City of San Antonio - File #: 17-4687

• File #: 17-4687
• Type: Miscellaneous Item
• In control: City Council A Session
• On agenda: 9/21/2017
• Posting Language: An Ordinance authorizing a Development Agreement between the Inner City Tax Increment Reinvestment Zone (TIRZ) and San Antonio Housing Authority in an amount not to exceed $1,500,000.00 in Inner City TIRZ revenue for the development of the Victoria Commons Labor Street Multi-Family, Mixed-Income project located at 800 E. Cesar Chavez Blvd. in Council District 1. [Peter Zanoni, Deputy City Manager; Verónica R. Soto, Director, Neighborhood & Housing Services]

Date	Ver.	Action By	Action	Result
9/21/2017	1	City Council A Session	adopted	Pass

DEPARTMENT: Neighborhood and Housing Services Department


DEPARTMENT HEAD: Ver?nica R. Soto


COUNCIL DISTRICTS IMPACTED: Council District 1


SUBJECT:

Consideration of an Ordinance authorizing a Development Agreement with San Antonio Housing Authority (SAHA) in an amount not to exceed $1.5 million for the development of the Victoria Commons Labor Street Multi-Family, Mixed-Income project, located at 800 E. Cesar Chavez Blvd. in Council District 1 and within the Inner City Tax Increment Reinvestment Zone (TIRZ) boundary.


SUMMARY:

Consideration of an Ordinance authorizing a Development Agreement in an amount not to exceed $1.5 million between the City of San Antonio, the Inner City TIRZ Board of Directors and SAHA, within the Inner City Tax Increment Reinvestment Zone (TIRZ) and located in Council District 1 to facilitate the construction of a multi-family, mixed-income project located at 800 E. Cesar Chavez Blvd., San Antonio, Texas. The total development cost of the Victoria Commons project is approximately $40 million which includes costs for site work, pre-development soft costs, hard construction costs, contingency, and Developer related expenses.


BACKGROUND INFORMATION:

The Victoria Commons Chavez at Labor Street multi-family development will provide rental housing opportunities for various income levels of working families. The breakdown is as follows:

? 28 Public Housing units at 30% of Area Median Income
? 54 tax credit units at 60% of Area Median Income
? 133 market rate units
? 215 Total units

Tax credit units are factored using the Non-Competitive (4%) model.

The two proposed buildings at Labor Street and Cesar Chavez Boulevard will be the gateway to the Victoria Commons area that has been in transition as a revitalized neighborhood since 2004. SAHA staff is committed to sustainability as part of its development policy, requiring new development projects to meet the 2015 energy conservation requirements set by the City of San Antonio...