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Kyle Council approves Savannah Ranch PID assessments and $12.633M bond sizing
Summary
Council approved ordinances to finalize the project and finance plan for Reinvestment Zone No. 3 and to levy assessments totaling $12,633,000 in support of a Special Assessment Revenue Bond to reimburse public improvements for the Savannah Ranch/Clara Vista development.
Council approved three related ordinances (items 26–28) that together finalize the project plan for Reinvestment Zone No. 3, adopt a service and assessment plan for Improvement Area No. 1 and authorize issuance of Special Assessment Revenue Bonds to reimburse the developer for public infrastructure in the Savannah Ranch (a.k.a. Clara Vista) subdivision.
Stephanie Leby of Norton Rose Fulbright presented the package and described the mechanics: the PID assessments will be levied on properties in Improvement Area No. 1 and used to repay bondholders; the current bond sizing following market pricing came to $12,633,000 in assessments while the total public-improvement cost for the project exceeds $19 million, with the developer contributing the unreimbursed portion.
A public hearing associated with the assessment ordinance was opened and closed with no speakers. Staff noted the next step is a bond closing targeted for April 30, 2026 so funds can reimburse the developer for completed improvements. Council adopted the ordinances to move the financing forward.
Council members and staff emphasized statutory notice requirements and disclosures to buyers in a PID (title company notices and documentation in the service-and-assessment plan). The ordinances passed in a single meeting because of a Texas Government Code exception allowing bond-related items to be adopted on first and final reading when pricing is time sensitive.
