I am a 12-year Double Oak resident and one of eight neighbors whose homes surround the property proposed for development at FM 407 and Simmons Road. More than 170 residents have also signed a petition opposing the project.
Let me be clear: We are not against commercial development or alcohol sales. We oppose this particular development because of concerns about its projected economic benefits, its proximity to homes and its potential traffic impact.
First, residents deserve a more complete financial analysis. A five-year forecast presented by McAdams in March projects that, at full build-out, the shopping center would generate $346,000 in sales tax revenue and have an appraised value of $58.3 million, producing about $112,000 in city property tax revenue. Yet, despite requests, we have not seen the underlying financial model supporting those projections…