The first phase of the Verano Master plan is moving forward. The project was temporary halted due to years of planning, legal proceedings and setbacks associated with the economic recession. On Thursday, the San Antonio City Council approved the staff recommendation of the following items:
• Amended TIRZ Project and Finance Plans
• Amended Development Agreement
• Approval of the "Assignment of Rights"
• Amended Consent Agreement
• Amended Interlocal Agreements with Bexar County, the San Antonio River Authority and Alamo Colleges
The action paves the way for homebuilders to begin phase 1, which is the development of up to 500 single family homes.
The Verano Tax Increment Reinvestment Zone (TIRZ) was designated by the City in 2007. It is composed of nearly 3,100 acres of future master planned development and 500 acres donated for the Texas A&M San Antonio campus. Future phases will include student housing, multifamily units, parks, and a retail component all designed in a walk-able town center setting.
This marks the beginning of another initiative aimed at continuing residential, commercial, and educational investment in our district.
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credit source: District 4 Electronic News Blast