Aubrey City Council voted 5–0 on Sept. 24 to create Tax Increment Reinvestment Zone No. 5 for the Sherman Ridge development and approve its preliminary project and financing plan.
The zone covers about 23.039 acres north of West Sherman Drive, also known as FM 428, and west of Linda Street. The city’s staff report describes a planned development of 122 single-family lots.
The plan directs 32% of the increase in Aubrey property-tax revenue generated within the zone to the TIRZ. That figure is the city’s participation share in the tax increment, not a 32% tax rate on homeowners.
The financing projections assume the development is built and sold on the developer’s anticipated schedule, property values grow 2% annually, and the city’s property-tax rate stays at 45 cents per $100 of value. Those are planning assumptions, not guarantees of future revenue.
The council’s recorded motion approved the ordinance creating the zone and the preliminary plan. It does not establish that the homes have been built or that any projected revenue has already been collected.
Sources: Aubrey City Council meeting and recorded vote; Sherman Ridge tax-increment zone staff report.
