Bryan City Council Modifies Two Economic Development Agreements

Image from the city of Bryan.
Image from the city of Bryan.

The Bryan city council’s September 13, 2022 meeting included approval of modifying two economic development agreements.

There was no public comment by councilmen before their unanimous votes.

One amendment gives developers of a senior housing and retail complex another $310,000 dollars in incentives for their project on University near Copperfield. The original agreement reimbursed the developers $290,000 dollars in property taxes. The council approved raising the reimbursement to $600,000 dollars. The reason is the cost of drainage improvements rose from $400,000 to $1.3 million dollars. The developers agree to start construction sooner of their retail component, double the size of the retail space to 24,000 square feet, and increase the taxable value of the project from $22 to $24 million dollars.

Click HERE to read and download background information for the University Drive senior housing and retail project amended agreement.

For the third time, the Bryan city council agrees to change the terms of an economic development agreement involving a downtown housing project. No council members had anything to say in public before their unanimous vote last week. Across Main Street from the farmer’s market, loft apartments are being built at 22nd and Main. Three years ago, the council agreed to pay for off-street and on-street parking. Rising construction costs was listed as the reason for the council increasing the city’s share from $100,000 to $150,000 dollars. The amended agreement still requires the developer of Jordan’s Lofts to be ready for occupancy by April of next year. The building, with a minimum appraised value of seven million dollars, also includes retail and office space.

Click HERE to read and download background information for the Jordan’s Lofts amended agreement.