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20 new projects are on the horizon in Lakeway

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Many communities around the nation have stalled on new construction and developments but not Lakeway and Bee Cave. Though it has been at a slower rate that before the recession hospitals and singles family homes continue to pop up.

In Lakeway alone, there are about 20 projects in different stages, the Lakeway City Manager Steve Jones said “Looking back on 2010, our economic indicators were pretty good,” “We’re seeing improvements in our sales tax, in our building activity and new home construction and expect that to continue in 2011.”

Jones stated that new housing is key because it is providing employment in various industries. Industries such as materials, sales, repairs, and maintenance services. Jones said he has also had many inquiries from developers, which means there may be more projects under way in the next few years. Another indicator the economy in Lakeway is showing progress is that sales tax was up 5 percent in 2010. Jones stated that historically the city has seen about a 10 percent increase in sales tax year-over-year.

Doug Land of Capital City Sotheby’s International Realty’s lake-area team said sales in Lakeway were up 10 percent in total sales and in volume over this time last year, adding that he believed there was “no reason to believe sales would not increase again” in 2011. He said that while monthly home sales statistics will be down compared with the same month a year prior, it is because of the federal stimulus tax break offered to first-time home buyers during a portion of 2010, which inflated sales for the year.

All of the new developments can add money to the local economy, paving the way for new housing can also mean more students for the local school districts.

“We’re continuing to have tremendous growth in the school district. Even in this fallout in the economy, our growth has continued to be linear and steady,” Kirk said.

Kirk said the district plans to put off building a new high school as long as it can, but will still need to add buildings to expand Lake Travis Middle School and convert part of the middle school for high school use.

This spring, LTISD is forming a community advisory bond committee to analyze the financial needs of the district and report its findings in May, with the possibility of a fall bond election.

Last year the state recaptured about $29 million from LTISD to be redistributed to other school districts around the state under Texas’ “Robin Hood” law, which requires property-rich school districts to help support property-poor school districts.

“Financially in our school district, we’re in pretty good shape, but there’s a storm looming on the horizon and it’s going to be a hurricane we’re going to have to live with,” LTISD Superintendent Rocky Kirk said.

More on this article at: Community Impact.com


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