Proceeds from the sale of bonds from Lake Texoma Municipal Utility District No. 1-A
Use of Proceeds:
Reimbursement and funding for eligible public improvements
Preston Harbor
Preston Harbor is a 558-acre single-family development located 80 miles north of downtown Dallas. The Development is part of the larger Preston Harbor Master Plan, however, only the 558-acre portion is relevant to the bonds.
Preston Harbor is being developed by Centurion American.
The Development is anticipated to include 1,287 single-family lots for 1,180 production homes and 107 custom homes. The Preston Harbor Master Plan will also include a Margaritaville Resort, marina, boat ramp, and lakes.
At the time of issuance:
94% of lots were under contract to six homebuilders with $5.5mm of non-refundable earnest money collected.,
29% of lots were under horizontal construction with first home deliveries expected in 2027.
3% of the total reimbursable budget had been spent with $843K of eligible costs outstanding and owed to the Developer.
