$1.5M Tax Note approved and 13, Willow Park asphalt roads to be improved by end of Summer 2025.
- Manager
- Apr 28
- 8 min read
Summary: During the 22 April 2025 Council Meeting, the City approved a Tax Note with an interest rate of 3.80%, from JP Morgan. The total Tax Note Issuance is $1,560,000 with Construction Fund Deposit of $1,514,250. $1M to be spent on thirteen Willow Park streets for new foundations and three inches of asphalt, by the end of the Summer 2025.
• Latest Update: posted 23 April 2025
• Note: Willow Park Civics is about Willow Park but is NOT associated with or managed by the City of Willow Park.
$1.5M Tax Note approved and 13, Willow Park asphalt roads to be improved by end of Summer 2025.
During the 22 April 2025 Council Meeting [2], the City approved a Tax Note Series 2025 [1] with an interest rate of 3.80%, from JP Morgan. The total Tax note Issuance is $1,560,000, with Construction Fund Deposit of $1,514,250.
The streets selected for this project are “shovel ready” and require very little engineering or drainage design. The grand total for the street rehab project is $1,016,599.70 "to mill up the asphalt, stabilize and lay 3 inches of asphalt on the roads." [3] The rest of the 500,000 are to be spent on Willow Park Parks.
The Interlocal Agreement with Parker County was approved by the Parker County Commissioners Court on 14 April 2025 and by the City of Willow Park during the 22 April 2025 Council Meeting. [2]
The 13 Roads for P2 Stabelizer & Aspalt Overlay are • KingsGate • Queens Way • Knights Bridge • Forrest Circle • Sherwood St. • Royal View Dr. • Castle Mount • Kingswood Rd. • Misty Meadows • Quail Crest • Clear Fork • Camelot Ct. • Camelot St. [2]
There are two, individual Parker County Work Orders for each of the 13 Willow Park streets, one for "Reclaim P2 Stabilizer" and the other for "Hot Mix Overlay" [2], all of which are to be completed by the end of Summer 2025. [Individual PC Work Orders listed below in [2]]
The first Parker County Work Order #1248 is for King's Gate to begin 14 July 2025 and the last PC Work Order #1340 is to commense 21 August 2025 on Camelot Court.
Willow Park Sources and Resources
[2] 22 April 2025 Council Meeting, Willow Park Civics Blog, posted 06 April, 2025
• Agenda Item 4. Consideration & Action: all matters incident and related to the issuance and sale of “City of Willow Park, Texas, Single Tax Note*, Series 2025”, including the adoption of an ordinance authorizing the issuance of such tax note. #Finance #Streets #Parks [* Willow Park Civics Glossary Plus]
• Background:
Council had been briefed previously on a financial instrument known as a Tax Note. Such an instrument funds projects similar to GO [General Obligation] or CO [Certificate of Obligation] bonds. As Council has been advised, Tax Notes do not have any recall provisions, nor advertisement requirements. However, the maximum maturity of a Tax Note cannot exceed seven years.
City Financial Advisor Erick Macha, with Hilltop Securities, has prepared various Repayment Schedules for an issuance of $1,500,000 ($1,560,000 PAR*) that would result in construction funding for various street improvement projects and park system improvements. [* Willow Park Civics Glossary Plus]
The streets selected for this project are “shovel ready” and requires very little engineering or drainage design. Pending approval of and the Interlocal Agreement and the accompanying Addendum with Parker County, work would begin depending on the scheduling from Parker County Pct #4 and weather conditions.
Please Note: The low bidder, and recommendation from staff and Erick Macha, is to accept the bid from JP Morgan. The interest rate is 3.85% with a callable feature—meaning we can call the note at a future date prior to maturity. However, that rate will not be finalized until Monday, April 21 at noon. Given the markets are closed for Good Friday, and the short window on Monday, we feel confident that the rate will remain unchanged. As a failsafe, the next lowest bid is at 3.9% so we comfortable that we will have a very good rate for this project. However, the Ordinance that will be included in the Packet will be unfinished, with the rate left blank. It is important to note that the Ordinance you will vote on Tuesday night will be completed in its entirety.
