This area is where the Gurley Leep Auto Mall is being built.

Councilmembers say the reason they had to declare this area is because they needed a new Project Tax Increment (TIF) to finance the development.

The city's declaration covers 200 acres of developmental land between Cleveland Road past Veterans Parkway and up near Juday Creek. The city says this will allow future developments in the area and not just the auto mall.

The first phase includes the extension of utilities, with bids opening in March.

That will be followed by improvements to Cleveland Road which includes widening it. That will happen later in the year and go into 2027.

The final phase on the city's end is the extension of Veterans Parkway which will be completed in 2028.

Council members did not mention a construction timeline for Gurley Leep but from past meetings, it appears it's still set to start in 2027.

Bonds will be payable solely from the project's TIF from the Auto Mall EDC with an annual minimum tax payment made by Gurley Leep.

City officials say no personal property taxes will be collected from this project.

Bond repayment is structured based on the estimated annual Minimum Tax Payment:

• Estimated Project Tax Increment - $1,755,740
• Estimated Minimum Tax Payment - $2,217,120

The total estimated project cost is $23,595,717.