In case you missed it
Steven Tinnin, senior vice president of land at Epitome, presented a vision for the land at the June 24 meeting. The site sits in the city's extraterritorial jurisdiction, and the development team plans to request annexation into the city.
The proposed Crossroads Business Park involves an industrial complex with multiple buildings constructed over phases, Tinnin said.
Although the developer doesn’t have plans to construct multifamily housing, Tinnin said the team had contemplated going that direction. The proposed development plan includes a provision to accommodate possible multifamily and commercial land uses.
“That is not our ongoing plan of attack at the moment,” Tinnin said at the June 24 meeting.
The update
Plans for the development include creating a public improvement district.
PIDs provide funding for additional maintenance or services in a community through bonds backed by property assessments in the area. Property owners in the district pay a PID tax rate on top of the city tax to help cover the cost of infrastructure and improvements.
The financial presentation July 10 estimates $8.9 million in PID bonds, which includes a $6.37 million project fund.
Estimates from the financial presentation show a $0.63 per $100 tax rate equivalent at build-out value for the industrial land use. The multifamily or townhome use would have a $0.58 per $100 tax rate equivalent at the build-out value.
One more thing
Epitome has already secured water services through an agreement with Jonah Water. The team proposed an off-site wastewater extension of a city wastewater line, funded through the PID.
The extension of the waterline would also open up other development opportunities for the city in that area, according to Tinnin.
As part of the development, Epitome would fund an extension of the SH 130 northbound frontage road where it gaps in front of the property, as well as a collector road inside the property.
What’s next
If the project receives council approval, the developer would come back to begin the bond issuance process later this year.