Upon passage by Council, the proceeds of the Tax Notes could be received by June.
• Exhibits:
Purchasing Bank: J.P. Morgan Chase Bank
Issuance: $1,560,000 Tax Note, Series 2025
Construction Fund Deposit: $1,514,250
Interest Payment Dates: February 15 and August 15
First interest Payment Due: February 15, 2026
First Principal Payment Due: February 15, 2027
Maturity of Issue (Final Payment): February 15, 2032
Closing Date (Subject to Change): May 22, 2025
Effective Interest Rate: 3.85%*
Optional Redemption: 2/15/2030 @ Par
*Bank will provide final rate by Monday, April 21, 2025 at 12:00 pm. The City would have the option to re-evaluate the bid once the final rate is received.
• Agenda Item 5. Discussion & Action: to Approve an Interlocal Agreement* and Addendum with Parker County for street repairs and improvements in Precinct Four #Streets [* Willow Park Civics Glossary Plus]
• [No Background. See Agenda Item 4.]
• Exhibits:
• INTERLOCAL AGREEMENT CITY OF WILLOW PARK.pdf (2.36 MB)
• EXHIBIT A_ 2025 County Pricing and Activity Breakdown.pdf (23.30 MB) [Full Parker County Work Orders in .pdf]
• Work Order #:1248
Work Order Date:07/14/25
Work Type:Reclaim P2 Stabilizer
Location of Issue:King's Gate
Work Order #:1249
Work Order Date:07/21/25
Work Type:Hot Mix Overlay
Location of Issue:King's Gate
Work Order #:1313
Work Order Date:07/21/25
Work Type:Reclaim P2 Stabilizer
Location of Issue:Queensway Rd.
Work Order #:1314
Work Order Date:07/22/25
Work Type:Hot Mix Overlay
Location of Issue:Queensway Rd.
Work Order #: 1315
Work Order Date: 07/23/25
Work Type: Reclaim P2 Stabilizer
Location of Issue: Knightsbridge Rd.
Work Order #:1316
Work Order Date:07/24/25
Work Type:Hot Mix Overlay
Location of Issue:Knightsbridge Rd.
Work Order #: 1317
Work Order Date: 07/28/25
Work Type: Reclaim P2 Stabilizer
Location of Issue: Royal View Dr.
Work Order #:1318
Work Order Date:07/29/25
Location of Issue: Royal View Dr.
Work Order #:1319
Work Order Date:08/04/25
Work Type:Reclaim P2 Stabilizer
Location of Issue:Kingswood Rd.
Work Order #: 1320
Work Order Date: 08/05/25
Work Type: Hot Mix Overlay
Location of Issue: Kingswood Rd.
Work Order #:1321
Work Order Date:08/05/25
Work Type:Reclaim P2 Stabilizer
Priority:Medium
Location of Issue:Quail Crest Dr.
Work Order #: 1322
Work Order Date: 08/07/25
Work Type: Hot Mix Overlay
Location of Issue: Quail Crest Dr.
Work Order #:1323
Work Order Date:08/11/25
Work Type:Reclaim P2 Stabilizer
Location of Issue:Sherwood St.
Work Order #:1324
Work Order Date:08/12/25
Work Type:Hot Mix Overlay
Location of Issue:Sherwood St.
Work Order #:1325
Work Order Date:08/12/25
Work Type:Reclaim P2 Stabilizer
Location of Issue:Castlemount
Work Order #: 1326
Work Order Date:08/13/25
Work Type:Hot Mix Overlay
Location of Issue: Castlemount
Work Order #:1331
Work Order Date:08/14/25
Work Type:Reclaim P2 Stabilizer
Location of Issue:Misty Meadow Dr.
Work Order #:1332
Work Order Date: 08/18/25
Work Type:Hot Mix Overlay
Location of Issue: Misty Meadows Dr.
Work Order #:1333
Work Order Date:08/18/25
Work Type:Reclaim P2 Stabilizer
Location of Issue:Clear Fork Circle
Work Order #:1334
Work Order Date: 08/19/25
Work Type:Hot Mix Overlay
Location of Issue: Clear Fork Circle
Work Order #:1337
Work Order Date:08/19/25
Work Type:Reclaim P2 Stabilizer
Location of Issue: Camelot St.
