Kerrville’s EIC approves $5 million infrastructure plan for Lennar

The Kerrville Economic Improvement Corporation unanimously approved a plan to grant $5 million to homebuilder Lennar for infrastructure improvements to its proposed 500-home development off Loop 534 and Olympic Drive.

It’s one more step in solidifying Lennar’s plan to develop more than 100 acres with single-family homes around Hal Peterson Middle School and across from a Lennar project underway on more than 30 acres. The Kerrville City Council approved the first readings of a plan to annex the property and create a tax incremental reinvestment zone (TIRZ). Still, the final approval isn’t necessarily a lock for approval because the City Council had reservations about the plan at the TIRZ.

However, the EIC operates independently of the City Council, managing a portion of sales tax dollars for economic improvement. The logic behind the $5 million is that it will offset some of the expenses regarding drainage on the hilly property.

Schreiner University owns the property, but it will retain another 100 acres and a 350-foot sliver of land fronting Loop 534 that will be developed into a commercial space.