The details
Developer Limmer Holdings will transform about 111 acres of land into the Limmer Square development.
Preliminary site plans show a mix of residential, commercial and open space, which includes:
- 205 units of 40-foot single-family lots
- 220 units of townhomes
- 300 units of multifamily residential
- 60,000 square feet of commercial space
Some context
A PID requires property owners to pay an additional fee or tax to fund public improvements that directly benefit the area. It also allows the developer to receive funding to support construction, usually through bonds.
Including the PID bonds, associated costs and owner contributions, the project fund comes out to about $32 million.
The proposed tax rate equivalent for the Limmer Square PID is $0.84 per $100 valuation, which would be in addition to the city property tax rate of $0.399553 per $100 valuation.
In case you missed it
The same land was previously planned for a development called Pearl Estates. Limmer Holdings first brought the development to City Council to create a municipal utility district.
“We have basically taken all of the terms that you guys had looked at in the wastewater service agreement, [and] we’ve put that in a development agreement format with the concept that a PID will be created to fund various things within the development,” Talley Williams, Partner at Metcalfe Wolff Stuart & Williams, said at the meeting.
What's next
Following City Council approval of the development agreement and PID petition, the city will hold public hearings for the PID creation and voluntary annexation on May 15. The zoning hearing will take place June 5.
