Pearland - Friendswood Edition | February 2024

BY SHAHERYAR KHAN

What they’re saying

The cost

What’s next

In December, the city approved the creation of a tax increment reinvestment zone, or TIRZ, for the site. The TIRZ freezes the property tax value and will have revenue created from new value go toward development, city documents show. A development agreement approved in Janu- ary will see Tannos cover consulting, legal and administrative costs while the city will handle infrastructure costs, which are estimated at $53 million. City ocials said 70% of TIRZ revenue will cover infrastructure debt, with 30% for operation and maintenance.

The groundbreaking ceremony, set for late February but not yet ocial, will mark the start of construction, Tannos said. Those initial eorts will target infrastructure needs, including roadways, utilities and drainage. While city ocials work on building out the infrastructure at the site, the next phase of construction could begin by the summer, Tannos said. Attention will also turn toward attracting tenants, retailers, restaurants, oce occupants and hotel operators, Kabiri said. Community involvement remains essential, with communication and collaboration ongoing to gather feedback and provide updates, Kabiri said. The development could create new jobs and raise the property values of the area, which in turn could bring upwards of $4 million annually in property tax revenue to the city, Kabiri said. Future phases may expand the development, introducing more amenities and complementary projects. There is no specic date set for the grand opening of Friendswood City Center at the moment, Tannos said. “Our focus now shifts to turning plans into reality,” Tannos said. “We’re dedicated to addressing critical infrastructure needs and engaging potential tenants to ensure the success of this transformative project.”

“Our approach prioritizes community needs and aesthetics, ensuring that the project oers a diverse

range of amenities rather than simply maximizing space.” LOUIS TANNOS, PRESIDENT, TANNOS DEVELOPMENT GROUP

“As a component to recoup our cost and live by what we had promised, … the cost for the operation, creation

Friendswood City Center infrastructure costs

and maintenance of these districts would be solely on the owners within the development and not on the rest of the taxpayers.” MORAD KABIRI, FRIENDSWOOD CITY MANAGER, AT A JAN. 8 CITY COUNCIL MEETING

1. Site preparation/demolition ( $15.04M )

2. Fire station ( $8.3M )

3. Water distribution/detention ( $7.82M )

4. Roadwork/improvements ( $6.81M )

5. Contingency ( $5.07M )

“We’ve been trying to promote ‘live here, shop here, play here.’ ... Spend your money here within the Friendswood city limits to help our economic base and keep the taxes down for the local citizens.” CAROL MARCANTEL,

6. Park improvements ( $4.63M )

7. Sanitation ( $2.56M )

8. Administrative and other ( $2.25M )

PRESIDENT, FRIENDSWOOD CHAMBER OF COMMERCE

9. Road improvements (non-PID) ( $520K )

SOURCE: CITY OF FRIENDSWOODCOMMUNITY IMPACT NOTE: $16M IN INTEREST AND FINANCING IS NOT INCLUDED IN THE TOTAL

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