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Developers outline $466M Greenbelt plan and request PID and tax-increment adjustments
Summary
Wildcatter Realty Partners presented a multi-use Greenbelt development (roughly 315 acres, $466 million planned development) including residential parcels, senior living and retail; developers asked the council to create a public improvement district (PID) for single-family phases and to amend the existing TERS/TIRZ financing to apply 50% of city tax increment to offset PID assessments.
Representatives from Wildcatter Realty Partners (Jack Turnage, speaker 21) and their finance consultant (Dwayne Bridal, speaker 12) presented a large, multi-phase development on roughly 315 acres between Monty Stratton Parkway and Wesley Street that the presenters said would include single-family, multifamily, senior living, retail and medical uses. The developer estimated $466 million in near-term planned development and said more than $25 million had already been invested.
The developers asked the council to consider two primary financing steps to accelerate buildout: creating a public improvement district (PID) on the single-family portions (about 440 units) to finance public improvements and amending the city's existing TERS (tax increment / TIRZ-style) financing so that 50% of the city increment would be available to offset PID assessments and to extend the city's participation term to match PID bond terms. The consultant provided an illustrative homeowner impact slide showing average assessment reductions if the city increment were shared to offset PID costs.
Council thanked the presenters and indicated staff (city engineer and public works director) would review the requests and present options to the transportation subcommittee; no council commitment or vote was taken at this meeting.
