DEPARTMENT: Neighborhood and Housing Services Department
DEPARTMENT HEAD: Ver?nica R. Soto, AICP, Director
COUNCIL DISTRICTS IMPACTED: 10
SUBJECT:
Consideration of an Ordinance approving the execution of a Development Agreement with the R. P. Grant Company for the R. P. Grant Development Project located at 12007 and 12019 Perrin Beitel Road in City Council District 10 and within the Northeast Corridor Tax Increment Reinvestment Zone (TIRZ).
SUMMARY:
City Council is being asked to consider an Ordinance approving the execution of the Development Agreement in an amount not to exceed $232,000.00 between the City of San Antonio, Northeast Corridor Tax Increment Reinvestment Zone (TIRZ) Board of Directors and with the R. P. Grant Company within the Northeast Corridor TIRZ located in City Council District 10 to facilitate the construction of the R. P. Grant Project, located at 12007 and 12019 Perrin Beitel Road, San Antonio, Texas. The total development cost is approximately $1.6 million for the public infrastructure and public improvements associated with the proposed development project.
BACKGROUND INFORMATION:
The City Council designated the City-initiated Northeast Corridor Tax Increment Reinvestment Zone 33 (TIRZ) on December 4, 2014 to assist with revitalization and reinvestment initiatives. The Northeast Corridor TIRZ allows for the reimbursement of eligible development expenses that promote the development or redevelopment in the Zone that would not occur solely through private investment.
This is the first project proposed to be funded by the Northeast Corridor TIRZ and will set a precedent for future development. The project supports the Northeast Corridor (NEC) Revitalization Plan, the City mandated minimum design standards relating to exterior building finishes, landscaping, and signage through its NEC Design Guidelines. The total development cost is approximately $1.6 million which consists of public infrastructure and public improvements...
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