DEPARTMENT: Neighborhood and Housing Services Development
DEPARTMENT HEAD: Ver?nica R. Soto, AICP
COUNCIL DISTRICTS IMPACTED: Council District 1
SUBJECT:
Consideration of an Ordinance authorizing a 10 year 40% tax abatement agreement of real property taxes by Bexar County for the CRP/Bodner 120 Ninth Street Owner, LP, a 220 unit multifamily apartment complex in an amount not to exceed $471,400.00 located at 120 Ninth Street in Council District 1 and within the MidTown Tax Increment Reinvestment Zone Boundary Number 31.
SUMMARY:
Consideration of an Ordinance authorizing a 10 year 40% tax abatement agreement of real property taxes by Bexar County for the CRP/Bodner 120 Ninth Street Owner, LP in an amount not to exceed $471,400.00 located at 120 Ninth Street in Council District 1. The Bexar County tax abatement will provide incentives for the CRP/Bodner 120 Ninth Street Owner, LP, a Class A market rate 220 units, multifamily apartment complex located at 120 Ninth Street in San Antonio, Texas within Council District 1. The total development cost is approximately $39.6 million which will include costs for construction of a market rate apartment complex. City Council and TIRZ Board approval are a requirement per State Law to enable Bexar County to offer a tax abatement.
BACKGROUND INFORMATION:
The MidTown TIRZ is not participating as a funder for this project. In accordance with Section 311.0125 of the State Tax Code, a taxing unit seeking to abate taxes on real property located in a reinvestment zone must obtain approval from the following entities in order for the agreement to be effective:
* The Board of Directors of the reinvestment zone
* The governing body of each taxing unit that imposes taxes on real property in the reinvestment zone and deposits or agrees to deposit any of its tax increment into the tax increment fund for the zone
This abatement is a Bexar County abatement only. However, without TIRZ Board and City of San Antonio appr...
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