DEPARTMENT: Public Works
DEPARTMENT HEAD: Razi Hosseini, P.E., R.P.L.S.
COUNCIL DISTRICTS IMPACTED: Council District 1
SUBJECT:
Developer Participation Agreement: Broadway Infrastructure Improvements
SUMMARY:
An ordinance approving the execution of a Developer Participation Agreement between Silver Ventures, Inc. and the City of San Antonio in an amount not to exceed $400,000.00 for infrastructure improvements to and along Broadway Street in relation to the 2017 Bond funded Broadway Corridor project, located in Council District 1. Funds are available from the 2017 - 2022 General Obligation Bond Program and are included in the FY 2021 - FY 2026 Capital Improvements Program.
BACKGROUND INFORMATION:
Project Background
The redevelopment of the Pearl Brewery, just north of Downtown, has led to many revitalizations within the surrounding area. One of those developments includes the relocation of the Credit Human Federal Credit Union headquarters to Broadway Street, adjacent to the Pearl Brewery. Texas Local Government Code allows municipalities to contract with a developer to construct public improvements related to the development and provide funding up to 30% of the total public improvements cost.
Silver Ventures Inc. will develop and construct an office facility for Credit Human to include two office towers with a five-level parking garage as well as infrastructure improvements along Broadway Street between Grayson Street and Pearl Parkway, which are the subject of the Developer Participation Agreement. The City will reimburse Silver Ventures, Inc. in an amount up to $400,000.00 to construct the infrastructure improvements that would have otherwise been completed as part of the 2017 Bond Program Broadway Corridor project.
This agreement will be executed in compliance with the Small Business Economic Development Advocacy (SBEDA) Program, which requires contracts be reviewed by a Goal Setting Committee to establish a requirement and/or incentive ...
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