SUMMARY:
Discussion and possible action to approve the following items acknowledging the Inner City TIRZ Fund as a source of funding for the La Villita Culinary Concept Project located within Maverick Plaza and within the Inner City TIRZ in City Council District 1 and in accordance with the Master Development Agreement to be negotiated between the City of San Antonio and Grupo La Gloria, LLC:
A. A Resolution approving Inner City TIRZ funds to reimburse the City for the issuance of $4,400,000.00 in self-supporting 2018 Certificates of Obligation totaling an estimated $8,000,000.00 in debt service payments from the Inner City TIRZ Fund over a twenty (20) year period in support of public improvements associated with the Project; and
B. A Resolution authorizing funding in an amount not to exceed $600,000.00 in Inner City TIRZ funds to be distributed over a seven (7) year period for enhanced programming associated with the Project.
BACKGROUND INFORMATION:
Downtown San Antonio has seen significant public and private investment near Historic La Villita, especially with the addition of new adjacent housing, commercial development, and expanded park amenities. This has created a fresh demand for new retail services within the historic facility. While the surrounding development has been positive for downtown, the total taxable sales in La Villita have declined 19.3% over the past five years. As a comparison, El Mercado's taxable sales have increased 25.6% in the same time period.
In February 2016, the City issued a Request for Information for a Culinary Concept and Operator in La Villita's Maverick Plaza. The Plaza serves as La Villita's main entrance from South Alamo and Nueva Streets. Maverick Plaza is currently being used solely for weddings, receptions, private parties, corporate functions and festivals. The City envisions a new culinary business concept or concepts to be located within Maverick Plaza to serve as an anchor that will energize La Villita and draw ...
Click here for full text