DEPARTMENT: Center City Development and Operations
DEPARTMENT HEAD: John Jacks
COUNCIL DISTRICTS IMPACTED: 1
SUBJECT:
Approval of three items relating to the Burns Building Redevelopment project located at 401 East Houston Street in Council District 1.
SUMMARY:
Consideration of the following items related to the Burns Building Redevelopment project located at 401 E. Houston Street in Council District 1:
A. Authorize the execution of a Development Agreement between the City of San Antonio, Houston Street TIRZ Board of Directors, and 401 East Houston Street, LLC in an amount not to exceed $255,880 for eligible building and Parklet improvements. Funding in the amount of $255,880 is available within the Houston Street TIRZ.
B. Authorize the execution of a Chapter 380 Economic Development Loan Agreement for up to $446,895 to 401 East Houston Street, LLC for the building and Parklet improvements. The loan will be forgivable over 5 years at 20% per year provided that the space remains occupied for at least 80% of each year. Funding in the amount of $446,895 is available in the Inner City Incentive Fund FY 2019 Adopted Budget.
C. Authorize the extension of the sidewalk on approximately 1,100 square feet of on-street right of way along the east side of Jefferson Street between Houston Street and Peacock Alley and the execution of a Parklet Agreement between the City of San Antonio and 401 East Houston Street, LLC. The City will require 401 East Houston Street, LLC to submit an annual nonrefundable license fee of $800 for a total of $8,000 over the ten year contract term. In addition, the City will forego approximately $3,700 in revenue for the 4 parking meters and designated commercial loading zone currently in place.
BACKGROUND INFORMATION:
Through the Center City Development and Operations Department (CCDO), the City continues to encourage and incentivize retail development along the Houston Street corridor, where both the City and partner orga...
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