The city will reimburse a land developer as much as $129 million to build roads, sewer and other infrastructure on some 200 acres of land the developer owns near Westmoreland and Interstate 30.
Dallas-based Stratford Land pitched a development called “The Canyon” to City Council Wednesday. Roy Appleton at the DMN wrote about the proposed development last week, but that story is behind a pay wall. Stratford told City Council Wednesday the development would include apartments, retail, offices and a hotel.
Council voted unanimously to reimburse Stratford nearly $70 million, which comes to almost $129 million including interest. The money would come from tax revenues gained from increased property values.
Stratford is a land developer, which means it acquires and primes land for other developers. So it is unlikely that Stratford would actually develop the buildings that would make up “The Canyon”, and no timeline has been laid out.
Even so, lame duck councilman Dave Neumann told council Stratford would not improve and quickly resell the property. Isn’t that what land developers do?