Res 2011-143 - Laserfiche WebLink

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EXECUTIVE SUMMARY The proposed City of San Marcos, Texas (the "City) Tax Increment Reinvestment Zone No. 4 ("Zone No. 4 ") consists of approximately 1,338 acres of undeveloped land located approximately one -half mile northwest of IH — 35 and the Centerpoint Drive interchange. While the site holds potential due to its location, it lacks the infrastructure necessary to support commercial and residential development As such, the site is not likely to be developed in the near future beyond its current use but for creation of Zone No. 4 or similar reimbursement mechanism to Carma Paso Robles U-C, a Texas limited liability company, the developer and sole land owner of the site (the "Developer"). Zone No. 4 has been proposed to help pay for public infrastructure costs to facilitate a new development by the Developer consisting of up to 3,450 single - family homes, a daily fee golf course and clubhouse, walking trails, parks and sites for general commercial use. Proposed public infrastructure improvements are primarily related to the extension of city services, including water, reclaimed water, wastewater and streets, to and throughout the site. The public improvements proposed in this plan would convey a direct benefit to the City and Hays County (the "County") both in terms of quality regional growth and new sales and ad valorem tax revenues. It is estimated that the City and County combined will collect nearly $10 million in new sales and use tax and ad valorem tax revenue annually over the 30 -year life of Zone No. 4 due to residential and commercial development associated with the site. In addition, the street improvements include the extension of Centerpoint Drive and Hunter Road improvements that will not only serve the property within Zone No. 4 but also increase connection to other parts of the City and open up land surrounding Zone No. 4 to future development_ Under this Plan, the City would agree to reimburse the Developer from tax increment revenue generated by Zone No. 4 itself for a portion of the public infrastructure improvements. The City would incur no capital improvement costs, but would retain ownership of the infrastructure once built Over the fife of Zone No. 4, the City would continue to collect the base real property tax revenue as well as new sales and use tax revenues generated by the development The entire project currently is projected to include $99 million in infrastructure improvements, $305 million in residential development, and $53 million in commercial development The total value of the proposed development is currently estimated by the Developer at $910 million. City of San Marcos Zone No. 4 Project Plan and Financing Plan 4