The development of Solms Landing is expected to integrate commercial, residential and office spaces into the project. (Courtesy of South Texas Capital Advisors)
On May 24, New Braunfels City Council approved a repayment agreement and extended the dissolution of the Solms Landing Public Improvement District between the city and Solms Landing Development LLC.
Development planning for Solms Landing began in 2018 before the Solms Landing Public Improvement District was established on January 14, 2019, as the city’s first PID.
The city council opted to extend the PID dissolution agreement until January 2023 after changes to the land plan delayed the steps necessary to fully establish the public improvement district, such as collecting assessments and paying for it. approval of the financing agreement.
The city council also approved an acquisition and repayment agreement to reimburse the developer for infrastructure projects already completed and dedicated to the city, including the construction of roads and drainage systems.
When the PID was created, it was initially proposed that the first neighborhood bonds be issued before the construction of the public improvements, according to the city. As the land use plan evolved, the issuance of PID bonds was postponed.
State law has historically prohibited the issuance of PID bonds to pay for already dedicated public infrastructure before a repayment agreement has been reached between the city and the developer. Future PID bonds issued could support the existing infrastructure.
According to developer James Mahan, only residents living in the PID would pay the bonds issued through property taxes.
The 98-acre development, located east of I-35 in the Creekside area near Resolute Health Hospital and Buc-ees, will include a mix of residential and non-residential developments.
The project plan includes 215 single-family homes, 188 housing units for residents 55 and older and 455 multi-family homes, according to Mahan.
The development will also include a market and event venue as well as space for additional commercial and office space.
Mahan said the development is expected to be completed in five to seven years.