Work Order #:1338
Work Order Date: 08/20/25
Work Type:Hot Mix Overlay
Location of Issue: Camelot St.
Work Order #:1335
Work Order Date: 08/19/25
Work Type:Reclaim P2 Stabilizer
Location of Issue:Forrest Circle
Work Order #:1336
Work Order Date: 08/20/25
Work Type:Hot Mix Overlay
Location of Issue: Forrest Circle
Work Order #: 1339
Work Order Date: 08/20/25
Work Type: Reclaim P2 Stabilizer
Location of Issue: Camelot Court
Work Order #:1340
Work Order Date: 08/21/25
Work Type:Hot Mix Overlay
Location of Issue: Camelot Court
[3] 08 April 2025 Council Meeting, Willow Park Civics Blog, posted 04 April 2025, Agenda Item 5. Discussion/Action: Discussion of Street improvements and park system improvements and following the discussion, Council may consider authorizing staff to prepare a Tax Note in an amount not to exceed $1.5 million to fund street and park system improvements.
• Minutes:
Public Works Director Chase McBride addressed this item with the City Council. Mr. McBride stated that we have contacted Parker County regarding the Street improvements and we have received great pricing from them. We have identified two areas that are basically shovel ready to start, Kings Gate area and Kings Wood area. The grand total for the street rehab project is just over $1 million to mill up the asphalt, stabilize and lay 3 inches of asphalt on the roads.
City Manager Bryan Grimes also addressed this item with the City Council. Mr. Grimes stated that we have been discussing a possible Tax Note for possible reconstruction of streets and some park improvements. We spoke with John Forest and Mike Hale who informed us that the County Commissioners meeting will be on Monday, April 14, 2025. We have provided them with an updated ILA to include these projects. If this passes at Commissioners Court and you pass this tonight we will be doing an ILA with Parker County on 4/22/2025. Mr. Grimes also informed the Council that given the funding limitations staff recommends that we do not include streets that require high level drainage or engineering activities.
Parks Director Mandy McCarley also addressed the Council regarding the results from the Town Hall meeting stating that the most requested item for Parks is a Bathroom Facility with Shade at Kingsgate Park. If this tax note is approved it would include the Bathroom Facility with a Shaded Pavilion at Kingsgate Park.
The time frame for the road repairs and park improvements would be mid to late summer according to the County’s schedule. The total amount for the tax bond would be $1.5 million. City Manager Bryan Grimes also stated that the tax note broadly states street improvements and park improvements so we could add possible lighting and benches to the park improvements as well.
[4] Update: City starts $1.5 million Tax Note to fund 13 Street and Kings Gate Park improvements. Willow Park Civics Blog, posted 14 April, 2025
On 14 April, the Parker County Commissioners Court approved an Interlocal Agreement with the City of Willow Park to perform street improvements on 13 asphalt roads in Willow Park. The listed streets were chosen because they are “shovel ready” and will not require any additional engineering or high level drainage work.
• City starts $1.5 million Tax Note to fund 13 Street and Kings Gate Park improvements. Willow Park Civics Blog, posted 10 April, 2025
Willow Park Council has authorized staff to prepare a Tax Note in an amount not to exceed $1.5 million to fund Street and Park system improvements. Foundation and asphalt topping for thirteen Willow Park Streets will be a joint effort with Parker County. And Kings Gate Park bathrooms will be a joint project with Aledo ISD Architecture II class. Both projects should be completed by Summer 2025.
Roads for P2 Stabelizer & Aspalt Overlay: • KingsGate • Queens Way • Knights Bridge • Forrest Circle • Sherwood St. • Royal View Dr. • Castle Mount • Kingswood Rd. • Misty Meadows • Quail Crest • Clear Fork • Camelot Ct. • Camelot St • Grand Total 1,016,599.70
• 11 March 2025 Council Meeting, Willow Park Civics Blog, Agenda Item 6. Discussion & Action: for Capital Improvement Projects including funding options.
• Willow Park Street Improvement Projects, Index, Willow Park Civics Blog
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