Killam Development, VTX1 Internet, sign partnership agreement

LAREDO, Texas – Killam Development and VTX1 Internet have signed a partnership agreement to boost digital connectivity at The Coves, a master-planned community covering more than one thousand acres along Loop 20.

The two entities say the new collaboration marks “the beginning of an innovative collaboration aimed at revolutionizing connectivity in the region.” VTX1 says residents and businesses based at The Coves will get cutting-edge fiber and wireless internet infrastructure, along with premium streaming and telephone services.

“We are thrilled to join forces with VTX1 to bring high-speed internet access to The Coves,” said Cliffe Killam, president and CEO at Killam Development. “This partnership represents more than just connectivity; it’s about fostering community engagement and empowering individuals with the tools they need to thrive in today’s digital age.”

Patrick McDonnell, CEO of VTX1 says residents, visitors and business owners will enjoy unlimited data and lightning-fast speeds of up to one Gig through VTX1’s advanced Fiber Internet. He said the service also includes, at no charge, access to VTX1’s award-winning protection app, to ensure homes and families are safe from cyber threats.

“We are excited to partner with Killam Development to expand our reach and deliver reliable internet services to The Coves,” said Mr. Patrick McDonnell, CEO at VTX1. “This collaboration exemplifies our commitment to ensuring that every individual has access to high-speed internet, regardless of their location, and connects us to what matters most.”

Killam, which has been operating in Webb County for over 100 years, has big plans for The Coves, a multimillion-dollar project will be built over the next 30 years. The Coves is nestled on a sprawling 1,027 acres along Loop 20, Laredo’s bustling commercial artery. The project “promises to redefine the cityscape and enrich the lives of its residents, business owners, and visitors alike,” Killam said, in a recent press release.

The press release continued: “Boasting a diverse array of offerings, The Coves is poised to become a vibrant hub of activity and amenities, comprising 1,800 residential homes, 900 multi-family units, educational institutions including Laredo College and public schools spread across 45 acres, a hospital, donated site for a medical facility in South Laredo, and expansive retail spaces totaling 650,000 square feet within an urban town center concept. Additionally, hotels will cater to the needs of travelers and tourists, while 23 acres of green space will provide opportunities for recreation and leisure.”

Cliffe Killam, president and CEO at Killam Development, and Patrick McDonnell, CEO of VTX1 Internet. (Photo credit: Killam)

In April 2022, the City of Laredo, Webb County, Laredo College and Killam Development officially signed a Tax Increment Reinvestment Zone (TIRZ) agreement for The Coves.

Under the agreement, 60 percent of tax revenues from structures built on the thousand-acre development will remain with the taxing entities, such as the city, Webb County, and Laredo College. Forty percent will be reimbursed to a TIRZ fund overseen by a board.

A TIRZ is an economic development tool that captures the projected increase in tax revenue that is created by development within a defined area and reinvests those funds into public improvements and development projects that benefit the zone, typically up to 30 years.

New incremental taxes generated by the project are deposited into a special TIRZ account known as the Tax Increment Fund (TIF), which is used to fund the improvements within the Zone.

TIF projects can be used to pay for roads, sidewalks and other public infrastructure; demolition; building facade preservation; remediation of contamination; affordable housing; railroad and transit facilities; public buildings; and school buildings.

“The Coves is designed for residents, community members, and guests of our city to discover the center of connection through interacting and engaging in the social spaces that bind neighborhoods and build friendship and community,” said Cliffe Killam.

“At the center of everything we do, we always position Laredo and Webb County first, and we will continue to work collaboratively with elected officials and stakeholders for the growth and prosperity of our entire city and county.”

Killam said that at the heart of The Coves lies a commitment to community and enriched quality of life. He said the project is designed to prioritize connectivity, efficiency, and value.

According to a Killam press release, The Coves “embodies a harmonious blend of residential, commercial, and recreational spaces.”

The press release says: “Killam Development’s expertise in real estate and history of uplifting communities has been instrumental in shaping The Coves into a destination where families can thrive, businesses can flourish, and families can come together.”

The press release adds: “As the vision of The Coves begins to take shape, the future of North Laredo shines brighter than ever before. The Coves symbolizes not just a development, but a promise of prosperity, opportunity, and community for generations to come.”

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