EDIT: The original version of this article contained multiple factual inaccuracies caused by the use of AI tools. The article is now corrected and a public apology has been issued.
At its March 4 meeting, the Friendswood City Council voted to approve a development agreement with JMK5 Falling Leaf, LLC for the creation of a new Public Improvement District (PID) to support infrastructure needs for the proposed Falling Leaf Ranch residential development. The 117.506-acre site, located located southeast of Stonewall Pass Lane,
southwest of Baker Road, northeast of Janet Lane, and northwest of Wilderness Trails.
The development agreement includes the use of both a PID and a Tax Increment Reinvestment Zone (TIRZ), financial tools that will allow the developer to front the cost of infrastructure—such as roads, drainage, water, and sewer systems—with the cost reimbursed over time through assessments on future homeowners.
City Council also voted unanimously to hire P3Works LLC to protect the interests of the Friendswood residents by monitoring and if necessary, auditing, any use of taxpayer dollars in the Falling Leaf Ranch development. P3Works has been contracted by the City previously on the City Center project owned by Tannos Development.
City officials emphasized that the PID will not impact current Friendswood taxpayers. Only residents within the Falling Leaf Ranch development will pay the assessments used to repay the infrastructure investments.
The project site has been the subject of scrutiny due to its history as a former Exxon Mobil facility. The development still requires further approvals as it moves through the platting and planning process.
