Written by Phil Cerroni
By Amanda Casanova
City officials are asking the public to attend a public hearing this month about creating two separate public improvement districts in the city.
If the City Council votes to create the districts – one in the Bridges of Las Colinas and another in Ranchview –the public Improvement district would allow the City to make improvements to the area by levying and collecting money from property owners.
According to City documents, Hines, an Irving-based developer, is developing a 400 single family residential subdivision in the Bridges of Las Colinas. Work to the area would also include sewer, water and drainage facility improvements, the creation of a public trail system and two public parks.
The cost of improvements in the Bridges of Las Colinas is about $9 million plus maintenance costs.
Hines is also developing about 121 single family residential lots in Ranchview. Improvements, like those in the Bridges of Las Colinas, would include a public trail system and sewer, water and drainage work. The area would also boast a public green space.
The cost of the Ranchview project is estimated at about $3 million.
If approved by the City Council, the City will issue certificates of obligation to fund the improvements to the two areas.
Construction could start as early as this year and end by 2017.
The City will also create two Tax Increment Reinvestment Zones, where funds will be used to pay for or reimburse the City for other costs.