March 16, 2021
For immediate release
ARGYLE, TX (March 16, 2021) – During the Town Council meeting held on Monday, March 15, Town Council approved a Future Land Use Amendment and planned development (PD) zoning for the Argyle Landing subdivision.
Argyle Landing will be located on the east side of IH 35 W, south of FM 407, and west of Gateway Boulevard and comprises 224 acres. The developer proposed building a business park on the site in September of last year, which was allowed by the existing Community Retail (CR) zoning. Town Staff engaged with the developer and succeeded in replacing the business park with residential, commercial and open space recreational uses. The negotiation yielded important benefits for the town, including:
- a public trail system on 85 acres of undeveloped land that will be maintained by the Argyle Landing HOA
- road infrastructure features funded by the developer that are designed to mitigate the traffic impact on FM 407, including an interior roadway and roundabout that will direct egressing traffic to a signalized intersection
- a residential zone with density that declines moving east, with 1.5 acre minimum lots at the east side of the property.
During the March 15 Town Council meeting, Council heard a presentation from the Town’s auditor, Mr. Mike Vail, CPA, of Vail & Park, on the Fiscal Year 2020 Audit. Mr. Vail highlighted the fact that the audit included no findings and that findings included in the 2019 audit had been addressed by significant improvements in the Town’s financial administration, led by Assistant Town Administrator/Treasurer Erika McComis and supported by financial management contract services provided by Ms. Cheryl Davenport.
The Town’s total net position increased by $1,448,963 in FY 2020, driven largely by increased property tax collections of $395,461 and sales tax collections of $354,002. The fund balance increased overall by $511,457.
The Town’s total unrestricted net position at year end was $3,274,010, and long-term liabilities decreased by $488,061. The total unrestricted fund balance was $3,238,631.
The Town’s General Fund has a strong financial position with approximately 9 months of reserves as of September 30, 2020 (compared with approximately 8 months at FY 2019 year end). Councilmembers expressed their appreciation for the contributions of the Staff and those of former interim Town Administrator Jeff Howell for implementing financial management improvements that resulted in a successful audit.
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