What you need to know
The city previously made an agreement with Stewart Development to build a business park on the land, which would require the city to use two parcels of the land for drainage detention and development, as well as enter a reinvestment agreement, according to agenda documents.
Unlike a tax increment reinvestment zone, or TIRZ, which includes a tax abatement, the reinvestment zone does not include a tax abatement for the developer and it’s purpose is to allow the transfer of property from the city to an adjacent property owner, City Attorney Darrin Coker said.
Stewart Development plans to construct manufacturing buildings that would cover 200,000 square feet and cost $22.8 million, according to agenda documents.
The background
The city and the Pearland Economic Development Corporation, or PEDC, have sought to develop this Hwy. 35 corridor into an employment center for over a decade, according to agenda documents.
The timeline
The developer has already requested permits for three buildings on the property and the PEDC expects the groundbreaking to take place in September or October, with the first buildings going up in May 2025, PEDC President Matt Buchanan said.
