The Bryan city council has approved an economic development agreement to bring a large master planned community to the east side of the city.
The Oakmont community is generally bordered by an extension of University Drive, Boonville Road, and Copperfield Drive.
The 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.
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.
ADP will also be reimbursed up to $2.6 million dollars to design and build the extension of University Drive from Boonville Road to the Oakmont entrance. ADP representative Marco Rosales says this will allow the University Drive extension to be built two years faster than the city’s original plans.
Rosales says subject to approval by the county commission, ADP has 30 days to hire an engineer to design the University Drive extension. Once the design is approved by the city, ADP has six months to begin street construction and 12 months to complete the first phase, taking University to the Oakmont entrance.
Rosales says the city will have input during the bidding process, ADP is providing half of the right of way on their property to the city at no charge, and the street will be built at the same time as infrastructure inside the development.
Rosales says there is also a provision to hire local contractors.
Click below for comments from Marco Rosales:
Click HERE to read and download the background information presented to the city council.
Click HERE to read and download the resolution passed by the city council.
