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East County Property Values Outpace Projections

The Board of Directors of the East Montgomery County Improvement District were provided an audit conducted by McCall Gibson Swedlund Barfoot, PLLC Wednesday that reflected assessed value of taxable property within the northern portion of the District has exceeded $850 million, according to the Montgomery County Appraisal District. The value was attained three years ahead of previous projections. “This is truly great news for East Montgomery County,” said Frank McCrady, President and CEO of EMCID. “This — without a doubt — means we’re creating a positive economic climate and attracting additional investment in the District.” The audit was discussed at the Board’s regular meeting because the significant increase in property values will affect payments to Montgomery County Emergency Services District No. 7 (ESD 7). In a contract dated August 20, 2013, EMCID agreed to provide, in addition to half of the adjusted sales tax collected within the ESD, $300,000 per year to ESD 7 until 1) the assessed value of all taxable property within the boundaries of ESD 7 equaled to or was greater than $850,000,000 or 2) December 1, 2018, whichever occurred earlier. EMCID will continue to pay the ESD 7 50 percent of the sales tax collected within the ESD, as per their agreement dated September 22, 2009.

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