Potter County commissioners on Monday, Feb. 23 heard a proposal for a 1,000-home residential development seeking a 25-year tax incentive agreement after the City of Amarillo declined to participate in the project’s financing structure.
The proposal, presented by representatives of Lennar Homes, would involve creating a tax increment reinvestment zone, or TIRZ, to reimburse a portion of future property tax growth generated by the development.
“An unfortunate email this morning where the city said they weren’t interested, but yes, we’re still interested in pursuing what that could look like with just the county,” said James McKnight of Ortiz McKnight Law Firm, speaking on behalf of the developer.
Proposed 160-acre housing development
The proposed development would span approximately 160 acres of land owned by Highland Park Independent School District and include more than 1,000 homes. The development is known as Buffalo Highlands…