TIRZ BOARD TO CONSIDER CHAPTER 380 AGREEMENT FOR BRENHAM MARKET SQUARE

  

The Tax Increment Reinvestment Zone (TIRZ) No. 1 Board of Directors will meet Thursday to potentially move forward with a Chapter 380 agreement between the city and the Brenham Market Square development.

At the board’s meeting in March, it approved a memorandum of understanding (MOU) to reimburse qualified public infrastructure costs for the 51-acre residential and commercial mixed-use development, located between Market Street and Highway 290.  The MOU was approved by the city council in March, but no action has been taken on the Chapter 380 agreement since.

Per the agreement, the public infrastructure will be turned over to the city, and the developer will be reimbursed over the course of 20 years.  The total property value of the fully developed Market Square project is expected to exceed $133.8 million.  The estimated cost of the supporting infrastructure, including water, wastewater, roads and drainage is $7.5 million.  The maximum qualified infrastructure reimbursement for the project is $10 million.

The developers have requested a revision to make the first year of the agreement 2024 instead of 2023, due to supply chain issues that have impacted the development.

Also on Thursday, the board will receive an update and hold discussion on the boundary for the TIRZ.

The board will meet Thursday at 11:30 a.m. at Brenham City Hall.