DEPARTMENT: Neighborhood and Housing Services Department
DEPARTMENT HEAD: Veronica Soto
COUNCIL DISTRICTS IMPACTED: 1
SUBJECT:
Ordinance approving execution of a Development Agreement with Borden River Road, LP for the Borden Park redevelopment project in an amount not to exceed $4,000,000.00 from the Midtown TIRZ. The project is located at 815 E. Ashby Place in City Council District 1 and within the Midtown Tax Increment Reinvestment Zone (TIRZ) #31.
SUMMARY:
City Council is being asked to consider an Ordinance approving execution of Development Agreement between the Midtown TIRZ Board of Directors, Borden River Road, LP, and the City of San Antonio for the Borden Park redevelopment project in an amount not to exceed $4,000,000.00 in reimbursable TIRZ funds for public improvements to the River frontage, a new River bridge extension, trail construction, improvement to Ashby Road, Menefee Park improvements, and Highway 281 beautification improvements through the removal of four billboards on the property. The reimbursement will not exceed $4 million or 10 years, whichever comes first. Public improvement reimbursement will begin in 2023.
BACKGROUND INFORMATION:
Borden Park will be a five acre mixed-use redevelopment located at 815 E. Ashby Place in Council District 1, North of the Pearl and adjacent to Highway 281. Currently the property is a self-service storage business and the former Borden Milk Creamery. The redevelopment will include the rehabilitation of the historic Borden building for office and commercial use. The storage complex will be demolished and replaced with 344 multi-family units and structured parking to serve both the apartments and the Borden building. Approximately 34 or 10% of the 344 total units will be affordable at 80% of the Area Median Income (AMI). In addition to these improvements, the project will include significant public improvements, including a trail system connecting the Tobin Hill neighborhood to the River...
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