DEPARTMENT: Neighborhood and Housing Services
DEPARTMENT HEAD: Ver?nica R. Soto, AICP
COUNCIL DISTRICTS IMPACTED: 2
SUBJECT:
An ordinance authorizing the execution of a Chapter 380 Economic Development Program Grant Agreement with Friedrich Crossing, LP for the Friedrich Lofts Project in an amount not to exceed $1,745,000 in Inner City TIRZ Funds; and authorizing SAWS impact fee waivers in the amount of $500,000 and eligible City permit fee waivers in accordance with the ICRIP Fee Waiver Program.
SUMMARY:
Consideration of an ordinance authorizing the execution of a Chapter 380 Economic Development Program Grant Agreement with Friedrich Crossing, LP for the Friedrich Lofts Project located at 1617 East Commerce Street in Council District 2, in an amount not to exceed $1,745,000 in Inner City TIRZ funds; and authorizing SAWS impact fee waivers in the amount of $500,000 and eligible City permit fee waivers in accordance with the ICRIP Fee Waiver Program to facilitate the renovation and construction of a 347-unit mixed-income multifamily housing development.
BACKGROUND INFORMATION:
On February 21, 2018, Friedrich Crossing, LP submitted a TIRZ funding request for reimbursement of eligible project costs for the Friedrich Lofts Project. On March 21, 2018, the TIRZ Board approved a resolution authorizing Staff to negotiate an agreement in an amount not to exceed $1,745,000 to be used for project costs related to site work and demolition. The overall cost for project is estimated at $65,000,000.
On August 14, 2018, the Board approved a Resolution authorizing the execution of 380 Economic Development Program Grant Agreement to provide funding in an amount not to exceed $1,745,000 in available tax increment from the TIRZ fund to Friedrich Crossing, LP for The Friedrich Lofts Project.
ISSUE:
The proposed $65,000,000 Friedrich Lofts Project, located at 1617 East Commerce Street in Council District 2, will be structured in partnership with the San An...
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