- December 2018, Kyle City Council approves the creation of special financing zone (Tax Increment Reinvestment Zone – “TIRZ”), including Plum Creek Uptown
- The TIRZ is a financing tool that helps fund public improvements within the zone. These could be parks, water fountains, convention centers.
- The first phase of Uptown possibly includes: Class A Office Space, Retail, Multi-family, Hotel/Convention Center
- October 2019, Plum Creek developers present Kyle City Council an updated overall vision and concepts for Uptown
Ten months after the city council narrowly approved a special financing district for Plum Creek Uptown, the developers have come back with some initial concepts.
Plum Creek Developers’ vision for Uptown is to “Create a successful mixed-use district that captures the spirit and interest of the region, with profound amenities and experiences.” Uptown’s goal is to “promote connectivity throughout Uptown and all of Plum Creek”
Plum Creek Development Background
Planning for Plum Creek started in 1994 with residential construction starting in 1999.
Plum Creek Uptown, a town center develeopment has always been a concept of the overall 2,200 acre Plum Creek Development.
Today, 20 years later, Plum Creek has 1,000 acres left to develop of which approximately 500 will be residential and 500 will be commercial and mix-use development.
The town center development (Plum Creek Uptown) will be approximately 145 acres with expected value in ten years of $500 Million.
Plum Creek Uptown Conceptual Vision
Within the next 18 months, several projects will start that will eventually add $200 million in value to the TIRZ.
POTENTIAL PROJECTS FUNDED BY TIRZ
Creation of Special Financing District for Plum Creek Uptown
After highly contentious discussions, the city council on December 4, 2018, approved creating a Tax Increment Reinvestment Zone for the Plum Creek Uptown development.
It passed on a split vote with only 3 council members and the Mayor voting in favor of creating the special financing district (TIRZ) on first reading.
Council members Shane Arabie and Daphne Tenorio voted against the special financing district for Plum Creek Uptown questioning if the developer really needed additional funding and if it would truly serve current residents.
Councilmember Alex Viallobos was not in attendance.
However, it passed 6-1 on second and final reading with Councilmember Tenorio voting against.
The TIRZ is a financing tool that helps fund public improvements within the zone. These could be parks, water fountains, convention centers.