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Seguin council approves Walnut Springs development agreement, including park, PID and fire station pad
Summary
City Council voted to authorize a development agreement with 2021 F2 Walnut LP for the Walnut Springs planned unit development, approving a PID cap, preliminary financing parameters, park land and a pad for a future fire station and directing follow-up steps on bond and assessment work.
Seguin City Council on first reading authorized the city manager to execute a development agreement with 2021 F2 Walnut LP for the Walnut Springs planned unit development, a mixed-use project north of Interstate 10 near Huber and Bridal roads.
The agreement passed after staff described project components that include a concept 30-acre regional park, roughly 80 acres of open space and an internal trail network, a developer-funded public improvement program supported in part by a Public Improvement District (PID) and a site pad and dirt work for a future city fire station. The council vote followed staff presentations about PID and tax-increment mechanisms to reduce property tax burdens on new lots.
City staff said the PID is capped at about $66,700,000 and that the proposed reinvestment mechanism would be paired with a tax increment component described in meeting materials as buying down the PID at 40% of incremental value on a parcel-by-parcel basis. Staff described an illustrative total effective tax rate “in the ballpark” of $2.74 per $100 of assessed value when all layers are included, and said that pairing the PID with the tax increment structure would reduce the developer’s effective rate compared with an uncapped PID approach.
The development agreement does not yet finalize actual bond issuance, assessment rolls or the legal creation of the PID; staff said follow-up actions will include a service-and-assessment plan, appraisal work and bond-related steps with underwriters and bond counsel. The city’s contribution to project infrastructure was described as limited to delivering the fire station pad and a “not to exceed” $3,000,000 contribution toward a portion of Huber Road improvements; remaining park and public improvements will be paid by a mix of developer funding and PID/bond proceeds.
Councilmembers asked about timing, design and the city’s future maintenance obligations. Staff also said the mobility improvements at the intersection of Huber, Bridal and the Strempel extension are intended to make the area buildable and to provide north-of-IH-10 park access that the city currently lacks.
Council member Leavens moved approval; Council member Keller seconded. The motion carried on voice vote.
The agreement directs staff to proceed with the technical and legal steps needed to create the PID and associated financing documents, and to return to council with the service-and-assessment plan and bond-issuance actions when ready.
