DEPARTMENT: Neighborhood and Housing Services Department
DEPARTMENT HEAD: Ver?nica R. Soto, FAICP, Director
COUNCIL DISTRICTS IMPACTED: 4
SUBJECT:
Briefing of the Valley Sol proposed petition initiated TIRZ located West of IH-35 and Fischer Road in southwest San Antonio in Council District 4.
SUMMARY:
Consideration of the developer petition-initiated Valley Sol TIRZ located West of IH-35 and Fischer Road in southwest San Antonio in Council District 4.
BACKGROUND INFORMATION:
Pursuant to Section 311.005(a)(4) of the Tax Increment Finance (TIF) Act, Chapter 311 of the Texas Tax Code, the City has the authority to create a petition-initiated Tax Increment Reinvestment Zone (TIRZ) in order to promote the development or redevelopment of an area if the City determines that development or redevelopment would not occur solely through private investment in the reasonable foreseeable future.
In April 2021 Lennar Homes of Texas Land and Construction, Ltd. submitted a Tax Increment Financing application requesting the creation of a new 122-acre single family home petition-initiated TIRZ located West of IH-35 and Fischer Road in southwest San Antonio in Council District 4. The total development cost is estimated at $94,080,153 with a current public infrastructure reimbursement request of $22,762,681. The developer is seeking a 25-year term with the City participating at 85%.
ISSUE:
Valley Sol consists of approximately 122-acres. The development will consist of 657 single-family homes. The homes will be sold starting at $150,000. Twenty five percent (164 homes) will be priced between $150,000 - $199,000, fifty percent (329 homes) will be priced between $200,000 - $240,000, and twenty five percent (164 homes) may be priced above $241,000. Based on average interest rates and other mortgage factors currently, a typical household of four allocating 30% of their income on housing can afford a home at or below $155,000 for families at 80% AMI, at or below $20...
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