Polo Ridge Public Improvement District encompasses a 805.79 acre residential tract and a 27.4 acre retail tract generally located south of FM 740, West of FM2757 and North of Kelly Road in Kaufman County.
In June 2019, the City Council issued two issues of special assessment revenue bonds, Phase 1 bonds in the amount of $7,040,000 to finance authorized public improvements that provide a special benefit to only property within Phase 1 of the development, and $7,500,000 to finance those improvements that benefit the entire development, called Phase 2-6 Major Improvements. The debt service on the bonds are paid through a property assessment levied each year on each property owner within the residential tract.
The residential tract is zoned Planned Development - Single Family Residential and the 1,007 lot residential development is expected to develop in six phases. Phase 1 consists of approximately 157.4 acres and is projected to include 196 single-family residential units. Future Phases 2-6 will consist of approximately 648 acres and is projected to include 811 residential units. The anticipated taxable value of homes located on 1-acre lots is $475,000 and for the 125-foot lots is $447,000. Anticipated value of 100-foot lots is $437,000, 370,000 for 80-foot lots and $285,000 for 60-foot lots.
The current PID term runs until December 31, 2048 (31 years) with annual budget and assessment rate subject to a public hearing and City Council Approval.