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Staff briefs TERS board on final TRS No. 5 project and finance plan for Fairfield MUD development
Summary
City staff briefed the TERS board on the final project and finance plan for TRS No. 5 — a roughly 600-acre Fairfield MUD development — outlining projected taxable value, estimated public-infrastructure costs and the proposed reimbursement structure.
City staff presented the final project plan and finance plan for TRS number 5, the proposed tax increment area covering the Fairfield MUD, and asked the TERS board to review the exhibits that document projected taxable value, eligible public improvements and an estimated timeline for construction and reimbursement.
The staff member said the TRS number 5 area covers about 600 acres and is currently mostly agricultural land owned by Hunt Petroleum. Staff described projected new taxable value of roughly $2.1 billion over the buildout and estimated eligible on-site public improvements at about $339 million and…
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