The mixed-use development site, located at Hwy. 79 and CR 132 and adjacent to Fritz Park, is anchored by Perfect Game and set to be developed by Legacy Development. The project is expected to bring in more than $200 million annually in direct spending, according to city officials.
Of the anticipated incremental tax revenue garnered on-site, the release confirmed a portion will be allocated to reinvest into city-owned infrastructure on the site—such as its convention center and hotel, roads, drainage systems and baseball fields.
"The addition of jobs, entertainment, sports and retail space benefits the quality of life for our residents," City Manager Odis Jones said in the release. "It also develops a tourism economy that will impact taxpayers positively by improving quality of life and enhancing the Hutto entertainment climate."
As the project has evolved since its announcement in April, so, too, has its annual tax revenue projections. Property taxes were initially expected to be $5.1 million annually, according to city officials, while yearly sales tax totals were estimated around $1.5 million. Chief Communications Officer Emily Parks confirmed that under the project's new iteration, those numbers have been updated to $2.1 million in annual property taxes and $6.5 million in sales tax totals, respectively.
The city will utilize a public improvement district, or PID, and a tax increment reinvestment zone, or TIRZ, financing system for the development, per the release. Hutto City Council will host a public hearing and first ordinance reading for its TIRZ financing plan at its Nov. 7 council meeting.
"The importance of this financing tool is it doesn't take existing revenues from the city's coffers or add financial responsibility to the city," Jones said in the release. "Instead, it creates business and growth of more than $1.5 billion, which will generate new taxes to offset the tax burden to our citizens."