Title
Approving an ordinance on second reading with the caption reading: An ordinance levying special assessment for, and apportioning the costs of, certain improvements to property in and for the Lakeside Meadows Public Improvement District Improvement Area #1 and Improvement Area #2; Fixing a charge and lien against all properties within the Improvement Area #1 and Improvement Area #2 in the district, and the owners thereof; Providing for the manner and method of collection of such assessments; Providing for penalties and interest on delinquent assessments; Making a finding of special benefit for property in the district and the real and true owners thereof; Approving a service and assessment plan; Approving a Lakeside Meadows Public Improvement District Financing Agreement; Providing a severability clause; and Providing an effective date.
Summary
As provided with the related ordinance, the purpose of a Public Improvement District (PID) is to create a funding source for a defined geographic area in support of identified improvements. The proposed PID pertains to approximately 416.63 acres of land generally located at the northeast corner of SH130 and Pecan Street known as Lakeside Meadows Development. The proposed PID would include the design, acquisition, construction, and improvement of public improvement projects authorized by the Act that are necessary for the development of the Property, which public improvements may generally include:
(i) the establishment of parks and open space, together with the design, construction and maintenance of any ancillary structures, features or amenities such as trails, pavilions, community facilities, parking structures, sidewalks, irrigation, walkways, lighting, benches, trash receptacles and any similar items located therein;
(ii) landscaping;
(iii) acquisition, construction, and improvement of water, wastewater and drainage facilities;
(iv) acquisition, construction and improvement of streets, roadways, rights-of-way and related facilities;
(v) entry monumentation and features;
(vi) signage;
(vii) projects similar to those listed above
The estimated cost of the improvements to be included within the PID is approximately $30M. The cost of improvements will be initially paid by the developer and then the cost will be assessed to the future residents of the tract, to be paid over a period of up to 30 years. The PID assessment may be paid off earlier should the future property owner desire to do so.
The PID was created by Council action on September 13, 2022. This ordinance levys the assessments to the property to pay for defined infrastructure necessary to support the development and approves the service and assessment plan.
Prior City Council Action
January 2020 - City Council approved the rezoning of this property to Planned Unit Development (PUD) in January 2020.
May 12, 2020 - Council held a public hearing and approved a resolution creating the Lakeside Meadows Development Public Improvement District (PID)
May 12, 2020 - Council approved a resolution requiring the dissolution of the Public Improvement District (PID) if special assessments did not occur
February 22, 2022 - City Council approved an amendment to the Planned Unit Development (PUD)
June 14, 2022 - City Council approved the reimbursement agreement for the project
June 28, 2022 - City Council accepted the PID petition to revise the boundaries and set a public hearing date
July 26, 2022 - City Council set an updated public hearing date
August 23, 2022 - City Council held a public hearing and postponed action on the item until September 13, 2022
September 13, 2022 - City Council approved a revision to the boundaries of the public improvement district.
September 13, 2022 - City Council approved a resolution extending the date regarding the dissolution of the Public Improvement District (PID) if special assessments did not occur by May 2024
April 9, 2023 - City Council approved a resolution including the cost determination for the public improvement district and set the date for the public hearing
April 23, 2024 - City Council conducted a public hearing and approved first reading of the ordinance levying assessments to the property and the service and assessment plan.
Deadline for City Council Action
Action is requested on May 14, 2024
Funding Expected: Revenue __ Expenditure __ N/A _X_
Budgeted Item: Yes __ No __ N/A _X_
Amount: __N/A______
1295 Form Required? Yes __ No _X_
Legal Review Required: N/A __ Required __ Date Completed: April 12, 2024
Supporting documents attached:
Ordinance with exhibits
Recommended Action
Approve the ordinance on second reading.