Bee Cave to hold public hearing in October on property assessments for The Backyard
The organization of funding for infrastructure improvements postponed construction of The Backyard until early 2022. (Courtesy of JPD Backyard Finance)
Bee Cave City Council voted on Oct. 13 to hold a public hearing later this month to decide whether the future owners of the 35-acre mixed-use development The Backyard will pay special assessments on their land to repay debt obligations. public development.
The dollars generated by the assessments would finance $ 18.38 million for the construction of infrastructure, such as roads and utilities, necessary for the realization of the project. If fully constructed, it would include a 3,700-seat amphitheater, a dance hall, a hotel and shops.
In related action, Bee Cave board members also voted to approve the marketing of the tax-exempt bonds to the investment community. Both actions are part of the Backyard Public Improvement District (PID) which the council voted to create in October 2020.
The organization and approval of the complex set of financing documents is an important reason why the development of The Backyard has not yet started, said Christi Van Rite, co-manager of JPD Backyard Finance LLC, who develop the project. Earlier this year, she said her development team was eagerly awaiting a start at the end of the summer, but the start date for work is now moved to early 2022, she said.
âWe’re probably thinking about the first quarter of next year,â Van Rite said. âWe wanted to make sure everything is in place. It is an important resource for us.
Bee Cave City Council will hold the official public hearing to create the property assessments on October 26 at Bee Cave Town Hall.
While the town of Bee Cave would vote to apply the assessments, the general public is unaffected by the assessments, and those assessments would only be paid for by landowners within the PID, according to city documents.
Planning underway to bring Special Olympics to Lake Travis area
In other cases, Bee Cave City Council has voted unanimously to dedicate $ 100,000 in hotel occupancy taxes to the Texas Special Olympics. The organization plans to bring its state winter games to the Lake Travis area, said Chad Eason, director of competition and games.
The event, scheduled for February 2022, would bring between 2,000 and 3,000 people to the region to witness three days of competitive matches such as floorball, volleyball and powerlifting. The budget for the event is estimated at $ 187,000, according to the presentation made to council.
The Star Hill Ranch on Hamilton Pool Road is tentatively set to host the event, and the Sonesta Bee Cave Hotel has reserved rooms for the weekend of the event which would begin Feb. 18, Easton told the board in brief remarks .
Former Bee Cave board member Marie Lowman, who has a teenage daughter who is a Special Olympics athlete and attended the board meeting, said a similar request for hotel tax funds should be made. addressed to the Town of Lakeway.
City to pursue workforce housing proposals
During the October 13 meeting, Bee Cave board members asked staff to seek proposals from private developers for the construction of labor housing on a plot of land owned by the city in across from Tordera Drive, near Bee Cave Parkway. The 22-acre land is known as the Skaggs Parcel, which the Town of Bee Cave purchased in 2016.
The proposal would allow developers to assume some relaxed city standards, such as allowing up to 55% of the property to have waterproof cover, according to instructions provided to council staff at the council meeting. A workforce housing project had been proposed for construction in the nearby town of Lakeway.
City action is needed as private developers have yet to come up with a proposal to develop housing for the workforce, said Bee Cave city manager Clint Garza.
âSince I’ve been here we’ve been waiting for the intervention of the private sector,â Garza said. “If we can relax the rules in some way and add our own property into the mix, then maybe the private developers will come in and find a way to make it work.”