DEPARTMENT: Neighborhood and Housing Services Department
DEPARTMENT HEAD: Ver?nica R. Soto, AICP, Director
COUNCIL DISTRICTS IMPACTED: Council District 1
SUBJECT:
Consideration of an Ordinance approving execution of a Development Agreement with Graystreet Light, LP ("Developer") for the San Antonio Light and Print Buildings project. The project is located at 420 Broadway in City Council District 1 and within the Midtown Tax Increment Reinvestment Zone.
SUMMARY:
City Council is asked to consider an Ordinance approving the execution of a Development Agreement between the Midtown TIRZ Board of Directors, City of San Antonio, and the Graystreet Light, LP for the San Antonio Light and Print Buildings project in an amount not to exceed $2,500,000.00 in reimbursable TIRZ funds. The project is located at 420 Broadway Street in the Midtown TIRZ and Council District 1.
The San Antonio Light and Print Building project is a historic rehabilitation of two (2) structures that have been vacant for several years. TIRZ funds will be utilized to address public infrastructure and public improvements such as landscaping, Low Impact Development features to manage stormwater runoff as part of green infrastructure, historic features, fa?ade, glazing, sidewalks, Geotech, archaeology, environmental, storm drain improvements and ADA requirements.
BACKGROUND INFORMATION:
On May 18, 2018, Graystreet Light, LP submitted a request for TIRZ funding for the San Antonio Light and Print Buildings project to be located at 420 Broadway. The total development cost of the project is approximately $47,000,000.00, which includes public infrastructure improvements such as landscaping, Low Impact Development features to manage stormwater runoff as part of green infrastructure, historic features, fa?ade & glazing, sidewalks, Geotech, archaeology, environmental, storm drain improvements and ADA requirements. There is an active ICRIP City Fee Waiver for the Light Building Project, with a...
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