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$1.7 Bil Retirement Community Project Clears First Hurdle

SANGER, TX-An estimated $1.7 billion retirement community project has cleared the first of several obstacles before it goes before Denton County voters Nov. 7. Feedback from yesterday's commissioners court appears positive, says an attorney helping to steer the project.

By Connie Gore | Updated on September 06, 2000

An estimated $1.7 billion retirement community project has cleared the first of several obstacles before it goes before Denton County voters Nov. 7.

The Denton County Commissioners Court yesterday OK’d a petition presented by a local law firm acting on behalf of Solomon, Baruch & Solomon, New York City-based investment firm that has optioned 2,346 acres from seven property owners whose land surrounds a rural TX town with a 5,400 population base. With the action comes a hearing set for Oct. 10 for the board to vote on establishing a County Development District, which will entail setting up a temporary five-member board to steer the project before the voters, Gordon Hikel, associate attorney for Hayes, Coffey & Berry PC, told GlobeSt.com. The voters must decide whether certain sales and use taxes can be imposed to push the project to fruition via a $200 million to $210 million bond issue. Hikel says feedback from those residents and officials attending Tuesday’s meeting “seems to be positive. … but it depends on the people.”

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