Officials pose questions to Majestic Realty ahead of TIRZ vote
March 14, 2021
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Majestic Realty approached the Webb County Commissioners Court on Monday in the company’s pursuit of a public-private partnership with both the city and the county.
Their proposal is to create a tax increment reinvestment zone, or TIRZ, for Port Grande, a future master-planned 2,000-acre logistics park of warehouses and offices near mile marker 13 on I-35. This development, according to Majestic Realty, would create 9,000 jobs and bring in $41 million in revenue for the city and $27 million for the county over the 30-year term of the agreement.
The proposed TIRZ would set aside 55% of the developer’s new property taxes to the city and county until 2051. These funds would instead be reinvested into the infrastructure and public improvements needed in the development process, such as public roads, utility lines and street lighting. After the agreement ends, both the city and coun