A timetable for expanding the boundaries of TIRZ 2 to accommodate planned development between Bay City and Van Vleck was discussed in a public hearing Nov. 9.
The public hearing on the Tax Increment Reinvestment Zone 2 (TIRZ) covered the need for amending the zone’s boundary and the timetable to precede City Council action at its Tuesday, Nov. 16 meeting.
The TIRZ 2 board recommended council approved the boundary, project and finance plan amendments to the zone.
Action on the amendments were on council’s agenda, but the meeting came after the Sentinel’s press time Tuesday.
Economic development consultant David Pettit led the discussion on amending the ordinance that created TIRZ 2 and the amended TIRZ project and financing plan.
The Schulman entertainment center is the main business activity in TIRZ 2 now, but Bold Fox Development’s plan for about 200 homes has become a driving force in seeking changes.
TIRZ 2 expansion calls for adding 147.27 acres southwest of the present boundary that would mainly include a regional detention park and connect with a drainage detention creek envisioned as part of Bold Fox’s development plans beyond the original 200 homes proposed.
The additional acreage also could include “age-targeted” development and large “Big Box” retail possibilities.
Pettit showed TIRZ 2 board members the projected $253,082,000 investment on the original boundary – with the entertainment center, Bold Fox and other development – could swell to $350,070,000 with the added acreage and improvements.
Expanding the TIRZ 2 boundary also calls for the tandem step of city annexation.
At last week’s hearing, it was announced that Bold Fox managing shareholder Alex Kamkar agreed to put all of the property within the TIRZ boundary into the city.
Pettit also outlined last week funding of an estimated $136,707,199 in long-range public improvements – including water, sewer, storm water, streets and public transportation - as part of the amended project and financing plan.
Funding those improvements could come “through ad valorem participation of eligible taxing jurisdictions,” documents show.
Those jurisdictions include the City of Bay City, Matagorda County, Matagorda County Hospital District and the Port of Bay City Authority.
TIRZ 2 has a 31-year term and is scheduled to end Dec. 31, 2046.
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