Hemisfair Facing Multimillion-dollar Shortfall For Civic Park Redevelopment
November 1, 2016
Hemisfair Park Area Redevelopment Corp. is currently facing a newly arisen shortfall of funding for Civic Park in downtown San Antonio. Of the original $58 Million USD budgeted to build out the park, now only $21 Million USD, provided for by the city, are at hand. HPARC CEO Andres Andujar has a plan to secure $18.1 Million USD in the form of long-term ground-lease revenue from private development around the park. He believes another $10 Million USD could be generated by using tax credits which the park could qualify for, and that the remaining funds can be raised by Philanthropic support leveraged by the Tax Increment Reinvestment Zone (TIRZ) which is slated to be completed next year. Civic Park is given such priority due to its ability to connect Hemisfair with the rest of the city’s destinations such as the San Antonio River, Alamo, and Henry B Gonzales Center. If the capital is successfully raised, and the park completed, over the next decade $880 Million USD worth of economic activity could be the outcome of the development at Hemisfair Park per a recently completed report by HPARC and verified by Austin-based consultants TXP Inc.
Hemisfair facing multimillion-dollar shortfall for key redevelopment project