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La Porte TIRZ #1 <br />Proposed Residential Development, Fairmont Lakes North <br />A new development is being proposed within the TIRZ 1 boundary, and Developers of the project are <br />looking for reimbursement of public improvement costs associated with the development. <br />The proposed development is a residential subdivision located east of SH146, adjacent to the golf <br />course, as shown in Figure 1. The development is approximately 20 acres and includes 80 lots with an <br />average home value of $250,000. Build out of the subdivision is anticipated to occur by Year 2021. <br />Taxable Value & Revenues <br />Taxable value of the project is anticipated to equal $15.8 million at build out, in the Year 2021, and is <br />expected to increase to approximately $17.8 million by the Year 2029. Over the life of the TIRZ, <br />revenues generated from this development are anticipated to equal to approximately $1.8 million as <br />shown in Exhibit 1. Projected revenues include both City and ISD participation. <br />Project Costs <br />Infrastructure costs the developer is seeking reimbursement for include detention, sanitary, storm, <br />water and paving. A summary of public infrastructure costs is shown in Table 1. <br />w_..... ......... <br />.... .. ........ <br />Cost <br />Detention <br />$278,402 <br />Sanitary <br />$218,448 <br />..................$...�.............�_ <br />...Storm <br />286,520 <br />Water.—.$.,111. <br />.._.. <br />,964 <br />Paving�- <br />w-$652.1...._ <br />,54 <br />S W P.P.P_.,,..m,m.. _ <br />$14,.7.1.5.,. <br />Total���......,........ <br />0�3 <br />...........�......�.,....._..,._$1,56_2,2 <br />Contingencies <br />........ <br />$156,220 <br />_............., <br />Engineering <br />............................... <br />$234,330 <br />Grand Total <br />..�W......... <br />�m_..........$.1952,754 <br />Recommendation <br />Based on the revenue analysis prepared for this project, the developer could be reimbursed for the <br />public improvements over time, as increment from the development is generated. <br />