Buyers of 145 homes planned in the next section of Spiritas Ranch would pay off part of the cost of their streets, pipes and drainage through special assessments of about $22,000 to $25,000 per house, under a plan the Little Elm Town Council takes up Tuesday, Nov. 17.
The resolution, a regular agenda item, accepts a preliminary service and assessment plan for Improvement Area 3 of the Spiritas Ranch Public Improvement District and calls a public hearing for Dec. 15. The council would vote on actually levying the assessments after that hearing. Economic Development Corporation Executive Director Jennette Espinosa is the staff contact, and staff recommend approval.
What gets built
Improvement Area 3 covers about 31 acres, labeled phase 2M, with 74 homes on 50-foot lots and 71 on 40-foot lots. The project engineer's estimates put the public improvements at $5,420,115:
- Roads and right-of-way: $2,469,314
- Storm drainage: $1,300,138
- Sanitary sewer: $426,645
- Water: $396,999
- Engineering, district formation and other soft costs: $827,019
The town would own and maintain the roads and drainage. The plan says the water and sewer lines will be owned and operated by MSUD.
Who pays
Assessments on the 145 lots would cover $3,398,000, with $2,102,115 from other sources. An extra $80,000 covers levy fees and the first year of administration. The developer, MM Little Elm 548 LLC, would pay for the work up front and be reimbursed with interest, but only from the assessments collected in Improvement Area 3, under a reimbursement agreement the plan dates to Dec. 15.
