Todd followed up with a phone call. In that call, he said a couple of interesting things. He said our contract with the Rowlett 2020 consultants was over. They are gone. That's good. More importantly, he said that a provision in the new Village of Rowlett project provided for the project to go on the tax rolls once they reached a certain value. Here are two good things to know........1) this is the "hottest" real estate market in 40 years. The apartments will rent up very quickly. Also, 2) they will rent up at good rates. This is important because the rental income determines the value of the project. A "cap rate" is applied to the NOI (net operating income) to determine the value. Therefore the higher the occupancy and the higher the rent rate, the more valuable the property.
The property may go on the tax rolls much earlier than the reported 15 years. This is good.