Houston, TX November 13, 2012 – Coats Rose Director Tim Green has successfully completed a long-term project allowing 430 acres of land in the boundaries of the Northampton municipal utility district (MUD) to be developed as a new neighborhood.
“The four year effort was important because without a designation as a “Defined Area”, the tract of land could not be developed,” says attorney Tim Green. “Residents of the municipal utility district were supportive of land development but didn’t want taxes to be raised. Thanks to this defined area designation construction can begin without costing residents a higher tax bill.”
Northampton MUD serves 1400 homes and levies a debt service tax rate of $0.36 per $100 valuation, which is too low to allow for any economically viable development. Through efforts at the Texas Legislature and by working with the Board of Directors of Northampton MUD, Mr. Green created a “Defined Area” encompassing only the 430 acres, thereby allowing an additional tax of $0.64 per $100 valuation to be levied solely on the 430 acres, which taxing power will be utilized to finance the public infrastructure serving the 430 acres.
Tim Green specializes in the creation of special purpose districts throughout Texas, particularly in the Houston and Dallas/Fort Worth areas. He has been involved in the development of thousands of acres of land for residential and commercial purposes, and the issuance of over $5.0 billion of tax-exempt bonds for the financing of public infrastructure. In addition to his representation of special purpose districts, Green represents land developers, land-owners, and homebuilders.
Coats Rose is a business transaction and litigation law firm based in Houston, Texas. For more than 25 years, Coats Rose attorneys have worked with clients in construction/surety law, real estate law, commercial litigation of all types, municipal law, public finance, affordable housing, insurance law, labor and employment law, and governmental relations. Coats Rose is comprised of over 90 attorneys, with offices in Houston, Clear Lake, Dallas, Austin, San Antonio, and New Orleans.