Chuck Perry, the lead developer on the proposed La Cima neighborhood just outside San Marcos' city limits, died on Nov. 27. On Dec. 16 the Hays County Commissioners Court held a moment of silence in Perry's honor before receiving an update from Bill Ward, another developer involved in the project.
"We're more committed than ever to do a quality project in Chuck's honor," Ward said. "We're as enthusiastic as Chuck was."
The development will be financed using a public improvement district, a funding mechanism that allows the county to issue bonds on behalf of the developer. The bonds are repaid via assessments levied on each homeowner's property, which must be repaid either in a lump sum or over many years.
The next step in the project is for the bond-funded improvements to be finalized. Right now potential improvements include drainage, water, wastewater and roadway improvements to the property on which the neighborhood will be built.
Sharon Smith, a financial advisor working with the county on the project, said if the property is marketed with planned infrastructure in place, its total value will be $73 million. The residential portion of the project will be worth about $53 million and an area designated for a corporate campus will be worth about $20 million, she said.
If the property is ultimately appraised at $73 million, the developers will be able to issue bonds equal to up to one-third of that amount.
County Judge Bert Cobb called into question the amount of water available to a development this large.
"We have a lot of issues to work through before we start breaking ground to bring people to Hays County to live in a house where there are many issues behind it," Cobb said.