The hot news of the day is the potential annexation of Robertson Park into the city limits of Rowlett. There is a lot of blog writing and general shooting off of the mouth by people that aren't qualified to comment. It's okay to have an opinion, but you should know the facts, first.
Even the Dallas Morning News isn't reporting the transaction as accurately as they should. They are writing that the City of Rowlett is buying Robertson Park from the City of Dallas. That is only technically correct. The real answer is a little more complicated than that. Actually, there will be (if it gets that far) a simultaneous closing. The DMN is technically correct for about 10 seconds. Amongst other closing documents, there will be a deed. Immediately after Dallas signs the deed conveying title to Rowlett, Rowlett will sign another deed conveying title to an entity of Kent Donahue, a Dallas area developer. Kent Donahue will also sign a Deed of Trust and a note to secure his lenders at the same closing. The closing title company will then hand the City of Dallas a check for $31,800.000.00, written on an escrow account created by Donahue's lenders. Rowlett only owned the property for about 10 seconds. Rowlett did not pay anyone any money. Rowlett did not guarantee any loans incurred by Donahue. The only thing Rowlett has promised to do was to annex the property...........and that, ladies and gentlemen, is the best thing to ever happen to Rowlett. As a further enticement to Dallas to enter into this agreement, Rowlett is allowing the City of Dallas to participate in some of the ad valorem taxes after 21 years. Dallas will not participate in the sales taxes from retail sales.
It's a long way from $32 million of raw land to 257 acres of high dollar development, totaling maybe $1 Billion, but the ride will be fun for Rowlett. We should now become the town we deserve to be. Most assuredly there will continue to be negotiations with the developer. There will be discussions about relief from impact fees, tax abatements, availability of utilities, and at least one bridge to be built. Assuming we don't lose our municipal head, the income derived from this new development will provide excellent investment opportunities for Rowlett.
There are some stories circulating around Rowlett that are totally false. Rowlett is not putting any money into the acquisition of Robertson Park. Neither is Rowlett closing any pools. Rowlett will not own the land.
As evidenced elsewhere in this blog, I have been campaigning for the acquisition of Robertson Park for eight years. I have long felt that Rowlett's opportunities lay to the south. Recent new developments have enhanced Rowlett's opportunities to the north along the toll way.........if we ever get our heads back out into the sunshine. North Shore is zoned wrong. If we blossom on the south with commercial devleopment, then blossom on the north with high dollar residential, it will be fun in Rowlett. Everybody will make money on their houses........and it would be really fun to live in Rowlett.
Hopefully, there will be much more to discuss about this event.
Even the Dallas Morning News isn't reporting the transaction as accurately as they should. They are writing that the City of Rowlett is buying Robertson Park from the City of Dallas. That is only technically correct. The real answer is a little more complicated than that. Actually, there will be (if it gets that far) a simultaneous closing. The DMN is technically correct for about 10 seconds. Amongst other closing documents, there will be a deed. Immediately after Dallas signs the deed conveying title to Rowlett, Rowlett will sign another deed conveying title to an entity of Kent Donahue, a Dallas area developer. Kent Donahue will also sign a Deed of Trust and a note to secure his lenders at the same closing. The closing title company will then hand the City of Dallas a check for $31,800.000.00, written on an escrow account created by Donahue's lenders. Rowlett only owned the property for about 10 seconds. Rowlett did not pay anyone any money. Rowlett did not guarantee any loans incurred by Donahue. The only thing Rowlett has promised to do was to annex the property...........and that, ladies and gentlemen, is the best thing to ever happen to Rowlett. As a further enticement to Dallas to enter into this agreement, Rowlett is allowing the City of Dallas to participate in some of the ad valorem taxes after 21 years. Dallas will not participate in the sales taxes from retail sales.
It's a long way from $32 million of raw land to 257 acres of high dollar development, totaling maybe $1 Billion, but the ride will be fun for Rowlett. We should now become the town we deserve to be. Most assuredly there will continue to be negotiations with the developer. There will be discussions about relief from impact fees, tax abatements, availability of utilities, and at least one bridge to be built. Assuming we don't lose our municipal head, the income derived from this new development will provide excellent investment opportunities for Rowlett.
There are some stories circulating around Rowlett that are totally false. Rowlett is not putting any money into the acquisition of Robertson Park. Neither is Rowlett closing any pools. Rowlett will not own the land.
As evidenced elsewhere in this blog, I have been campaigning for the acquisition of Robertson Park for eight years. I have long felt that Rowlett's opportunities lay to the south. Recent new developments have enhanced Rowlett's opportunities to the north along the toll way.........if we ever get our heads back out into the sunshine. North Shore is zoned wrong. If we blossom on the south with commercial devleopment, then blossom on the north with high dollar residential, it will be fun in Rowlett. Everybody will make money on their houses........and it would be really fun to live in Rowlett.
Hopefully, there will be much more to discuss about this event.
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