Boyd, developer nears pact for 600-home development

By Richard Greene | Published Tuesday, September 18, 2018
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City of Boyd officials and the developer of the proposed Spring Hill South Addition expect to sign off on the pre-annexation development agreement next month.
After discussing some finer points of the agreement during Tuesday’s city council meeting with Shelton and his engineer Thomas Fletcher of Kimley Horn, Mayor Rodney Holmes said he is confident it will be ready for approval at the Oct. 2 meeting.
“We’re ready to move forward. To me these are miniscule issues to be worked out,” Holmes said. “In two weeks, we should be voting to sign off [on the agreeement.]”
Shelton after the meeting said he hopes to close on the 153 acres off Cemetery Road within 60 days.
If the pre-annexation development agreement is approved next month, Fletcher said dirt could start moving next summer for the first phase of the development, which is slated to have 171 homes. At buildout, the development will have between 595 and 650 homes.
In a timeline presented to the council by Shelton’s attorney Mindy Koehne, the city will be presented with a petition for voluntary annexation of the 153 acres Oct. 2 after the council approves the development agreement. Shelton will also present a petition for the creation of a public improvement district (PID), which would apply fixed assessments on properties in the development to pay back the bonds for infrastructure — water, sewer, drainage and roads.
The city in November will be petitioned to create a tax increment reinvestment zone (TIRZ), which would allow a portion of the taxes assessed in the area to be used to pay down the PID.
“The way it works is 50 percent of the incremental value that is created by new taxes on the development will be used to pay down the assesments in the public improvement district,” Koehne said.
“The tract is located in the extraterritorial jurisdiction and is not located inside the city limits. That’s where the TIRZ comes into play. We’re going to bring all this property into the city, so the city will get the benefit of the tax dollars. If we were to do the development in the ETJ, the district would get to use the entire tax rate to pay for these facilities. Because we are going to bring it into the city, it doesn’t have that ability. That’s why we will share the taxes 50/50.”
In the development agreement presented to the council Tuesday, there were plans for two sizes of single-family lots 4,000- or 5,000-square feet. The development could be all of the larger sized lots or have up to 260 of the 4,000-square feet lots with rear entry garages with alley ways.
The agreement includes requirements for trees, open spaces, streets and sidewalks. The development will 50-feet wide streets and one acre of open space for every 50 single-family lots.
The developer will deed a 2.1-acre site along Cemetery Road to the city for water improvements. The developer will also help with sewer and road improvements.

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