By Wade Warren

SDN Managing Editor

Another development on Lake Alan Henry is primed to open this week as 106 water front lots will be on the market beginning Thursday on the West Side of Grape Creek.

Dubbed Oak Canyon Estates by developers Lawayne Fagan and Jodie Ashley, it is the second project by the Scurry County natives.

The first <\!m> Rio Brazos Estates - is on the opposite side of the creek where 40 homes are in various stages of construction, said Fagan.

Recently, Snyder mayor Francene Noah viewed Rio Brazos Estates and the new development and noted the potential benefits for Snyder and Scurry County.

“I think this will be a tremendous asset for Snyder and there is a potential for a large economic impact on the community,” said the mayor.

“This will be a beautiful place to visit, or live, as it develops,” said Noah.

“I’m real excited about it,” said Noah, noting the economic impact it promises for the Snyder school district.

“We may not see the big impact for a few years, but it is coming,” said Noah.

The Scurry County Appraisal District has provided some projections based on financial information provided by the developers.

Rio Brazos has an estimated tax value of $2,961,318 for 2004 and based on the current tax rate for Snyder ISD of $1.50 per $100 valuation, estimated taxes for the district from the initial development stands at $44,420 yearly.

The new development has 45 lots in the local school district valued at some $56,000 each for a total valuation of $2.5 million.

With homes built on them, the value soars to over $9 million.

The estimated value of the developments when completed is $26 million.

Based on that figure, and a tax rate of $1.50 per $100 valuation for the Snyder ISD, the potential income for the district from ad valorem taxes is almost $400,000 yearly.

The economic impact aside, the lake is a nice place to visit.

“It’s come up two feet from the recent rains and now it’s beginning to spread out some instead of going straight up,” said Fagan.

The developments are some 26 miles from Snyder and Fagan said both Snyder National Bank and Texas Savings Bank are providing financing for the lots and lake homes.

Both developments are being marketed by John T. Bassinger of Slaton.

Access to the developments is off Hwy. 84 on County Roads 346 to Polar, and CR 348 some seven miles sought of Justiceburg.

Residents of the developments won’t have to wait in line to launch their boats at the public ramp as Oak Canyon Estates will have a ramp built to launch four boats at a time, while the ramp at Rio Brazos is complete and can handle one vehicle at a time.

Deed restrictions at Oak Canyon include a minimum square footage of 1,500 sq. ft. for a single story, and 2,000 for a split level.

Lots average 3¼ acres and sell for an average of $55,000 with some going as low as $30,000, said Fagan.

“This is certainly worth taking a look at,” said Mayor Noah. “I’ts going to be a big asset for Snyder.”