City of San Antonio - File #: 17-5261

• File #: 17-5261
• Type: Miscellaneous Item
• In control: City Council A Session
• On agenda: 10/19/2017
• Posting Language: An Ordinance authorizing the approval of a tax abatement agreement by Bexar County for the Brewery South, LLC Project in an amount not to exceed $357,000.00 located at 226 Newell Avenue in Council District 1 and within the MidTown Tax Increment Reinvestment Zone boundary as is required by State Law to enable Bexar County to offer a tax abatement. [Peter Zanoni, Deputy City Manager; Verónica R. Soto, Director, Neighborhood & Housing Services]

Date	Ver.	Action By	Action	Result
10/19/2017	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 Tax Abatement Agreement by Bexar County for the Brewery South, LLC Project in an amount not to exceed $357,000.00 located at 226 Newell Avenue in Council District 1 and within the MidTown Tax Increment Reinvestment Zone boundary.


SUMMARY:

Consideration of an Ordinance authorizing a Tax Abatement Agreement by Bexar County for the Brewery South, LLC Project in an amount not to exceed $357,000.00, within the MidTown Tax Increment Reinvestment Zone and located in Council District 1. The abatement will provide incentives for the Brewery South Project, a 223 Unit multifamily project located at 226 Newell Avenue in San Antonio, Texas. The total development cost is approximately $40 million which includes costs for construction of a market rate apartment complex with subsurface parking garage improvements. City Council and TIRZ Board approval are necessary per State Law to enable Bexar County to offer a tax abatement.


BACKGROUND INFORMATION:

The MidTown TIRZ is not participating as a funder for this project. In accordance with Section 311.0125 of the State Tax Code, a taxing unit seeking to abate taxes on real property located in a reinvestment zone must obtain approval from the following entities in order for the agreement to be effective:

* The Board of Directors of the reinvestment zone
* The governing body of each taxing unit that imposes taxes on real property in the reinvestment zone and deposits or agrees to deposit any of its tax increment into the tax increment fund for the zone

This abatement is a Bexar County abatement only. However, without TIRZ Board and City of San Antonio approval, Bexar County cannot move forward as it would not meet State Law.

ISSUE:

Per Texas Statue, on September 8, 2017, the MidTown TIRZ Board considered and approved B...