SUBJECT:
Discussion and possible action to approve a Resolution authorizing up to $160,000.00 in TIRZ funding to SW and MP, LLC for the Sam's Barber Shop Project Located at 2351 E. Commerce, in CD 2, and to authorize Staff to negotiate the appropriate agreement.
BACKGROUND:
The Sam's Barber Shop project is located at 2351 E. Commerce, San Antonio, Texas, 78203. The project will encompass the renovation of an existing 5,500 SF strip shopping center building into a retail/commercial focused building that will include the retention of Sam's Barber Shop, the relocation of Ms. Kitchen Restaurant, and approximately 500 SF of office space. Parking concerns are addressed by the development of two adjacent vacant lots into paved parking lots.
On July 10, 2017, SW and MP, LLC submitted a proposal request for TIRZ #11 funding to be drawn on a reimbursement basis. The total $160,000.00 will be utilized for structural stability and integrity improvements, exterior renovations and landscaping requirements necessary to complete the project. The overall project cost for the facility is approximately $1,645,790.00.
SW and MP, LLC intends to request Inner City Reinvestment and Infill Policy (ICRIP) and San Antonio Water System (SAWS) fee waivers from The City of San Antonio. They have also applied for funding from San Antonio for Growth on the Eastside (SAGE). Private funding will make up the balance of the requirements to complete the project.
FISCAL IMPACT:
The total redevelopment cost for the Sam's Barber Shop project is $1,645,790.00, which includes all costs for site work, pre-development costs, hard construction costs, contingency, and Developer related expenses. If approved, this action will authorize the funding of up to $160,000.00 from the Inner City TIRZ fund for the reimbursement of eligible expenses related to Sam's Barber Shop project.
RECOMMENDATION:
Staff is recommending the TIRZ Board approve a Resolution authorizing up to $160,000.00 in TIRZ funding to SW and...
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