City of San Antonio - File #: 19-4233

• File #: 19-4233
• Type: Miscellaneous Item
• In control: City Council A Session
• On agenda: 6/13/2019
• Posting Language: Ordinance approving a Development Agreement with GrayStreet Travis Garage, LLC for the Travis Garage Rehabilitation project in an amount not to exceed $1,250,000.00, and approving a Chapter 380 Agreement with GrayStreet Travis Office, LLC for a forgivable economic development loan in an amount not to exceed $296,000.00 available from the Inner City Incentive Fund FY 2019 Adopted Budget. The project sites are located at 213 E. Travis Street and 711 Navarro Street and within the Houston Street Tax Increment Reinvestment Zone. [Lori Houston, Assistant City Manager; Verónica Soto, Director, Neighborhood and Housing Services]
• Related files: 19-4232

DEPARTMENT: Neighborhood and Housing Services Department

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

COUNCIL DISTRICTS IMPACTED: Council District 1

SUBJECT:

Ordinance approving execution of a Tax Increment Reinvestment Zone (TIRZ) Development Agreement in an amount not to exceed $1,250,000.00, and approving a Chapter 380 Economic Development Agreement in an amount not to exceed $296,000.00 for renovation of the Travis Park Plaza and Garage. The project is located at 213 E Travis Street and 711 Navarro Street in City Council District 1 and within the Houston Street TIRZ.

SUMMARY:

City Council is being asked to consider an Ordinance approving economic development incentives for the Travis Park Plaza and Garage Rehabilitation project, a mixed-use office building and parking garage located in Travis Park Plaza at 711 Navarro and 213 E Travis Street.

If approved, the Ordinance will authorize execution of a Development Agreement between the Houston Street TIRZ Board of Directors, GrayStreet Travis Garage, LLC and the City of San Antonio in an amount not to exceed $1,250,000.00 in reimbursable TIRZ funds for landscaping, and Low Impact Development (LID) Features, which will substantially reduce the impervious pavement surrounding the building. The Ordinance will also approve a Chapter 380 Agreement between the City and GrayStreet Travis Office, LLC for a forgivable loan in an amount not to exceed $296,000.00 paid from the Inner City Incentive Fund (ICIF) for tenant finish-out of 20,800 square feet of retail space which will be leased and operated by two private tenants.

BACKGROUND:

The developer, GrayStreet partners, purchased the Travis Park Plaza and Garage building built in 1970 in November 2015. Since the purchase, GrayStreet Partners, LP has worked to modernize the 7-story, 150,000 square foot office building and its 799-space 6-story parking garage into a Class A office space located adjacent to Travis Park. They are undergoing an additional $42...