Tomball - Magnolia Edition | July 2021

INSIDE INFORMATION

COMPILED BY ANNA LOTZ  DESIGNED BY ETHAN PHAM

Building Bbooom

ZION RD.

IN TOMBALL

JUNCTION POINT LN.

The city of Tomball is seeing an uptick in residential construction with hundreds of acres of

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2978

BROWN RD.

Construction status Construction ongoing

land cleared for new communities. At least six new communities are underway with others proposed or recently completed, many of which are within public improvement districts, a real estate development tool to help fund improvements in the new communities. The annual

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Recently completed

Within public improvement district

15-year PID assessment 30-year PID assessment No PID to date

PID assessment within the city ranges from $1,700 - $4,500 per lot, City Manager David Esquivel said in an email. NEWCOMMUNITIES Grand Junction 1 2

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ORCHARD RIDGE LN.

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MEDICAL COMPLEX DR.

RABURN RESERVE BLVD.

AGG RD.

Timber Trails 105 homes 25 acres Build-out 2024 Raburn Reserve 400 homes 103.7 acres Build-out TBD Sydnee’s Park* 41 homes 9.2 acres Built out 2021

Cherry Pines 295 homes 86 acres Build-out 2026

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THEIS LN.

ALICE RD.

49 homes 12.7 acres Build-out 2021

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ADELA PT.

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Woodleaf Reserve 299 homes 95 acres Build-out TBD

CHERRY PINES BLVD.

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Alexander Estates 251 homes 70 acres Build-out TBD Cherrywood Estates 65 homes 20.8 acres Build-out TBD

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249

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Copper Cove 52 homes 13 acres Built out 2021

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249

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*Rental community, PID pending

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PUBLIC IMPROVEMENT DISTRICT

City Manager David Esquivel said in July the city is issuing about 60 PERMITS AWEEK for new construction, plumbing, mechanical and other residential components. This is an increase from about 12 permits a week previously.

A public improvement district, or PID, is a real estate development tool similar to a municipal utility district, or MUD, that allows a developer to recoup costs spent on a project by assessing fees to homebuyers. WHAT IS A PUBLIC IMPROVEMENT DISTRICT?

NEWLEGISLATION House Bill 1543, which was signed into law June 4 and will take eect Sept. 1, seeks to increase transparency in home sales within a PID as PIDs become more common in Texas, according to an analysis of the bill by the Senate Research Center. Current law states the seller must

The city of Tomball includes approximately 3,800HOMES.

provide notice to the homebuyer at the time the purchase contract is entered that the property is assessed a PID fee. Under HB 1543: A seller must provide

There are 11 PIDs in the city of Tomball as approved by City Council members, which span most of the city’s new residential communities. Fees are paid to the city, which then makes a payment to reimburse developers for the cost of specied improvements. PIDs have either a 15- or 30-year lifetime, over which homeowners pay an assessment per lot.

2,100NEWHOMES are anticipated within ve years. About

notice both at the time of contracting and closing. The homebuyer must acknowledge receipt of the required notice. The buyer can terminate the contract if the seller does not provide notice.

The city is on track to receive about $4MILLION more in general fund revenue than was anticipated for scal year 2020-21, approximately half of which stems from new development and associated fees, Esquivel said.

SOURCES: TEXAS LEGISLATURE ONLINE, HOUSE BILL 1543, CITY OF TOMBALL, VARIOUS DEVELOPERSCOMMUNITY IMPACT NEWSPAPER

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COMMUNITY IMPACT NEWSPAPER • COMMUNITYIMPACT.COM

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