DEPARTMENT: Neighborhood and Housing Services Department
DEPARTMENT HEAD: Verónica R. Soto, AICP, Director
COUNCIL DISTRICTS IMPACTED: Council District 1
SUBJECT:
Ordinance approving execution of a Development Agreement with Sam Maverick Spirits, LLC for the Maverick Whiskey project, a distilled spirits plant for manufacturing craft spirits, in an amount not to exceed $15,000.00. The project is to be located at 115 Broadway Street in City Council District 1 and within the Houston Street Tax Increment Reinvestment Zone (TIRZ). The project will serve as a distilled spirits plant for manufacturing craft spirits. The plant will be housed in the historic building which stands on what was originally the corner of the Maverick family homestead.
SUMMARY:
City Council is asked to consider an ordinance approving the execution of a Development Agreement between the Houston Street TIRZ Board of Directors, Sam Maverick Spirits, LLC and the City of San Antonio for the Maverick Whiskey project in an amount not to exceed $15,000.00 in reimbursable TIRZ funds for lighting in the alleyway. The project will serve as a distilled spirits plant for manufacturing craft spirits with the plant to be housed in the historic building that stands on what was originally the corner of the Maverick family homestead.
BACKGROUND INFORMATION:
On March 18, 2018, Sam Maverick Spirits, LLC submitted a request for TIRZ funding for the Maverick Whiskey Project to be located at 115 Broadway Street. The total development cost of the project is approximately $3,000,000.00.
On October 22, 2018, the Board approved a Resolution authorizing execution of the Development Agreement with Sam Maverick Spirits, LLC to provide reimbursement in an amount not to exceed $15,000.00 for eligible expenses to include lighting in the alleyway.
ISSUE:
The Maverick Whiskey project is to be located at 115 Broadway Street, in the Houston Street TIRZ, City Council District 1.
Total development cost of the Maverick Whiskey Project is approximately $3,000,000.00. The project will serve as a distilled spirits plant for manufacturing craft spirits. The plant will be housed in the historic building which stands on what was originally the corner of the Maverick family homestead. The building will pay homage to Samuel Maverick’s pivotal role in the Battle of the Alamo as well as his significant impact on local and state history. In 1918 the historic building was the Lockwood National Bank which also acted as a regional mint. The building will feature an event space and two small conference rooms on the second floor. The third floor will be reserved as an event space and will cater to both corporate and private events. A tasting room will also be on site. This space will have seating for approximately 100 guests of the distillery. Project construction is to commence January 31, 2019 with a tentative completion date of June 30, 2019.
The Houston Street TIRZ Board approved the Development Agreement on October 22, 2018. This Ordinance authorizes the execution of the Agreement between the Sam Maverick Spirits, LLC, Board of Directors of the Houston Street TIRZ, and the City of San Antonio to address public improvements to include lighting in the alleyway associated with the Maverick Whiskey project.
The project includes the design, construction, installation and implementation of the public improvement located at 115 Broadway. The Houston St TIRZ will fund up to $15,000 to provide lighting in the alleyway to assist with safety issues. The Peacock alley runs between Broadway and Jefferson and is approximately 230 feet in length.
ALTERNATIVES:
City Council could decide not to approve the Development Agreement with Sam Maverick Spirits, LLC. If so, this action could negatively affect the Maverick Whiskey Project.
FISCAL IMPACT:
This ordinance will authorize a Development Agreement between the Houston Street TIRZ Board of Directors, the City of San Antonio, and Sam Maverick Spirits, LLC in an amount not to exceed $15,000.00. Projects funded through the Houston Street TIRZ are paid solely from the tax increment generated.
RECOMMENDATION:
Staff recommends approval of an Ordinance authorizing the execution of a Development Agreement in an amount not to exceed $15,000.00 for the Maverick Whiskey project to be located at 115 Broadway Street in City Council District 1; within the Houston Street TIRZ boundary.