Denton’s nearly $1 billion 410-acre Rayzor Ranch development moves ahead

by PegNews wire

DENTON — Allegiance Hillview L.P., developers of Denton’s 410-acre Rayzor Ranch which includes open-air retail shops, single-family homes, apartments, an outdoor amphitheater, two museums, a multi-story hotel, a bookstore and restaurants between Interstate 35 and Bonnie Brae, came to an agreement with Denton City Council on Tuesday to start clearing land on the northern end of the development before finishing a required detention pond on the south.

“We’ve identified a schedule for the completion of the other [south] detention,” said Assistant City Manager Howard Martin. “The excavation is complete, but they were waiting on materials to complete the connection to our storm drainage system.”

The city of Denton has an 8.25 percent sales tax, with 1.5 percent going back to the city. In 2007, council agreed to allow developers to recoup over a 20-year period, through a portion of the sales tax generated by new stores, up to $62 million of the money spent on public improvements (streets, utilities, drainage improvements), including widening U.S. 380 from four to six lanes from I-35 to Bonnie Brae.

Posted by: Minnie