From
Bill Crolley
Title
Resolution granting 380 Incentive Agreement with Prairie Waters Development granting a partial rebate on eligible City tax revenue
Presenter
Marty Wieder, Director of Economic Development and Bill Crolley, Executive Director of Planning, Development and Transportation
Recommended Action
Approve
Analysis
Prairie Waters Development is the retail/commercial development at the southeast corner of S.H. 360 and Ragland Road in Grand Prairie. This site is one of the last intersections in Grand Prairie along State Highway 360 with attractive access and visibility. In an effort to attract retail/commercial developments at this intersection, developer Charlie Anderson of CWA Management, LLC, has proposed constructing a "Connector Road" as shown on Exhibit "A", as well as associated infrastructure to serve other adjacent properties and provide oversizing for service to additional properties.
Mr. Anderson’s Prairie Waters Development will have approximately 34 acres of retail/commercial acres in the Development shown on Exhibit "A". Mr. Anderson desires a 10-year Chapter 380 Agreement for the City to share applicable sales, real property and personal property tax revenues with him, as allowed by the State of Texas. Mr. Anderson’s development consultants estimate that the City of Grand Prairie will realize approximately $2,382,362 in combined general sales tax, City real property tax and City business personal property taxes over the 10 year agreement, if all 34 acres are developed during that time, and depending upon the type of retail and commercial tenants he places in Prairie Waters.
The 10 year Agreement term will begin with the issuance of the first retail/commercial Certificate of Occupancy on the subject 34 acres. As it relates to uses, Lot 10 on Exhibit "A' shall be either be retail anchored or a combination of junior anchors, so that it all development is sales tax generating; lots 1,4,5,6,7,8,9 and 11 shall be comprised of...
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