REAL ESTATE BRIEFS Alliance Industrial Co. breaks ground on new industrial park o I 35 Leadership for the city of Kyle, Hays County, the Kyle Economic Development Department and Alliance Industrial Co. held a groundbreaking ceremony June 22 for the new, nearly 1.4 million- square-foot industrial park called Kyle/35 Logis- tics Park at 24801 I-35, Kyle. A Chapter 380 performance agreement, which provides a tax rebate, was approved between the city and Alliance, an industrial development and investment company, following an executive session of City Council on June 7. The Hays County Commissioners Court also approved a performance agreement at a meeting June 7. “We recognized over the last two to three years that there was a void in warehouse and logistics facilities, particularly in this region,” Alliance Managing Director Chad Parrish said. “This prop- erty that we’re standing on today, which closed in December 2021, is our rst venture into the space, and it remains today our largest and probably one of our most exciting ventures.” The COVID-19 pandemic a ected consumer buying patterns and accelerated online purchase activity, which was a driver to get this project o the ground, Parrish added. “Things that are critical to service that demand, though, are a lot of things that this project o ers,” Parrish said. The Kyle/35 Logistics Park will comprise ve buildings ranging from 140,300 to 474,397 square feet to accommodate a variety of tenants, Parish said. Alliance will also construct two public roads near or adjacent to the industrial park. One of the roads will be called South Goforth Road, and the other will be called Logistics Road, which will be next to the park and connect to the southbound frontage road.
COMPILED BY ZARA FLORES
2022 REAL ESTATE EDITION
Kyle approves $40K general homestead exemption Kyle City Council adopted a new general $40,000 homestead exemption for all homeowners. The ordinance, passed June 25, includes an additional $10,000 in exemptions for resi- dents age 65 and older, residents with disabil- ities and veterans. However, the exemptions cannot exceed 20% of an individual home’s assessed value. The only prior exemption in the city was $30,000 for residents 65 and older; that exemption has now been reduced to $10,000 but can be stacked with the $40,000 general exemption for a combined total of $50,000. “We knew that there’s a big struggle out there with everybody with home prices and also with daily living expenses. I know our tax base has not increased over the years, ... but the property values in Kyle have skyrock- eted,” Council Member Michael Tobias said. About 30% of the scal year 2021-22 budget comes from property taxes, and with the drop in revenue as a result of the exemptions, the council and city sta will have to decide where the FY 2022-23 budget will be cut to o set the losses. INCREASING PROPERTY TAX RELIEF City of Kyle residents have access to higher homestead exemptions for 2022.
Representatives from the city, county and Alliance Industrial Co. celebrated the groundbreaking of the new industrial park June 22.
ZARA FLORES COMMUNITY IMPACT NEWSPAPER
White-Hot Market
E-commerce amid the COVID-19 pandemic pushed the Alliance Industrial Co. team to get this logistics facility built. The ve buildings have di erent square footages to accommodate di erent types of businesses.
Building 1:
224,240 Sq. Ft.
Building 2:
474,397 Sq. Ft.
EDWARDS DR.
Building 3:
347,180 Sq. Ft.
35
Building 4:
KYLE 35 LOGISTICS PARK
206,262 Sq. Ft.
Building 5:
140,300 Sq. Ft.
N
SOURCE: ALLIANCE INDUSTRIAL CO. COMMUNITY IMPACT NEWSPAPER
$40,000 $10,000
General homestead exemption
“Projects like this don’t come out of nowhere,” Mayor Travis Mitchell said. “We were told in that [executive sessions] room that the end result here is going to be the best project for industrial speculative development that we have in the city of Kyle, and that right there sold us.” The project is expected to be completed within the rst quarter of 2023, Parrish said.
Additional exemption for speci c groups Exemptions cannot exceed 20% of the home's assessed value.
SOURCE: CITY OF KYLE COMMUNITY IMPACT NEWSPAPER
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