Agenda No. 3.
MEMORANDUM
| Schertz Tax Increment Reinvestment Zone Number Two Meeting: | 10/13/2026 |
| Department: | Executive Team |
| Subject: | Authorize Expenditures — Authorize expenditures eligible for reimbursement. |
BACKGROUND
Per the Development Agreement, the developer of The Crossvine is eligible to receive up to $66,000,000.00 in reimbursement from the TIRZ. To date, the TIRZ Board has approved $46,177,452.81 in eligible expenditures. The developer of The Crossvine has submitted invoice #9, #10, #11 and #12 for review by city staff for expenditures tied to a number of different modules of the development. The total amount of expenditures with these invoices is $28,995,377.35. But given the $66,000,000.00 cap, only $19,822,547.19 of these expenditures is eligible to be reimbursed.
FISCAL IMPACT
Approval of these expenditures would bring the total to $66,000,000.00, the maximum allowed per the agreement.
RECOMMENDATION
Staff recommends the TIRZ Board authorize the additional $19,822,547.19 in eligible expenditures, bringing the total to $66,000,000.00 and acknowledge the developer has submitted $9,172,830.19 of expenditures that exceed the maximum amount.