Sherman recently received a request to expand the borders of its Tax Increment Reinvestment Zone no. 7, which covers the southeast corner of the intersection of FM 1417 and U.S. Highway 75 and the newly proposed Terra Perpetua development. The proposal would expand the zone to the east, encompassing areas that are planned for future development.
The Sherman City council will consider expanding the boundaries TIRZ no. 7 when it meets at 5 p.m. Monday at Sherman City Hall.
The current footprint of TIRZ no. 7 covers the site of Schulman’s Movie Bowl Grille, but the expansion would include the proposed Terra Perpetua multi-use development directly adjacent to the site. At full build out, city officials have previously said the development could include a mixture of multi- and single family homes, light retail and potential for a new elementary school.
The city plans to contribute 50 percent of its maintenance and operations tax revenue generated from property value increases from improvements. These funds are traditionally used to finance infrastructure and other public works projects and improvements within the zone.
Here are three other things to know about Monday’s meeting:
1. Hangars at Sherman Municipal Airport
The city will look at potentially requesting bids for the construction of two hangar buildings at the city airport. Additional access aprons for hangars were constructed several years ago, but the city never moved forward with hangar construction.
The additional hangar space coincides with recent efforts to increase investment in the airport and encourage outside interest.
2. Cherry Street Park Improvements
The city is considering advertising for proposals for the purchase and installation of new equipment and amenities at Cherry Street Park.
With an estimated investment of about $143,000 into the project, and the city plans to utilize funds from its Community Development Block Grant for the project. These funds, provided by the U.S. Department of Housing and Urban Development, are used for improvement projects in low to moderate income areas.
3. Moore Street Agreement
The city is proposing amendments to its agreement with The Munson Realty Company regarding improvements to Moore Street between West Travis and FM 1417. These amendments will clarify sections of the original agreement regarding who will pay for the first phase of improvements and the inclusion of a retention pond.