City of San Antonio - File #: 18-1001

• File #: 18-1001
• Type: Miscellaneous Item
• In control: City Council A Session
• On agenda: 1/18/2018
• Posting Language: An Ordinance authorizing the execution of an Inner City Tax Increment Reinvestment Zone payment and associated Development Agreement with Fortress Funding Investments, LLC in an amount not to exceed $800,000.00 for the cost of public infrastructure related to the development of the St. Philip's College Student Housing project, located at 1800 Martin Luther King Drive in Council District 2 and within the Inner City Tax Increment Reinvestment Zone. [Peter Zanoni, Deputy City Manager; Verónica R. Soto, Director, Neighborhood & Housing Services]

Date	Ver.	Action By	Action	Result
1/18/2018	1	City Council A Session	adopted	Pass

DEPARTMENT: Neighborhood and Housing Services Department

DEPARTMENT HEAD: Ver?nica R. Soto

COUNCIL DISTRICTS IMPACTED: Council District 2

SUBJECT:

Consideration of an Ordinance authorizing the execution of a Development Agreement with Fortress Funding Investments, LLC in an amount not to exceed $800,000.00 for the development of the St. Philip's College Student Housing project, located at 1800 Martin Luther King Drive in Council District 2 and within the Inner City Tax Increment Reinvestment Zone.

SUMMARY:

Consideration of an Ordinance authorizing the execution of a Development Agreement in an amount not to exceed $800,000.00 between the City of San Antonio, the Inner City TIRZ Board of Directors and with Fortress Funding Investments, LLC, within the Inner City Tax Increment Reinvestment Zone (TIRZ) and located in Council District 2 to facilitate the construction of the St. Philip's College Student Housing project, located at 1800 Martin Luther King Drive, San Antonio, Texas. The total development cost of the project is estimated at approximately $36,000,000.00 which includes costs for public infrastructure and improvements.

BACKGROUND INFORMATION:

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. Philip's College Student Housing project 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 ...