An agreement that finalizes Irving’s development partnership with Heritage District LLC (Delbert McDougal and a number of other companies) will result in the city gaining ownership and control of 85 properties in Heritage Crossing, with 17 tracts of land ready for development.
Items addressed in the settlement, which will be finalized in the next few months, are as follows.
- The city acquires all properties after taking on $29.6 million dollars of the developer's private loans.
- The city will forgive $4.6 million dollars in loans provided in the last five years.
- Heritage District LLC will be reimbursed for site preparation expenses.
- The consultant agreement is terminated.
Although it seems a hefty price, the City had no choice because of the consultant's inactivity in their progress.
Accoring to the Irving council resolution, Delbert McDougal of Lubbock, TX, along with his company Heritage District LLC had a consulting services agreement with the city of Irving regarding the South Irving Development Initiative and also oversaw acquisition and site preparation of the property.
Heritage District LLC had missed several deadlines to start construction in the Heritage Crossing area and City officials were fed up with their lack of interest in speeding up the process.
City officials hope this resolution allows them to move forward with the development of the Heritage District.
“By involving multiple developers in this initiative, the city can accelerate the development of Heritage Crossing and focus on bringing more businesses and living options to Irving’s historic downtown area,” said Heritage Crossing Team Leader Teresa Adrian.
