San Antonio approves $5.7M in incentives to East Side tech redevelopment project
The city approved more than $5.7 million in incentives Thursday to help a nonprofit turn a long abandoned building on the East Side into what it hopes will become an innovation hub.
The Texas Research and Technology Foundation, or TRTF, plans to turn the vacant Merchant’s Ice complex on East Houston Street into a military medical research facility, commercial lab and office space, a business incubator, a hotel and a food hall.
Council members approved a grant of up to $750,000 over five years for expansion of TRTF subsidiary VelocityTX’s programming at the site. They also approved a Tax Increment Reinvestment Zone agreement for up to $5 million over seven years to offset public-improvement expenses at the site.
Dylan McGuinness San Antonio city government and politics. Read him on our free site, mySA.com, and on our subscriber site, ExpressNews.com. | email@example.com | Twitter: @DylMcGuinness