Agenda No. 8.
SEDC MEMORANDUM
| SEDC Board Meeting: | 12/14/2023 |
| Department: | Economic Development Corporation |
| Subject: | Resolution 2023-15 - Authorizing the Executive Director of the Schertz Economic Development Corporation to enter into an Incentive Agreement with Merit Acquisitions, LLC. (S.Wayman) |
BACKGROUND
Developer intends to develop a mixed-use development on 19.134 acres adjacent to EVO center, off IH-35
COMMUNITY BENEFIT
Development will generate real property tax and sales tax from retail components. Additionally, development will build-out the surrounding area around the EVO site with a master-planned retail that is greatly desired in the community. The extension of Ripps-Kruesler is on the Master Thoroughfare plan and will open up traffic mobility.
FISCAL IMPACT
Developer will receive $4 million in funding to construct Ripps-Kruesler extension along with easements, utility extensions, sidewalks, lighting, etc. Additionally, developer will receive up to $4 million in future revenues from the sales tax generated by the development for additional infrastructure provisions.
SUMMARY OF RECOMMENDED ACTION
EDC staff recommends approving this agreement