The construction of three roads in Kyle’s Uptown Plum Creek Development at a cost of $5 million is anticipated to be carried out over the next year.
Completion of the roads—Cromwell Drive, Heroes Park Drive and Cultural Trails Drive—will be expedited as part of the city’s Tax Increment Reinvestment Zone No. 2 and will serve as key infrastructure for capital improvement projects that are also soon to begin construction called the Heroes Memorial Park and the Uptown Central Park and Cultural Trails.
During its May 18 meeting, City Council authorized the $5 million payment for the road construction in the form of certificates of obligation bonds.
The repayment of the bonds will come in the form of property tax revenues until both the principal and interest of the debt is paid in full.