and Operations Department


DEPARTMENT HEAD: John Jacks


COUNCIL DISTRICTS IMPACTED: City Council District 1


SUBJECT:

Alameda Theater Complex Restoration Project


SUMMARY:

This ordinance approves the following items:
A. A Funding and Development Agreement among the City, Bexar County, the Alameda Theater Conservancy and Texas Public Radio in an amount of $9,200,000 which includes $700,000 in tax increment and $8,500,000 in Certificate of Obligation funding for the renovation of the Alameda Theater Complex; amending the Houston Street Tax Increment Reinvestment Zone (TIRZ) Project Plan and Finance Plan to include the Alameda Theater Restoration Project; and providing for a reimbursement from the Houston Street TIRZ of $8,500,000 in principal amount and associated interest for the Certificates of Obligation.
B. A Master Lease Agreement with the Alameda Theater Conservancy for management of the Alameda Theater capital project and future operations of the Alameda Theater.


BACKGROUND INFORMATION:

For the past 2 years, the City of San Antonio, Bexar County, Texas Public Radio and La Familia Cortez have worked on a concept that would relocate TPR's corporate headquarters to a newly constructed back stage annex of the Alameda Theater and to restore and reopen the historic Alameda Theater as a multi-media live performing arts and film center that would feature the American-Latino multicultural story. The City, County, and La Familia Cortez retained Michael Kaiser of the DeVos Institute of Arts Management to undertake an assessment of the concept and make a recommendation as to its feasibility.

Based on interviews and an assessment of San Antonio's arts and culture venues, Mr. Kaiser recommended a revised concept that would provide an opportunity to expand the programming and functionality of the Theater and leverages the new technology and media opportunities with TPR. Highlights of his recommendation include:

* The A...