DEPARTMENT: Economic Development Department
DEPARTMENT HEAD: Rene Dominguez
COUNCIL DISTRICTS IMPACTED: Council District 1
SUBJECT:
City Council consideration of the following items regarding economic development incentives for NEC Networks, LLC and NEC Services, LLC (collectively d/b/a CaptureRx):
A. An ordinance designating the CaptureRx Reinvestment Zone consisting of 2.1483 acres located at 420 Broadway Street, San Antonio, TX, City Council Distrcit 1.
B. An ordinance authorizing a 6-year, 100% tax abatement agreement with CaptureRx and GrayStreet Partners (GrayStreet) for real and personal property improvements with the CaptureRx Reinvestment Zone.
C. An ordinance authorizing a Chapter 380 Economic Development Program Grant Agreement with CaptureRx in an amount not to exceed $614,000; authorizing SAWS Impact Fee Waivers in the amount of $158,160; and approving a tax abatement agreement between CaptureRx and Bexar County within the Midtown Tax Increment Reinvestment Zone #31.
D. A resolution nominating CaptureRx to the Office of the Governor Economic Development and Tourism Division through the Economic Development Bank for designation as a "Qualified Business" and Enterprise Project under the Texas Enterprise Zone Program.
SUMMARY:
Staff is requesting City Council action to redirect previously approved agreements associated with the NEC Networks, LLC and NEC Services, LLC (collectively d/b/a CaptureRx) project from the former location at 305 E. Houston and 315 E. Houston to the updated location at 420 Broadway Street, through the following related items: (A) a Public Hearing and Ordinance designating the CaptureRx Reinvestment Zone located at the adjoining buildings at 420 Broadway Street (San Antonio Light Building) in Council District 1; (B) an Ordinance approving a 6-year, 100% Tax Abatement Agreement based on a capital investment of at least $10.5 million in real and personal property at the site, the retention of 114 jobs and the creation of ...
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