River North Passes Unanimously

[babysal]

City Council voted today to approve the River North TIRZ.

What this means: Developers will have added incentives to building in the area. This is really going to change the face of Downtown San Antonio in terms of residential units. This plans envisions nearly 8000 new units of all classes of housing in the area as well as 750 thousand sq ft. of new office and 300 thousand sqft. of new retail. Watch this area evelove. It should begin realtively soon.


An Ordinance designating the River North Project area located in City Council District 1, as shown by the TIRZ Boundary Map to be bounded by the centerlines of the following streets: on the north by IH 35, to the west by N. St. Mary’s, Camden, Wilmington, Brooklyn, Augusta, and Baltimore Streets, to the south by 4th, Taylor, and 3rd Streets, and to the east by N. Alamo, 4th, Bonham, McCullough, Avenue E, Brooklyn, Union, 10th, E. Jones, and Broadway as a Tax Increment Reinvestment Zone (“TIRZ”); describing the boundaries of the TIRZ; creating a board of directors for the TIRZ; providing for an effective date and a termination date for the TIRZ; naming the TIRZ “Reinvestment Zone Number Twenty-Six, City Of San Antonio, Texas”; establishing a tax increment fund; and containing other statutorily required provisions for the designation of a TIRZ. [Presented by David D. Garza, Director, Housing and Neighborhood Services; Jelynne LeBlanc Burley, Deputy City Manager]