City of Boyd, developer continue working on deal

By Richard Greene | Published Saturday, October 6, 2018

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The city of Boyd and the developer of the proposed Spring Hill South development on Cemetery Road inched closer to an agreement this week.

But with work left to do on the financial terms of the public improvement district (PID) and the tax increment reinvestment zone (TIRZ), the city council took no action on the pre-annexation development agreement Tuesday.

The PID would apply fixed assessments on properties in the development to pay back the bonds for infrastructure – water, sewer, drainage and roads. The TIRZ would allow a portion of the taxes assessed in the area to be used to pay down the PID.

Boyd’s bond counsel and attorney are rewriting portions of the agreement covering the PID and TIRZ. Mayor Rodney Holmes expected the agreement to be ready next week and could be brought back before the council at its Oct. 16 meeting.

During the meeting, Holmes assured Spring Hill South developer Bob Shelton that the city is finalizing details.

“We look forward to getting the PID and TIRZ part of the agreement done so we can sign off on it,” Holmes said. “The other two parts are done.

“We’re serious. We’re not giving him the runaround.”

After the meeting, Holmes added that the preliminary agreement brought to the council Tuesday was more in-depth on the PID and TIRZ than was needed at this point and could have locked the city and Shelton into terms that would not be beneficial to either party.

“We just need to make sure there’s an agreement that protects the citizens. We want to make sure we’re not left holding the bag if something is not done,” Holmes said.

City Administrator Greg Arrington said the terms on TIRZ were at issue.

“The agreement brought to us locks Mr. Shelton into a 50 percent and us into a 50 percent contribution, and that may not be what is best,” Arrington said. “It may only need to be 45 percent, and it may need to be 55 percent.”

Arrington said the design portion of the agreement is 99 percent complete and the infrastructure component is done.

Shelton’s engineer Thomas Fletcher of Kimley Horn presented a few changes to the design standards to council Tuesday. The changes included the fencing requirements (wrought iron in areas backing opening spaces and 6-foot cedar with galvanized posts on a majority of homes), 6-foot sidewalks and a commitment of 22 acres of open spaces in the 153-acre development. Fletcher said the first phase will have 6 acres of open space.

The development would have between 595 and 650 homes at buildout. The first phase would have 171 homes, and dirt could start moving on it next summer.

In other business, the council reappointed members to the Municipal Development District with members in odd numbered places serving one year and even places two years.

The members reappointed were: Place 1, Michael Gutierrez; Place 2, Corey Feldhaus; Place 3, Randal Adams; Place 4, Monica Belue; and Place 5, Dana Lisby.

“We couldn’t pick a better team,” said Mayor Pro Tem Mark Culpepper.

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