from Eye on Williamson
KXAN has the story but to truly appreciate it watch the video. The short written story, Road improvements for medical school, just doesn't do it justice. The video spells it out:
Gary Newman of the developer The Waterstone Development Group (WDG), says the new road will "help the development quite a bit". The WDG's Avery Centre development will be the development getting help (see site plan) from the improved road. The Williamson County Commissioners Court today, (See agenda Items 26 & 27), approved a Road district bond election to pay for the project. While WDG is fronting the $90 million to build the section of the road that will benefit the development most. The WDG will eventually be reimbursed, with interest, for financing the project that improves the value of their land.
Who is going to pay back the note? Well that's a good story. No one outside the district, which is currently undeveloped, will be paying the "new" taxes - except those who buy stuff at the future commercial development. Once developed there will be 4600 rental and single family units, as well as over 180 acres of commercial development. The report says the "new" tax will be about $600 a year on a $200,00 home, or $50 more on the monthly mortgage payment. Which means the suckers future home owners, renters, and buyers will be paying for this road once the development is done. As Newman says, "Obviously it [the new road] creates a real estate market for us". Obviously.
But here's the kicker. Approval of the road bond will come in this November's election. Only those living in the current Road District will be able to vote and as the KXAN report stated there is only one resident in that district. It'll be interesting to see how that person votes. Our own "Swing Vote" here in Williamson County.
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