Court weighs $300,000 local commitment and $750,000 pump-station upgrades tied to proposed 60-unit affordable housing project

County staff asked the fiscal court to consider scheduling a special-called meeting to weigh a letter of intent and $300,000 local commitment to support a proposed affordable-housing application for a 60-unit first phase (with a possible phase 2 adding 72 units). Staff and the project’s co-developer explained the local commitment is intended to help the developer secure state and tax-credit financing.

Staff said county water infrastructure will need attention: two pump stations serving the area require replacement within two years at an estimated minimum cost of $750,000. Court members discussed structuring the county’s participation through a direct loan to the water utility, a loan conditioned on financial review, requiring a surety bond, or supplying in-kind assistance such as installation of required pump equipment in lieu of cash. Members suggested conducting financial due diligence and asked whether Compass Municipal (a municipal financial advisor referenced in discussion) could assess Woda Cooper’s financials and debt-service capacity before a final commitment.

A representative for North Elkhorn Investments (the local co-developer) described plans for phased development and said the co-developer anticipated conveying a 5-acre tract for phase one and returning to phases two and three as financing and build-out proceed. Several magistrates asked to condition any local commitment on receipt and review of financial statements or to make the commitment contingent on grant success and appropriate surety.

The court asked staff to schedule a special-called meeting at 4:00 p.m. Tuesday to consider the letter of intent and pledged to explore conditional approaches, surety options and potential loan structures before making a monetary commitment.