During its April 9 meeting, council approved three items tied to Improvement Area Number One within the Valverde Public Improvement District, which is a 410-acre residential housing development located near FM 969 and Puerto Plata Drive, according to city documents.
In a nutshell
PIDs allow cities to fund infrastructure in new developments by charging a special fee on properties within the district. The city approves bonds to raise money, and property owners in that district will help repay that money through a tax or assessment.
The money helps pay for public improvements and infrastructure in the developments, including streets, water, parks and drainage systems.
The details
Valverde is a master-planned community developed by Continental Homes of Texas, a subsidiary of developer D.R. Horton.
The city approved the creation of the PID on March 9, 2021, originally under a different name of NEU Community Bastrop.
Construction in Improvement Area Number One began in October, and as of Feb. 24, 24 homes are under contract, according to city documents.
The full project will include about 1,399 single-family homes and 250 townhome rental units.
Improvement Area Number One, the portion covered under the newly approved PID items, includes 352 single-family lots and 250 townhomes planned on the east side of the development, according to city documents.
How we got here
Bastrop City Manager Sylvia Carrillo-Trevino said the increase in the reimbursement cap, now set at $12.3 million, was due to legal and administrative costs tied to the PID and its delayed bond issuance.
“Everybody sees the dirt moving,” Carrillo-Trevino said at the April 8 meeting. “We had negotiations with the multifamily component at the very front in terms of the rates they were subject to pay that did not quite align with our ordinance ... we delayed the issuance they advertised, there were legal fees ... so the total bond amount moved.”
What’s next
As development continues, more agreements and bond issuances will come before the City Council for approval as future improvement areas are built out.
