STC Mayor: Grand Prairie will have tough time -
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Published on: 1/29/2004
Last Visited: 1/29/2004
Peter Brennan, general counsel for Town and Country Homes, said the developer is considering in the next two weeks whether to present another annexation plan to the city council."The planning process has not even began, we are in the initial negotiations with the municipal officials," Brennan said."As a whole, I still think it is positive.I think it is a huge positive for the city."The financial analysis shows the Geneva school district would be hit hardest with a projected deficit of at least $5.5 million over the first 10 years of the project.The Kaneland school district could see a deficit of nearly $500,000.Brennan, however, said the districts together actually would benefit from the development.He said that while the analysis shows deficits facing the two school districts, the St. Charles district could receive nearly $8 million in tax revenue from the development.In addition, he said the analysis does not account for impact fees paid by the developer.Brennan said the districts could share this tax revenue.But he said that he could not provide details of how the money would be shared because the planning process is in the early stages. St. Charles school board officials are divided in their response to the report.