Planning for the Solms Landing development began in 2018 before the Solms Landing Public Improvement District was created on Jan. 14, 2019, as the city’s first PID.
City Council elected to extend the PID dissolution agreement until January 2023 after modifications to the land plan delayed the steps necessary to fully establish the public improvement district, such as levying the assessments and approval of the financing agreement.
City Council also approved an acquisition and reimbursement agreement to reimburse the developer for infrastructure projects that have already been completed and dedicated to the city, including the construction of roadways and drainage systems.
When the PID was first established, it was initially proposed that the district's first bonds would be issued in advance of the construction of the public improvements, according to the city. As the land development plan evolved, the PID bond issuance was postponed.
State law has historically not allowed PID bonds to be issued to pay for public infrastructure that has already been dedicated before a reimbursement agreement has been entered into by the city and the developer. Future PID bonds that are issued would be able to support existing infrastructure.
According to the developer, James Mahan, only residents living within the PID would pay for any bonds issued through property taxes.
The 98-acre development, located east of I-35 in the Creekside area near Resolute Health Hospital and Buc-ees, will incorporate a mixture of residential and non-residential developments.
Included in the project plan are 215 single family homes, 188 housing units for residents aged 55 and older and 455 multifamily homes, according to Mahan.
The development will also incorporate a market and an event venue as well as space for additional commercial and office spaces.
Mahan said the development is anticipated to be completed in five to seven years.