During a recent government meeting, officials discussed a significant development project within the district, highlighting the need for approximately $24 million in improvements. The project involves the establishment of a Municipal Management District (MMD) designed to manage upfront capital costs, while a Tax Increment Reinvestment Zone (TIRS) would assist in servicing the debt incurred from MMD bonds.

The proposed development is projected to encompass a total investment of around $580 million, which is expected to generate over $3.75 million annually for the city upon completion. The improvements will focus on enhancing infrastructure, including streets, water, and sewer systems, as well as various public amenities.

Council members were informed that the project would include a multifamily housing component, with estimates suggesting that around 30 to 35 acres of the 70-acre site would be dedicated to this purpose. The multifamily units are planned to feature a mix of vertical mixed-use spaces and townhomes for sale, alongside office and commercial areas.

The developer, Brian Hall from Hanover Property Company, was present to provide further details and answer questions from council members. The meeting concluded with a call for approval of the preliminary finance and project plan, setting the stage for the next steps in this substantial development initiative.