The Metro Council on Wednesday unanimously approved the creation of an economic development district that will enable developer Mike Wampold to use Tax Increment Financing to help cover the cost of developing new infrastructure, retail and public facilities at Harveston, his planned community located at Nicholson Drive and Bluebonnet Boulevard.
The Harveston Economic Development District will use 2% of any new sales taxes generated within the district—an estimated $2 million a year—to finance development of a new supermarket-anchored retail center, multifamily and commercial space, a K-12 charter school, church, sheriff’s substation and new fire station.
The new district will not include the hundreds of residential units that have been developed at Harveston since 2013, but will encompass a sprawling undeveloped tract across Bluebonnet Boulevard from the residential section.
Wampold says the tax break is necessary because his plans for Harveston call not just for developing new retail space but for developing infrastructure and services that do not generate revenue yet would benefit the entire community.
Though Harveston is within the boundaries of the prospective city of St. George, meaning any tax money Harveston gets to keep would not go to St. George, provided St. George survives a court challenge and eventually becomes reality.
