Flower Mound will not continue with Lakeside Village tax increment reinvestment zone

Lakeside Village will be located along Lake Grapevine and include restaurants, retail, office space and several residential towers.

Lakeside Village will be located along Lake Grapevine and include restaurants, retail, office space and several residential towers.

Flower Mound will no longer pursue a tax increment reinvestment zone, or TIRZ, for Lakeside Village, according to discussion at the Town Council’s June 21 strategic planning session.

The TIRZ was initially proposed at a January 2018 Town Council meeting to help developer Realty Capital pay for infrastructure and public amenities at the $1.5 billion mixed-use project on 35 acres along Lake Grapevine.

A TIRZ is a form of financing that captures growth in property tax value of a certain area and uses that captured value to fund improvements within that area. It does not create any new taxes.

“The point of the TIRZ would be to expedite the development, allowing the developer to put all the infrastructure in upfront,” said Andrea Roy, Flower Mound economic development director, in the video of the meeting. “The intent is that value comes earlier [rather] than later.”

In January of this year, the council reviewed a feasibility study about the effects of a TIRZ. In March, it voted to award a consulting contract with Hawes Hill & Associates to create the reinvestment zone.

Roy said all the documents had been completed, and the zone’s creation was on hold for the council to decide.

“[The TIRZ] is one of those dangling things out there,” Mayor Steve Dixon said. “We as a council need to give staff direction on what they are going to do.”

Town Council Member Claudio Forest said at the meeting that he favored the TIRZ while member Jim Engel said he was torn. But council members Jim Pierson, Sandeep Sharma and Ben Bumgarner expressed concerns about using public money in a private development.

“Let’s cut the cord,” Bumgarner said. “Let’s see what the market is going to do with it.”

No vote was taken, and no formal vote is required moving forward.


MOST RECENT

Signs in the window of the Stein Mart store in Frisco state it will be among the locations closing as part of the company's liquidation process. (Valerie Wigglesworth/Community Impact Newspaper)
Stein Mart Inc. files for bankruptcy, launches store closing process

Stein Mart Inc. has 281 stores in 30 states with locations in Frisco, Plano, McKinney, Keller, Fort Worth and Flower Mound.

Paul Stevens has roughly 30 years of experience in municipal government and is the deputy city manager for the city of Rowlett. (Courtesy city of Highland Village)
Highland Village names new city manager

Paul Stevens will begin serving as the new city manager for Highland Village on Oct. 1.

Flower Mound's Town Council is expected to appoint an interim town manager at an upcoming meeting, according to an Aug. 12 release. (Liesbeth Powers/Community Impact Newspaper)
Flower Mound to seek interim, replacement town manager

Flower Mound Town Manager Jimmy Stathatos announced Aug. 11 that he has accepted a position as city manager with the city of Bedford.

According to the report, 380,174 total COVID-19 cases have been reported in children nationwide as of Aug. 6, which accounts for approximately 9.1% of all confirmed COVID-19 cases in the U.S. (Courtesy Adobe Stock)
REPORT: COVID-19 cases in children increase by 90% nationwide in 1 month

As school district officials across the U.S. prepare for the start of the 2020-21 school year, 179,990 new COVID-19 cases were reported in children nationwide between July 9 and Aug. 6—an increase of 90%, according to a report compiled by The American Academy of Pediatrics and the Children's Hospital Association.

Route 21 and 22 will operate with a 30-minute headway during peak hours and a 60-minute headway during off-peak hours beginning Aug. 24. (Courtesy Denton County Transportation Authority)
Lewisville Connect to resume regular service hours in coming weeks

The Lewisville Connect Route 21 and 22 will resume pre-COVID-19 service levels beginning Aug. 24.

The University of Texas will host football games at Darrell K. Royal Veterans Memorial Stadium this fall after an announcement from the Big 12 Conference on Aug. 12 that the fall sports season will continue. (Jack Flagler/Community Impact Newspaper)
After Big Ten and PAC-12 cancel, Big 12 announces fall sports season will roll on

The conference football season will begin Sept. 26, and fan capacity in stadiums will be up to each of the 10 member universities, according to the Big 12.

Highland Village City Council members committed to a tax rate of no higher than $0.56302 per $100 in appraised value. (Courtesy Fotolia)
Highland Village property tax rate likely unchanged for upcoming fiscal year

Highland Village City Council members are looking to keep the same property tax rate for fiscal year 2020-21.

Recoveries have also begun to outpace active cases in the last week—a positive sign, Director of Public Health Matt Richardson said at an Aug. 11 Denton County Commissioners Meeting. (Community Impact staff)
Tracking COVID-19: Three Lewisville, Highland Village residents among deaths as cases trend downward

Active cases in Denton County have dipped below 3,000 this week for the first time since July 27, according to Denton County Director of Public Health Matt Richardson.

GEICO opened its first Flower Mound office Aug. 5. (Community Impact Staff)
GEICO opens first Flower Mound office

The office, located at 4630 Long Prairie Road, Ste. 200, Flower Mound, offers insurance on cars, motorcycles, boats and other watercraft as well as homeowners and renters insurance.

54th Street Grill opened in McKinney in August. (Courtesy 54th Street Grill)
54th Street Grill opens in McKinney and more DFW-area news

Read the latest community and business news from the DFW area.

YogaSix expects to open in Flower Mound in late August. (Courtesy YogaSix)
Flower Mound's YogaSix to open in late August

The studio will offer six different class types, including heated and nonheated yoga, fitness and meditation.

Upcoming menu options at Kretzschy's Cajun BBQ include smoked meats, burgers, po'boys, and fried chicken and catfish. (Community Impact Staff)
Fusion restaurant Kretzschy's Cajun BBQ coming soon to Lewisville

The restaurant will feature dishes that combine Texas BBQ and Louisiana Cajun flavors.