DEPARTMENT: Neighborhood and Housing Services Development
DEPARTMENT HEAD: Ver?nica R. Soto, AICP
COUNCIL DISTRICTS IMPACTED: Council District 5
SUBJECT:
Consideration of an Ordinance authorizing a 10 year 40% tax abatement agreement of Bexar County's real property taxes, for the Schuepbach Properties, LLC, a 294 unit multifamily complex in an amount not to exceed $648,070.00 located at 1334 South Flores Street and 205 E. Cevallos Street in Council District 5 and within the Westside Tax Increment Reinvestment Zone Boundary Number 30.
SUMMARY:
Consideration of an Ordinance authorizing a 10 year 40% tax abatement agreement of Bexar County's real property taxes for the Schuepbach Properties, LLC in an amount not to exceed $648,070.00 located at 1334 South Flores Street and 205 E. Cevallos Street in Council District 5. The Bexar County tax abatement will provide incentives for the Schuepbach Properties, LLC, a 294 unit multifamily complex located at 1334 South Flores Street and 205 E. Cevallos Street in San Antonio, Texas within Council District 5. The total development cost is approximately $53.7 million which will include costs for construction of a market rate apartment complex and a 443 space parking garage. City Council and TIRZ Board approval are a requirement per State Law to enable Bexar County to offer a tax abatement.
BACKGROUND INFORMATION:
The City of San Antonio is participating in this project with $148,892.00 in City fee waivers, $217,872.00 in SAWS fee waivers, $385,650.00 with a Chapter 380 Economic Development Inner City Incentive Program Loan (consisting of forgivable and non-forgivable loan funds), and approximately but not limited to, $3,894,053.00 in a cumulative annual incremental property tax reimbursement for a total of 15 years. However, unless the Westside TIRZ is extended, the tax reimbursement will cease upon termination of the TIRZ. These were granted on December 12, 2016, prior to City Council approval of the mora...
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