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TIF Board endorses two development projects

A city board agreed Friday to support two projects, including a four-part commercial development adjacent to the  Gentry Square shopping center.

The Tax Increment Financing #1 board heard a request for $568,000 from Donny Barry to help develop four tracts of land behind the shopping center.

The ‘Barry Project’ proposes the following:

* Tract 1 – Developing a five-acre lot for a $6 million assisted living center.

* Tract 2 – Putting in business offices or assisted living with a value of $1.5-2 million.

* Tract 3 – Building a motel or shopping mall worth $2-2 12 million.

* Tract 4 – Installing storage buildings worth $500,000.

Barry, who originally proposed developing the land for new home construction, dropped that plan after receiving a negative report from FEMA regarding a flood plain on part of the property.

Central to the proposal is  building 1,400 feet of new road that would run southwest from John Dupree Road and then northwest by the old Alco building.

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