Two-minute impact
The two PIDs were initially created in 2022, by two different development companies that are now ready to begin work on multipurpose residential and commercial developments. The Crocket Meadows PID was created by Von Schmidt Land & Cattle and received $12.16 million in special revenue bonds. The Meadow Park PID was created by Martin Family Ventures and received $7.16 million in special revenue bonds.
According to BOK Financials—Montgomery County’s bond advisory counsel—the county is underwriting the issuance of the special revenue bonds but will not be liable for the payment on the bonds. The payment on the revenue bonds will be the responsibility of the PIDs and passed on to residents within the development via a tax.
In their own words
- “We get the infrastructure without taking away the revenue sources from taxpayers,” Precinct 4 Commissioner Matt Gray said. “When [the bonds] are paid off, they're done, that tax goes away for that area.”
- “We did one of these PIDs in Shenandoah for Metropark Square; they're absolutely the way to go,” Precinct 3 Commissioner Ritch Wheeler said. “The county can't be held liable if the bonds are defaulted on; it doesn't cost the taxpayers money.”
The two PIDs will focus on developing residential homesites first, as well as future small business development. The Meadow Park PID is set to have 167 acres of residential development, while the Crockett Meadows PID will have a total of 182 acres of development.
This story is part of Community Impact's new coverage on the New Caney and Porter area. To subscribe to the daily newsletter—which will premier on Feb. 3—for this area, click here.
