DEPARTMENT: Neighborhood and Housing Services Department
DEPARTMENT HEAD: Verónica R. Soto, FAICP, Director
COUNCIL DISTRICTS IMPACTED: 10
SUBJECT:
An Ordinance approving the execution of a Development Agreement between the Northeast Corridor TIRZ Board of Directors, Bitterblue, Inc., and the City of San Antonio for eligible public improvements for an amount not to exceed $1,650,000 reimbursed over three fiscal years (FY 2021-FY 2023) for the David Edwards Drive Extension Project in Council District 10.
SUMMARY:
The Longhorn Quarry redevelopment is a master planned community designed to be transformed into a hub for living spaces, businesses, leisure, and culture. The total cost of the redevelopment is approximately $100 million. The extension of David Edward Drive to Schertz Road will spur further development within the Longhorn Quarry to include a proposed high school of Science and Technology and a multi-family apartment project. The street extension will act as a stent for the heart and success of the Longhorn Quarry Master Development, sparking interest in construction of remaining parcels for retail, commercial, and multifamily projects.
The project consists of the construction and delivery of new public infrastructure, including street design and construction of an extension of David Edwards Drive. The public improvements associated with extending David Edwards Drive include, sidewalks, streetlights, monument signs, street signs, drainage, curb cuts, utilities, sitework, and landscaping. The project is anticipated to begin in April 2021 and be completed in December 2021.
BACKGROUND INFORMATION:
On February 9, 2021 the Northeast Corridor TIRZ Board of Directors approved a Development Agreement with Bitterblue, Inc. for eligible public improvements for an amount not to exceed $1,650,000 reimbursed over three fiscal years (FY 2021-FY 2023).
The Longhorn Quarry is a master-planned redevelopment comprising of more than 100,000 sf of commercial space (retail, flex office, medical office, etc.), a 600-student charter school (School of Science and Technology), an amphitheater, and 300-unit multifamily project.
ISSUE:
City Council consideration is requested for the approval of a Development Agreement for the David Edwards Drive Extension Project for eligible public improvements for an amount not to exceed $1,650,000.
ALTERNATIVES:
If City Council chooses not to approve the Development Agreement, Bitterblue will need to seek an alternate funding source. This could potentially jeopardize their agreement with the Science and Technology High School and delay the development of the Longhorn Quarry.
FISCAL IMPACT:
Funding for this agreement is available through the tax increment produced by the Northeast Corridor TIRZ #33. There will be no impact to the General Fund.
RECOMMENDATION:
Staff recommends approval of the Development Agreement with the Northeast Corridor TIRZ Board of Directors, Bitterblue Inc., and the City of San Antonio for eligible public improvements for an amount not to exceed $1,650,000 reimbursed over three years (FY 2021-FY 2023) for the David Edwards Drive Extension Project.