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Balcones Heights outlines phased plan for Wonderland of the Americas, eyes Opportunity Zone and infrastructure financing
Summary
City officials and the Balcones Heights EDC presented a phased redevelopment strategy for Wonderland of the Americas, said the city plans to apply for Opportunity Zone designation, and described a proposed increment financing mechanism to fund infrastructure improvements.
Balcones Heights Economic Development Corporation members on Feb. 13 heard a broad redevelopment proposal for Wonderland of the Americas that calls for a phased, publicly anchored mixed-use strategy aimed at stabilizing tenants, boosting sales and property tax revenue, and attracting private capital.
In a presentation summarized for the board, the chairman and staff said the conventional single-use mall model is no longer reliable and recommended converting parts of Wonderland into a mix of retail, medical, multifamily, civic uses and potentially higher education or transportation facilities. "Retail alone cannot carry the asset," the chairman said, urging a multi-party plan that "right size[s] all…
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