Forney Agrees to Tax Incentives for Major Retail Center

The City of Forney recently approved economic incentive agreements with StreetLevel Investments for the Villages at Gateway project. The Villages at Gateway, which will be located near North Gateway Boulevard and U.S. Highway 80, will be a regional hub for retail, services, and dining. This development will feature major retailers, including Target, HEB, and Home Depot. In addition to these major brands, the Villages at Gateway will include convenience retail, fast casual, sit-down restaurants, and more.

As part of the development strategy, a Municipal Management District will be established to generate additional tax revenue, which will assist in covering the development costs. The creation of this district does not impose any additional tax burden on Forney residents, as it will be funded solely by the additional tax revenue generated from the development.

Street Level Investments is in line for more than $34 million in incentives. The Forney Economic Development Corp. agreed to provide up to $7.5 million in grants. The City of Forney agreed to provide up to $26.75 million over 30 years in rebates on sales tax revenue.