LAREDO, TEXAS (KGNS) - After almost four years of discussion city council has made a decision on the long awaited coves of Winfield Project.
The city has been negotiations with Killam Development on a project that would develop 700-acres and bring nearly 2,000 homes east of the loop.
Killam was asking for a special tax incentive that would redirect about 80 percent of the increases in tax revenue from higher property taxes back into offsetting their investment and public services for the subdivision.
But city council, in a four to three vote shut down the incentive.
Some council members supported the economic growth it would bring but others worried about the overall impact.
"VERY exciting project so many things to be excited about from the jobs that will be creating and just to the economic development", said Charlie San Miguel.
"We run the risk of possibly putting our county that is already in a situation talking about raising taxes and adding them as contributors", said Roque Vela.
KGNS News reached out to Killam Development for comment and they say they will be releasing a statement on Wednesday.