DEPARTMENT: Neighborhood and Housing Services Department
DEPARTMENT HEAD: Ver?nica R. Soto, AICP, Director
COUNCIL DISTRICTS IMPACTED: 3
SUBJECT:
An Ordinance approving designation of petition-initiated Thea Meadows Tax Increment Reinvestment Zone (TIRZ) Number 36 for a term of 35 years with City's participation level of 85% in accordance with the provisions of the Tax Increment Finance (TIF) Act, Chapter 311 of the Texas Tax Code to be located in City Council District 3.
SUMMARY:
After a public hearing, City Council is asked to consider an Ordinance designating approximately 88.8 acres of property to be known as Thea Meadows Tax Increment Reinvestment Zone (TIRZ) Number 36 in accordance with the provisions of the TIF Act, Chapter 311 of the Texas Tax Code. The purpose of the petition-initiated TIRZ is to promote the development of mixed-income housing that would not occur solely through private investment in the reasonably foreseeable future. The neighborhood will be comprised of 393 detached single family homes, 50% of which will be affordable to families earning 80% to 120% of Area Median Income (AMI). This item will officially designate and name the reinvestment zone, describe the boundaries of the zone, create a Board of Directors for the zone, establish effective start and termination dates for the zone, present the preliminary Finance Plan, Development Agreement in substantial final form, and create a Tax Increment Finance fund for the zone.
BACKGROUND INFORMATION:
On March 15, 2019, SA Insignia, LLC petitioned the City pursuant to the provisions of Chapter 311, Texas Tax Code. SA Insignia, LLC requested that City Council establish within the City a reinvestment zone, located at 3500, 3615, and 3623 South W.W. White Road, over an area of land described by Lot and Block or Survey and by Bexar County Appraisal District Account Number in the attached Exhibit A and further described on the map attached hereto as Exhibit B.
The owner and deve...
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