It could be involved in the "Howell School Road Project", but like you I don't see anything directly mentioning it.
I can only assume that the intent it to complete that extension to elieviate traffic at the intersection of Peoples Blvd and Howell School Rd while they try to install a roundabout which is what they're calling an improvement. But I emphasize that that is just a guess as I can't find anything official either.
I remember when RC Peoples (the builder) talked to us about the "new development" that has been on hold for years now near the intersection of Peoples Blvd & Mansion Farm Dr, they spoke of extending that road and punching a new road through to Woods Rd as part of that project to help elieviate traffic. But that was the last I remember hearing anything about it. I can't assure you that I'm right in that, as it has been many years ago, or if one has anything to do with the other, but that's what I remember.
I can say that if the intent is to effect traffic from the construction area, I surely hope that they intend to add stop signs or something to slow down the traffic entering and exiting from that direction. Traffic moves fast enough on Mansion Farm Drive now, if they extend it the speed will only increase.