The dais also approved a municipal utility district, or MUD; a planned unit development, or PUD; and an annexation request concurrently with the development agreement.
The $34 million project will be located along Cole Springs Road—primarily within Buda's extraterritorial jurisdiction.
Sorting out details
Buda City Council had tabled the development agreement with its supporting items in April to continue negotiations with the developers regarding right-of-way acquisition for the project. After further negotiations, the developer will be reimbursing the city for right-of-way acquisition costs up to $435,000, which will cover appraisal costs, right-of-way agents and payments to property owners, according to agenda documents.
The MUD will be used as a financing vehicle for infrastructure improvements associated with the project, which include extending and realigning Cole Springs Road to FM 1626.
Realignment of Cole Springs Road will help to straighten out the road by removing some of the existing 90-degree turns in the roadway.
The developer will also extend the city's water and wastewater utilities in the area.
City Manager Micah Grau said The Colony at Cole Springs development includes construction of a new wastewater line that follows the planned Cole Springs Road realignment. The Reserve will continue to carry that alignment through Cole Springs Road out to FM 1626, which will allow for more development in the corridor and provide a wastewater solution that has been "needed for a long time."
Project details
The Reserve will consist of no more than 235 single-family homes and a neighborhood park featuring a playground and pavilion. The project will also have trails, which will connect to other trails within The Colony at Cole Springs development. The MUD will pose a $0.75 per $100 valuation tax rate.
Quote of note
Council member Matt Smith said the infrastructure projects in this development were "huge," and that this was a "win-win" for the city and developer.
"I just want to applaud [city] staff for going back and finding a workable solution," Smith said.
What happens next?
The developer will begin submitting their site plans to the city's engineering department—which could take anywhere from six months to a year to approve. Upon approval, they will then begin preparing and platting the site.
