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TIF Applications Jump-Start Proposed Baylor Medical Terrell and 4.7 Million Square Feet of Retail and Commercial Development for Terrell, Texas

Posted on: Friday, 23 October 2009, 07:00 CDT

TERRELL, Texas, Oct. 23 /PRNewswire/ -- Economic development is alive and well in Terrell, as witnessed by the recent applications by five developer-partners for Tax Increment Finance (TIF) funds, centered on the proposed Baylor Medical Terrell at the corner of Spur 557 (Highway 80) and Interstate 20 in Terrell.

The applications -- from Baylor Health Care System, Terrell Market Center, Oakmont Capital Group, Fulton Anderson, and Terrell Wally -- total over 4.7 million square feet in retail and commercial development and $1 billion in value.

When completed, the projects would double the 2009 tax base for the entire City of Terrell, currently just over $1 billion.

There are also 10,000 new jobs proposed in the applications -- meaningful employment for Terrell, where employment is currently about 7,000.

A rendering of a potential Baylor Medical Terrell shows a 100-bed hospital, expandable to 400-bed, though Baylor Health Care System has not initiated a design for its Terrell campus. "Our specific plan will depend upon the needs of the community at the time we initiate our campus design," said Baylor Health Care System spokesperson Jennifer Coleman, senior vice president. When complete, the hospital would be the largest regional medical facility serving Kaufman County and the East Texas region west of Tyler.

The hospital would anchor additional medical, office, retail, hotel and other commercial development on surrounding properties. The 4,500-acre TIF district, which is the single largest rural TIF in Texas, includes the most attractive undeveloped land in North Texas and is a serious commitment by the City that further enhances Terrell's reputation as a regional destination and the "Gateway to East Texas."

The Terrell City Council created the district in 2008 to take a proactive role in community development. The TIF allows developers to build public infrastructure and to be paid back from the increased value of their land and improvements. TIF financing doesn't increase taxes, and no city tax funds are committed prior to completion.

The project will develop over the 30-year life of the TIF district, which includes areas outside the five current applications.

Terrell Mayor Hal Richards states, "Because of the TIF, the City of Terrell will generate top quality, sustainable growth while providing residents great job opportunities in their hometown. We are really excited about the amenities that will spring up in the TIF zone over the next few years."

For more information about development opportunities in the TIF District, contact Mayor Hal Richards at 972-551-6600, email: hrichards@cityofterrell.org or visit www.cityofterrell.org

To see press release go to http://myprgenie.com/2781

SOURCE Terrell Economic Development Corporation

Source: PR Newswire

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