The numbers are staggering, as reported in an Economic Impact Study on Freestone Club in Freestone County done by Impact DataSource out of Austin, Texas, and obtained by The “Times.”
The County Government alone is projected to net $164 million over the next 20 years, according to Paul Sherman with Impact DataSource who assisted in further clarifying the Study.
Construction impact is anticipated to create 1,936 jobs with $1.5 billion in salaries for construction workers. In addition, $3.0 billion will be realized in revenues of sales for businesses related to construction.
At full buildout year in 2034, the new residential and amenity property is expected to represent $3.6 billion in taxable value in Freestone County.
Based on 2023 tax rates, the annual property tax revenue in 2034 will be $51.3 million, i.e. Freestone County $11.5 million, Fairfield ISD $35.1 million, Fairfield Hospital District $4.7 million.
In addition, the City of Fairfield stands to gain $38.9 million in sales and hotel occupancy taxes over a 20 year period.
Further after completion, Freestone Club is expected to employ 250 full-time employees, with annual salaries averaging $54,800.
Formerly Fairfield Lake State Park, Freestone Club will be a luxury gated community with 600 multi-million-dollar homes, a golf course, restaurants, club, recreational facilities, shops, and private air strip – all within the property. It is expected to cost $2.4 billion.
Texas Parks and Wildlife Department (TPWD) had leased a portion of the property from Vistra Energy Corp at no cost for 50 years in order to create Fairfield Lake State Park. When the lease expired, Vistra offered to sell the entire 5,000 acres to TPWD, but they did not purchase it.
Subsequently, the property was purchased by a Dallas Developer, Shawn Todd of Todd Interests, in June of this year for $103 million.
TPWD then declared eminent domain in September 2023, attempting to regain the property after the developer turned down a couple of offers that were below the purchasing price.
The latest action occurred on November 13, 2023 when three Commissioners who are residents of Freestone County and appointed by Judge Brabham, determined the property’s current market value to be $418.3 million.
Although not the $475 million Todd believed it was worth, it was far above the $85 million TPWD quoted.
In a statement to The “Times,” Todd expressed his pleasure with the outcome and his hope that TPWD would now drop the action. The deadline for disputing this amount by either party is December 15, 2023.
The Study carries the following statement, “The analysis relies on prospective estimates of development and business activity that may not be realized. Impact DataSource and client made reasonable efforts to ensure that the project specific data reflects estimates of future activity.”
Mary McDonald reporting.
