Denison City Council approved a bond of almost $23 million Thursday night to help pay for infrastructure connected to Preston Harbor, a planned development near Lake Texoma.
The financing will be used for roadways, water service and sewer work serving the development's initial two phases. The bond applies to infrastructure in two areas of the community and is tied to 374 homes, which are projected to add $425 million in value for Denison.
Mayor Robert Crawley said the expense of building streets and utility lines made borrowing necessary. “It’s so expensive to put in streets and water and sewer that there are very few people that have that type of capital available,” Crawley said. “We felt like that was the best opportunity for both us and the developers.”
Crawley said existing Denison property taxpayers will not be responsible for repaying the debt. He said the bond will be paid back over 30 years through fees charged to new homeowners and landowners inside the Preston Harbor Public Improvement District.
The mayor said the property itself serves as the security for the bond, not the city or its taxpayers. He also said the city and Preston Harbor developers have a formal agreement that lays out expectations for each side.
