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File #: 18-6243   
Type: Miscellaneous Item
In control: City Council A Session
On agenda: 12/13/2018
Posting Language: Ordinance approving the designation of Tarasco Tax Increment Reinvestment Zone Number 35 at the northwest corner of Interstate Highway Loop 410 and US Highway 90 in Council District 4 for an approximate 26 year term, for a 60 unit mixed-income single family neighborhood development with a City participation of 100% and a maximum contribution of $1,266,608.11. [Peter Zanoni, Deputy City Manager; Veronica Soto, Director, Neighborhood and Housing Services]
Attachments: 1. Exhibit I Map & Legal Description, 2. Exhibit II Finance Plan, 3. Exhibit III Approved TIF Program Policy, 4. Exhibit IV Income Limits, 5. Map Package Tarasco Gardens TIRZ, 6. Draft Ordinance, 7. Ordinance 2018-12-13-1032
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DEPARTMENT: Neighborhood and Housing Services Department


DEPARTMENT HEAD: Ver?nica R. Soto, AICP, Director


COUNCIL DISTRICTS IMPACTED: Council District 4


SUBJECT:

Public hearing and consideration of an Ordinance approving designation of petition initiated Tarasco Gardens Tax Increment Reinvestment Zone (TIRZ) Number 35 for 25.80 years in accordance with the provisions of the TIF Act, Chapter 311 of the Texas Tax Code to be located in City Council District 4.


SUMMARY:

After a public hearing, City Council is asked to consider an Ordinance designating approximately 11.295 acres of property to be known as Tarasco Gardens Tax Increment Reinvestment Zone (TIRZ) Number 35 in accordance with the provisions of the TIF Act, Chapter 311 of the Texas Tax Code. The purpose of the petition initiated TIRZ is to promote the development of affordable housing that would not occur solely through private investment in the reasonably foreseeable future. The neighborhood will be comprised of 60 Detached Single Family houses. This item will officially designate and name the reinvestment zone, describe the boundaries of the zone, create a Board of Directors for the zone, establish effective start and termination dates for the zone, present the preliminary finance plan, and create a Tax Increment Finance fund for the zone.


BACKGROUND INFORMATION:

On July 11, 2018, Alamo Area Mutual Housing Association Inc. (AAMHA) DBA Alamo Community Group (ACG) petitioned the City pursuant to the provisions of Chapter 311, Texas Tax Code. AAMHA requested the City Council establish within the City a reinvestment zone, located at 505 Tarasco Street, over an area of land described by Lot and Block or Survey and by Bexar County Appraisal District Account Number in the attached Exhibit I and further described on the map attached hereto as Exhibit I.

The owner and developer of the property to be included in the petition initiated TIRZ is Alamo Area Mutual Housing Association Inc., a local No...

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