DENISON, TX -- Construction on the massive Preston Harbour development could begin next month, after the city of Denison and Grayson County officials approved a joint agreement Tuesday.
The agreement will govern the tax reinvestment zone to pay for the infrastructure of the planned 3100 acre development on Lake Texoma.
The multi-billion dollar project will include high-end housing, senior housing, and commercial development.
The agreement creates a 50 year TIF and could yield up to $250 million dollars toward the infrastructure.
Denison City Manager Robert Hanna stresses that tax payers will not foot the bill.
A six member board has also been created to oversee the Tax Reinvestment Zone.
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