City Council to again consider adding Greenbelt project to city's tax increment reinvestment zone

The Greenville City Council is scheduled to meet in a special session Tuesday morning, to again consider including a major planned development along Monty Stratton Boulevard as part of the TIRZ No. 1.

The council and the Hunt County Commissioners Court, along with the Hunt Memorial Hospital District, each voted May 23 to approve the inclusion of eight parcels, being developed by Wildcatter Realty Advisors as The Greenbelt, into the zone.

The council is scheduled to hold a public hearing on the plan during Tuesday’s special session agenda, starting at 9 a.m. in the Municipal Building, 2821 Washington Street.

The hearing is to receive input on proposed amendments to the project plan and financing plan of reinvestment zone number one and to provide a reasonable opportunity for any citizen and any owner of property within the reinvestment zone to protest the inclusion of additional project costs, additional territory and/or other amendments to the project plan and financing plan.

Two action items are part of Tuesday’s agenda, a resolution approving the Greenbelt Development Agreement with Wildcatter Realty Partners and a second resolution approving the Economic Development Program Agreement with Wildcatter Realty Partners.

An executive session is also included as part of the agenda.

Tax increment reinvestment, also known as tax increment financing, uses a portion of the taxes assessed on increased property values to help repay the investment used to install the infrastructure needed in the zone.

The Greenbelt is described as a 325-acre master-planned, mixed-use development that will include residential, commercial, cultural, institutional and entertainment destinations. Organizers say it will include hike-and-bike trails, a disc golf course, family-friendly parks, water features and natural wooded areas and is bordered by Interstate 30, Monty Stratton Parkway, State Highway 34/Wesley Street and FM 1570.

The Hunt County Commissioners Court is also scheduled to meet in a special session this week.

The commissioners are to meet starting at 11 a.m. Monday in the Auxiliary Courtroom, 2700 Johnson Street in Greenville. The meeting will be open to the public and will also be streamed at on the county’s web site at huntcounty.net

No action items are scheduled as part of the special session agenda, but an executive session is included. In the event the commissioners intend to take action on any of the items considered during the executive session, they would return to the regular agenda before doing so.