Friday, Apr. 25, 2008
River Walk Retail Support for TIRZ Discussed
By Stephanie A. Miller
Staff Writer
While the Flower Mound Tax Increment Reinvestment Zone (TIRZ) Board generally supported The River Walk at Central Park at its April 17 meeting, Vice Chairman Jim Robertson wondered about its retail viability.
Robertson asked The River Walk developer Cole McDowell and his team about their aggressive approach to secure retail for the 158-acre development. Robertson went on to say that similar mixed-use developments in the Dallas-Fort Worth area are struggling to maintain occupancy.
In response, McDowell said he would take recommendations for The River Walk retail from Flower Mound residents, leaders and town staff.
"They’re going to be the customers, and so I want their suggestions as to what retail they would like to see in this project," he said after the TIRZ meeting. "This isn’t my project. ... This is the town’s project."
TIRZ board members also got a look at proposed tax revenue projections for the seven-phase River Walk development.
TIRZ Chairman Bill Collins said it will take some time to gather more information.
"Right now, it looks very positive, and I’m excited about what’s being talked about," Collins said after the meeting. "But until I get the final reports or at least some good reports from the town that I get to read, it’s very hard for me to give a positive yes."
Flower Mound town officials created TIRZ (Tax Increment Reinvestment Zone) in September 2005 to spur development along FM 2499 by dedicating the increase in tax revenue generated within the zone to the funding of infrastructure.
The zone consists of 1,465 acres along the FM 2499 corridor from Chaparral Road to Justin Road and Chinn Chapel Road. About $460,000 was generated into TIRZ before the 2007-2008 fiscal year, and $900,000 is expected for the 2007-2008 fiscal year, Michael Ryan, the town’s director of community affairs, stated in an e-mail.
The River Walk project will be centrally located in the TIRZ district, said Melissa Glasgow, the town’s director of economic development. TIRZ funding will be used for public, not private, projects, Ryan stated.
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