12/22/2008 — Master site admin
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Willowfork Drainage District Begins Planning Park Projects
Posted: 12/09/2011
The Willow Fork Drainage District is launching into the planning stages of a parks and trails project Thursday at 11:30 a.m. in the Willow Fork Country Club at 21055 Westheimer Parkway.
According to a statement by WFDD attorney Steve Robinson, district voters authorized the board of directors to begin planning the project.
The decision was made by a difference of eight votes, according to results reported by KTRK-TV.
While district voters are evenly divided on the issue, one Katy school is already hopping on board. Imelda Medrano, principal at Exley, has announced her school will be partnering with the WFDD to improve the playground area at the school.
The school will receive $100,000 from the WFDD and is currently in the process of forming an Exley Park Planning Committee.
The $29 million, six-to-eight year project will include public trails alongside existing drainage routes to connect recreational sports facilities as well as community parks. WFDD has proposed a partnership with Katy Independent School District to create public sports and practice fields and facilities at school sites.
The district plans to pay off the bonds without raising the current tax rate of $0.19/$100, but some residents voiced concerns about increasing WFDD’s debt when the plan was being unveiled.
WFDD has issued $56 million in bonds since it was created in 1985, and to date has a remaining $33 million outstanding, which are scheduled to be paid off in 2022.
The assessed valuation of the district has grown from $131 million to $3.1 billion in 20 years while the tax rate has dropped 81 cents in the same time.
Debt service tax rates in the district are $0.13 and are projected to remain there until all current bonds are paid off. If the bond were to pass, debt service would drop to approximately $0.11.
Craig Rathmann, district financial consultant with Rathmann and Associates, said the district’s financial condition was strong, pointing to the A+ credit rating, high collection rates and 1.04 percent debt to assessed value ratio.
“First of all, the district is in excellent financial condition, your board of directors have been excellent stewards of your money,” Rathmann said in an earlier presentation. “Your district has experienced enormous growth and has succeeded financially in every significant way in which a district can succeed.”