Title
Discussion and possible action regarding The Pecan District Tax Increment Reinvestment Zone (TIRZ) proposal.
Summary
In 2016, the City Council approved a Planned Unit Development (PUD) zoning for the property known as the Pecan District (previously known as The Commons at Heatherwilde and Pecan (2015) and The Pacana (2009)). The proposed project is entitled through the PUD to create a high density mixed use development. In the fall of 2017 the developer presented a proposal to City Council that would incorporate the use of a Tax Increment Reinvestment Zone (TIRZ) to fund various public improvements within the development. Over the past several months staff has worked with the developer to further analyze the potential for a TIRZ on this tract. The city engaged Gateway Planning to assist staff in the analysis of the TIRZ proposal.
Staff continues to work with the developer regarding the proposed TIRZ and will be providing a presentation on the status of those conversations. Staff, our consultant, and the developer have come to a general consensus on the structure of the TIRZ and the developer is requesting policy guidance from the City Council on a proposed TIRZ before completing additional analysis that would be of great cost to the developer if ultimately the policy decision was contrary to how the project was moving forward.
Prior City Council Action
The City Council approved Alternative Land Use Regulation (ALUR) zoning for the property on August 25, 2009. (Ordinance 1011-09-08-25)
The City Council approved Planned Unit Development (PUD) zoning for the property on June 23, 2015 (Ordinance 1223-15-06-23)
The City Council approved Planned Unit Development (PUD) zoning for the property on August 23, 2016 (Ordinance 1280-16-08-23)
Projected Future City Council Action
None scheduled at this time.
Staff Recommendation
Continue to work with the developer on the elements required to establish a TIRZ for the Pecan District project.
Drafter
Emily M. ...
Click here for full text