HIGHWOODS VILLAGE DEVELOPMENT UPDATE

HIGHWOODS VILLAGE DEVELOPMENT UPDATE

TAX INCREMENT REINVESTMENT ZONE NUMBER THIRTEE

CITY OF FORT WORTH, TEXAS 

(WOODHAVEN TIF)

BOARD OF DIRECTORS MEETING

WEDNESDAY, AUGUST 5TH, 2020

ACTION ITEM:

Approval of a Resolution Approving Agreement No. 1 to the TIF Development Agreement with Highwoods Village Development LLC, to (i) extend the milestone and completion deadlines, and (ii) revise the Developer’s obligations from a $10,000,000 expenditure in Total Development Costs to $10,000,000 taxable value created by the development as determined by Tarrant Appraisal District.

DEVELOPMENT OVERVIEW:

Highwoods Village located at 6200 Randol Mill Road will be a 43-lot single family community on 10 acres with a $252,000 average home price.

SCHEDULE:

Completion date: December 31, 2024

Milestones/Phases: September 30th 2022, September 30th, 2023 and September 30th, 2024

Development to be appraised at no less than $10,000,000 in final taxable value for the 2025 Tax Year, as determined by Tarrant Appraisal

DEVELOPMENT PARTNER:

ECM Development, LLC   Website: https://www.ecmdev.com/

HOMEBUILDER:

David Weekly Homes

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