DEPARTMENT: Neighborhood and Housing Services Department
DEPARTMENT HEAD: Ver?nica R. Soto, AICP, Director
COUNCIL DISTRICTS IMPACTED: 2
SUBJECT:
Consideration of an Ordinance authorizing the execution of a Development Agreement for the Sam's Barber Shop Project in an amount not to exceed $160,000.00, located at 2351 E. Commerce, in Council District 2 and within the Inner City Tax Increment Reinvestment Zone 11 (TIRZ).
SUMMARY:
City Council is being asked to consider approval of an Ordinance authorizing the execution of the Development Agreement in an amount not to exceed $160,000.00 between the City of San Antonio, Inner City Tax Increment Reinvestment Zone 11 Board of Directors and SW and MP, LLC within the Inner City TIRZ at 2351 E. Commerce, located in City Council District 2 to facilitate renovation of an existing retail/commercial building that will include the retention of Sam's Barber Shop and the relocation of Ms. Kitchen Restaurant.
BACKGROUND INFORMATION:
The City Council designated the City-initiated Inner City Tax Increment Reinvestment Zone 11 on December 14, 2000 to assist with revitalization and reinvestment initiatives throughout the zone.
On July 10, 2017, SW and MP, LLC submitted a proposal for Inner City TIRZ #11 funding to be drawn on a reimbursement basis. The funds can be utilized for structural stability and integrity improvements, exterior renovations and landscaping requirements necessary to complete the project. The overall project cost for the facility is approximately $1,645,790.00.
ISSUE:
On December 8, 2017, the Board authorized the negotiation of an agreement to provide funding in an amount not to exceed $160,000.00 in available tax increment from the TIRZ fund to SW and MP, LLC for the Sam's Barber Shop Project.
On March 21, 2018, the Inner City TIRZ Board adopted a Resolution authorizing approval of the execution of Development Agreement to provide reimbursement for eligible expenses to include structura...
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