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.' 2!r of Paris Study of Lake Crook March, 2001 I 4.0. EVALUATION OF ALTERNATIVES 4.0.1, Questions Unans\vered. For all its risk, land development is a very big and lucrative business in this country. Thousands of successful real estate investors have turned land just like that surrounding Lake Crook into gemstones, A questions remains: What is tlte City of Paris' role in the development of land around Lake Crook? It would appear the City could take one or more of the following approaches to development of Lake Crook land for residential or multi-purpose land use other than parkland: 0 The city can be a seller of land, taking bids and awarding the land in one or more parcels to the highest bidder. This could require the city to have a referendum for the voters to decide \vhether the city should divest itself of the land. The city could still withhold reasonable controls over the sub-dividers through terms of sale and deed restrictions. .... 0 The city can be an investor partner in real estate development by putting up the land and assisting \vith the cost of infrastructure. This assistance might be in the form of off-site utility construction, for example. The city could sell off land in small units as they are developed thereby reducing the exposure to the developer or the city. 0 The city with the assistance of Lamar County could be the driving force behind creation of a county development district such as used in Denton County and Kaufman County, The following summary of the enabling legislation is from a website by Glocal Vantage, Inc., authored by Donna Prestwood and Paul Schumann, J r. (\V\VW. glocalvantage. com/CDDReQ.Q!11llinlt With the passage of the County Development District Act (CDD) , Subchapter D ofSB 345, enacted September 1995, the Texas Legislature has given small to medium sized counties a powerful new economic development tool. Counties of less than 400,000 population may create districts that can adopt and levy a sales and use ta", receive the proceeds of a hotel occupancy tax, issue bonds, and exercise the power of eminent domain as long as the purpose of the district is to attract visitors and tourists. Denton County in particular has expanded this use to encourage development of residential subdivisions, shopping districts and golf courses but not without criticism of the public and a few court challenges. 0 The city could be a developer literally by constructing roads and utility inftastructure and then selling off lots on finished streets through a bid process. The city could even employ a "construction manager" or other development Page 37 of 45