Bryan City Council to Consider a Chapter 380 Agreement for Mixed-Use Development in Downtown Bryan

At their meeting on Tuesday, Nov. 12, Bryan City Council will consider a partnership through a performance-based Chapter 380 Economic Development Agreement with OFL Group, a Bryan-based developer, to construct a mixed-use destination at the northern gateway of Downtown Bryan. This follows an extensive selection process, led by Bryan Commerce and Development (BCD), in response to a 2022 Request for Proposals (RFP), which sought a public-private partnership that would have significant economic, social, and cultural impact.

BCD currently owns the land that is located within Tax Increment Reinvestment Zone (TIRZ) #21. City and Brazos County taxes derived from the increased taxable value of properties in this zone will be reinvested back into the area through certain approved projects, such as the construction of at least 300 public parking spaces and vital infrastructure to support development in Downtown North.

As a result of the RFP, BCD and the City of Bryan entered into negotiations with OFL Group to embark on a three-phase plan to reinvigorate Downtown North with new residential, commercial, and hospitality spaces that honor the district’s historic roots while paving the way for future growth. The plan includes creating public benefits, including dedicated public parking spaces and publicly-accessible pedestrian plazas and green spaces to further enhance the Downtown experience.

The performance-based Chapter 380 Economic Development Agreement under consideration with OFL Group outlines the expectations for land use, density, increased taxable value, and timelines. It also contains a recapture provision in the event certain benchmarks are not met.

The agreement establishes minimum valuation amounts for each development phase:

• Phase I: Minimum valuation of $38 million by 2028
• Phase II: Minimum valuation of $48 million by 2030
• Phase III: Minimum valuation of $40 million by 2032

Based upon the agreement terms, the development is estimated to create a total of 418 jobs and the following fiscal impacts are projected over the next 25 years:

• Land sell at approximately $2,100,000
• City sales tax estimated at $510,075 annually
• City Hotel Occupancy Tax estimated at $635,645 annually

City staff is recommending approval of this public-private partnership, as this redevelopment initiative is believed to serve as a catalyst for the continued revitalization of Historic Downtown Bryan and will bring significant economic and social impacts, while still retaining Bryan’s unique culture.

Resources:

• Nov. 12 City Council Meeting Agenda Item 6G

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