First Use of PID Financing Vehicle in the Houston Metropolitan Area
HOUSTON – October 20, 2020 – Coats Rose attorney Tim Green represented the developer in the creation of a 105-acre public improvement district (“PID”) in Tomball, Texas, and the issuance of $2,490,000 special assessment bonds to fund the construction of improvements for the first phase of a 362-lot single-family home development. This is the first time that this structure of “up-front,” tax-exempt financing secured by special assessments has been utilized in the Houston metropolitan area.
Since 2012, PIDs have been used throughout the State of Texas to provide “up-front,” tax-exempt, construction funding. In 2019, almost $200,000,000 of such funding was provided by cities throughout Texas. The City of Tomball is the first in the Houston metropolitan area to utilize this tool.
Tim Green specializes in public finance throughout Texas, including particularly the creation of special purpose districts to finance public infrastructure. He has been involved in the development of thousands of acres of land for residential and commercial purposes, and the issuance of over $15 billion of tax-exempt bonds for the financing of public infrastructure.
About Coats Rose, P.C.
Coats Rose is a transactional and litigation law firm focused on development: the development of real estate, special purpose districts, affordable housing, business and private wealth. We provide legal counsel to businesses, governmental entities, corporate and high-net worth clients across the U.S. and internationally. For over 30 years, the firm has leveraged its vast legal experience to fulfill clients’ needs spanning real estate law, public finance, affordable housing and community development, construction/surety law, commercial litigation, government relations, intellectual property, mergers and acquisitions, securities law, tax, wealth planning and preservation. In addition to its headquarters in Houston, Coats Rose has offices in Dallas, Austin, San Antonio, New Orleans and Cincinnati. Learn more at www.coatsrose.com.