Flower Mound TIRZ Board approves First Ranch Phase 1 development agreement
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Summary
The Flower Mound TIRZ Board No. 2 unanimously approved a development agreement for First Ranch Phase 1 that authorizes reimbursement for infrastructure projects estimated at about $22.2 million, funded by TIRZ revenues, impact fees and an interlocal agreement with Denton County. Construction is expected to finish by December 2026.
The Flower Mound Tax Increment Reinvestment Zone (TIRZ) Board No. 2 on Tuesday evening approved a development agreement for First Ranch Phase 1, authorizing reimbursement for a suite of infrastructure projects estimated at about $22,200,000.
Lee Rodriguez, the town’s CIP service manager, presented the agreement and described the capital projects included in the development agreement as arterial roadways, a mixed-use collector roadway, a traffic signal, a water line, sanitary sewer lines and a water reuse line. "The estimated project cost is about 22,200,000.0," Rodriguez told the board and said construction of the projects is expected to be completed by December 2026.
Rodriguez said funding for the work will come from TIRZ revenues and impact fees collected from development within the First Ranch area and noted an interlocal cost agreement (ICA) with Denton County for about $12,000,000 that the town will apply toward roadway construction.
During the meeting the board moved and seconded approval of regular item D1. The clerk conducted a roll call; the item passed by unanimous vote.
The presentation referenced that the town council in October 2022 approved a mixed-use ordinance for the First Ranch development, and Rodriguez said the capital projects listed in the development agreement are included in the town’s master plan.
No members of the public spoke during the public comment period. The board adjourned at 5:35 p.m.