DEPARTMENT: Transportation and Capital Improvements
DEPARTMENT HEAD: Mike Frisbie, P.E.
COUNCIL DISTRICTS IMPACTED: Council District 1
SUBJECT:
Amendment to a Funding Agreement with the Hemisfair Park Area Redevelopment Corporation (HPARC)
SUMMARY:
An ordinance authorizing the execution of an amendment the existing Funding Agreement between the City of San Antonio and the Hemisfair Park Area Redevelopment Corporation (HPARC) to increase the agreement by $1,318,566 for capital management of HPARC related projects; the new total of $5,811,403.71 includes past capital projects and capital management cost.
BACKGROUND INFORMATION:
The redevelopment of HemisFair Park has been an on-going capital improvement project since 2010. Over time, City Council and voters have authorized the use of 2007 Bond savings, 2012 Bond Streets and Park funds, and 2017 Bond Streets and Park funds towards area improvements in support of the on-going Hemisfair Project.
Previous Council Action
On August 13, 2009, City Council authorized the creation of the HemisFair Park Area Redevelopment Corporation (HPARC). HPARC was given authority to oversee the development and redevelopment of HemisFair Park and its surrounding area in order to promote economic development and to stimulate businesses, housing and commercial activity that is in line with the vision and guiding principles created by the Ad Hoc Committee. City Council appointed an 11 member board which was comprised of representatives from a cross-section of local stakeholders.
On June 24, 2010, City Council authorized the execution of a Capital Funding Agreement with HPARC that allowed HPARC to use 2007 General Obligation Park & Recreation Improvement Bond funds and 2008 Certificates of Obligation to be used for expenses incurred in the development of the Hemisfair Master Plan, including consultant and legal fees; and construction, design and other expenditures associated with additional projects that qualified for an eligible ...
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