The Early City Council met last Wednesday for a called meeting and authorized the issuance and sale of City of Early, Texas Combination Tax and Revenue Certificates of Obligation, Series 2023; levying an annual Ad Valorem Tax and providing for the security for and payment of said Certificates of Obligation. 

City Administrator Tony Aaron explained what this means is that the City of Early now goes out for bids on the bond market. The bonds will be for the 4 million dollar construction– that includes the streets, walkways, park improvements, right-a-ways, boardwalks, water, and sewer–for the Early Town Center Project. Plus, there are the issuance costs. 

The City of Early will spend the 4 million dollars in bonds first, and then a 2 million dollar grant (1 million from the grant, and 1 million from the city) will go towards paying off those costs. Additionally, the City of Early has a projected revenue stream from the Early Town Center that would go towards repaying the costs for the project over time.

The gains from the projected revenue for the community and the City of Early is gathered across a multitude of revenue streams. This includes but is not limited to, various property taxes, sales taxes, alcohol tax, hotel occupancy tax, real-estate sales, restaurants, retail, office, and multi-family units.

For the City of Early, when the Town Center is completed, there is a projected $2.6 million annual revenue from all those revenue streams The total return to the local economy is $6.8 million dollars annually. 

The City of Early is also projecting a job creation of 732.