DENISON, TX -- The Denison City Council adopted the Final Project Plan, Reimbursement Agreement and Participation Agreement, and annexed nearly 3,200 acres of land at Monday night's meeting. The final steps in moving forward with the Schuler Development.
"It's been a 14 year process. The City of Denison has been involved in this for a long time, Mr. Schuler even longer, and tonight really concludes that process," Hanna said.
City Manager Robert Hanna says construction can now begin on the multi-million dollar investment on Lake Texoma. The development is expected to include about 10,000 homes, restaurants, retail businesses, golf courses and a resort style hotel.
"It'll add $4 billion dollars in tax base at the end of 50 years," Hanna said.
Denison Development Alliance President Tony Kaai says the Schuler Development will dramatically change the complexion of not only Denison, but Grayson County.
"This will be more housing mainly and of course that creates more payroll and people spending more money at the retail stores in Sherman, Denison, throughout the county and visiting the lake," Kaai said.
Over the next 50 years, Hanna says the city will invest about $250 million dollars into the development.
"The way we've structured this deal is that Mr. Schuler is only reimbursed for money he generates so we're not on the hook for paying him anything if the deal goes bust," Hanna said.
Those who have been working on the project have confidence in it.
"We're extremely relieved that its at this point. Now there's a long ways to go. I mean the next step is to actually get construction going out there, and there's a lot of work to be done before that happens, but extremely excited and very blessed to have the opportunity to have worked with the Schulers," Kaai said.
Hanna says the next step is to meet with design professionals. He says people should start seeing homes and businesses being built in five to seven years.