The future of the $ 77 million Killam project is in LC’s hands

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During the Laredo City Council meeting on Monday, council members discussed a reinvestment area of ​​tax increases relating to The Coves at Winfield project which is being developed by Killam Development. The city moved the project forward after the public hearing, with the future of the project in the hands of Laredo College.

According to Cliff Killam of Killam Development, the goal is to finance the construction of the necessary infrastructure and the improvement of the 1,027 acres of development. The project is a pilot project that coincides with the overall Laredo plan and a city center concept.

The Tax Increase Reinvestment Zone includes areas that municipalities create to attract new investors and investment opportunities. Killam said the project aims to create a $ 1 billion tax base over 30 years, create more than 2,000 jobs and pave the way for the creation of an LC campus on the north side.

The project presentation indicated that the area would receive no sales tax revenue collected by the city and county, and the two with LC would participate with 40% of an M&O rate and cancel each. The M&O part is the tax rate that is required to increase the same amount of tax as the tax unit levied the previous year plus 8%. This rate takes into account things such as wages, utilities, and day-to-day operations.

In terms of cost, the overall cost between the Laredo College building, infrastructure and administrative costs of the city of Laredo is over $ 77 million, with the infrastructure costing $ 75,518,383 and 1,600,000. $ for the LC building.

As city council members were happy with the vision for the project, council member Alberto Torres asked what would happen if LC voted not to approve the continuation of the project. Killam responded by saying the project would not materialize.

For now, LC’s votes are still pending, Torres said.

Overall, council members thought the project was a good move for the city, as council member Mercurio Martinez recalled that Laredo was the fastest growing city in Texas and the second fastest in the country. behind Las Vegas.

However, the question of the members of the board of directors was raised by city councilor Alyssa Cigarroa, who questioned whether they would be required to meet certain criteria such as, for example, knowledge of town planning.

The city’s legal division will consider what criteria can be added, but Torres reminded the room that the board will be made up of taxpayer representatives, questioning whether a test could exclude taxpayers.

The board eventually moved forward by approving a five-seat board that will review the backgrounds of proposed members to ensure multiple perspectives and expertise on the board.

Killam’s presentation described the proposed development and stated that the site area will be 1,027 acres.

It would also contain:

Four acres for a county fire station.

1.8 acres for the Laredo College building.

Space for 1,767 single-family residential units.

905 multi-family dwellings.

649,000 square feet of retail space.

100 units for hotels.

44 acres for public schools.

23 acres of green space / park.

45 acres of green space in the floodplain.

79 acres of mail collector road.

The total projections for stimulating private investment for development are estimated at more than $ 1,014,178,090 over 30 years.

cocampo@lmtonline.com


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