Missouri City: City Council enters Chapter 380 Agreement for 250,000 SF Power Retail Center
Feature Photo: Joe Esch, the Missouri City economic development director, presents a resolution to City Council authorizing execution of an agreement with NewQuest Properties. Image: Missouri City video archives.
by Adolfo Pesquera
Missouri City (Fort Bend County) — City Council agreed last week to executive an incentive package with NewQuest Properties through a Chapter 380 economic development agreement for a 250,000-square-foot power retail center.
At the Aug. 5 session Economic Development Director Joe Esch said the a final agreement after nine months of negotiations that began in October with NewQuest.
NewQuest Properties is proposing the development of a power center northwest of the at the intersection of the Fort Bend Parkway Toll Road and Highway 6. It will be a mix of retail and the first phase would be construction of a 45,000-square-foot Cinemark Theater.
The 43 acres of undeveloped land is located in Missouri City’s TIRZ 2, which has less than 10 years of life. Conditions listed in the Letter of Intent anticipate the TIRZ 2 would be extended by 20 years and request Fort Bend County participation, and the land would be annexed into the city.
These actions would help facilitate creation of a performance based incentive package not to exceed $6.5 million (a $2.5 million reimbursement from Municipal Management District 2 for infrastructure costs, and $4 million in rebates from projected property taxes collected by TIRZ 2 and the city’s 1/2-cent sales tax).
There is an additional 43 acres adjacent to the proposed project site that is being taken into consideration in the draft Chapter 380 agreement. The pertinent clause states:
“Should Developer acquire the property comprised of approximately 43 acres that is contiguous and to the est of the Property, … , and should Developer expand the Project onto the Potential Additional Tract, the Potential Additional Tract will be included in the definition of Property for purposes of this Agreement, and such additional development will be included in the definition of the Project and will be subject to all payments, obligations , terms, and conditions of this Agreement.”
NewQuest Properties has assigned this project to special purpose entity A-S 151 NWC Fort Bend Pkwy-Hwy 6, LP.
The concept site plan for the Fort Bend Town Center II by NewQuest Properties. Courtesy: Missouri City public records.
Adolfo Pesquera (Reporter/Editor) is a veteran news journalist. He has worked for Hearst Corp., American Lawyer Media, News Corp and Freedom Communications. His work has been published in newspapers and magazines across the USA. He is a journalism graduate of UT-RGV. He writes, edits and creates digital pages for VBX.