Eco Devo Trend: Eco Devo 101. TIRZ Begets a University Facility.

A developer, a univeristy, and a TIRZ walk into a bar…

Who is involved in this land deal?

• A developer
• The city of McAllen, which recently annexed the developers land
• County of Hidalgo
• A newly formed Tax Increment Reinvestment Zone
• Texas A&M

What tax revenue is involved?

• Texas A&M, via a letter between the City & the County, gets:
  • 100 acres of land donated
  • $10 million for the construction of the facility
  • $6.8 million to cover part of the investment in infrastructure
• The developer, via the City and County, gets:
  • to enter into a TIRZ with the city & county to assist with the initial $24.5 million investment in infrastructure
    • “city will use 80 percent of the maintenance and operations tax levied by that area alone”
    • ” the county will contribute 77 percent of its maintenance and operations tax, as well”

McAllen Monitor | Tres Lagos developer talks plans after Texas A&M announcement