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Council approves final plans and Chapter 380 financing terms for Platinum/Taylor Ranch parcels
Summary
Council reviewed final plans for two large developments (Platinum Ranch and Taylor Ranch) and approved the economic‑development funding approach using Chapter 380-style agreements tied to performance; staff described caps and performance conditions for developer payouts.
The Gunter City Council on May 21 reviewed and approved final plans and a Chapter 380-style economic development financing structure for large new developments known as Platinum Ranch and Taylor Ranch.
Jordan Sawyer, regional director and TIRS/PID administrator, told the council the TIRS designation covers roughly 2,000 annexed acres and that the tax‑increment structure treats new growth differently so that incremental revenues can fund agreed incentives. "The way a TIRS works is it's more or less just a line on the map," Sawyer said, describing how new revenue is captured for the financing plan. Staff said the tourist‑fund portion that could be used under the Chapter 380 framework was capped in the package and pointed to a number staff described as "about $157,000,000" for the broader program and a separate $47,000,000 cap cited for the Taylor parcel.
Council members sought details about compliance and inspections for the performance‑based payouts; staff said developers will submit payment requests with supporting inspections and that city inspectors/engineers will certify completed infrastructure before funds are released. BNSF representatives and other asset managers were present and described ongoing coordination; Sagant Vassarang of BNSF said the railroad expects to adhere to the development agreement and stay in dialogue with city staff.
The council moved and seconded the final plan approvals and associated Chapter 380 funding arrangements. Staff said the final plan reflects the preliminary plan the council approved in December with no substantive land‑use changes apart from administrative updates to the financing language. The council approved the measures and directed staff to provide the final agreement language and a redline for the record.
