Economic development deals OK’d
With Mayor Betsy Price abstaining because of a conflict of interest, the Fort Worth City Council voted Tuesday to approve two connected economic development deals in the far north.
Councilwoman Gyna Bivens was absent.
Tanger Outlets wants to build a 350,000-square-foot shopping center in north Fort Worth across from Texas Motor Speedway as part of the initial $100 million phase of development in the 279-acre Champions Circle. Tanger must invest $70 million to build the shopping center, and Fine Line Diversified Development in Fort Worth, developer of Champions Circle, must invest $60 million in 500,000 square feet of commercial space and 100,000 square feet of apartments.
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Fine Line would receive a rebate of 85 percent of the city’s 1-cent sales tax for 10 years, or an estimated $31.5 million, and Tanger Outlets would be rebated 85 percent of the city’s sales tax for 15 years, or an estimated $25 million. Both companies must meet the terms of the agreement for the deals to hold.
In the second deal, approved unanimously, a data center developer, Winner Llc., is looking to build up to three 250,000-square-foot centers and is choosing between Fort Worth and an undisclosed city outside Texas. The proposed $750 million project would bring 40 jobs, paying an average $70,000 annually. The company is considering buying 150 acres at the northeast corner of Park Vista and Texas 170 in the AllianceTexas development.
Under the approved incentive, the company has the potential to earn $146.7 million in rebates from real and business personal property taxes and a franchise fee with Oncor, over 20 years. The city would gain $48.5 million.
Eastside Library location approved
The council also unanimously approved spending $185,000 to buy property at 3851 E. Lancaster Ave. for the Eastside Library. The new library, budgeted for $3.2 million from the 2014 bond program, will be conveniently located for east-side residents and will be close to a bus stop, Councilwoman Kelly Allen Graysaid. — Caty Hirst