DEPARTMENT: Neighborhood and Housing Services
DEPARTMENT HEAD: Ver?nica R. Soto, AICP
COUNCIL DISTRICTS IMPACTED: Council District 1
SUBJECT:
Consideration of an Ordinance authorizing execution of a Development Agreement in an amount not to exceed $680,000.00 for the Broadway Jones Apartment project located at 1011 Broadway Street, in City Council District 1 and within the Midtown Tax Increment Reinvestment Zone.
SUMMARY:
City Council is asked to consider an Ordinance approving execution of a Development Agreement between the City of San Antonio, the Midtown TIRZ Board of Directors, and the Broadway Jones Apartments LP for the Broadway Jones Apartment project in an amount not to exceed $680,000.00 in reimbursable TIRZ funds.
The 283 unit multi-family project will consist of a five-story building to include garage, pool, courtyard, clubhouse, restaurant, and roughly 14,500 square feet of retail and commercial space.
BACKGROUND INFORMATION:
TIRZ funds will be utilized to address public improvements including site work, street improvements, overhead power improvements and site assessment associated with the Broadway Jones Apartment project.
On April 19, 2018, Broadway Jones Apartments LP submitted a request for TIRZ funding for the Broadway Jones Apartment project to be located at 1011 Broadway Street. The total development cost of the project is approximately $55,974,139.00, which includes public infrastructure.
On September 14, 2018, the Midtown TIRZ Board approved a Resolution authorizing execution of the Development Agreement with Broadway Jones Apartments LP to provide reimbursement in an amount not to exceed $680,000.00 for eligible expenses.
ISSUE:
The proposed $55,974,139.00 project will be developed in partnership with the San Antonio Housing Trust Public Facility Corporation (SAHT PFC) for construction of a five-story building to include 283 housing units, garage, pool, courtyard, clubhouse, restaurant, and roughly 14,500 square ...
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