Sunday, November 13, 2005

In The News: Chris Peterson

Another recent story from The Eagle about Chris Peterson:

"Bryan weighs options on TIF"

By APRIL AVISON, Eagle Staff Writer

Bryan officials say they are weighing the potential benefits of investing more than $7 million in a planned senior citizens development on William Joel Bryan Parkway and Villa Maria Road.

While the development itself would be beneficial, city officials agreed, some said they aren't certain whether it's necessary to take the risk required when creating a tax increment financing district, also known as a TIF.

"We're looking at expanding commercial and residential development," Councilman Jason Bienski said. "Anytime there's that opportunity, I'm willing to look at it if it makes financial sense for the taxpayers."

Whether it makes financial sense is a question the council hopes to answer at its Nov. 22 meeting, at which a public hearing will be held on the proposed financing district.

The request came from Burton Creek Development Limited, a group of local investors that already has started building the first phase of the seniors-only residential development Briar Meadows. Fifty-eight homes are being built along Broadmoor Drive, with prices ranging from $150,000 to $200,000.

Few details have been released about the Burton Creek Development company by Chris Peterson, the attorney representing it.

"As is the case with almost all real estate ventures involving investors, Burton Creek Development Limited was formed to handle this project only," Peterson said. "However, the investors and principals involved in the development have over 75 years of experience in developments of this nature."

Click here for the full article.

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