The PID would be under the control of the city of Lakeway and would issue bonds to pay for the roadwork. The bonds would be paid back through special assessments made only to the landowners within the PID.
Lakeway Mayor Sandy Cox said the PID would not increase taxes citywide.
“One of the misconceptions about the PID bond is that this is a tax increase for all the residents in the city, and that is absolutely untrue,” Cox said.
The discussion by council was for information only, and no action was taken on the creation of such a district.
The idea behind extending Main is to connect RM 620 to Lohmans Crossing to take pressure off an increasingly crowded RM 620. Adding urgency is that at some point in the future, construction will take place on RM 620 to widen the roadway.
Having Main connect Lohmans Crossing to RM 620 would provide an alternative, safer route during construction, Cox said.
However, doing so requires working with two separate developers—Stratus Lakeway Center LLC and Legend Communities. Both own property along the proposed route for the Main extension.
Legend Communities is expected to break ground on a mixed-use development on its property, located at Lohmans Crossing and Wingreen Loop later this year, Cox said. What Cox termed the "middle" piece is owned by Stratus.
“If we put it all together and fund it from a PID bond, we may get those economies of scale and get the road in sooner, if we can get everyone together.”
PIDs are authorized by cities under the Texas Local Government Code.