Agenda Item #1
Discussion and possible action to consider a Resolution authorizing a Bexar County Tax Abatement for the CRP/Bodner 120 Ninth Street Owner, LP Project.
SUMMARY
The Bexar County Economic Development Department is negotiating a tax abatement agreement with CRP/Bodner 120 Ninth Street Owner, LP to provide incentives for the 120 Ninth Street Project a 220 Unit multifamily project at 120 Ninth Street. The proposed project is valued at $39,600,000.00. Bexar County is seeking TIRZ Board Authorization of the abatement because the property falls within the boundary of the Midtown TIRZ.
BACKGROUND
CRP/Bodner 120 Ninth Street Owner, LP has proposed the redevelopment of the 120 Parcel on Ninth Street. The CRP/Bodner 120 Ninth Street project is a 220 unit, "Class A", market rate multifamily apartment complex. The project will be a five story development and will attempt to maintain the design integrity of the building as envisioned by Owners and HDRC.
The Developer has sought development incentives from both the City of San Antonio and Bexar County. The City, through the Center City Housing Incentive Policy approved by the Midtown TIRZ Board of Directors on September 9, 2016 has authorized the following incentives:
* $158,442.00 - City fee waivers
* $4,317,916.00 - Annual incremental property tax reimbursement
Bexar County proposed incentive is a ten year 40% abatement of Bexar County's real property taxes, amounting to $47,140.00 per year with a total incentive of $471,400.00.
ISSUE
Under Texas statute, a taxing unit seeking to abate taxes on real property in a reinvestment zone must obtain authorization 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.
Authorization by the...
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