The Denison Reinvestment Zone No.1 Board finalized plans for the Gateway Village development Tuesday, before sending it to the Denison City Council for final approval.

The Denison Reinvestment Zone No.1 Board finalized plans for the Gateway Village development Tuesday, before sending it to the Denison City Council for final approval.


Gateway Village, the most recent project in Denison for developer Tom Johnson, is expected to bring in $114 million in private investment during its first phase and an expected $4 billion over the lifetime of the development, said City Manager Robert Hanna during the Denison Economic Development Summit on Friday.


The project will bring infrastructure additions and improvements to the area, which will use a Tax Increment Reimbursement Zone to repay Johnson for the public improvements. Grayson County will also be investing in infrastructure upgrades in the development.


In a unanimous decision, the Board sent a formal recommendation to the City Council that it approve the final project plan and reinvestment zone financing plan for the development zone. The decision was followed by a decision to recommend the Council approve the Reimbursement Agreement between the Board, city and the owner of the development property.


Lastly, the Board recommended the city approve the tax increment Participation Agreement for the zone, which would allow Grayson County to contribute to the project.


Board Chairman Matt Hanley expressed his full support for the development and the creation of the TIRZ agreement.


"This sets the wheels in motion to get this project going," said Hanley, after the meeting. "This is a very immediate development for the city."


The recommendations made by the Board are expected to be discussed at the next City Council meeting.