A planned village-themed development may be coming closer to materializing on one of Corpus Christi’s former golf courses.
The 127 acres that were once the Pharaoh Valley Golf Course are now considered a reinvestment zone — a move that opens the door for tax abatements for Barisi Village, a proposed mixed-use development.
The City Council on Tuesday approved creating the tax increment reinvestment zone for the largescale project, which is expected to bring to what was once barren land a combination of housing, retail and public spaces, such as parks.
Tax increment reinvestment zones work by establishing a certain area — in this case, the 127-acre property where Barisi Village is planned for construction — then setting aside a certain portion of new tax dollars generated as the property is improved.
The money set aside is then reimbursed to the developer for specific public infrastructure.
As part of a preliminary agreement, the city of Corpus Christi’s participation is capped at about $32 million, and Nueces County’s at about $13 million, both over a 20-year period.