From left to right (Front Row): Craig Faith (District 2), Trish Carlyle (District 2), Mayor Bill Baird, Diane Forte (District 1), and Phyllis Edson Ph.D. (District 3). From left to right (Back Row): Fred DeMoro (District 4), Mayor Pro Tem Beto Lopez (District 3),
Rob Binney (District 1), and Bob Johnson (District 4).
The city council has approved a real estate agreement for the transfer of city property for the I-470 and View High tax increment financing (TIF) plan.
At their regular session on August 23, the ordinance was passed without any council discussion. The proposed ordinance will be brought before City Council for a second reading at a later date.
Paragon Star, developer of the proposed soccer complex featuring hotels, apartments, and a retail and dining “mixed-use village,” is purchasing the land.
The sale is valued at $1,006,494, which is the combined amount of the two current real estate contracts the city had previously entered into: one property (about 65 acres) to be purchased by the I-470 & View High Community Improvement District and the second (about 5 acres) by Paragon Star, LLC, directly.
The land will be transferred to the CID, with the purchase price being paid by the developer. Some of the land will be used for the soccer complex itself (and its related public improvement projects), with the rest to be used for private development in accordance with the TIF plan.
The CID was formed in December 2015, with the TIF plan gaining approval in March 2016.
The developer hosted a formal groundbreaking ceremony late in 2016, but no meaningful progress has been made on the project.
The ordinance prepared by staff indicates that the real estate transaction is expected to occur “within the next few months” and should help the project move forward.
Councilmember Phyllis Edson voted against the ordinance.