Council hears update for new housing community; 4,790 homes planned upon completion
WAXAHACHIE - Council heard First Southwest Financial Advisor Jim Sabonis present the Saddlebrook Estates Development financing program during the Monday, Nov. 15 regular scheduled meeting.
When completed, the 1,965 acre master community will feature 4,790 single family homes and 97 multi- family units, 116 acres of commercial development, 265 acres of easements for public purposes and numerous amenities including but not limited to, swimming pool, clubhouse, spray park, pavilion and playground.
"We are looking at one of the largest community projects in Ellis County," said Sabonis.
According to the developers, as of this month, 60 homes had been constructed and/or under construction with 53 homes owner- occupied.
Phase one improvements are assessed at $8,892,099 with $2,829,288 of the improvements funded by the developer with those becoming property of the city.
The city is set to decide on the bond purchase agreement at the Monday, Dec. 6 council meeting.
Councilman Mark Singleton questioned if passed, will the public improvement bond effect the city’s current bond debt. Adding, sometimes there is such thing as "growing too fast."
Phase one tax rate for residents in the Saddlebrook community will pay 36 cents per $100 valuation, more than the average Waxahachie citizen.
Sabonis did express the company is currently working alongside the city to hammer out these rates while saying, "the assessment will never go up, more likely go down."
Before adjournment, City Manager Paul Stevens noted sales tax has been up for the city the fourth month in a row.
"Since this is our last meeting before the Thanksgiving Holiday, I would like to wish everyone a Happy Thanksgiving," said Mayor Pro Tem John Wray filling Mayor Buck Jordan’s absence.
Jordan wasn’t present due to being hospitalized for surgery. His family reports he is doing well and has since been removed from the Intensive Care Unit at Baylor.