No one showed up to speak at the Sherman City Council’s public hearing about the project plan and financing plan for the Tax Increment Reinvestment Zone No. 7 Monday night. Hearing no objections, the council approved the project plan and financing for the project.
The financing plan for TIRZ No. 7, which was recently established on the southeast corner of the intersection of U.S. Highway 75 and FM 1417, includes approximately $2.3 million in public improvements to be funded through certificates of obligation issued by the city this year and/or reserves. The area where the TIRZ No. 7 was established encompasses the area to be used for the Schulman’s Movie Bowl Grille development in the city.
Councolor Shawn Teamann asked if estimated appraised value of $25 million the project was for the entire project or just the first phase of the project. City Manager Robby Hefton told him that the approximate value for phase 1 including the land and bricks and mortar.
”So that’s a pretty conservative value?” Teamann asked and was told it was. Then he asked how they came up with that number.
“So we know the estimated square footage for instance of buildings that are going to be built and we applied what we know to be current values for those and compared those to estimates that we have received from Schulman on particularly what his investment is going to be and then applied some other metrics to other facilities that should be on site as well. We just kinda added those up so it is both land and bricks and mortar value that gets put on there,” Heft answered. “We do expect that there will be development on phase 2 that will increase that value.”
The Council also approved a change the city charter to clarify when the council should meet if their normal meeting date falls on a Monday that the staff gets to take as a holiday. The change approved Monday will have the city hold the meeting on the Tuesday following the Monday that the staff gets off for the holiday. A member of the council asked what would happen if the city happened to have a Planning and Zoning meeting scheduled for that Tuesday since those meetings are generally held on a Tuesday in the City Council chambers. City Attorney Brandon Shelby said the city staff could not come up with a holiday that would fall so that the city council would need the chambers at the same time as the Planning and Zoning Board, however, he said, if that were to happen the city could just cancel the meeting.
The council praised the efforts of the Sherman Economic Development Corporation when SEDCO President John Plotnick and board chairman John Sild presented the organization’s progress report for the most recent quarter. Sild said SEDCO is actively working on 23 projects that would, if all acquired, bring 2,300 new jobs to Sherman.
Sild said since SEDCO last came before the council it has approved agreements with GlobiTech, Combicut, Elevate Recovery and Robit, USA with a total capital investment of $10 million and 81 jobs.
“We have a lot going on,” he said adding that the SEDCO staff are very busy. City Council members took time to compliment the group on the recent announcement of sale of the MEMC building to Finisar, a global communications company, that plans to bring 500 new jobs to town.
Herald Democrat Managing Editor William C. Wadsack contributed to this report.