Shoop Ranch was the original development name. It has been reassigned a temporary name of Oliver Creek, until a permanent name is chosen. For this post we will use the name Oliver Creek or the initials OC.
A Developer Agreement between New Fairview and Rockhill Capital and Investments, LLC was approved on April 5, 2021. Planned District Zoning and creating a Public Improvement District (PID) was also approved. Oliver Creek is a planned development of 1807 acres located on undeveloped ranch land along Oliver Creek between FM2264, South County Line Road, and north of FM407.
The OC planned development has a 20 year built-out plan. It will have its own public sewage infrastructure and treatment facility. Water will be treated lake water from the Upper Trinity Regional Water District.
Completed build will consist of 4,150 single family homes, 900 multi-family, two sports complexes, connected parks, town square, commercial/retail, fire station, and city hall. Rockhill will donate 5 acres of land to the city, $5,000,000 for a municipal complex, $10,000,000 for public safety facilities/equipment, and $1,500,000 to help fund the expansion of South County Line road to four lanes from FM407 to the south city limits. The developers agreement was approved before the road impact fee ordinance was in place (October 2022 2021). Both Constellation Lake and Oliver Creek are not required to pay the impact fee of $3819.69 per build. All developments after October 2022 2021 pay the impact fee. So the combined $16,500,000 that Rockhill is investing into New Fairview is helpful and greatly assisted in gaining council approval of the developments higher density housing plan. Expect OC building to start when water from UTRWD is under contract and the water pipeline from Justin to New Fairview is in the ground. 2026 is the target date.
Financial– 4150 single family residential properties assessed a guesstimate valuation of $400,000 each would have a total assessment of $1,660,000,000. (400,000 X 4150= $1,660,000,000). The total annual city ad valorem tax revenue would be $4,282,800 at our current tax rate of .258 per hundred valuation (1,660,000,000 X .00258= $4,282,800). This annual revenue is just from the single family property. I do not have enough data to even guesstimate any other potential city revenue; commercial property, multi family, and sales tax.
DA, PD zoning, and PID info link, pages 81-179.
Rockhill Concept Presentation link