Sherman council approves to pay $1.7 million for Schulman's Movie Bowl Grille infrastructure

By  | 

SHERMAN, Tex. (KXII) -- Plans for Sherman's multimillion dollar entertainment center are taking another step forward.

Monday night, the city council approved the project and financing plan for the proposed Schulman Movie Bowl Grille.

That includes $1.7 million in incentives to help cover the infrastructure costs like streets, storm sewers and water infrastructure for the project.

It's set to be built on 22 acres of land on the southeast corner of FM 1417 and U.S. Highway 75, which is one of the city's tax increment reinvestment zones.

With the tax revenue from the increased property value, Sherman City Council member Shawn Teamann said the city will be able to make this incentive money right back.

"You'll actually start seeing some ground being pushed along with what the developers doing, so hopefully what we will be able to do is get him connectivity so the main center there with the Schulman development will be a little bit easier to get that developed," Teamann said.

This incentive is in addition to the cash grant incentive for Schulman. The city is also giving him 50 percent of the sales tax generated over seven years, capped at $1.5 million.



 
Comments are posted from viewers like you and do not always reflect the views of this station. powered by Disqus