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File #: 19-8694   
Type: Miscellaneous Item
In control: City Council A Session
On agenda: 12/5/2019
Posting Language: Ordinance approving the designation of Thea Meadows TIRZ Number 36 located in Council District 3 on the southeast side of San Antonio northwest of the intersection of South W.W. White Road and S.E. Military Drive by creating a nine member Board of Directors, establishing the effective start date and termination date of the zone, approving the preliminary finance plan, approving a Development Agreement, and establishing a tax increment fund.
Attachments: 1. Development Agreement DRAFT - Thea Meadows, 2. Finance Plan Combined - Thea Meadows, 3. Map - Thea Meadows TIRZ #36, 4. Subdivision Map, 5. Draft Ordinance, 6. Ordinance 2019-12-05-1001
Related files: 19-8951
DEPARTMENT: Neighborhood and Housing Services Department


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


COUNCIL DISTRICTS IMPACTED: Council District 3


SUBJECT:

An Ordinance approving designation of petition-initiated Thea Meadows Tax Increment Reinvestment Zone (TIRZ) Number 36, located in City Council District 3, for a term of approximately 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.


SUMMARY:

After a public hearing, City Council is asked to approve 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, approve the 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 of the Texas Tax Code. SA Insignia, LLC requested 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 h...

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