The Aledo City Council has on the discussion only agenda for its April 22 meeting a potential agreement that would involve the City of Fort Worth releasing about 243 acres of its Extraterritorial jurisdiction (ETJ) along the east side of 1187 to Aledo.
The agreement would be contingent on developer D.R. Horton closing on purchase of the property.
Under the agreement, Horton would develop a Development Agreement with Aledo whereby Aledo would receive 1.5 sales tax in land that would be annexed and land would be voluntarily annexed into Aledo.
Other terms include:
- The land will be included either in a Public Improvement District (“PID”) or a Municipal Utility District (“MUD”) and a tax increment re-investment zone (“TIRZ) to be created by Aledo once the land is released from Fort Worth’s ETJ;
- The land uses, lot density, other agreed upon development regulations, and the terms upon which they may be frozen will be agreed upon;
- Aledo will provide water and sewer capacity and service for full development of the land;
- Horton will receive credits for infrastructure in Aledo’s Capital Improvement Plan built by D.R. Horton, according to Aledo’s impact fee ordinance;
- The PID or MUD will be utilized to finance agreed upon infrastructure;
- The TIRZ will be funded by an agreed upon percentage of Aledo ad valorem tax and will be utilized to subsidize annual assessments on property in the PID or MUD;
- A portion of the sales tax from the land in the TIRZ may be contributed to reimburse D.R. Horton for infrastructure.
There is also language in the outline regarding D.R. Horton negotiating a Developer Agreement with Fort Worth.
The Community News will continue to follow this story.