Redevelopment push: Great Homes rebates continue and LakePointe redevelopment carries multimillion-dollar reimbursements

Devon Brodriguez, director of redevelopment, told the council that the city's redevelopment office is advancing programs and incentive negotiations intended to boost taxable value per acre and to prepare key sites for reinvestment.

Program results: Great Homes

The department said the "Great Homes" exterior improvement incentive has supported more than 300 homeowner projects over three years with roughly $5,000,000 in private investment and about $770,000 in city reimbursements. Staff presented a private-to-public investment ratio improving from about 5:1 in 2023 to about 8:1 in 2025 for participating projects. Rebates and a complementary design voucher program were credited for increasing participation and larger private investments.

Why it matters: Redevelopment initiatives aim to increase taxable value per acre (the city told council staff that a small portion of redeveloped acres can meaningfully increase annual property and sales tax revenue), preserve neighborhood housing stock, and create denser and higher-value uses on underused land.

LakePointe (Lovett) redevelopment summary

Brodriguez presented an update on a major redevelopment prospect for the LakePointe (formerly Fluor) site. The Lovett Group is expected to pursue a walkable, higher-density redevelopment that could include up to 1,000 housing units across townhome and multifamily types. Key financial terms briefed to council included:

- Up to $5,340,000 in demolition reimbursement from the general fund; the FY25 and FY26 budgets include funding for that reimbursement.
- Up to $12,000,000 in infrastructure reimbursement from the general fund; staff said that reimbursement would be structured as a revenue-backed reimbursement and paid when taxable revenue is realized on redeveloped parcels.
- $7,000,000 for civic space and parkland, funded from 4B (economic development) funds.

Staff said demolition work could begin as early as fall and phase 1 vertical construction might begin next summer, subject to contractor and market timing.

Council questions and clarifications

Council members asked how common incentive structures are in redevelopment practice and whether the city's approach differs from other municipalities. Brodriguez and staff said incentives are a common tool for major site redevelopment; the city tailored the structure to the site and the developer's business model rather than using a standard PID or other assessment model.

Discussion vs. decisions

Discussion: The council received program results and a status update on LakePointe/Lovett negotiations; no formal action was taken during the workshop.

Direction: Staff will continue to implement Great Homes, finalize agreements for the LakePointe project consistent with the terms presented and return with any required legal documents or budget amendments when reimbursements come due.

Ending

Redevelopment staff framed the work as strategic: as the city approaches build‑out (staff said less than 4% of developable land remains), reinvesting in existing neighborhoods and preparing key large sites for higher-value uses is central to sustaining long-term revenues and services.