Specifically, the funding package includes:
- Library: $14.25 million
- Fire/police station: $9.88 million
- Shadow Creek Ranch Park Phase 2: $9.72 million
- Shadow Creek Trail: $2.24 million
- Sidewalks and street lighting: $7.14 million
- Intersection improvements: $7.96 million
- Sidewalk extensions: $1.14 million
Tax Increment Reinvestment Zone No. 2, established in 1998, has been capturing the property taxes off the growth in value in the entire Shadow Creek Ranch area, with the revenues split between four jurisdictions: Brazoria County, Fort Bend County, the city of Pearland, and Alvin ISD. As of last year, the zone had generated over $134 million total, which must all go toward public improvements and facilities within its borders.
"It is one of the largest and most active TIRZs in the state of Texas," Cynthia Pearson, Pearland's finance director, told the City Council. "It is second only to the Woodlands."
Pearland's budget amendment, which was reviewed by the TIRZ board and then approved by the City Council on July 23, increased the city's original TIRZ-funded expenditures. The projects will initially be funded by the city's own revenues or through short-term bonds, but will be reimbursed by the TIRZ after it audits the project, city officials said.
The first project to get underway will be the Shadow Creek Ranch Trail, which is set for construction later this year, city officials said. Fire Station 8 is in the design phase, and construction is slated for 2019. The library design phase is expected to get underway later this year, with construction in 2020.
The TIRZ expires in 2029.
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