Missouri City City Council voted Aug. 5 to execute a Chapter 380 agreement with NewQuest to pay for the new 250,000-square-foot retail center at the corner of Hwy. 6 and the Fort Bend Toll Road Parkway.
Under Texas law, a Chapter 380 agreement authorizes municipalities to offer loans and grants of city funds to promote economic development.
The city’s Economic Development Director Joe Esch said he has been working with NewQuest on this project for the past nine months.
As it develops, NewQuest would receive some sales tax back. The city’s economic development incentive package also includes up to $6.25 million in taxes back to the company.
“I’ve met with TIRZ board 2, and they are in support of the project but have not yet taken action,” Esch said. “Tonight’s action is the first stage.”
The first project in the development will be the Cinemark movie theater, he said.
Several other real estate development projects will also soon be underway in Missouri City.
Esch also discussed a binding agreement with Grand Parkway Commercial T&Q LLC for economic incentives relating to the redevelopment of Grand Park Center 1799, located at 1701-1799 Texas Parkway.
“We have been working for some time, and this agreement is to bring formality to those discussions we have had up to this point,” Esch said. “We will now start the formal documents.”
With this project, Esch intends to bring a new policy draft back to City Council to address dollars available from the city’s tax increment reinvestment zones, funding matches and property owner responsibilities for similar agreements going forward.
Meanwhile, council approved a second phase development for child care center Talent Academy—located on Hwy. 6 at Colonial Lakes Drive—which will expand its site to include restaurants, a swim school, an art school and other commercial retail uses.