DEPARTMENT: Neighborhood and Housing Services Department
DEPARTMENT HEAD: Ver?nica R. Soto, FAICP, Director
COUNCIL DISTRICTS IMPACTED: 3
SUBJECT:
An ordinance approving designation of petition-initiated Nabors Tax Increment Reinvestment Zone (TIRZ) Number Thirty-Seven, Nabors TIRZ #37, located at 11625 Old Corpus Christi Highway in southeast San Antonio in Council District 3, for a term of 25 years with City's participation level at 85% in accordance with the provisions of the Tax Increment Finance (TIF) Act, Chapter 311 of the Texas Tax Code.
SUMMARY:
After a public hearing, City Council is asked to approve an Ordinance designating approximately 203 acres of property to be known as Nabors Tax Increment Reinvestment Zone (TIRZ) Number 37, Nabors TIRZ #37, in accordance with the provisions of the TIF Act, Chapter 311 of the Texas Tax Code. The purpose of creating a Tax Increment Reinvestment Zone is to promote development that would not occur solely through private investment in the reasonably foreseeable future. The development will consist of 637 single family homes on 120 acres, 340 multi-family units on 15 acres, 8 acres for retail, 50 acres for industrial, and 18 acres of open space and drainage. Sixty-two percent (62%) of the single-family homes will be affordable to families earning 80% to 120% of Area Median Income (AMI). This item will officially designate and name the reinvestment zone, describe the boundaries of the zone, create a Board of Directors for the zone, establish effective start and termination dates for the zone, present the preliminary Finance Plan, and create a Tax Increment Finance fund for the zone.
BACKGROUND INFORMATION:
In February 2021, 2020 FI Nabors, LLC-as subsidiary of Bitterblue Development-petitioned the City pursuant to the provisions of Chapter 311 of the Texas Tax Code. 2020 FI Nabors, LLC requests City Council establish within the City a reinvestment zone, located at 11625 Old Corpus Christi Highway in Coun...
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