DEPARTMENT: Neighborhood and Housing Services Department
DEPARTMENT HEAD: Ver?nica R. Soto, AICP, Director
COUNCIL DISTRICTS IMPACTED: Council District 1
SUBJECT:
Ordinance authorizing the execution of a Development Agreement with ACG St. Mary's GP, LLC ("Developer") in an amount not to exceed $2,875,000 and authorizing a Chapter 380 Economic Development Loan Agreement in an amount not to exceed $564,000 in Inner City Incentive Funds for the Museum Reach Lofts Project. The project is to be located at 1500 N. St. Mary's and 405 W. Jones 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 City of San Antonio, the Midtown TIRZ Board of Directors and the ACG St. Mary's GP, LLC for the Museum Reach Lofts project in an amount not to exceed $2,875,000 in reimbursable TIRZ funds for the acquisition of land on which to build 94 units of multifamily housing; and authorizing a Chapter 380 Economic Development Loan Agreement in an amount not to exceed $564,000 in Inner City Incentive Funds for the Museum Reach Lofts project. The location of the project is 1500 N. St. Mary's and 405 W. Jones, in the Midtown TIRZ and Council District 1.
BACKGROUND INFORMATION:
On February 16, 2018, ACG St. Mary's GP, LLC submitted a request for TIRZ funding for 94 units of multifamily housing known as the Museum Reach Lofts Project to be located at 1500 N. St. Mary's and 405 W Jones. The total development cost of the project is approximately $17,500,000.
On June 15, 2018, the Midtown TIRZ Board approved a Resolution authorizing staff to negotiate an appropriate agreement in an amount not to exceed $2,875,000 in TIRZ funding with ACG St. Mary's GP, LLC for the Museum Reach Lofts project.
On October 31, 2018, the Board adopted a Resolution authorizing execution of the Development Agreement with ACG St. Mary's GP, LLC to provide r...
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