Client:
- Centurion American Development Group
Location:
- Aubrey, TX
Public Improvement District Overview
Chaparral Ridge is a 159-acre Public Improvement District (PID) located in the City of Aubrey, Texas. Encompassing 448 single family residential lots, the district was formed to support a single phase, master planned development with infrastructure financing needs. Through careful oversight by the T. Wilson team, multiple components aligned seamlessly to create a strong, stand-alone transaction that benefits the City, the developer, and ultimately the homeowners.
As market climates evolve, cities and professionals need adapt accordingly, establishing new standards for future transactions. Some of these standards, which were adapted on this project resulted in a better outcome for all parties, include:
Up-Front Financing
As the PID bond market matures, value-to-lien restrictions are being pushed downward. In this transaction we were able to issue 100% of the bonds up-front, at a VTL lower than conventional PID Bond deals, with great success.
Ultimately, this structure has proven more advantageous for the project because it reduces overall risk for bondholders, cities, homeowners, and developers. The financing is more predictable and transparent, avoiding the uncertainties and potential complications that can arise from traditional trailing reimbursement structures.
Bond Fiscal Year Adjustment
Typically, September 1 through August 31, the city and their consultants worked with our team to adjust the bond fiscal year to January 1st through December 31st. This is easier for homebuilders and homeowners, as it mimics the tax year, bringing uniformity to the payment process.
One-Phase Development
Chaparral Ridge’s public infrastructure was financed through a single issuance of $30.7 Million in PID bonds, completed in 2025. This one-phase model simplified the transaction for all parties as it provided a quick return on investment for the developer and ensured that initial homeowners would live in a community completed with amenities.
Tax Increment Reinvestment Zone (TIRZ) Financing to Offset PID Assessments
In exchange for overcoming challenges to annex into city limits, a Tax Increment Reinvestment Zone (TIRZ) was layered over the PID to reduce the financial burden on the development. With a 48% participation rate from the City, the TIRZ revenue was structured as an offset to PID assessments thereby reducing annual installment payments for homeowners.
This structure allows for the preservation of the full capital stack needed to fund public infrastructure—balancing public investment with our clients’ goals.
Up-Front Financing
Up-Front Financing
As the PID bond market matures, value-to-lien restrictions are being pushed downward. In this transaction we were able to issue 100% of the bonds up-front, at a VTL lower than conventional PID Bond deals, with great success.
Ultimately, this structure has proven more advantageous for the project because it reduces overall risk for bondholders, cities, homeowners, and developers. The financing is more predictable and transparent, avoiding the uncertainties and potential complications that can arise from traditional trailing reimbursement structures.
Bond Fiscal Year Adjustment
Bond Fiscal Year Adjustment
Typically, September 1 through August 31, the city and their consultants worked with our team to adjust the bond fiscal year to January 1st through December 31st. This is easier for homebuilders and homeowners, as it mimics the tax year, bringing uniformity to the payment process.
One-Phase Development
One-Phase Development
Chaparral Ridge’s public infrastructure was financed through a single issuance of $30.7 Million in PID bonds, completed in 2025. This one-phase model simplified the transaction for all parties as it provided a quick return on investment for the developer and ensured that initial homeowners would live in a community completed with amenities.
Tax Increment Reinvestment Zone
Tax Increment Reinvestment Zone (TIRZ) Financing to Offset PID Assessments
In exchange for overcoming challenges to annex into city limits, a Tax Increment Reinvestment Zone (TIRZ) was layered over the PID to reduce the financial burden on the development. With a 48% participation rate from the City, the TIRZ revenue was structured as an offset to PID assessments thereby reducing annual installment payments for homeowners.
This structure allows for the preservation of the full capital stack needed to fund public infrastructure—balancing public investment with our clients’ goals.
Project Scope and Public Costs
The total project costs for Chaparral Ridge amount to approximately $23.2 million, excluding cost of issuance, with an additional $4.93 million in private improvements funded by the developer. A key feature of the public improvement plan is the inclusion of a 23-acre city park, which will offer a clubhouse, amenity center, and a sports field —providing lasting value to residents and the broader community. Construction of public infrastructure began in 2025 and is expected to reach substantial completion by Q4 2026.
Looking Forward
The established working group laid a strong foundation to incorporate these changes, and we aim to mirror many of these strategies in future transactions.
The City of Aubrey elected officials, council, and staff led by Mayor Chris Rich, City Manager Charles Kreidler, and Assistant City Manager Leanne Wilson, are an exceptional team and were a pleasure to work with on this and other projects in the City of Aubrey. Their collaboration has made Aubrey a great place to do business and allowed for development to move forward within city limits in a way that best serves current and future citizens of Aubrey.
