Two Public Improvement Districts at Cotton Brook and Prairie Winds will move forward following directives from Hutto City Council Oct. 17.
What is it
Public Improvement Districts, or PIDs, provide funding for additional maintenance or services in a community through bonds backed by property assessments in the area. Although usually developer-driven, they are controlled by the city and can help fund road projects, landscaping and parks.
About the projects
Developer DPFG reports that the 262 lots for Cotton Brook’s second improvement area have an average buildout value of $413,527. The development, located off of CR 132, was approved by City Council in 2021 and is projected to have the pavement laid on phase six in November.
Community amenities, including hike and bike trails, a picnic area, basketball court, playground, park and pool, already serve the first PID area and will also be built in PID area No. 2.
The Prairie Winds development agreement was approved by City Council in July 2023 and includes 1,093 single-family residential units, located near the new Lee Martinez Elementary School. The development, although included in a single financial agreement, will be built out in phases. The average buildout value is $414,295.
Looking forward
Wealth management company HilltopSecurities presented on behalf of both PIDs to consider a financial plan with the city. Council members asked representatives from Cotton Brook to return Nov. 7 for approval, as there was not an action item to vote on in the agenda. The financial agreement for PID area No. 2 will be a continuation of the agreement for the first area that already received approval, a HilltopSecurities representative said.
The financial agreement for Prairie Winds was unanimously approved, although a tax rate has not officially been set. A representative from developer GRBK Edgewood said the company wants to keep a competitive rate at or below surrounding PIDs like Emory Crossing.
What they're saying
Mayor Mike Snyder said he thinks that because residents can choose whether or not to live in a specific PID area, the tax rate is a “developer risk item” in terms of selling homes.
