Homes in the next section of Edgewood Creek would carry an extra yearly bill to repay the streets, water lines, sewers and drainage built for them, under a plan the City Council takes up Tuesday, Oct. 13.
The council is scheduled to approve a preliminary service and assessment plan for Improvement Area No. 3 of the Edgewood Creek Public Improvement District and set a public hearing for Nov. 10 on actually levying the assessments, according to a memo from Finance Director Robin Bromiley in the meeting packet.
What owners would pay
The third section covers about 72 acres and 136 single-family lots, all 50 feet wide, according to the staff presentation. Each lot would be assessed about $25,735, with an estimated average yearly installment of $2,417.71.
Those lots would also pick up a share of the district's earlier "major improvements" that serve the whole neighborhood, about $5,790 per lot. Combined, the presentation estimates $31,524.77 per lot and an average of $2,942.86 a year. Staff note the figures could change once actual bond costs are known.
Put in tax-rate terms, the new assessments work out to about 42 cents per $100 of value, plus about 9 cents for the shared improvements. Staff estimate the total combined rate for owners, including other local taxes, at about $2.47 per $100 for lots in Prosper ISD and $2.48 for lots in Celina ISD.
The district
The council created the Edgewood Creek district in May 2020. It covers roughly 247 acres east of FM 1385, north of FM 428 and south of Mobberly Drive, and is expected to hold about 852 homes across several phases, the memo says.