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No quorum for River Bend
FLORESVILLE -- Progress at the River Bend residential subdivision off U.S. 181 Business here continues at a slow, but steady pace. This is according to one of the project’s developers, Lee Ricks, June 26.
That was the date that a meeting of the River Bend Community Development Corp. -- the first in more than two years -- was called. But when board Chairman Bret Ross established that there was no quorum, discussion ensued about the status of the project in the wake of its change of ownership in January 2011.
Ricks said some miscommunications led to the resumption of the development of Unit 3 of the subdivision, for which the final plat was approved Nov. 7 by the Floresville City Council. But because of the holiday season, the city did not sign the plat until January. Ricks said city officials had told him that none of the 65 lots in that section could be sold until the plat was signed, which might have discouraged some potential buyers.
“I think the city is trying to work with us and that they do a good job,” Ricks said. “But I don’t think the city has a lot of experience with this type of thing.”
Also in attendance was Chris Allison of San Antonio-based M. E. Allison & Co. Inc. Allison’s company underwrote the tax-increment refinancing zone’s (TIRZ) bond in 2007. The zone, which is overseen by the corporation’s board, is a special district created in 2001 to encourage new investment and development. The TIRZ allows a portion of property-tax money from lots developed within it to be set aside and reinvested to complete water, sewer, or road infrastructure.
Anderson responded to the rumors that the TIRZ was attempting to refinance the bond. He said that the tax-increment financing agreement expires in 2031 and that it will be more difficult to borrow money or refinance existing obligations as the expiration date comes closer.
In attendance: Board members Paul Sack, Lee Ricks, and Bret Ross; Floresville City Manager Andy Joslin and City Secretary Sherry Pollok; and Christopher Allison of M. E. Allison & Co. Inc.
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