by SEAN BATURA
A 3,427-home gated community proposed for southern San Marcos in which Carma Development, LP, plans to invest more than $700 million received positive recommendation from the San Marcos Planning and Zoning Commission (P&Z) Tuesday night after impassioned public comment.
The development agreement approved by P&Z commissioners in a 7-1 vote said the city may create a Tax Increment Refinancing Zone (TIRZ) to reimburse Carma for infrastructure improvements in the proposed Paso Robles development. The city would reimburse Carma from the increase in property taxes within the TIRZ. Carma proposed a $20 million TIRZ reimbursement Tuesday night.
The development agreement now moves on to the San Marcos City Council, which is expected to take it up next week.
Whether a TIRZ should be created was not under consideration by the P&Z, though at least two commissioners — Bucky Couch and Randy Bryan — expressed support for a TIRZ. Bryan said the TIRZ is “very reasonable.”
Carma Austin General Manager Shaun Cranston said none of the infrastructure improvements covered in the proposed TIRZ would be located within the gated portions of the community. Cranston added that Carma is taking the risk if the development were to fail in generating enough property tax value to fund TIRZ reimbursements.
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