- Corpus Christi City Council members vote to create the sixth Tax Increment Reinvestment Zone, this is the first of two required readings.
- On Tuesday, January 9 council members discussed the next steps
- The TIRZ, if approved at a second reading, will be the sixth such zone located in Corpus Christi.
Another step forward in the development of Barisi Village, a mixed-used community project inspired by European-style villages in the Pharaoh Valley subdivision.
Tuesday, the Corpus Christi City Council approved the first reading of the ordinance to create a sixth Tax Increment Reinvestment Zone or TIRZ #6. A second reading is required on this ordinance.
Up to this point, the project has been more than a decade in the making and still has some steps to go. However, Tuesday's council meeting showed a promising future for Barisi Village.
According to the city, approving the creation of TIRZ #6, will allow for reimbursement of infrastructure costs and support the redevelopment of the abandoned, former Pharaoh Valley Country Club and Golf Course.
When it comes to TIRZ, the funds are gathered from whatever is leftover after the city collects its property taxes within a particular year. In this case, TIRZ would reimburse infrastructure costs up to $32 million or will expire at the end of 20 years.
“The TIRZ is only on the piece property, so if nothing ever happens on the piece of property, then there will be no lose of any taxes or increase of any taxes. So the ripple effect is unbelievable for this project," Blackard said.
This means the project developer, Jeff Blackard, will receive reimbursement for groundwork like streets, water/wastewater, stormwater infrastructure, public amenities including structured parking, parks and fountains, public restrooms and plazas, etc.
Barisi Village is estimated to have a price tag of between $800 million and $1 billion. The goal is to build it over 10-12 years. It will be designed to include multi-family style homes, single-family homes, townhomes, athletic courts, a hotel, restaurants, a par three executive golf course, and more.
“I’m just very interested in a village in that location in how it could inspire and create value to all the neighbors and really bring community back together again," Blackard said.
Residents like Jim Shamess has lived in Pharaoh Valley subdivision for nearly 16 years. He said developing a project like this could not only bring a positive outcome to the area, but Corpus Christi altogether.
"Just having the kind of amenities that he's [Blackard] discussed in the neighborhood would really be a boom to this part of Corpus Christi and kind of revitalize the area in general," Shamess said, "We’re just hoping it actually comes to fruition. It's been in progress for more than a decade, maybe even longer than that.”
In addition to moving forward with TIRZ #6, Blackard Companies, will have to bring on another taxable entity in the project. Blackard mentioned he's had positive conversations with Nueces County and Del Mar College in anticipation of collaborating. To proceed, he now has 90 days to gain full support from either one of them. Once that support is obtained, the entities will join in interlocal agreements and a TIRZ board will be created.
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