The Texas World Speedway will close as a racetrack on June 15.
The College Station city council has approved the creation of a municipal utility district that will turn the speedway into the Southern Pointe community.
Landowner Bill Mather told the council their goal is to have the first of 1,400 home lots available for sale about one year from now.
Click below for Bill Mather comments to the College Station city council:
Located within the city’s extra-territorial jurisdiction, the council approved formation of a municipal utility district. This allows Mather to issue bonds to pay for streets and other infrastructure, then pay off the bonds by assessing property taxes to landbuyers.
Construction will be done to College Station standards, the city will receive revenue from selling water, in the future the city will collect sales taxes from retail businesses…and in the end, collect property taxes after annexation.
Click HERE to read the background information presented to the College Station city council.
