Council Passes First Reading of Creating Fifth Tax Reinvestment Zone
Final Vote Expected August 18
CORPUS CHRISTI, TX – At Tuesday’s regularly scheduled City Council Meeting, Mayor Joe McComb and City Council Members approved the first reading of an ordinance that would create a fifth tax increment reinvestment zone (TIRZ). Once the project is given final approval, 258-acres near the Crosstown Expressway and South Padre Island Drive would become TIRZ #5.
TIRZ #5 would support the reimbursement for the construction of infrastructure to support the estimated $320 million residential and commercial development called Bohemian Colony on 258-acres located at South Padre Island Drive and Crosstown Expressway. The infrastructure would include needed streets, water/wastewater, and stormwater infrastructure and development of a 10-acre park. The current development planned for the area over the next 10 to 15 years includes nearly 777 townhomes, 999 multifamily units, and 450-thousand square feet of commercial space.
The reinvestment zone is unique, as there is no financial risk for the taxpayer. The developer will only get reimbursed once the infrastructure is complete with revenue generated by the growth in value resulting from the development of the area.
The area could also bring an estimated $320 million of taxable commercial and residential development that is currently used for agricultural purposes.
A second and final reading on TIRZ #5 is scheduled for Tuesday, August 18.