WACO, Texas — Waco's Tax Increment Financing Board (Zone 4) approved a development plan Tuesday for a $100 million development at the site of the demolished Floyd Casey Stadium at South 32nd street and Clay Avenue.
The project will now head to the Waco City Council for approval.
The development would have 54 acres of residential space, which would be broken up by multiple green areas, as well as 19.6 acres of commercial space.
The development would have around 240 homes in total, which includes seven lot classifications including multi-family homes, smaller "zero-line" lots, cottages, larger family residences and a few large mansion-like residences.
City staff said the development would attempt to have all residences just a five minute walk away from an "active" green space.
City of Waco Economic Development Director Kent George told 6 News Turner Brothers would be the developer..
The property is located in Waco's Tax Increment Financing (TIF) Zone 4. George told 6 News the TIF zone allowed for property taxes collected in the zone to be set aside from the general budget, and instead used for specific economic developments and public improvements in that zone.
"It fences those taxes into that area so it can be used by that area to stimulate growth," George said.
In this development, the City will allow the developer to use $19.2 million in TIF funds as reimbursement for the public improvements they make in the development. George said the developer only gets that reimbursement after they build improvements so the money is payed out over time.
"You only get back what you are creating," George said.
TIF Board zone 4 Chairman Kyle Deaver told 6 News Waco needs the additional housing and the plans will provide affordable options for residents as well.
"The idea is certainly to make it more affordable and that's one of the reasons they are doing several different kinds of housing there from multi-family to zero-lot-line to larger family lots so that they can offer that to a wide array of buyers," Deaver said.
Deaver also told 6 News the additional residences would help add students to Waco ISD.
Deaver said the city put out a Request For Proposal (RFP) for the project in early 2020. With his request now answered, he says it's exciting to pick a developer and move forward for a proposal.
"It's taken a long time," Deaver said. "The council knew this was a once in a lifetime opportunity to have a site in the middle of the city the size of the Floyd Casey site to redevelop. So, there has been a lot of thought of planning that has gone into this project and it is really a big deal for Waco."