City of San Antonio - File #: 17-4854

• File #: 17-4854
• Type: Miscellaneous Item
• In control: City Council A Session
• On agenda: 9/21/2017
• Posting Language: An Ordinance authorizing the approval of the Project and Finance Plans for the Hemisfair Tax Increment Reinvestment Zone (TIRZ) as approved by the Hemisfair TIRZ Board of Directors on August 15, 2017. [Peter Zanoni, Deputy City Manager; Verónica R. Soto, AICP, Director, Neighborhood and Housing Services Department]

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, AICP, Director


COUNCIL DISTRICTS IMPACTED: Council District 1


SUBJECT:

Consideration of an Ordinance approving the Hemisfair Tax Increment Reinvestment Zone (TIRZ) 34 Final Project and Finance Plans located in City Council District 1.


SUMMARY:

City Council is being asked to consider an Ordinance approving the Hemisfair Tax Increment Reinvestment Zone (TIRZ) 34 Final Project and Finance Plans.


BACKGROUND INFORMATION:

The City Council through Ordinance No. 2017-02-02-0066, designated the Hemisfair TIRZ, a City-initiated tax increment reinvestment zone, to assist with the revitalization and reinvestment initiatives in order to achieve the goals of City programs and City-adopted plans that encourage long-term, high quality investment.

The life of the Tax Increment Reinvestment Zone is 20.66 years. The termination date is September 30, 2037.

The City and the Hemisfair TIRZ Board of Directors ("Board") recognize the importance of their continued role in economic development, community development, planning and urban design in accordance with the Tax Increment Financing (TIF) Act, Texas Tax Code, Chapter 311, of the Texas Tax Code ('the Act").

City staff prepared Final Project and Finance Plans for the Hemisfair TIRZ, in accordance with the Act. On August 15, 2017 the Board of Directors approved Resolutions T34 2017-08-15-01R and T34 2017-08-15-02R approving the attached Final Project and Finance Plans respectively for the Hemisfair TIRZ.


ISSUE:

The City of San Antonio is the only Participating Taxing Entity contributing tax increment to the Hemisfair TIRZ 34 with a participation rate of 100%. The TIRZ was designated in February 2, 2017.

City Council in September 2009, established the Hemisfair Park Redevelopment Corporation (HPARC). On March 21, 2014, HPARC made a request to the Inner City TIRZ Board for the removal of parcels for the designation of He...