Flower Mound officials approved an agreement to cover the costs for eligible infrastructure projects in Furst Ranch, a mixed-use development in the western part of town.
Council unanimously approved the agreement, which provides an estimated $22.17 million in water, road and sewer projects, during the March 2 meeting.
The details
The agreement covers road and utility projects planned for Phase 1 of Furst Ranch, according to town documents. The nearly $22.17 million in estimated project costs will be covered from Flower Mound’s Tax Increment Reinvestment Zone No. 2, which includes Furst Ranch, impact fees and an interlocal agreement with Denton County, town officials said.
A tax increment reinvestment zone allows municipalities to establish a baseline taxable value for the district and allocate the captured growth from increases in property values toward infrastructure projects, according to the Texas Comptroller’s Office.
Per town documents, projects included in the development agreement are:
- A four-lane greenway rural arterial street with a 120-foot right of way and a temporary traffic signal at the intersection of Canyon Falls Drive and US 377
- A four-lane arterial with a 100-foot right of way
- A two-lane collector street with a 61-foot right of way and a storm sewer channel with a 4-foot-wide concrete flume
- Two four-lane urban minor arterial streets with a 90-foot right of way and a traffic signal at an intersection with FM 1171
- A 12-inch water line and 12-inch water reuse line
- 12-, 15- and 18-inch sewer lines
Diving deeperThe interlocal agreement with Denton County will help fund the projected cost of road improvements, which is just under $15.33 million, said Leandro Rodriguez, Flower Mound’s CIP and TIRZ manager.
Additionally, this is the second development agreement approved by council in the area in recent months. Council members unanimously approved a development agreement worth over $5 million for Canyon Falls Village 3 on Feb. 16.
Going forward
Construction of the improvements in Furst Ranch are expected to be completed in December, Rodriguez said.
