The Constellation Lake (CL) Developer Agreement between New Fairview and Bloomfield Homes was approved March 9, 2020. (Bloomfield Homes is the developer of Timberbrook in Justin). Annexation of 723 acres and creation of the Constellation Lake “Public Utility District” (PID) was on April 6, 2020. The CL development is on the cities east side. It is bordered by FM 407, Sam Reynolds Road, Dove Hollow Lane, and South County Line Road. The original design has 100 one acre exterior lots on three sides of the development with custom homes facing the county roads. Commercial would be 33 acres on the corner of Fm407 and South County Line Road. East of the commercial area will be 25 acres of multi-family homes. There will be 245 town homes on 24 acres located near the southeast corner of the development. The 24 acre park with a lake and a connecting trail system will be near the middle. Northwest of the park is 28 acres designated for a school. All roads will be concrete. This design concept is dated March 2020. Expect this design to be revised by moving the school to where the town homes were and modifying the 100 perimeter lots so they do not have direct driveway access onto the county roads. The CL developers agreement was approved prior to the road impact fee program was implemented in 2021. Consequently no impact fees will be applied to the CL build. The New Fairview “Capital Improvement Plan” includes the four lane expansion of Sam Reynolds, Dove Hollow, and South County Line. Public water will be treated lake water from the Upper Trinity Regional Water District. Wastewater will be treated at the Trinity River Authority (TRA) Denton Creek Regional Wastewater System in Roanoke. Both water and waste water will require agreements with Justin to utilize their pipeline infrastructure. The developer is ready to start building when water is available. The target start date is 2026.
Financials- A conservative single family home average valuation guesstimate is $500,000. That equates to a total assessment of $1,050,000,000 for the 2100 homes (500,000 X 2100= $1,050,000,000). Ad valorem total annual tax revenue at the current tax rate of .258 per 100 valuation would be $2,709,000 (calculate 1,050,000,000 X .00258= $2,709,000). Data unavailable for town-home/multi-family/commercial valuations and sales tax estimates.