- Del Mar College agrees to join TIRZ #6 to contribute to the long-awaited Barisi Village Project
- Corpus Christi created the TIRZ in January but still needs a second reading to solidify things
- Nueces County voted to enter an interlocal agreement with Corpus Christi and the TIRZ #6
Residents of Pharaoh Valley have been hearing about Barisi Village for a decade. It's a project that would transform the empty Pharaoh Valley Golf Course into a social and living space.
On Tuesday, the Del Mar College Board of Regents voted to help contribute to the project.
The developer of the project, Jeff Blackard of Blackard Companies, said despite the past 10 years of work, this is the true beginning of the project.
“I’ve been dedicated to this project for 10 years, which is a long time. Especially I live in Dallas coming down here over, and over, and over again. But, we are doing everything in our company possible to get this thing started now," he said.
The City of Corpus Christi created the Tax Increment Reinvestment Zone (TIRZ) #6 in January. TIRZ is used to incentivize investment into the area and help offset some costs for the developer by using property taxes in a particular area. TIRZ #6 only includes one parcel of land and that is the golf course.
Corpus Christi still has to pass a second reading, but held off until another taxable entity joined in.
It was the plan for Blackard companies to have three entities involved in the TIRZ. The city, Nueces County, and Del Mar College.
Last week, Nueces County agreed to begin the process to enter into an interlocal agreement with the city on the TIRZ #6.
Del Mar College Board of Regents voted seven to one to enter into the TIRZ #6, contributing up to $7 million over 10 years.
This was the second pitch to the Board of Regents. Blackard and his associates were rejected in March and needed to revise what they were asking for.
Several people spoke in favor of the project during public comment. Many of them sold the board on the idea that with the village, property values will go up in the area, more students will come to the area and students may have an opportunity to work in the village.
“I think it gives our young people hope, the good that can happen in this community. And so again, I’m going to support it. That’s why I supported it last time,” said Rudy Garza Jr., a member of the Board of Regents.
Nathan Bigbee is a Pharaoh Valley resident who spoke in favor of the project. Along with the potential positive financial impact on the community, he said Barisi Village can be the Corpus Christi version of the San Antonio Pearl.
“To me, putting something like the Pearl in the middle of Corpus Christi will actually help Del Mar and TAMUCC students want to stay here and continue to develop and build our community moving forward,” Bigbee said.
Jonathan Gonzalez is a Corpus Christian and senior developer for Blackard companies. Being a lifelong resident, he knows how valuable a project like Barisi Village can be for Corpus Christi.
“What it can do for Corpus Christi, not only just bringing economic impact but bringing communities together, keeping attractive areas for young people to do things. It’s huge for us. Sometimes we have to travel out to San Antonio or other places to take my kids and my wife to go do something. To have it in my backyard and to be a part of this, this is just incredible,” Gonzalez said.
The project has not only had to overcome financial problems but legal ones as well. The project couldn't begin until a supermajority of residents in the community voted to lift deed restrictions that had been placed on the golf course land.
What's next is getting the $800 million dollar financed. Blackard said the market is a bit unpredictable right now.
“Now we have to put all the financing in place. Obviously we’ve been designing the first phase which is probably $150 million project. So, we’ve been busy, busy behind the scenes," Blackard said.
Corpus Christi will contribute up to $32 million over 20 years. Nueces County will contribute up to $13 million over 20 years. Money from TIRZ #6 will go towards reimbursing Blackard Companies and partner company Bridgeview Real Estate for infrastructure that benefits the entire public.
Barisi Village will be a European-style village that could include 210 townhomes, 1,350 multi-family units, a 120-room hotel, shopping and dining options, a nine-hole golf course, and a number of social spaces for people to enjoy.
When the ink has tried on interlocal agreements between the entities, a TIRZ #6 will be created and have members appointed to it.
The project will take at least 10 years and be done in three phases. Blackard said if financing goes to plan, they would like to start construction around Christmas time.
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