BEAUMONT, Texas — A proposed bond that would bring a new neighborhood to Beaumont’s West End will be the city’s first ever municipal management district, if passed.
The plot of land is between Dowlen Road, Delaware Street and Gladys Avenue.
The bond totals almost one billion dollars, but will only be voted on by one or two people in the November election.
"The only people that will be allowed to vote on whether or not they authorize to issue bonds are the residents that reside within this managed municipal district. Which there will be one," Councilman Mike Getz said.
Management districts are used throughout Texas to support existing major activity centers, promote neighborhood revitalization and support raw land development.
What makes them different is how they're financed.
“The developer will up front shoulder all of the costs of the infrastructure here and he will be paid back over time through the issuance of these bonds. In the money that they generate, to put in this infrastructure improvements,” Getz said.
There are four different bonds for this 350-acre property. There is a 300 million, 150 million, 365 million and 182 million bond.
Most municipal management districts already have residents living in them who can vote on bonds, but because this area is raw land, the district's board had to assign people to move onto the property so they could vote in November.
“Their mission is to live in this trailer for enough time to get this thing legislatively on track and get the issuance of bonds," Getz said.
Developer Sam Yager tells 12news the city previously passed an ordinance to permit the use of up to two mobile homes on the property.
Yager says this is for the purposes of complying with Texas election laws with respect to the November election.
The residents haven't moved onto the property yet, but they're getting power lines ready so they can move in by November.
Getz says construction won't get underway possibly until 2024. The developer will make the decision on what ends up on the property.
There will likely be a combination of new homes and community amenities like parks or swimming pools.