At the April 11 meeting of the City Council, Nate Newman of Newman Development Corp. discussed recent progress toward a development agreement with the city for Woodlands Ridge Business Park, which would require a public utility expansion. City officials said in meeting materials there was adequate supply for water and sewer to be extended to the proposed complex.
According to city materials, the process began in May 2019 when Newman requested a predevelopment meeting regarding a future development in the city’s extraterritorial jurisdiction as well as potential annexation into the city.
On April 11, Newman said the development company agreed to the several requests the city had previously made for the project, including upgrading its plans for a facade as well as incorporating a retail center as part of its plan.
“We’re a little bit uncertain about [economic] feasibility,” Newman said of a retail center, noting it is mainly an industrial warehouse corridor.
However, he said the company committed to one retail center and will include a second if it does well.
As part of a development agreement with the city, the complex would be annexed into the city, and the developer would run utilities at its own expense and be reimbursed through sales tax generation and impact fees. Through a sales tax reimbursement agreement, known as a Chapter 380 reimbursement agreement, the developer can be reimbursed for up to $400,000 of those construction costs over a seven-year period from a percentage of sales tax generated by the site, according to meeting materials.
According to materials from the city, the redevelopment would take place on 7.7 acres off Robinson Road. It would create industrial/office space for small- and medium-sized businesses, including the 11,000-square-foot retail building facing Robinson Road. The entire project would encompass 126,000 square feet, according to the meeting agenda.
No action was taken during the meeting.
