DADE CITY — At a time when Pasco County is seeing huge project announcements, including a new Moffitt Cancer Center campus and a robotic Amazon distribution site, commissioners approved another major development on Tuesday.
They also approved a $55.8 million incentive package for the project, which county Economic Growth Manager David Engel called “the most productive agreement” he has ever brought to the commission.
For every $1 Pasco is contributing, the new Pasco Town Center project will produce $100 in return, he said.
PTC Boyette LLC, a Dallas-based developer, plans 4 million square feet of industrial development, 725,000 square feet of offices, 400,000 square feet of retail, 3,500 housing units and 300 hotel beds on a 965-acre parcel at the southeast corner of Interstate 75 and State Road 52.
The majority of the incentive package for the Pasco Town Center would come to the developer as property tax rebates as PTC Boyette constructs the roads and other infrastructure for the project. Those construction costs are expected to top $70 million.
Most of the rebates will be kept in a special account and not released to the developer until a million square feet of the industrial complex is completed, and future payouts will be based on performance, Engel told commissioners.
“The construction and installation of the public infrastructure will expedite and attract job-creating industrial and employment center development for the I-75/S.R. 52 area,” according to a memo to commissioners on the incentives.
The remaining nearly $10 million in incentives will be a direct payment to the developer to build the master utilities for the employment center, which would come from various tax revenue sources.
When completed, the project is expected to produce 6,000 jobs and generate $386.6 million in property taxes over the 40-year tax rebate period. Construction is slated to be completed by December 2028.
Commissioner Ron Oakley, whose district includes the project, said things were moving fast. The land was just purchased in December of last year.
“It’s going to be a win win for our county and the developer,” he said.
Commission chairperson Kathryn Starkey said she was also looking forward to the project, making sure to clarify with the developer that it would mesh its trail system with the county’s multi-faceted transportation priorities, including access to golf carts and bicycles.
“I’m very excited about getting a quality development at 75 and 52,” she said.
The project is adjacent to the connected city corridor, a 7,800-acre swath of the county stretching from Wesley Chapel into eastern Pasco. Part of the draw of the connected city district is a planned high-speed internet system to support businesses that locate there.
Roughly bordered by State Road 52 on the north, I-75 on the east, Overpass Road on the south and Curley Road on the west, the zone is expected to house 96,000 residents, 37,000 homes and produce 65,000 jobs over the next 50 years, according to initial projections.