EDC staff says incentives will prioritize undeveloped small‑area lots; Catalyst Commercial to advise

The Trophy Club Economic Development Corporation on Feb. 25 discussed a renewed focus on incentives for undeveloped land within the town's small‑area plan and the role of outside advisors in marketing those parcels.

Economic development staff said the Town Council's direction from a Jan. retreat is to prioritize undeveloped lots in the small‑area plan. "Their primary focus is to look at the undeveloped land that we have available in the small area plan," staff said, adding the town is working with consultant Catalyst Commercial to promote the vacant lots to developers and provide an executive report each month on outreach and prospective developers.

Staff told the board that monthly updates from Catalyst will be discussed in executive session and that the information "is confidential" and may not be shared outside executive session. If the EDC recommends approval of any incentive package, staff said the board would reconvene in open session to take a formal vote or to forward a recommendation to council.

Staff listed the incentive tools that could be used if the EDC and council approve agreements, including so‑called "380" agreements, land acquisition and sales‑tax incentives, and said incentive dollars already in the EDC fund could be used to support deals. "What we can do is provide a plethora of incentives through 380 agreements, land acquisition, [and] sales tax incentives," staff said.

Board members asked for clarification about the scope of Catalyst's work and whether the consultant would market existing vacant buildings as well as undeveloped lots. Staff replied Catalyst will focus only on parcels in the small‑area plan; outreach and incentives for existing vacant buildings and operating businesses would remain an EDC responsibility and be handled through separate programs such as the Thrive Business Grant Program.

Staff said available parcels include larger tracts—"five acres and [a] little over two"—and that the EDC would be the first reviewer of any developer proposals Catalyst forwards. The board did not take a formal vote on any incentive agreement at the meeting; staff said formal approvals would occur in open session if and when a specific proposal is ready.

The EDC's next steps, as described by staff, are to receive monthly executive reports from Catalyst in executive session, review prospective developers and incentive packages, and, if appropriate, present formal recommendations to Town Council for approval.