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Rowlett council approves preliminary plan and amendment for Trails at Cottonwood Creek PID
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Summary
The Rowlett City Council on April 21 approved a resolution accepting a preliminary service and assessment plan for the Trails at Cottonwood Creek public improvement district, called a public hearing for May 5, and approved an amendment to the development agreement to enable bond financing tied to neighborhood improvement areas 2 and 3.
ROWLETT, Texas — The Rowlett City Council voted unanimously April 21 to accept a preliminary service and assessment plan for the Trails at Cottonwood Creek public improvement district and to call a May 5 public hearing on assessments for neighborhood improvement areas 2 and 3.
Michael (staff member) told council the package before them contained three actions: accept preliminary service and assessment documents, call the May 5 public hearing so property owners can be heard on proposed assessments, and approve a second amendment to the development agreement that revises the bonds’ final maturity and ties a developer safety contribution to the next phase of construction. “Tonight's request is the first of 2 council meetings needed to move forward with the bond issuance,” he said.
Developer representative Preston Walhut described the project’s phasing and financing model, saying the total estimated build-out value is about $400,000,000 and that the PID program would be sized to meet a 3-to-1 lien-to-value constraint and a 0.324 PID-equivalent tax-rate cap. He also reviewed modeled homeowner impacts: the PID assessment was shown at roughly 32.4¢ (PID cents) and produced example homeowner estimates across lot sizes.
Walhut also told the council the developer had invested in off‑site sewer work tied to the project, including upsizing mains and installing a new force main, and that those improvements cost more than originally estimated. “That project was estimated to cost about $2,000,000 and ended up costing $5,200,000. The city's contribution remains static at $1,050,000,” he said.
Councilman discussion emphasized the project’s scale and potential as a development model for Rowlett. Mayor Pro Tem Michael Shoop moved to adopt the resolution accepting the preliminary plan, calling the May 5 hearing and approving the development‑agreement amendment; Deputy Mayor Pro Tem Mike Britton seconded and the motion carried unanimously.
What happens next: council will hold the May 5 public hearing on the levy of assessments and then may consider adoption of bond and assessment ordinances for each improvement area. The amendment approved tonight clarifies timing and amounts for developer contributions and bond maturity provisions.
