Pflugerville City Council gives initial OK on Pecan District taxing zone
The Pflugerville City Council Tuesday night approved expanding the boundaries of an existing special taxing zone to provide tax abatements for the Pecan District.
The proposed mixed-use development, located at the corner of Heatherwilde Boulevard and Pecan Street, will include residential, office and retail space and be completed in 10 phases, developers said.
The council approved on first reading extending the Falcon Pointe tax increment reinvestment zone, or TIRZ, to include the Pecan District. The zone allows a portion of property taxes raised in the area to be reinvested in infrastructure like roads and utilities.
According to a presentation by David Wallace of the Presidium Group LLC, which is overseeing the project, the proposed expansion provided through the TIRZ entails building 3,000 feet of stormwater lines, 4,300 feet of wastewater lines, 5,000 feet of roads and roadway improvements, public parking garages and open space improvements including a plaza, festival street, playground, amphitheater and landscaping.
The TIRZ expansion would also extend the terms of the zone over the next 40 years.
Upon completion of its first five phases, Presidium Group representatives said the development is projected to be valued at over $393 million.