Developer wins incentives to build Leander housing project
Dec 23, 2013
Austin Business Journal
Residential developer Crescent Communities LLC has been awarded an incentive package worth $9 million as party of a new housing project in Leander, north of Austin
The Austin American-Statesman reports that the incentives will be used for infrastructure improvements for the 1,200-home project on a 500-acre chunk of land in the city's Capital Metro station area. Leander City Council approved the incentives package at its Dec. 19 meeting
Tom Yantis, Leanderâ€™s director of development services told the Statesman that the project will get "rooftops on the ground that provides demand for additional commercial development."
Crescent, based in Charlotte, N.C., will break ground in 2014 on the project and will kick in some of its own money for roadwork around U.S. Highway 83 and 83A, as well as wastewater and drainage work. Total expenditures are estimated at just over $13 million
A Tax Increment Reinvestment Zone has been created to shift property tax revenue increases to projects in the Capital Metro area. The Statesman reported that the development will be partly financed by the creation of a municipal utility district that can issue bonds