Proceeds from the sale of bonds from Fort Bend County Municipal Utility District No. 231
Use of Proceeds:
Funding of eligible public improvements
Milo Farms
Fort Bend County
Milo Farms (the “Development”) is a proposed 413-acre primarily residential development located entirely within Fort Bend County MUD No. 231 (the “District”) and unincorporated Fort Bend County, TX, which is about 45 miles southwest of downtown Houston.
The Developer is Rooted Development.
At full build-out, the Development is planned for four phases to include 1,254 single-family detached lots, two amenity centers, two parks, potential commercial development and open space.
All 1,254 planned lots within the Development are contracted to D.R. Horton (“DRH”) and Smith Douglas (“SDH”), for 590 lots (47%) and 664 lots (53%), respectively.
At the time of issuance, there were no lots closed to homebuilders and no lots finished our under construction. This transaction marks the earliest forward funding transaction to date, with proceeds from the Texas Infrastructure Program (TIP) Bonds being the first construction dollars spent.
The total reimbursable infrastructure budget for the Development is $66.1M, of which $0 has been spent. At the closing of the TIP Bonds, the Developer had received $6.0M of non-refundable earnest money from DRH and SDH, with another $2.9M to be deposited to escrow imminently.
