San Patricio County Awards Financial Services Contract to Somerset Development (July 2021)
San Patricio CountyCounty · Sinton, TX- Disclosed value
- City: up to $21,654,086; County: up to $12,267,348; District: up to $1,993,000; overall City-authorized improvements not to exceed $50,000,000 plus assessments
- From agreement
- Approved
- Jul 13, 2021
- Renews
- Free account
The 30-second brief
The City of Sinton, San Patricio County, and the San Patricio County Drainage District approved an interlocal agreement with Somerset Development establishing Reinvestment Zone Number One and tax increment participation to fund public infrastructure. The parties will deposit portions of their ad valorem tax increments into a Tax Increment Fund, with combined commitments exceeding $35 million over the term tied to Somerset mixed-use development. The agreement runs through January 31, 2051 unless terminated earlier upon full satisfaction of the tax increment commitments.
Somerset Development holds this financial services contract with San Patricio County. Its other public contracts on record include work for Town of Bargersville and Borough of Wood-Ridge.
The renewal date is on record. A free account shows it, with the renewals for every San Patricio County contract.
Know when this contract comes back up.
See the renewal dateFree account · 30-second setup · No credit card
Contract details
- Contract type
- Financial Services
- Amount
- City: up to $21,654,086; County: up to $12,267,348; District: up to $1,993,000; overall City-authorized improvements not to exceed $50,000,000 plus assessments
- Document date
- July 13, 2021
- Term
- From Initial Tax Year beginning January 31, 2023 through Expiration Date of January 31, 2051, or earlier upon full payment of all parties’ committed tax increments
- Renews
- Free account
- Vendor
- Somerset Development
- Agency
- San Patricio County
- Source document
- City of Sinton, San Patricio County, and San Patricio County Drainage District Interlocal Agreement for Tax Increment Participation (Agreement)
Somerset Development's other public contracts
More San Patricio County contracts
Questions about this contract
Who was awarded the financial services contract by San Patricio County?
Somerset Development was awarded this financial services contract by San Patricio County, as recorded on July 13, 2021. The contract value is City: up to $21,654,086; County: up to $12,267,348; District: up to $1,993,000; overall City-authorized improvements not to exceed $50,000,000 plus assessments.
How much is the Somerset Development contract with San Patricio County worth?
The Somerset Development contract with San Patricio County is valued at City: up to $21,654,086; County: up to $12,267,348; District: up to $1,993,000; overall City-authorized improvements not to exceed $50,000,000 plus assessments, covering financial services work.
What type of contract is this?
This is a Financial Services contract, documented as a agreement record, structured as a not-to-exceed (ceiling) agreement.
Where was this contract approved?
This contract appears in City of Sinton, San Patricio County, and San Patricio County Drainage District Interlocal Agreement for Tax Increment Participation (Agreement), dated July 13, 2021 from San Patricio County. Civic IQ extracts contract records directly from agency meeting documents and solicitations.
Show 2 more questions
What other contracts does Somerset Development hold?
Somerset Development may hold additional government contracts. View their full contract history, the agencies they serve, and total tracked spend on their Civic IQ vendor profile.
What is San Patricio County currently buying?
Explore San Patricio County's vendors, signed contracts, and active RFPs on their Civic IQ agency profile.