On Tuesday, City Council requested a resolution calling for a 2-year moratorium on development of land located within Tax Increment Reinvestment Zone 12 to include the preservation of Lost Dog Trail and Trailhead.
“Council is listening to the public. The action taken today is an affirmation of the City’s commitment to thoughtful and balanced development that compliments the preservation of open space, arroyos, trails,” Economic and International Development Assistant Director Elizabeth Triggs said. “By providing us with more time, we can strengthen our mixed-used development plan which will continue to incorporate the preservation of trails, arroyos and open space.”
A resolution proposing a 2-year moratorium for TIRZ 12 will be presented to Council later this month.
Via a news release, city officials added, “Over the past 20 years, the City has dedicated more than 70 percent of its original parcel of land to open space. Nearly 60 percent of the land was deeded to the Texas Parks and Wildlife Life and has been incorporated into the Franklin Mountain State Park.”
TIRZ 12 is located near Transmountain Road on the far Westside and consists of approximately 1,007 acres of City-owned land including nearly 250 acres that would be preserved as open space under the current zoning plan.
The proposed resolution would temporarily halt development of land within TIRZ 12 and the implementation of the TIRZ 12 project and financing plan, which is designed to grow the tax base, increase sales tax revenues, provide relief to residential property owners, and fund stormwater improvements needed for future development.
The plan represents a compromise struck in 2013 that resulted in the transfer of over 650 acres of land to Texas Parks and Wildlife to include land immediately abutting Transmountain Road.
The TIRZ 12 project and financing plan would freeze the City’s share of property tax revenues within the designated zone to allow incremental property tax revenues be redirected to fund public improvement projects, such as the enhancement and maintenance of existing trails and trailheads, and other improvements needed to attract private developers to the zone.