Bryan approves economic agreement for 400-acre master-planned projectBryan approves economic agreement for 400-acre master-planned projecthttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=111612015-11-12T06:00:00Z2015-11-12T23:00:00Z

​​​​BRYAN – The city council unanimously approved a Chapter 380 economic development agreement for a 400-acre master-planned community that is expected to generate $2 million in property taxes each year once fully developed. 

Located north of Boonville Rd., Oakmont will be a mix of residential, recreation and commercial space. Plans call for about 800 single-family homes on lots ranging from 5,000 to 12,000 sf. Additionally, 150 acres of open space will remain for trails, parks, greenways and an amenity center. Land will also be set aside for commercial and retail uses.

The Chapter 380 agreement will be triggered once the development creates at least $5 million in taxable value, at which point the developer, Adam ​Development Properties LP, will receive 100 percent property tax rebates for 12 years or up to $10 million, whichever comes first.

The city has agreed to reimburse the developer for the design of an extension of University Dr. to the end of Oakmont and for the construction of University Dr. to the entrance of the subdivision at a cost not to exceed $2.6 million. 

The project is contingent on both city and county approval.​

The Eagle
College Station-Bryan
http://www.theeagle.com/news/local/bryan-council-approves-economic-agreement-for--acre-master-planned/article_72df4cae-2f25-5bc4-a688-1da333e627d7.htmlRead more at {Source}

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