GUNTER, Texas (KTEN) — The fast-growing City of Gunter will soon be getting some property tax revenue from The Bridges at Preston Crossing subdivision.

Ten years ago, the city agreed to a Tax Increment Reinvestment Zone that redirected 100 percent of property taxes back to developer Mehrdad Moayedi after water and sewage debt was paid. That agreement was to continue until 2046.

But under a renegotiated deal that stretches to 2061, taxes will be split between the city and Moyayedi. 

"The city will get 50 percent of the property taxes as opposed to zero percent of the property taxes," said City Manager Rick Chaffin. "It is a great deal for the city," he said. 

The city's new revenue will be used for things like police services, fire stations and public improvements. 

Homeowners of the Bridges however, are frustrated that the developer has not shown them the progress they were supposed to see. 

"I would like to see some of that TIRZ be implemented right now," said Bridges resident David Boring. "They are making a whole lot of money off that, and there is no development as far as infrastructure, parks... anything."

The Tax Increment Reinvestment Zone is governed by a seven-member board consisting of residents of The Bridges development.