City of San Antonio - File #: 21-1049

• File #: 21-1049
• Type: Real Property Acquisition
• In control: City Council A Session
• On agenda: 2/11/2021
• Posting Language: Ordinance approving: 1) the acquisition of .95 acres of land located at 419 San Pedro Avenue and 425 San Pedro Avenue, by the City of San Antonio, by and through the Urban Renewal Agency of the City of San Antonio, doing business as the Office of Urban Redevelopment San Antonio (OUR SA), from Mireles Properties LLC and Marquee Investments LLC for an amount not to exceed $2,000,000.00; 2) authorizing the sale of said .95 acres of land to Franklin Development Properties, Ltd. by the City of San Antonio, by and through the OUR SA for a sales price of $500,000.00 payable to the City as program income for the 2017-2022 Neighborhood Improvements Bond Program; and 3) authorizing the City to reimburse eligible expenses to Franklin Development Properties, Ltd in accordance with the Urban Renewal Plan in an amount not-to-exceed $2,650,000.00 which includes a $350,000.00 contingency for additional authorize expenses; a Neighborhood Improvement Bond Program Project funded by the 2017-2022 Ge...

Date	Ver.	Action By	Action	Result
2/11/2021	1	City Council A Session

DEPARTMENT: Neighborhood & Housing Services


DEPARTMENT HEAD: Ver?nica R. Soto, FAICP


COUNCIL DISTRICTS IMPACTED: Council District 1


SUBJECT: Neighborhood Improvement Bond Program - 419 and 425 San Pedro Avenue


SUMMARY:
An Ordinance (1) authorizing the acquisition of 419 and 425 San Pedro Avenue, two (2) lots approximately .95 acre, for affordable/Workforce Housing for the San Pedro Avenue Housing Bond Project from Mireles Properties LLC (419) and Marquee Investments LLC (425) for an amount not to exceed $2,000,000.00; (2) approving a Contract for the Sale of Land for Private Redevelopment to Franklin Development Properties, Ltd for a sales price of $500,000.00 proceeds to the Affordable Housing Bond Fund as program income; and (3) authorizing a contribution from the City, by and through OUR SA, applicable towards eligible expenses per the Urban Renewal Plan, in an amount not-to-exceed $2,650,000.00 which includes an $350,000.00 contingency for additional authorizes expenses. The foregoing represents a Neighborhood Improvement Bond Program Project funded by the 2017-2022 General Obligation Bond, located in Council District 1.

BACKGROUND INFORMATION:
The City is purchasing two (2) adjacent properties at 419 and 425 San Pedro Avenue, .95 total acres, for $2,000,000.00. This site is within the Five Points-Near West Improvement Area per the approved Urban Renewal Plan in Council District 1 and has been identified as suitable for affordable housing development under the 2017 Neighborhood Improvements Bond Program. The two properties are adjoining and consist of a total of .95 acres.

The City, through OUR SA, will sell the two properties to Franklin Development Properties Ltd. to construct an 80-unit, multi-family residential development, to provide affordable and Workforce Housing rental opportunities as part of the 2017 - 2022 General Obligation Bond Program.

The development will consist of 41, 2-bedroom units and 39, 3-bedroom units with 3...