city of San Antonio


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File #: 21-4162   
Type: Miscellaneous Item
In control: City Council A Session
On agenda: 6/10/2021
Posting Language: Ordinance approving a Development Agreement between the Midtown TIRZ Board of Directors, Broadway SA Investors, GP, LLC, and the City of San Antonio to reimburse for eligible public improvements and associated fees for streets, sidewalks, utilities, lighting, and landscaping for an amount not to exceed $500,000 for the Elmira Street Apartments Project located at 1126 E. Elmira Street. [Lori Houston, Assistant City Manager; VerĂ³nica R. Soto, FAICP, Director, Neighborhood and Housing Services]
Attachments: 1. Agreement, 2. EXHIBIT C - Site Plan, 3. Draft Ordinance
Related files: 21-2882
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DEPARTMENT: Neighborhood and Housing Services Department


DEPARTMENT HEAD: Ver?nica R. Soto, FAICP, Director


COUNCIL DISTRICTS IMPACTED: 1


SUBJECT:

Execution of a Development Agreement for the Elmira Apartments Project located at 1126 E. Elmira St., in Council District 1.

SUMMARY:

This ordinance authorizes the execution of a Development Agreement between the Midtown TIRZ Board of Directors, Broadway SA Investors, GP, LLC, and the City of San Antonio to reimburse for eligible public improvements and associated fees for streets, sidewalks, utilities, lighting, and landscaping for an amount not to exceed $500,000 for the Elmira Street Apartments Project located at 1126 E. Elmira Street in Council District 1.


BACKGROUND INFORMATION:

The Elmira Street Apartments project is the construction of a new seven-story mixed-use midrise residential building within the boundary of the Midtown TIRZ. This new development will replace a surface parking lot and includes 260 market rate units, structured parking with 507 spaces, and 6,600 square feet of retail space on the ground floor. It will also feature several amenities such as a coworking space, pool, dog park, and fitness center. The total development cost is approximately $80 million.

This project is anticipated to begin in March 2022 and estimated to be completed by December 31, 2024.

The City executed a Center City Housing Incentive Policy (CCHIP) agreement with Broadway SA Investors in December of 2020. This is the last CCHIP agreement that was executed before the CCHIP program expired on December 13, 2020. Per the policy, the project will receive a 10-year, 75% property tax rebate on city ad valorem taxes. The project will also contribute approximately $1,045,000 to the Affordable Housing Fund which will incentivize future affordable housing projects. The project is also eligible for an impact fee waiver of $500,000, which would exhaust the remaining SAWS fee waiver allocation for FY2021. In an...

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