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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