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Council approves PID development agreement with Grimes Altamira LLC; developer to disclose assessments at purchase and closing
Summary
The council approved a public improvement district (PID) development agreement for the Ultomiris project with Grimes Altamira LLC; the city's PID administrator said assessments and schedules will be disclosed to buyers in model-home packets and again at closing.
The Navasota City Council on Feb. 23 approved a public improvement district (PID) development agreement between the City and Grimes Altamira LLC for the Ultomiris project.
Jennifer Sloan, the city's PID administrator, said the developer will provide homeowner-disclosure packets at model-home visits and lawyers/title companies will disclose assessments again at closing; assessments are typically collected through escrow with the mortgage company. Sloan said those disclosures are required by law and that informational materials will remain available on the developer and PID administrator websites.
Council members sought reassurance that buyers would not be surprised by assessments; Sloan said the process includes multiple notifications (initial sale conversation and closing) and that the PID administrator maintains records that can be produced if a buyer later contests receipt of disclosure.
A developer representative was present to answer questions about the project. After discussion the council moved, seconded and approved the PID development agreement by voice vote.
The approval allows the developer to proceed with the PID process and for staff to carry out required notifications and escrow arrangements tied to the assessments.
