DEPARTMENT: Neighborhood and Housing Services Department
DEPARTMENT HEAD: Ver?nica R. Soto, FAICP, Director
COUNCIL DISTRICTS IMPACTED: 4
SUBJECT:
Designation of petition-initiated Somerset Grove Tax Increment Reinvestment Zone (TIRZ) Number Thirty-Eight (Somerset Grove #38), located at 9300 IH-35 South and 9400 Somerset Road in southwest San Antonio in Council District 4.
SUMMARY:
This ordinance approves designation of petition-initiated Somerset Grove Tax Increment Reinvestment Zone (TIRZ) Number Thirty-Eight (Somerset Grove #38), located at 9300 IH-35 South and 9400 Somerset Road in southwest San Antonio in Council District 4, 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.
BACKGROUND INFORMATION:
In April 2021, Lennar Homes of Texas Land and Construction, Ltd. petitioned the City pursuant to the provisions of Chapter 311 of the Texas Tax Code. Lennar Homes of Texas Land and Construction, Ltd. requested City Council establish within the City a reinvestment zone, located at 9300 IH-35 South and 9400 Somerset Road in southwest San Antonio in Council District 4.
The owner and developer of the property to be included in the petition initiated TIRZ is Lennar Homes of Texas Land and Construction, Ltd. The owner and developer of the property constitutes at least fifty percent (50%) of the appraised value of the property in the area according to the most recent certified appraisal roll for Bexar County. The area proposed to be included in the Zone lies entirely within the corporate limits of the City of San Antonio in Council District 4.
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 tha...
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