DEPARTMENT: Transportation & Capital Improvements
DEPARTMENT HEAD: Mike Frisbie, P.E.
COUNCIL DISTRICTS IMPACTED: Council District 1
SUBJECT:
S. P. No. 2120: A resolution supporting the closure, vacation and abandonment and conveyance of Hagner Arc right-of-way located between Convent Street and Navarro Street and a portion of Convent Street right-of-way to Convent Ventures L.P. and a portion to 1 Riverwalk, LLC to facilitate the USAA Parking Garage expansion project in Council District 1. [Pete Alanis, Real Estate Administrator, Center City Development & Operations, pedro.alanis@sanantonio.gov]
SUMMARY:
This resolution will close, vacate, and abandon a total of approximately 0.368 acres of property, more specifically 0.336 acres of Hagner Arc right-of-way located between Convent Street and Navarro Street as shown in “Attachment A” and closure, vacation and abandonment of approximately 0.032 acres of Convent Street right-of-way, as shown in “Attachment B”, as requested by 1 Riverwalk, LLC and consented by the adjoining property owner Convent Ventures L.P.
This resolution will also authorizing the conveying a total of approximately 0.368 acres to two adjoining property owners as follows: 0.106 acres to Convent Ventures, L.P., as described by metes and bounds in “Attachment C” and 0.262 acres to 1 Riverwalk, LLC as described by metes and bounds in “Attachment D” to facilitate the USAA Parking Garage expansion project in Council District 1.
BACKGROUND INFORMATION:
On December 14 2017, City Council approved a $4M Chapter 380 Economic Development Program Loan and a Tax Abatement Agreement with USAA capped at $2 million or ten (10) years, whichever comes first, to facilitate a $70 million investment and addition of 1,500 new full-time jobs increasing the downtown presence. The USAA project site at 700 N St. Mary’s and 300 Convent requires an expansion of the parking garage at One Riverwalk Place.
This parking garage expansion is necessitating the closure of Hagner Arc Street and the closure of a small portion of Convent Street right of way to assist with pedestrian and vehicular access to an adjacent property owner, Convent Ventures, L.P. located at 333 Convent.
ISSUE:
The two abutting property owners Convent Ventures, L.P. and 1 Riverwalk, LLC have executed a Development Agreement outlining the specific closure and conveyance terms along with proposed improvements on the conveyed property.
The closure and conveyance of the right of way along with the Storm Water Relocation Agreement would facilitate the development of an estimated $75 million in improvements to area over the next several years. The action to close, vacate and abandon the two right-of-way areas will allow the property to be placed on the tax rolls, generating revenue for the City of San Antonio and other taxing entities, while reducing the City’s on street maintenance obligations.
A. 1 Riverwalk, LLC with the consent of the adjacent property owner, Convent Ventures, L.P., has requested the closure, vacation and abandonment of approximately 0.330 acres of Hagner Arc right-of-way located between Convent Street and Navarro Street as shown in “Attachment A” and closure, vacation and abandonment of approximately 0.032 acres of Convent Street right-of-way, as shown in “Attachment B”.
B. The City shall then authorize conveyance of a total of .362 acres of property, more specifically 0.106 acres to Convent Ventures, L.P., as described by Metes and Bounds in “Attachment C” and 0.256 acres to 1 Riverwalk, LLC as described by Metes and Bounds in “Attachment D”.
ALTERNATIVES:
Planning Commission could choose not to approve this request; however, if not approved, the right of way will remain underutilized and the USAA Parking Garage Expansion would not be able to move forward thus risking the ability for the company move forward with the expansion of 1,500 jobs in the central downtown area.
FISCAL IMPACT:
The closing, vacating and abandoning of the two improved rights-of-way are valued at $75 per square foot or $1,203,075.00. Based on the $70 million investment by USAA, this closure fee has been reduced by 75% in accordance with the Inner City Reinvestment/Infill Policy (ICRIP) for projects investing over $50 million. The ICRIP Fee Waiver reduces the proposed closure fee to $300,768.75. However, the closure shall allow the Petitioner to provide public related improvements to be considered as an in-kind contribution towards offsetting the value of the fee.
The closure and conveyance actions will allow the property to be placed on the tax rolls, generating revenue for the City of San Antonio and other taxing entities, while reducing the City’s maintenance obligation while providing improvements to the public access to the Riverwalk.
RECOMMENDATION:
Staff recommends approving a Resolution to close, vacate, and abandon a total of approximately 0.368 acres of property, more specifically 0.336 acres of Hagner Arc right-of-way located between Convent Street and Navarro Street as shown in “Attachment A” and closure, vacation and abandonment of approximately 0.032 acres of Convent Street right-of-way, as shown in “Attachment B”, as requested by 1 Riverwalk, LLC and consented by the adjoining property owner Convent Ventures L.P.
This resolution will also authorizing the conveying a total of approximately 0.368 acres to two adjoining property owners as follows: 0.106 acres to Convent Ventures, L.P., as described by metes and bounds in “Attachment C” and 0.262 acres to 1 Riverwalk, LLC as described by metes and bounds in “Attachment D” to facilitate the USAA Parking Garage expansion project in Council District 1.