Bridleridge plan for 735 homes off Cole Road starts through council Thursday with a $62.8 million improvement district

A proposed subdivision called Bridleridge, planned for 735 single-family lots on about 166 acres east of U.S. 377, takes its first formal steps before the Aubrey City Council on Thursday, Oct. 22.

Three items on the agenda deal with the project. None approves the subdivision itself; each starts a process that comes back to the council later.

Annexation

The landowner, Aubrey 166 Land Investors LP, has petitioned the city to annex the property, which is commonly known as 9890 Cole Road and sits in Aubrey's extraterritorial jurisdiction. The petition says it is filed under a Bridleridge development agreement with the city, and a resolution on the agenda says that agreement also serves as the written services agreement state law requires before annexation.

The annexation would also take in a 2.63-acre stretch of Cole Road and its right-of-way, starting at the east edge of U.S. 377, so the tract connects to the existing city limits. If the council accepts the petition, the resolution sets the annexation public hearing for 6 p.m. Thursday, Dec. 17, in the council chambers at 226 Countryside Drive.

The ordinance could be adopted that night.

Paying for streets, water lines and parks

The other two items would set public hearings for 6 p.m. Thursday, Nov. 19, on creating a Bridleridge Public Improvement District and Tax Increment Reinvestment Zone No. 6 over the same land.

Staff reports from Finance Director Mike English put the cost to design, acquire and build the improvements, plus the cost of setting up the districts, at $62.8 million. The resolution for the improvement district lists the kinds of work it could pay for: streets and sidewalks, drainage, parks, trails and open space, entry monuments and landscaping, and water, wastewater and drainage facilities.

It also covers maintenance of those improvements and the cost of running the district.

For the tax zone, the staff report says the land's base value is $0 and that the city has agreed to put 49% of the tax increments generated by its full property tax rate toward the zone.

According to the staff reports, Mustang Special Utility District would provide utilities, and substantial completion of the 735 lots is expected by the first quarter of 2032. The city's district administrator, MuniCap, is scheduled to give an overview before the votes. Staff recommend approval of all three items.

The meeting starts at 6 p.m.

Sources

aubreytx.api.civicclerk.com

aubreytx.api.civicclerk.com