Granbury council approves Lakeview Landing PID assessments and $15M special-assessment bond
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Summary
Granbury City Council adopted ordinances creating three Lakeview Landing Public Improvement District assessment areas and authorized up to $15,000,003.33 in special-assessment revenue bonds; council votes were unanimous.
Granbury City Council on April 15 adopted ordinances establishing three Public Improvement District (PID) assessment areas for the Lakeview Landing development and authorized the issuance and sale of up to $15,000,003.33 in special-assessment revenue bonds to fund the project.
The council voted 6-0 to approve ordinances 25-16, 25-17 and 25-18 levying special assessments for improvement areas 1, 2 and 3 of the Lakeview Landing PID, and then unanimously approved ordinance 25-19 to authorize issuance and sale of the City of Granbury, Texas Special Assessment Revenue Bonds Series 2025 for the project. The council’s action authorizes the city to issue debt that will be serviced by property assessments inside the PID, not by general city taxpayers.
The PID will fund public improvements tied to the Lakeview Landing development, which the city said includes commercial parcels (hotel, restaurant, apartments), single-family residential lots, and a future assisted-living parcel. City Manager Michael Kaufman told the council the bond and related liens “will be serviced by the improvements on this property” and that “at no time will the taxpayer be on the hook for any of this debt.”
John Martin, the city’s financial advisor for the offering, described the market conditions and the sale outcome. He said the full offering of about $15 million sold to two buyers, Nuveen and Goldman Sachs Asset Management, and that the issuer’s true interest cost came in at 7.72 percent. “Given where the market has gone in the last couple of weeks, to lose 60 basis points … is a victory,” Martin said, adding the higher interest rate reduces the developer’s PID reimbursement by roughly $500,000 compared with earlier estimates.
Bond counsel explained that council previously approved the assessments and that tonight’s ordinance authorizes the bond issuance and related documents. Counsel said the dollar cap in the documents matches the amount included in the council packet and that the closing for funding is expected “on or about May.” The city manager told the council the final plat for Lakeview Landing was approved April 1.
The council opened public hearings for each of the three assessment areas before voting; no members of the public spoke during those hearings. After each public hearing the council moved and seconded the ordinance and voted 6-0 to adopt it.
Votes at a glance: - Ordinance 25-16 (Lakeview Landing PID area 1 assessment roll): motion made by “Mister Obergere,” second by “Mister Wadley”; vote 6-0; outcome: approved. - Ordinance 25-17 (Lakeview Landing PID area 2 assessment roll): motion made by “Mister Wadley,” second by “Mister Rodriguez”; vote 6-0; outcome: approved. - Ordinance 25-18 (Lakeview Landing PID area 3 assessment roll): motion made by “Mister Allen,” second by “Mister Corrigan”; vote 6-0; outcome: approved. - Ordinance 25-19 (authorize issuance/sale of City of Granbury, Texas Special Assessment Revenue Bonds Series 2025): motion made by “Mister Overdear” on advice of counsel, second by “Mister Corrigan”; vote 6-0; outcome: approved.
What the ordinances and bond mean: under Chapter 372 of the Texas Local Government Code, the city may create a PID and levy special assessments on property within the PID to pay for public improvements; those assessments create a lien on the property until the related debt is repaid. City staff emphasized that debt service will be paid by the property owners within the PID and not from the city’s general fund.
Key details extracted from the council discussion and staff presentations: - Bond par/authorized amount referenced in documents: $15,000,003.33 (cap in bond documents). - Reported true interest cost for the Series 2025 special-assessment bonds: 7.72 percent. - Buyers: Nuveen and Goldman Sachs Asset Management purchased the offering. - Final plat for Lakeview Landing approved April 1; closing for the bond funding expected in May (date not finalized).
The council’s approvals advance the Lakeview Landing project, which city staff said has been under development work since about 2018 and includes engineered dirt work already under way. Mayor Jarrett and council members offered brief congratulations after the vote. No public comments were recorded during the PID public hearings.
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