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Council briefed on three TIF-backed redevelopment projects including a downtown corporate headquarters and affordable-housing rehab
Summary
Interim economic development director Jeremy Pacina outlined three TIF projects recommended by the TIF board: Cornerstone Caregiving relocating HQ downtown with a $12M investment and up to $500,000 in TIF support; a $23.5M rehabilitation of Waco High Lofts to preserve 104 affordable units with up to $500,000 from an affordable-housing TIF set-aside; and a Brookview Hills commercial revitalization with developer investment of at least $4.5M and up to $1M in combined incentives.
Interim Economic Development Director Jeremy Pacina presented three projects the TIF board unanimously recommended for council consideration, describing investment, timing and conditional incentive terms.
Cornerstone Caregiving: The company proposes moving its global headquarters into the historic Insurors of Texas building near the Dr Pepper Museum and AC Marriott Hotel. Pacina said the project anticipates a minimum $12 million investment to retrofit floors, retain 82 existing jobs and create 218 additional jobs by year five. The TIF board recommended funding not to exceed $500,000 (TIF 1/Waco‑McLennan County EDC) with conditions including the $12 million minimum investment and 300 employees at the site by year five; anticipated construction start Q3 2026 and completion by Q3 2027.
Waco High Lofts rehabilitation: A new ownership group proposes a comprehensive $23.5 million rehabilitation of the Waco High Lofts (originally redeveloped in 2010) to address flooding, roofing and safety concerns and to preserve a minimum of 100 affordable units. Pacina said these funds would draw from a $2.5 million TIF affordable‑housing set‑aside the council approved in 2022; the TIF board recommended up to $500,000 from that set‑aside for the project. The developer plans to phase work so tenants can remain housed in-site during renovation; project commencement by end of June and completion by December 2027 were stated targets.
Brookview Hills / 34th & Bosque commercial redevelopment (TIF 4): Pacina described a multi-parcel renovation to reverse deferred maintenance and blight at the Brookview Hills Shopping Center (approximately 50,000 sq. ft.). The proposed incentive includes up to $1 million in combined assistance (an estimated $739,991 of 10-year TIF increment plus five years of 50% sales-tax reimbursement on incremental sales above $40,000/year). The developer’s minimum investment is $4.5 million; commencement was projected June 26 with completion by Dec. 2028.
Council discussion touched on program fit, coordination with TxDOT work on Bosque Avenue and maintaining communication with developers to avoid timeline conflicts, and council members praised the projects’ potential to increase downtown daytime populations and preserve affordable housing.
