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Friendswood board approves Reinvestment Zone No. 2 plan and Castle Biosciences development agreement amid neighborhood concerns
Summary
The Friendswood Board of Directors approved the financing and project plan for Reinvestment Zone No. 2 and a development agreement with Castle Biosciences, with staff saying the TIRZ enables developer-funded infrastructure reimbursements; residents warned the parkway and openings to Castlewood/Applewood would harm neighborhoods and local businesses.
The Board of Directors for Reinvestment Zone No. 2 and the Friendswood City Council approved a financing and project plan for a roughly 326-acre reinvestment zone and unanimously approved a development agreement with Castle Biosciences Inc., city staff said, while residents urged caution about traffic, flooding and economic impacts.
City staff (identified in the meeting as Mr. Kabir) told the board the tax increment reinvestment zone (TIRZ) is reimbursement-based: developers will fund initial public infrastructure and be repaid from incremental tax revenue generated once developments produce taxable value. "Castle Biosciences is expected to pay the city of Friendswood $21,000,000 over the life of the TIRZ, and over the life of the TIRZ, we're gonna…
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