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File #: 19-7622   
Type: Miscellaneous Item
In control: City Council A Session
On agenda: 11/7/2019
Posting Language: Ordinance approving an Assignment of the Development Agreement from Verano Land Group, LP, to Southstar at Verano, LLC, located in Council Districts 3 & 4, funded by Verano Tax Increment Reinvestment Zone TIRZ #28. [Lori Houston, Assistant City Manager; VerĂ³nica R. Soto, Director, Neighborhood and Housing Services Department]
Attachments: 1. Assignment and Assumption Agreement, 2. T28 2019-10-04-01R, 3. Verano TIRZ Boundary Map, 4. Verano Site Map, 5. Draft Ordinance, 6. Ordinance 2019-11-07-0920
Date Ver.Action ByActionResultAction DetailsMeeting DetailsVideo
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DEPARTMENT: Neighborhood and Housing Services Department


DEPARTMENT HEAD: Ver?nica R. Soto, AICP


COUNCIL DISTRICTS IMPACTED: 3 & 4


SUBJECT:
Assignment of the Development Agreement from Verano Land Group, LP to Southstar at Verano, LLC.


SUMMARY:
An Ordinance Authorizing the Assignment of the Development Agreement from Verano Land Group, LP to Southstar at Verano, LLC., located in Council Districts 3 & 4, and funded by the Verano Tax Increment Reinvestment Zone #28.


BACKGROUND INFORMATION:
The City, the Verano TIRZ Board, Bexar County, and VTLM TEXAS, LP entered into a Development Agreement on November 20, 2008, authorized by Ordinance No. 2008-11-20-1016. Bexar County approved the Development Agreement through the Bexar County Commissioners Court on December 16, 2008. VTLM TEXAS, LP is the "Developer" in the original and amended Development Agreements.

On January 28, 2016, VTLM TEXAS, LP assigned its interests to Verano Land Group, LP through Ordinance 2016-01-28-0041. This was approved by the Verano TIRZ Board on March 29, 2016 and by the Bexar County Commissioners Court on May 3, 2016.

The Verano TIRZ boundary was amended in 2008 to expand above Loop 410. Verano Land Group, LP will sell approximately 600 acres and assign the Development Agreement to Southstar at Verano, LLC. Verano Land Group, LP/VTLM TEXAS, LP shall retain approximately 1,200 industrial acres.

The development will include a total of 5,711 residential units: 2,500 multi-family units, 2,461 single-family homes, and 750 condos/townhomes. The development will also contain 925,000 square feet (SF) of office space, 665 SF of retail space, 1,225,000 SF of industrial space, and 200,000 SF of institutional structures such as restaurants, a day care, assisted living centers, various sports facilities, trails, and parks.

Construction is scheduled to begin in the second quarter of 2020.


ISSUE:
The Assignment of the Development Agreement from Verano Land Group, LP to Southstar...

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