ABILENE, Texas (KTAB/KRBC) – Abilene city council members have voted to approve a new Tax Increment Reinvestment Zone to help develop more than 900 homes on property owned by Abilene Christian University.

Council members voted to approve the City’s 3rd TIRZ during Thursday’s meeting with hopes of creating a new subdivision of around 911 homes off Loop 322 and E Hwy 80 that is expected to create $436 million in incremental taxable value.

Under the TIRZ agreement, which is slated to last 20 years, the City of Abilene will receive an estimated $40,764,491 in taxes, Abilene ISD and Taylor County will receive a combined $126,720,636 in taxes, and the TIRZ would receive $13,588,164 in taxes.

This nearly $14 million will be used to fund public improvements to the subdivision, mostly dealing with stormwater and runoff projects.

The developer will be reimbursed and paid annually as the improvements are made over time.

Abilene’s news TIRZ will go into effect for Fiscal Year 2023.

Read more about the project below:

BigCountryHomepage.com will update this article once additional information is released.