Summary: The "transformative $500 million, 317-acre mixed-use project will be the largest development in Parker County. Willow Park plans to create a public improvement district and issue bonds to cover infrastructure costs. Those initial costs will be repaid from property taxes collected from homes and businesses in the district. The city and the developer also agreed to a Tax Increment Reinvestment Zone, which will rebate property taxes to the developer by 50% over a 40-year period."
• Note: Willow Park Civics is about Willow Park but is NOT associated with or managed by the City of Willow Park.
• Latest Update: 16 December 2024
Beall Development. Article from the Fort Worth Report.
"A transformative $500 million, 317-acre mixed-use project planned for Willow Park will be the largest development in Parker County. Willow Park plans to create a public improvement district (PID) and issue bonds to cover infrastructure costs. Those initial costs will be repaid from property taxes collected from homes and businesses in the district. The city and the developer also agreed to a Tax Increment Reinvestment Zone (TIRZ), which will rebate property taxes to the developer by 50% over a 40-year period." This property tax rebate will allow Beall Development to implement infrastructure, like roads, water and wastewater pipelines, sidewalks, parks and trails.
• $500M, 317-acre Willow Park development planned near west Fort Worth, Fort Worth Report, 16 November 2024 Excerpts.
A transformative $500 million, 317-acre mixed-use project planned for Willow Park will be the largest development in the Parker County city, officials announced.
Developer Robert Beall of Beall-Dean Ltd. plans to build the project at the southwest corner of Interstate 20 and FM 1187 — a few miles west of 110 acres recently annexed by the Fort Worth City Council. The site is also close to the sprawling Walsh Ranch development and the future site of the 51-acre University of Texas at Arlington’s UTA West in west Fort Worth.
“We’re grateful for the dedicated efforts of the city of Willow Park team, whose support and vision have been instrumental in making this annexation possible,” Beall said.
The project will include about 135 acres earmarked for commercial development with nearly 92 acres set aside for multifamily residential housing. Single-family homes will be built on about 35 acres and light industrial will fill about 55 acres. Parks, trails and other green spaces are also planned.
Restaurants, a grocery store and big-box retailers are expected, too.
Willow Park plans to create a public improvement district and issue bonds to cover infrastructure costs. Those initial costs will be repaid from property taxes collected from homes and businesses in the district, according to a news release.
The city and the developer agreed to a Tax Increment Reinvestment Zone, which will rebate property taxes to the developer by 50% over a 40-year period.
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