On November 10, 2020, the Allen City Council Council authorized the City Manager to negotiate and execute an Economic Development Incentive and Easement Agreement and Project Development Agreement with The Farm Development Co., to provide an incentive package to support the development of The Farm, a 135-acre mixed-use development located at the southeast corner of SH 121 and Alma Drive.
The Farm in Allen will contain office, retail, corporate headquarters, restaurants, entertainment and residential uses that will collectively comprise an economic development project that will promote economic development within the Zone. In addition to the project development, however, will be numerous amenities designed specifically for the communities that surround it. Family friendly parks, hike and bike trails throughout with interesting surprises along the way, a lake with overlook seating and dining, play areas and nature trails will be found throughout the development. Over 30 acres of open space will be provided including the 16 acres greenbelt area along Watters Creek will remain a natural wooded area very similar to what it has been for decades.
As a component of the incentive package, the Allen City Council will consider authorizing the creation of a Tax Increment Reinvestment Zone (TIRZ) that encompasses the 135-acres that make up The Farm project. The TIF Zone is proposed to begin accumulating ten percent (10%) of the City of Allen Tax Increment from real property ad valorem taxes in the Zone assessed and collected for Tax Years beginning ten years in the future (January 1, 2030) and continuing for a period of 20-years. This 10% increment will be provided to the developer solely for the purpose of maintaining and repairing certain private roadways, bridges, parks, landscaping and sidewalks within the planned development. The attached Reinvestment Zone Ordinance with the included TIF Project and Financing Plan describe this in greater detail.
The TIF Project and Financing Plan indicated that approximately $13,278,792 is expected to accumulate in the TIF Fund from the 10% City of Allen real property tax increment during that 20-year time period. The project is expected to incur maintenance costs of approximately $14,649,657. The TIF is anticipated to cover a portion of these maintenance expenses.
A Developer Agreement is also being negotiated that will include the terms of how the 10% TIF increment is paid to The Farm Development Co.