City approves frontage roads, overpass to massive smart code development
West El Paso will be getting much needed frontage roads and a new overpass will connect i-10 to the biggest smart code development in the city.
The frontage roads will extend next to i-ten between executive and sunland park and that overpass will connect executive to a future development just east of the freeway.
“The fact that we’re able after decades bring frontage roads to s much needed area of town especially where there’s so much growth – it’s very complementary to the development. I’m so excited,” said City Representative Cortney Niland on Tuesday.
City officials may be even more excited because compared to others, the City is not putting up a lot of money up front. TxDot is putting up $22 million and on top of that, the City should be putting in $5 million. The city won’t be paying for it’s portion at least not upfront.
The developer, Geltmore Aldea, who’s going to build the smart code community just above I-10 is going to take out a loan and pay the city’s $5 million portion. Geltmore Aldea will recoup only $3.7 million of that money by getting a break on future sales tax over time.
“The way this one is being repaid is through sales tax. So he develops, the stores that he develops start selling stuff and then we rebate the city’s portion of sales tax to pay off the construction cost,” said Mathew McElroy, The City’s Planning Director.
In 2011, the City awarded Geltmore Aldea $22 million in tax breaks to build the development – which will consist of 200 acres of residential and commercial space. Tuesday’s move, according to the city, further encourages the developer. “Since the developer is issuing all the debt, he’s on the hook for all of it and so if he doesn’t develop he still has to pay the bill,” said McElroy.
The future Aldea Development is right below Montecillo. Together, the two developments will be more than 500 acres of smart code space. Construction on the frontage roads is slated for some time before 2016.
