The Van Alstyne City Council will hold a public hearing Oct. 13 on the assessments that would pay for streets, utilities and parks in the first phase of the Lone Tree Public Improvement District.
The hearing is set for 6:30 p.m. at City Hall, 152 N. Main Drive, according to a notice posted on the city's meeting portal.
How a PID works
Under Chapter 372 of the Texas Local Government Code, a city can create a public improvement district and levy special assessments only on property inside it. The money repays bonds used to build the district's public infrastructure, so the cost falls on owners within the district rather than on taxpayers citywide.
The Lone Tree district covers about 106.58 acres inside city limits. A boundary description attached to the notice places it on land owned by Wattman Holding, LLC that adjoins property held by Van Alstyne ISD, with its southern edge along Cartwright Road.
The numbers
The notice puts the total cost of the Phase 1 projects at about $17.26 million, a figure that includes creating the district and issuing bonds. An excerpt of the assessment plan attached to the notice lists $12.86 million in authorized improvements and $2.52 million in bond-related costs, for a total special benefit of about $15.38 million.
