The M3 Ranch finally got the green light to proceed with more than 1,500 single family homes and 375 townhomes in southwest Mansfield over the next decade.
In addition to approving the zoning change for the 714-acre project on July 9, the City Council approved an economic development agreement that reimburses the developer for public infrastructure costs.
Under the deal, Mansfield will pay M.R. Development 35 percent of the property taxes collected within M3 Ranch up to $18 million or 25 years, whichever comes first, said Peter Phillis, deputy city manager. That will pay for roads and other public infrastructure and quality of life amenities within M3 Ranch.