SAN ANTONIO – The Westside Tax Increment Reinvestment Zone (TIRZ) board voted Dec. 6 to allocate $6.6 million to renovate Market Square.
Final approval is needed from City Council before the money is disbursed to the city-owned plaza lined with shops, restaurants and live entertainment at 514 Commerce St., just west of I-10.
An important cultural space for the city, Market Square draws thousands of visitors each year and is home to more than 100 locally owned businesses.
The largest share of the funding — about $4.3 million — would go towards upgrading the HVAC equipment in the Farmer’s Market building. Money will also go towards exterior renovations to facades, exterior lighting, plaza shading and signage.
The funds are derived from the city’s tax increment financing strategy, which uses a designated area’s future tax growth to pay for development or community improvement projects.
Council member Teri Castillo, the Westside TIRZ board chair, said that while the proposed upgrades are important to accommodate visitors, it’s the vendors that suffer from inadequate systems the most.
“By investing in improvements for our Westside facilities we are improving the working conditions for our Market Square vendors as well as the experience for their patrons through HVAC improvements and much more,” she told the Business Journal prior to the meeting.
Read the full story in the San Antonio Business Journal.
Editor’s note: This story was published through a partnership between KSAT and the San Antonio Business Journal.