Despite a $637,369 overrun in constructing the Belterra Village retail site, Dripping Springs city leaders earlier this month opted to continue its reimbursement contract with the project’s developer.
But the decision to continue the contract, which was made via a unanimous Dripping Springs City Council vote, also means Endeavor Real Estate Group, which developed Belterra Village, will not be reimbursed the amount it overspent.
Endeavor Real Estate Group, an Austin based company, signed a contract with the city that called for the reimbursement of $2,261,480 for development at Belterra Villlage, located along U.S. Highway 290 near the Travis County line. A stipulation of the contract called for Dripping Springs to pay back Endeavor with a portion of sales tax revenue generated at Belterra Village.
