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Burleson TIF board approves amendment to Depot & Main agreement to add pedestrian bridge and dog park access
Summary
The Burleson TIF No. 2 board unanimously approved a second amendment to a Chapter 380/development agreement with Depot and Main Holdings LLC to add a pedestrian bridge, ADA access switchbacks, sidewalks and a planned dog park; the amendment includes performance payments and continued eligibility for up to $2 million in TIF reimbursement.
Alex Phillips, the City of Burleson’s economic development director, told the Tax Increment Finance Reinvestment Zone No. 2 board on Aug. 18 that the proposed second amendment to the 380 development agreement with Depot and Main Holdings LLC would revise the site plan for a 275-unit, Class A multifamily project in Old Town to provide public access improvements including a pedestrian bridge over a drainage channel, ADA switchbacks and sidewalks and a public dog park.
"It is a 275 unit class a multi family development," Phillips said while summarizing the proposal and the associated public improvements. He told the board the project sits on the former site of the city's Burleson service center and that the current appraised value on the tax rolls for the Depot & Main project is about $21,000,000.
Phillips said the existing agreement contemplates a 75% TIF rebate with a maximum reimbursement cap of $2,000,000, and that the amendment would add performance payments totaling $700,000 while preserving the remainder of the $2,000,000 reimbursement through the annual TIF rebate mechanism. He described milestone-linked expedited payments, including a $250,000 payment tied to a construction completion milestone and additional payments conditioned on inspections and final acceptance of pedestrian and dog-park improvements. Phillips also said the applicant had studied a pedestrian trail on the railroad corridor but Union Pacific ("UP") would not permit pedestrian infrastructure in its right of way, prompting the proposed bridge and access route outside UP's corridor.
Chair (speaker 1) thanked Phillips for his work and said the amendment "should be the final step" toward completing the project while expressing concern that some acceptance deadlines could stretch to Sept. 2027. Board member Kenny (speaker 4) said he expects contractors to proceed quickly once work begins and supported the amendment.
Board member Chris (speaker 2) moved to approve the second amendment; Kenny seconded. The chair called for a voice vote, "all the hands came up," and the board approved the amendment unanimously.
The amendment requires Depot & Main to maintain the pedestrian bridge, the retaining walls adjacent to the drainage channel and associated flat work at its own expense; the city retains the right (but not the obligation) to perform maintenance if the developer fails to do so and to seek reimbursement. Phillips said the improvements will be covered under Depot & Main’s insurance as well as the city's schedule with TML IRP. The amendment also contemplates an administrative site-plan (SAP) amendment approval with certain submittal and inspection deadlines outlined in the agreement.
