Title
Consider a memorandum/resolution approving a Tax Increment Reinvestment Zone (TIRZ) reimbursement agreement with CSW Killeen, L.P. for reimbursement of certain infrastructure costs associated with development of Anthem Park in an amount not to exceed $12,741,099.
Summary
DATE: April 18, 2023
TO: Kent Cagle, City Manager
FROM: Edwin Revell, Executive Director of Development Services
SUBJECT: Anthem Park - TIRZ #2 Reimbursement Agreement
BACKGROUND AND FINDINGS:
On March 14th, City Council approved a request to rezone 203.2 acres to Planned Unit Development (PUD) for the proposed Anthem Park development. The proposed development will include 37.8 acres of Commercial/Retail; 89.3 acres (1,720 units) of Multi-Family; 60 acres (630 units) of Build-to-Rent (mixed residential); and 9 acres of Office/Flex/Storage.
The proposed development will include approximately 2.8 million square feet of improvements. The projected property value of the project at full build-out is $534 million, and the projected property & sales tax revenue is approximately $7 million/year at full build-out. Total sales and property tax revenue between now and 2041 is approximately $124 million.
Chapter 311 of the Tax Code authorizes the City to enter into agreements as the board or governing body considers necessary or convenient to implement the TIRZ project plan and reinvestment zone financing plan. Such an agreement may dedicate, pledge, or otherwise provide for the use of revenue in the tax increment fund to pay any project costs that benefit the reinvestment zone, including project costs relating to construction of roads, sidewalks, or other public infrastructure.
In December 2022, the Council approved a TIRZ Project and Financing Plan (Ordinance No. 22-097), which allocates $14 million for economic development and public infrastructure reimbursements. If approved, the proposed Anthem Park TIRZ #2 Reimbursement Agreement will provide for reimbursement to the developer...
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