Officials of Lakeside DFW in Flower Mound announced today that they intend to establish The Lakeside DFW Foundation, a non-profit organization to benefit the Lewisville Independent School District, the Town of Flower Mound and the Lakeside DFW neighborhood.
At a meeting with LISD officials last week, which included Superintendent Dr. Stephen F. Waddell and his leadership team, school district and Lakeside officials discussed the possibility of creating such a foundation.
“The purpose of The Lakeside DFW Foundation is to donate funds to the school district and other causes important to the residents of Flower Mound and Lakeside,” said Richard Myers, a partner in the Lakeside DFW project.
The foundation will collect a small transaction fee on all commercial property sales that occur in the Lakeside DFW project (one-half of one percent).
If the project is approved by the Town and when it is built out it should generate hundreds of thousands of dollars per year to be donated to worthwhile causes, Myers said.
“We plan for the foundation’s charter to require that at least one-half of all this money be donated to the school district. We hope to have approximately $500 million in commercial property valuation over time.
“As we know, increases in property taxes in the district will not currently provide many new revenues to the school district’s maintenance and operations budget”, said Myers. “Thus, donations we hope to provide may be quite helpful for the schools and the students. We are excited about the possibility of working with the Lewisville Independent School District to help fund some of their important initiatives. We look forward to working with the district during the upcoming months as we establish the foundation.”
A few other master-planned communities in the Dallas-Fort Worth area have created similar foundations, such as Lantana.
“We are in the process of creating a foundation for our Belmont project located in Argyle,” said Myers, “and the Argyle ISD seems excited about the benefits that the project should generate for them. Once we saw how these foundations have been successful in other projects, we thought that Lakeside would be the perfect place to establish one.”
Lakeside DFW is the 150-acre master-planned project on the shores of Lake Grapevine in Flower Mound. For more information on the project, visit www.LakesideDFW.com.