DEPARTMENT: Center City Development and Operations Department
DEPARTMENT HEAD: John P. Jacks
COUNCIL DISTRICTS IMPACTED: Council District 2
SUBJECT:
The negotiation and execution of a Development Agreement and any ancillary documents with 803 N Cherry, LLC (803) for the exchange and development of a 2 acre portion of City owned property at 223 S Cherry Street for a 1.69 acre property owned by 803 N Cherry Street, LLC at 803 and 815 N Cherry Street.
SUMMARY:
This ordinance authorizes the City Manager to negotiate and execute a Development Agreement with 803, for the exchange of a portion of City owned property at 223 S Cherry Street for 803 and 815 N Cherry Street.
BACKGROUND INFORMATION:
On August 2, 2012, City Council authorized a Master Economic Development Incentive Agreement with Alamo Beer Company, LLC and the Inner City Tax Increment Reinvestment Zone for the development of the Alamo Beer Micro Brewery. The Project included a microbrewery and administrative offices; a restaurant/beer garden; indoor/outdoor event venue; and an outdoor activity area. In addition to the approved Master Economic Development Agreement, the City agreed to sell 1.69 acres of unimproved land located at 803 N Cherry Street. Alamo Beer Company, LLC agreed to pay the appraised value of $295,000. The land was to serve as the location of the microbrewery. Due to litigation, the conveyance of 803 and 815 N Cherry Street was delayed. Alamo Beer Company, LLC then decided to build the microbrewery on adjacent property it owned located at 415 Burnet.
The Master Economic Development Incentive Agreement also included three license agreements associated with the use and operation of the microbrewery.
1. A license agreement permitting the use of the land under the Hays Street Bridge.
2. A license agreement to use an area of the Hays Street Bridge for restaurant tables and chairs.
3. A license agreement to construct a skywalk connecting the microbrewery to the Hays...
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