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 an Amendment to the Development Agreement with MLK Garden Homes, LLC to increase the Funding Authorization from $300,000.00 to $330,000.00 for the MLK Garden Homes, LLC project located at Martin Luther King Drive and Aurelia Street in Council District 2 and within the Inner City Tax Increment Reinvestment Zone.
SUMMARY:
Consideration of an Ordinance authorizing the execution of an Amendment to the Development Agreement in an amount not to exceed $330,000.00 between the City of San Antonio, the Inner City TIRZ Board of Directors and with MLK Garden Homes, LLC, within the Inner City Tax Increment Reinvestment Zone (TIRZ) and located in Council District 2 to facilitate the construction of the MLK Garden Homes, LLC project, located at Martin Luther King Drive and Aurelia Street, San Antonio, Texas. The total development cost of the project is approximately $2,100,000.00 which includes costs for public infrastructure improvements.
BACKGROUND INFORMATION:
On November 17, 2016, MLK Garden Homes, LLC submitted a funding request. After negotiations, Staff and Developer agreed to an amount not to exceed $300,000.00 in Inner City TIRZ funding to be drawn on a reimbursement basis. The $300,000.00 will be utilized to address utility and street improvements necessary to facilitate the development of 12 single family affordable homes at the project site. The proposed homes will be 1300 - 1500 square feet, 3 - 4 Bedrooms, with attached 2 - Car Garages. The anticipated average selling price will be $165,000.00. The completion of this project will provide infrastructure improvements to facilitate new housing inventory in an area that is severely blighted and under improved.
On December 9, 2016, the Inner City TIRZ Board approved a Resolution awarding up to $300,...
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