Three years after Bryan city council approval, the first leg of the University Drive extension east of Boonville Road into the new Oakmont development is open.
There was a delay in opening the extension until access to Dansby Lane was moved from Boonville to University.
The council agreed in November 2015 to reimburse developers up to $2.6 million dollars to design and build the extension. The developers said at the time this allowed the extension to be built two years faster than the city’s original plans.
The Oakmont agreement calls for Adam Development Properties L.P. (ADP) to build 800 single family homes, trails, parks, a facility described as an amenity center, and commercial buildings.
New multi family housing in Oakmont is open on an extension of Pendleton Drive behind Christopher’s World Grille.
Once ADP creates $5 million dollars in new taxable value, they will receive 100 percent property tax rebates on the improvements for the next 12 years or up to a maximum of $10 million dollars, whichever comes first.
At full build out, the city of Bryan projects receiving nearly $2,000,000 a year in property tax revenue.
