In a recent city council meeting, discussions centered on the proposed public improvement district (PID) for the Val Verde development, which has undergone several iterations over the past five years. The development, initially known as NEU and later Viridian, is now poised for significant infrastructure financing as it moves forward.

City Manager Sylvia reported that the council had expressed concerns regarding the PID, particularly in light of the long-standing issues associated with the Hunter's Crossing PID. To address these concerns, representatives from the Val Verde development team, including legal counsel Tally Williams and financial consultant Zach Crawford, provided a detailed presentation on the project's status and the PID's implications.

The Val Verde PID was established in 2021, and the current focus is on financing the infrastructure already in place, which includes essential services such as water, wastewater, and roads. The PID is designed as a reimbursement mechanism for the developer, D.R. Horton, who has already invested in the necessary infrastructure. Williams emphasized the urgency of levying assessments before any homes are occupied to avoid complications related to lien priorities.

Crawford outlined the economic impact of the development, projecting that at full build-out, the 1,545 lots would generate approximately $557 million in value, contributing $2.8 million to the city's general fund and $8.6 million to other taxing jurisdictions. The proposed PID tax rate is set at 52 cents, with a 30-year term for the district.

Council members raised critical questions regarding the assessment structure, particularly in light of past experiences with Hunter's Crossing, where assessments began only after properties were developed, leading to financial burdens on homeowners. The council is keen to ensure that the Val Verde PID does not replicate these issues, with discussions focusing on the timing of assessments and the overall financial impact on future residents.

Concerns were also voiced about the infrastructure's capacity to support the development, particularly regarding wastewater services. The city manager assured that the current wastewater treatment plant could handle the initial phases, but additional infrastructure, including an elevated storage tank, would be necessary for future phases.

Community member Carlos Liriano, a resident affected by the Hunter's Crossing PID, expressed his apprehensions about the new PID, highlighting the ongoing financial burdens that residents have faced. He urged the council to ensure transparency and accountability in the management of the Val Verde PID to prevent similar issues from arising.

As the council continues to deliberate on the Val Verde PID, the focus remains on establishing a clear and equitable framework that addresses the concerns of both developers and future homeowners, ensuring that the lessons learned from past PIDs are not forgotten.