Agenda No. 2.
MEMORANDUM
| Schertz Tax Increment Reinvestment Zone Number Two Meeting: | 10/14/2025 |
| Department: | Executive Team |
| Subject: | Authorize expenditures eligible for reimbursement. |
BACKGROUND
Per the current development agreement, the developer of the Crossvine is eligible for expenditures of up to $66,000,000.00 for constructing the infrastructure associated with the development. To date, the TIRZ Board has authorized expenditures of $35,267,464,52, most recently on September 14, 2021 having approved expenditures of $18,750639.52. The developer is eligible for another $30,732,535.48 in expenditures. The developer has submitted invoices for $10,909,988.30. This would bring the total amount to $46,177,452.82 and leave an additional $19,822.547.18 in additional expenditures that could be approved.
As a reminder, the TIRZ Board still approves the actual payment to the developer, generally this is done annually.
As a reminder, the TIRZ Board still approves the actual payment to the developer, generally this is done annually.
RECOMMENDATION
Staff recommends approval of the additional $10,909,988.30 in expenditures.