Van Alstyne has approved a $16 million bond to extend water and sewer service, borrowing against future growth in a city whose population now stands at about 8,598.
The bond carries a 5 percent interest rate. Total repayment is projected at roughly $34 million, running through 2057.
What it pays for
The money is for water and sewer capacity, with the near term target the area west of U.S. 75 and north of FM 121. The city has said the lines are sized to allow further extension northward later.
That area is the site of a commercial development the city has been in discussions about. Mike Shaw, a city spokesperson, said the city has "already had meetings" about "a potential big commercial development just west of [U.S.] 75 and north of FM 121."
Shaw framed the borrowing as keeping pace rather than getting ahead. "As Van Alstyne continues to grow, we have to do the best we can to keep up with it," he said.
