The Levelland Tax Increment Financing Board met Friday in a regular meeting. The T I F Board #1 heard a request from Donny Barry to help develop four tracts of land behind the Gentry Square Shopping Center. The request was for $568,000 to develop the tracts. The project includes a 5 acre lot for a $6 Million Assisted Living Center, Tract 2 would include business offices or assisted living with a value of $1.5 to $2 Million, Tract 3 would include a motel or shopping mall worth $2 Million and Tract 4 would include Storage Buildings. Barry had proposed developing the land for new home construction, however he dropped that plan once a negative report came back from FEMA regarding a flood plain on part of the property. The project would include constructing over 1000 feet of new road that would extend John Dupree Drive to serve the new development. The money the TIF would spend on the project would be paid back with the increase in property taxes generated by the value of the projects. It is estimated that the four projects would eventually yield $65,000 a year in revenue.
The TIF board also heard a request for $673,400 from Billy Mack Palmer for developing a property. The project proposes building up to 47 new homes on a tract of land between Sherman and Cedar and South of Maple. A minimum of 5 new homes would need to be built each year to generate enough tax revenue to pay off the request. That number is based on an average value of $140,000. Palmer said he has talked to 4 builders who are interested in building on the property.
The TIF Board approved continuing discussions on both projects. Ultimately both will have to go to the City Council for final approval.