Solterra TIRZ

The Solterra Tax Increment Reinvestment Zone (TIRZ) was created in June 2021 for a duration of 50 years, expiring on December 31, 2071. The City is currently the lone jurisdiction participating and will contribute 60% of its ad valorem increment into a tax increment fund to pay the costs of public improvements, pro-grams and other projects benefiting the Zone. The TIRZ encompasses approximately 1,920 acres of land and generally located Southwest of East Cartwright Road and both Northwest and Southeast of Faithon P. Lucas, Sr. Boulevard. The TIRZ includes a Public Improvement District (PID) encompassing 1,424.398 acres of the approximately 1,920-acre TIRZ. The residential development will be within the PID.

Land uses for property within the TIRZ will be mixed-use residential on the majority of the land and retail and restaurant use on 9.4 acres. The current concept plan calls for the development of 3,900 single-family residential lots to be constructed in eight phases over the next twenty years:

  • Phase 1—786 Housing Units –Total Improvement Value $252,470,000
  • Phase 2—214 Housing Units –Total Improvement Value $65,843,052
  • Phase 3—500 Housing Units –Total Improvement Value $171,397,270
  • Phase 4—500 Housing Units –Total Improvement Value $179,929,608
  • Phase 5—500 Housing Units –Total Improvement Value $188,668,490
  • Phase 6—500 Housing Units –Total Improvement Value $196,967,690
  • Phase 7—500 Housing Units –Total Improvement Value $205,964,953
  • Phase 8—400 Housing Units –Total Improvement Value $172,126,292

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It is estimated that upon expiration of the term of the Zone, the total appraised value of taxable real property in the Zone will be more than $3.9 billion.

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