DEPARTMENT: Neighborhood and Housing Services Department
DEPARTMENT HEAD: Ver?nica R. Soto, AICP, Director
COUNCIL DISTRICTS IMPACTED: 3
SUBJECT:
An ordinance approving the Final Finance Plan and Final Project Plan for Tax Increment Reinvestment Zone (TIRZ) #36, Thea Meadows.
SUMMARY:
On December 5, 2019 through Ordinance 2019-12-05-1001, City Council approved the designation, Development Agreement, and Preliminary Finance Plan for TIRZ #36, Thea Meadows, located in City Council District 3. The ordinance authorizes the Final Finance Plan and Final Project Plan for TIRZ #36, Thea Meadows.
BACKGROUND INFORMATION:
On March 15, 2019, Brown & Ortiz, legal representatives for the Thea Meadows Developer, SA Insignia, LLC submitted an application to the Office of the City Clerk for consideration of a new petition-initiated TIRZ. Thea Meadows is only the second petition-initiated TIRZ in the last 10 years, representing a major step ahead for housing availability and affordability in an underdeveloped and underutilized area of the City.
Thea Meadows comprises approximately 88 acres and is located on the southeast side of San Antonio in Council District 3. The property is bounded on the north by residential properties on Jo Marie Drive, on the east by commercial property along S W.W. White Road, on the south by private property on Utopia Lane, and on the west by Salado Creek. Thea Meadows will include approximately 393 single-family units, a 25 acre linear park, and connectivity into the future extension of the Howard Peak Greenway.
In accordance with the 2015 TIF Policy, approved through Ordinance 2015-05-14-0419, TIF staff reviewed the application alongside the Finance Management Division and City Attorney's Office. Staff recommendations were presented to the TIF Governance Committee which confirmed a term length of approximately 35 years.
On December 5, 2019, City Council designated the Thea Meadows TIRZ, a petition-initiated increment rei...
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