The Village of Salado will hold a public hearing regarding the creation of the Mustang Springs Municipal Improvement District at 6:30 p.m. Oct. 3 at the Municipal Building, 301 N. Stagecoach Rd. in Salado.

The estimated cost to design, acquire and construct the authorized improvements, together with bond issuance costs, legal and financial fees, and other eligible costs is $65 million.

Mustang Springs PID is proposed to include 1,105.07 acres of land located north of FM 2843 and northwest of the current intersection of Mustang Creek Rd. and FM 2843, approximately 5.4 miles west of I-35.

The Village shall levy assessments on each parcel within the District in a manner that results in imposing equal shares of the costs on property similarly benefited.

Aldermen, at their Sept. 5 meeting, voted unanimously to set the public hearing for the creation of the Public Improvement District.

The property was annexed into the Village on May 18, 2023.

Mustang Springs at Salado will be high-end residential and mixed use development with houses valued at $1 million or more.

The development will be in three phases. Phase One will be 352.29 acres with 134 single family residential estate lots (two acre minimum lot size). Phase One will be on septic systems, while the other two phases will be served by a sewer system.

Phase Two will be 377.59 acres with 151 single family residential lots of one to two acres in size. In addition, 27.46 acres will be zoned for mixed use, 31.41 acres for multi-family mixed use, 20.16 acres for commercial use, 15.13 acres for public school, 2.82 acres for public facilities (water storage), 1.851 acres for a ranch headquarters and 5.75 acres for existing ranch use.

Phase Three will be 375.44 acres with 314 single family residential estate lots of one acre in size along with an amenity center on 1.57 acres.