The Coppell City Council voted unanimously to use proceeds from the Northlake land sales to fund bond projects to alleviate the city’s debt.
The proceeds will go toward paying for the city’s 2015 bond projects.
“I think we could issue new debt at a lower rate if the need arose,” Councilmember Don Carroll said. “Also by defeasing the bonds until the callable date, I think we lose three years of continued payments, so we’re going to save some interest carried there. Not to mention the requirement that we’d have to use the funds over the next couple years if we didn’t defease the bonds.”
Mayor Wes Mays said the sale has been underway for around 20 years through many council meetings that went into the early morning hours and hundreds upon thousands of hours of work from the city staff.
Lawsuits between the city of Coppell, Coppell ISD, the city of Dallas and developer Billingslea Co., also occurred as well as agreements with neighboring cities on how to divide the land and what types of developments could be used around Northlake.
“The end result was the city of Coppell ended up owning some water, some land and a dam,” Mays said.
The final sale of land to the lake’s original owner was made on Oct. 1.
The City of Coppell was unable to provide the dollar amount by the publication deadline.