Located within the Master Highway Corridor Overlay District, the property is zoned Heavy Commercial, according to the meeting agenda, which “is the City’s most extensive zoning designation and would allow most retail or restaurant uses.”

In its current form, the City’s website estimates, the property’s value at $25 million and projects $18 million in sales revenues “will generate more than $500,000 in new revenue to the City annually.”

The plan shows the buildings will have exteriors with earth-toned colors and the parking will include approximately 215 spaces to be landscaped with trees around the perimeter.  The agenda details that approximately 18,000 square feet will be dedicated to outdoor open space, a plaza and a couple of “picnic pavilions.”

Bedford has already established a Tax Increment Reinvestment Zone (TIRZ) for this property through Tarrant County and the Tarrant County College District, according to the City’s website.  The TIRZ would “provide new funding options to help cover the cost of the property’s infrastructure improvements.”  Some of the revenue from the “growth in property value,” the website explained, will be used to “cover project costs,” as well as related public works improvements. 

There are more than 180 TIRZs throughout Texas, according to the website, which are used as financial incentives to attract developers.  A TIRZ establishes a “base tax value” for a “designated area” using property taxes to help pay for such costs as street and drainage improvements, park space and utility connections.