I have now met with all the developers and their teams who are active in the City of New Fairview. They have been very helpful and ensure me that they will continue to be good partners with our City. In driving through the City, it is clear that the new developments currently planned will have little or no impact on the traffic, nor the rural look and feel of the existing neighborhoods but they will have a drastic impact on the quality of the City owned roads and other services.
Falcon Ridge: I was informed that they have sold their last lots in the development. Once completed, the homes in Falcon Ridge will add approximately $75 million in new tax base. This is significant considering that the entire taxable base for New Fairview is approximately $140 million. This will generate additional revenue that will be used for the maintenance and upkeep of the roads and other City assets.
Dove Hollow: The development is progressing as planned. They are having some issues with Aqua Texas supplying water to the final phase of their development but that is not slowing them down on the initial phases. Once completed, this development should add an estimated $75 million in new tax base.
Constellation Lake: The project has been delayed as they work through issues regarding infrastructure, but they are committed to bringing a quality housing project to New Fairview. I had the opportunity to visit with the development team, tour a model home, and drive through a neighboring community. The quality of the homes and the development are far superior to many that I have seen in other communities and will be a good addition to our City. This development includes commercial and retail components, but conservatively it will add hundreds of millions of dollars to the tax base and potentially millions of dollars in new sales tax revenue.
July Building Permits: In July 2020, the City received 31 new housing permits with an estimated value of $7.5 million and the City collected $102,361 in building permit fees.