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Commission begins TIRZ process for developer-backed 682-home project, first readings approved
Summary
The Weslaco City Commission approved first-reading actions to create or amend tax increment reinvestment zones after a developer pitched a 682-home master-planned community that would fund infrastructure through a TIRZ and add an estimated $405 million to the tax base without raising the tax rate.
The Weslaco City Commission voted Dec. 16 to begin the legal steps for a developer-initiated tax increment reinvestment zone (TIRZ) tied to a proposed master-planned residential community.
Attorney Jeffrey Earl, speaking for the petitioner, described a phased project of about "approximately 682 single family homes" with prices he said would range "from approximately $290,000 to $530,000." Earl told the commission the developer expects the project to add "more than $405,000,000 to the city's tax base," that infrastructure would be funded up front by the developer and reimbursed from new tax value captured within the zone, and that no city tax-rate increase or diversion of existing city funds would be required.
City legal staff recommended moving forward with two related ordinances on first reading: one to remove properties from an existing TIRZ and another to establish TIRZ No. 2, describing boundaries, a board of directors and a tax increment fund. Counsel said the city would hold a public hearing on the new zone at second reading and that the city would retain final approval over board decisions.
Commissioners asked for confirmation on on-site drainage commitments and other design details; counsel said the developer has promised "100% on-site detention and drainage." Several commissioners welcomed the economic prospects for new housing and infrastructure.
The commission approved the motions on first reading by voice vote. The TIRZ creation and board appointments must return for formal action at the second reading and any required hearings before the zone can be finalized.
