Feature Photo: Aerial view of the proposed site for the project by the City of Pflugerville.
Posted: 7-28-2022
Pflugerville (Travis County) – Pflugerville City Council backed soliciting a master developer for a public-private partnership (P3) for the Downtown East Project at its July 26 meeting.
Funding sources include certificates of obligation (CO), the Pflugerville Community Development Corporation (PCDC), a Tax Increment Reinvestment Zone (TIRZ) and other project revenues to mitigate the overall taxpayer burden to deliver the project.
After assessing the land, project goals and public feedback, the following public improvements are needed:
- A 93,00 SF city all
- 120,000 SF recreation center
- Infrastructure
- Roughly 1,000 parking spaces
The funding needed to fully deliver public improvements to Downtown East is estimated at $148.9 million, but through careful consideration of funding sources, the city’s consultant and staff team have identified a maximum of $71.8 million that needs to be funded by tax-supported debt.
It is estimated this project will generate $33 million in revenue from property taxes, sales taxes and hotel occupancy taxes over the next 20 years.
As part of a P3, the city will work with a master developer to plan a mixed-use development on the site and assist in the construction of public facilities. A P3 model shifts the risk of delivering the project to the developer and reduces the overall cost to construct the needed city facilities by accelerating the development timeline and sharing the cost of infrastructure within the site including roads, sewer, water and other utilities.
The vision for Downtown East is shaped by years of public feedback from the city’s Downtown Action Plan, resident surveys, Aspire 2040 Comprehensive Plan and most recently in-person and online feedback from the two public meetings held in April and June.
The 19 goals established for the Downtown East project come together to support an economically and socially vibrant extension of Pflugerville’s downtown that includes the facilities needed to continue providing the high-quality services the community expects and deserves for generations to come.
The project will be located on 29-acres of undeveloped property that the city purchased last year at the northwest corner of FM 685 and East Pecan Street.
VBX Project ID: 2022-5226
Edited from news release.
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