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Council (acting as TIRZ board) approves TIRZ No. 3 project and financing plan to support Star Center
Summary
Council sitting as the TIRZ/TIRS board approved a 40-year Tax Increment Reinvestment Zone (TIRS No. 3) project and financing plan with a proposed 50% tax increment estimated to generate about $34 million and fund roughly $23 million in public improvements that support the Star Center corridor.
The town's TIRS board approved the final project and financing plan for Tax Increment Reinvestment Zone (TIRS/TIRZ) No. 3, which covers approximately 400 acres in the Highway 114 sports-and-entertainment corridor. A staff presenter summarized the development agreement with Chadwick Farms LLC and said the TIRS plan sets a 50% tax increment over a 40-year term, which the presenter estimated could generate about $34,000,000 in incremental tax revenue and fund about $23,000,000 in public improvements to serve the Star Center site.
The board voted 5–0 to adopt the plan. The presenter said the plan includes public improvements such as the Link Road (paving, storm drainage and a water line), upsized sanitary sewer along Chadwick Parkway to serve the Star Center site, parking and site infrastructure for the Star Center, sidewalks and trail work. The TIRS board action is procedural for the council because the council serves as the board of directors for the TIRS.
