TYLER, Texas (KETK) – The city of Tyler on Wednesday created a Public Improvement District adjacent to Bellwood Lake to help advance the development of 500 acres.
Bellwood 232 2019 LP, the developer of Westside Place, estimates it will cost about $150 million to design and build the streets, drainage, lighting, landscaping and irrigation on the property.
When a PID is created, those who later buy property in the district have to reimburse the developer for a portion of public infrastructure and improvement costs, the city said.
The financial tool provides a developer an alternate way to pay for infrastructural improvements.
“The Tyler comprehensive plan calls for growth in all sectors of the city,” said Managing Director Heather Nick. “The Westside Place proposed development is located within the west sector and it helps provide for balanced growth.”
The city will not occur costs associated with PID improvements, the announcement said.