DEPARTMENT: Neighborhood and Housing Services Department
DEPARTMENT HEAD: Ver?nica R. Soto, FAICP
COUNCIL DISTRICTS IMPACTED: 2
SUBJECT:
An ordinance approving an Amendment and Restatement of the Chapter 380 Economic Development Grant Agreement between the Inner City TIRZ Board of Directors, George Gervin Youth Center (GGYC), Inc., and City of San Antonio to provide for the San Antonio Housing Trust Public Facility Corporation (SAHT PFC) to be added to the Agreement as signatory and to allow the commitment of $2,550,000 in TIRZ funds to be reimbursable to SAHT PFC, revise the financial closing date to December 31, 2021, authorize any ancillary actions necessary to effectuate the completion of the financing of the project by the new closing date, and conveyance of city owned property located at 301 Spriggsdale for the Echo East Project located in City Council District 2.
SUMMARY:
Because of financial market complications caused by the COVID pandemic, co-developer Gardner Capital was unable to move forward with HUD 221(d)(4) debt financing. Financing terms to move forward with conventional financing with tax credit equity proved too costly. Therefore, Gardner Capital withdrew their application to allow GGYC to move forward with another co-developer partner.
On November 10, 2020 the Inner City TIRZ Board of Directors approved Resolution T11 2020-11-10-01R approving the Amendment and Restatement of the Chapter 380 Economic Development Grant Agreement between the Inner City TIRZ Board of Directors, George Gervin Youth Center, Inc, San Antonio Housing Trust Public Facility Corporation, and City of San Antonio.
BACKGROUND INFORMATION:
The Echo East Apartments include 192 affordable housing units that will serve individuals and families that make 30% to 70% of the Area Median Income. The unit mix by income is:
? 18 units at 30% AMI
? 23 units at 40% AMI
? 35 units at 50% AMI
? 116 units at 70% AMI
The project will be financed through a combination of...
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