Council approves cost envelopes for Platinum and Taylor Ranch PIDs, schedules public hearings

The Gunter City Council on June 4 approved resolutions that establish maximum estimated cost envelopes and call for future public hearings on potential assessment-funded bonds for two large developments.

Bond counsel summarized the Platinum Ranch package as an estimated $90 million in total improvements: about $48 million attributable to the first improvement area, about $12 million attributable to a major improvement area, and the remainder (about $30 million) to be paid privately by the developer. The council voted to publish and call a formal public hearing in July to consider levying assessments and authorizing bonds tied to the project.

For Taylor Ranch, staff presented an estimated total project cost of roughly $25 million, noting approximately $2 million attributable to the major improvement area, $15 million to the primary improvement area and $7 million to be privately funded by the developer. Council approved placing that item on the agenda for a July public hearing as well.

Bond counsel and staff stressed that the current actions set estimated maximum cost limits and are not the authorization to levy assessments or issue financing. Counsel stated there has been no bond financing or debt incurred to date for these PIDs and that the dissolution-and-recreate approach was chosen to reconfigure boundaries and allocation rather than attempting a partial removal under state statute.

Council members asked clarifying questions about commercial parcels being carved out of PID assessments, off-site infrastructure costs, and the role of Mustang SUD under an interlocal agreement to own and maintain water and sewer improvements for certain phases. The resolutions passed on voice/roll-call with affirmative votes recorded.