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Council approves amendment to Preston Harbor development agreement to allow PID financing; Centurion American representatives present
Summary
Council approved an amendment to the Preston Harbor 2023 development agreement to acknowledge planned use of PID financing and its interaction with existing TIRZ/TIF-like financing; approval was subject to the concept plan matching zoning and final review by the city manager and city attorney.
The Denison City Council approved an amendment to the Preston Harbor 2023 development agreement to acknowledge the developer’s planned use of Public Improvement District (PID) financing and how that financing will interact with the project’s TIRZ/TIF-like mechanisms. City attorney Julie Fort explained the amendment is needed because the developer has a contract to sell just over 1,000 acres to another developer that plans to use PID financing in construction.
Developer David Craig of Craig International addressed council in favor of the amendment and introduced representatives from Centurion American, who have been contracted to develop lots. Craig said the amendment allows the project to move forward in the coming months. Mayor Pro Tem Adams moved to approve the amendment subject to the concept plan matching zoning and subject to final review by the city manager and city attorney; the motion carried.
Council recessed to executive session after the vote. The amendment does not itself authorize zoning changes; council confirmed the approval is contingent on concept-plan/zoning alignment and final staff review.
