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 Arena Vista Project in an amount not to exceed $222,000.00, located at 215 Coca Cola Place, 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 $222,000.00 between the City of San Antonio, Inner City Tax Increment Reinvestment Zone 11 (TIRZ) Board of Directors and Brayco Properties, LLC within the Inner City TIRZ at 215 Coca Cola Place located in City Council District 2 to facilitate the renovation of an existing 105,107 SF warehouse building into a mixed-use facility to include live/work condos and commercial space.
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 October 27, 2017, Brayco Properties, LLC submitted a proposal request for TIRZ #11 funding to be drawn on a reimbursement basis. The $222,000.00 will be utilized for fa?ade and lighting improvements, landscaping, and artwork requirements necessary to complete the project. The overall project cost for the facility is estimated at approximately $8,507,000.00.
ISSUE:
On December 8, 2017, the Inner City TIRZ Board authorized City staff to negotiate an agreement and make necessary amendments to the TIRZ Project and Finance Plans to provide funding in an amount not to exceed, $222,000 in tax increment, subject to availability, for the Arena Vista project.
On March 21, 2018, the Inner City TIRZ Board adopted a Resolution authorizing approval of the execution of Development Agreement to provide ...
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