DEPARTMENT: Neighborhood and Housing Services Department
DEPARTMENT HEAD: Verónica R. Soto, FAICP, Director
COUNCIL DISTRICTS IMPACTED: 2
SUBJECT:
An Ordinance approving the execution of a First Amendment to the Development Agreement between the Inner City TIRZ Board of Directors, Alamo Inn and Suites, and the City of San Antonio for an extension of the project completion date for the Alamo Inn and Suites Project in Council District 2.
SUMMARY:
The Project seeks to amend the terms and conditions of the Agreement to modify the construction schedule and extend the completion date of the project. The project has gone through several delays during construction. The project was initially delayed because of archeological findings during initial excavation. The project was further delayed in 2020 because of the COVID-19 pandemic. The project is now moving along and has had the foundation poured and the framing of the first and second floor completed.
The project is projected to be completed no later than March 31, 2022. The project will consist of the construction of 2,400 square feet of retail space, expansion of the hotel to include 21 new units, increase the height of the building façade, and improvements to the public right of way. The public right of way improvements include sidewalks, curbs, drainage improvements, storm drains, landscaping, and exterior lighting.
BACKGROUND INFORMATION:
On January 17, 2019, the City of San Antonio passed and approved Ordinance No. 2019-01-17-0038 for the Development Agreement for the Alamo Inn and Suites Project for an amount not to exceed $130,000 for eligible public improvements.
On March 19, 2021, the Inner City TIRZ Board of Directors approved a First Amendment to the Development Agreement between the Inner City TIRZ Board of Directors, Alamo Inn and Suites, and the City of San Antonio for a project completion extension for the Alamo Inn and Suites project located at 2203 E. Commerce, in Council District 2.
ISSUE:
City Council consideration is requested for the approval of a First Amendment to the Development Agreement for the Alamo Inn and Suites Project for an extension of the project completion date for the Alamo Inn and Suites Project in Council District 2.
ALTERNATIVES:
If City Council chooses not to approve the First Amendment to the Development Agreement, Alamo Inn and Suites will not be in compliance with their existing Development Agreement and will lose the TIRZ funding approved by City Council on January 17, 2019.
FISCAL IMPACT:
Funding for this agreement is available through the tax increment produced by the Inner City TIRZ #11. There will be no impact to the General Fund.
RECOMMENDATION:
Staff recommends approval of the First Amendment to the Development Agreement with the Inner City TIRZ Board of Directors, Alamo Inn and Suites, and the City of San Antonio for an extension of the project completion date for the Alamo Inn and Suites Project in Council District 2.