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 cur-rently 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 approxi-mately 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 con-cept 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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