DEPARTMENT: Neighborhood and Housing Services Department
DEPARTMENT HEAD: Ver?nica R. Soto, AICP, Director
COUNCIL DISTRICTS IMPACTED: 2
SUBJECT:
Amending the Echo East Chapter 380 Economic Development Grant Agreement with George Gervin Youth Center, Inc.
SUMMARY:
An Ordinance amending the Chapter 380 Economic Development Grant Agreement with George Gervin Youth Center, Inc. ("GGYC") for the Echo East Project to be located in City Council District 2 and authorizing the allocation of tax credits
BACKGROUND INFORMATION:
In 2018, the City of San Antonio and Inner City TIRZ Board executed a Chapter 380 Economic Development Grant Agreement with the George Gervin Youth Center (GGYC) to convey 9.89 acres of City owned land for a multi-family redevelopment located along Spriggsdale Blvd in Council District 2.
The City initially acquired the property through a Deed In Lieu of Foreclosure on a prior development that utilized funds issued by the Inner City TIRZ. The City property, valued at $430,000, is being proposed as the Phase 1 site for the Echo East Redevelopment Project. GGYC owns the adjacent 10.21 acres which they intend to redevelop as Phase II of the Project.
The initial plan for Phase 1 was to develop a market rate housing project. However, after completing a market study of the area, GGYC decided to partner with Gardner Capital to pursue affordable housing on the site. The revised scope for Phase 1 is valued at $30,629,385 and includes 192 housing units at or below 60% AMI. The project will require tax credits, funding for public improvements, and a tax exemption from the San Antonio Housing Trust Public Facilities Corporation (SAHT PFC). On May 9, 2019, City Council approved a Resolution of No Objection for the project allowing it to apply for the 4% Low Income Housing Tax Credit (LIHTC) program to the Texas Department of Housing & Community Affairs (TDHCA). Simultaneously, GGYC and Gardner were working with City staff on an appl...
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