DEPARTMENT: Neighborhood and Housing Services Department
DEPARTMENT HEAD: Ver?nica R. Soto
COUNCIL DISTRICTS IMPACTED: Council District 1
SUBJECT:
An Ordinance authorizing the approval of a Bexar County Tax Abatement Agreement in an amount not to exceed $672,129.00 for the Heritage Plaza project located at 307 Dwyer and 410 South Main in Council District 1 and within the Houston Street Tax Increment Reinvestment Zone boundary.
SUMMARY:
Consideration of an Ordinance authorizing the approval of a Tax Abatement Agreement by Bexar County, in an amount not to exceed $672,129.00, for the Argyle Residential, LLC or Main & Dwyer LLC project, also known as the Heritage Plaza Project, within the Houston Street Tax Increment Reinvestment Zone and located in Council District 1. The abatement will provide incentives for the Heritage Plaza Project; a 343 Unit multifamily project located at 307 Dwyer and 410 South Main in San Antonio, Texas. The total development cost is approximately $57.3 million which includes costs for construction of market rate apartments. City Council and TIRZ Board approval are necessary per State Law to enable Bexar County to offer a tax abatement.
BACKGROUND INFORMATION:
The City's Houston Street 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, per State Law, without TIRZ Board and City of San Antonio approval, Bexar County cannot move forward with the abatement.
ISSUE:
Per Texas Statue,...
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