CORPUS CHRISTI, Texas —
On Tuesday there will be a briefing in front of city council on this proposed Tax Increment Reinvestment Zone, or TIRZ, for the development of Barisi Village.
If approved, it would be the city's sixth TIRZ and only the second one initiated by a developer.
Founder and CEO of Blackard Companies, Jeff Blackard says should city council approve of that TIRZ, it would only be a plus for those in the old Pharaoh Valley Golf Course.
"It has no negative effect on any adjacent property owners. It can only have, in theory, a positive effect on the adjacent property owner. So, we're not taking any taxes from anybody in the adjacent neighborhoods or anybody in the city of Corpus Christi," Blackard said.
Assistant City Manager Heather Hurlbert says that the TIRZ only uses the property taxes that are created by development and says it is not an additional tax.
"Really the people who live within a TIRZ, really there is nothing that is different for them because it's based of the property taxes that the city sets," Hurlbert said.
"Not only in a TIRZ will the city participate, but sometimes the county participates, sometimes Del Mar participates. What that does is it kind of multiplies the dollars because not only is it the city's tax revenue that is going in there but it's also the other taxing entities," she said.
Blackard Companies tells 3NEWS that if the city does not act, the Barisi Village site will generate around $150,000 or less in property taxes over 20 years. With TIRZ approval, that number would rise to over $20 million in that same timeframe just from those increased property taxes.
Hurlbert says that there will be no immediate action taken at the city council meeting on Tuesday regarding the TIRZ proposal. She will simply be presenting the information to the council.
Blackard says the Barisi Village project will take around 10 years and $800 million to complete phase by phase.
If city council approves the TIRZ proposal, Blackard says construction on phase one of the project which Includes the village's main plaza could start in the near future.
"Our actual architectural and civil engineering is about 80% completed. We just need to put the final touches on that and submit them to the city to get a building permit," he said.
More from 3News on KIIITV.com:
- Bird flu cases confirmed in Nueces County
- Meta sued by 41 states, District of Columbia for addictive features targeting children
- Stories of survival: Corpus Christi educators remember rare tornado outbreak in 2002
- Yes, all zoo pandas in the U.S. are being returned to China
- Student hurt during corporal punishment leads to arrest of Texas high school principal
- Saturday municipal 'community court' hope to make taking care of tickets more convenient
Subscribe to our YouTube channel for your daily news and exclusive extended interviews.
Do you have a news tip? Tell 3!
Email tell3@kiiitv.com so we can get in touch with you about your story should we have questions or need more information. We realize some stories are sensitive in nature. Let us know if you'd like to remain anonymous.