City Council is advancing with a development concept new to the city—a public improvement district—for the Oak Creek project southwest of San Gabriel Parkway and US 183.
Oak Creek consists of 145 acres that are planned for 446 single-family houses and 106 townhomes. The development would also include 48 condominium units in a gated community that would not qualify for the PID, PID consultant Rick Rosenberg told City Council on June 6.
A PID is a special district authorized under Texas law and is intended to finance a development’s public portions—such as roads and water and sewer lines—that can later become city property. After a PID is established, a city council can issue 30-year PID bonds but pledges no city revenue toward the project, Rosenberg said.
Posted on 02/03/2015 at 10:33:00 AM