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% abatement of Bexar County's real property taxes for the Laney Development Group, LLC, a 70 unit multifamily apartment complex, in an amount not to exceed $349,475.00 project located at 421 South Presa Street in Council District 1 and within the Hemisfair Tax Increment Reinvestment Zone (TIRZ) number Boundary.
SUMMARY:
Consideration of an Ordinance authorizing a 10 year 40% abatement of Bexar County's real property taxes for the Laney Development, LLC in an amount not to exceed $349,475.00 located at 421 South Presa in Council District 1. The Bexar County tax abatement will provide incentives for the Laney Development Group, LLC Project, an 11 story 70 unit multifamily apartment complex with a three story parking garage located at 421 South Presa Street in Council District 1 San Antonio, Texas. The total development cost is approximately $30 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 within a Tax Increment Reinvestment Zone.
BACKGROUND INFORMATION:
The City of San Antonio is participating in this project with $84,205.00 in City fee waivers, $273,167.00 in SAWS fee waivers, approximately, but not limited to, $2,413,954.00 annual incremental property tax reimbursement for a total of 15 years from Hemisfair TIRZ, and $280.000.00 forgivable development loan. 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 impose...
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