SUBJECT:
Discussion and possible action to approve a Resolution authorizing a Development Agreement with Fortress Funding Investments, LLC in an amount not to exceed $800,000.00.
BACKGROUND:
Community colleges do not normally have residence halls and few have on-site, purpose-built, student housing. That has been changing in recent years as more community colleges are enticing students to live on or near campus. Tobin Lofts was the first product built for the Alamo Colleges' San Antonio College campus in 2013 and has been successful in attracting students not only for that campus but from other nearby schools (including St. Philip's.)
St. Philips College Student Housing Development is planned to be built on the site of an existing parking lot, located on the southwestern portion of the St. Philip's College campus, as part of the first public-private partnership dedicated to student housing. St. Philip's is one of five community colleges in the Alamo Colleges District that serves the greater San Antonio area. Construction is proposed to begin in September 2018.
St. Philips College Student Housing Development will feature 184 fully furnished units, consisting of one, two, and four bedroom units totaling 371 beds. The project will include on-site surface parking and will have access to other nearby college-owned parking lots. The average unit size is 929 square feet, with an average per-bed size of 461 square feet.
On July 20, 2017, Fortress Funding Investments, LLC submitted a proposal request for TIRZ #11 funding to be drawn on a reimbursement basis. The total $800,000.00 will be utilized to address public infrastructure requirements necessary to complete the project. The overall project cost for the facility is approximately $36,000,000.00.
Fortress Funding Investments, LLC intends received City of San Antonio Inner City Reinvestment and Infill Policy (ICRIP) fee waivers in the amount of $150,000.00 and San Antonio Water System (SAWS) fee waivers in the amount...
Click here for full text