The acquisition of rights of way within properties described in the agreement will facilitate The Backyard, a multiuse development planned to bring an amphitheater and retail to the area.
The agreement between the city and Hill Country Indoor Sports & Fitness and Kent Sports Holdings LP will see the two entities partner with the city to extend the existing Willie Way to Hwy. 71. Plans for this extension would see the four-lane divided roadway be constructed with sidewalks and landscaped. Water quality ponds would be located near the proposed intersection of Willie Way and Hwy. 71, according to schematics from the city.
In exchange, the two property owners will receive a combined $3.25 million in economic incentives to fund the design, development, financing and completion of the infrastructure improvements.
Chapter 380 agreements allow municipalities like Bee Cave to offer incentives designed to promote economic development such as commercial and retail projects, according to the Texas Comptroller of Public Accounts.
