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Lennar pitches 1,000-home ‘Buffalo Highlands’ development and multiple tax-increment options to Potter County
Summary
Lennar representatives presented a plan for a 160-acre Buffalo Highlands subdivision of more than 1,000 homes and outlined tax-increment financing options, including a preferred 25-year, 60% reimbursement term; commissioners asked questions and no action was taken.
Lennar Homes representatives outlined a proposal for a 160-acre residential development called Buffalo Highlands and asked Potter County to consider partnering on tax-increment reimbursement to make the project financially viable.
James McKnight of Ortiz McKnight Law Firm, speaking for Lennar, described the site as 160 acres inside the city limits near the new Buffalo Highlands Elementary School and said the project could include more than 1,000 homes on 40- and 45-foot lots. McKnight estimated builders’ public improvements could total as much as $60,000,000 and said earlier reimbursement scenarios translated to roughly $35,000,000 in developer reimbursements under some options. "This development … could be upwards of $60,000,000 worth of public improvements that Lennar is proposing," McKnight said.
McKnight explained three term-sheet options for a TIER/TIRZ-style increment reimbursement (which he connected to chapter 311 of the tax code): a revised 20-year option with an initial 55% reimbursement then 100% for the second decade; an alternative 20-year swap of those percentages Lennar said would not work numerically; and a preferred 25-year option at 60% reimbursement that Lennar described as offering some county revenue from day one while meeting the developer's pro forma. "The 3rd option is the one that we really wanna propose ... 25 years at 60%," McKnight said.
Commissioner Taylor Haig disclosed he serves as vice president of the Buffalo Highlands board and said he had discussed the plan with the city; McKnight said the city emailed that morning declining city participation and that Lennar was prepared to pursue a county-only path. Commissioners raised alternatives such as PIDs and MUDs (assessments on homeowners) and asked Lennar to provide additional analyses. No formal action was taken during the meeting.
Next steps: Lennar offered to deliver additional materials and scenarios for the court to consider at a future meeting.
