Title
Approving a resolution of the City of Pflugerville, Texas determining costs of the proposed Public Improvements in the Meadowlark Preserve Public Improvement District, approving a proposed assessment roll, calling a public hearing and making related findings and determinations, in accordance with Chapter 372 of the Texas Local Government Code.
Summary
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 Meadowlark Preserve PID pertains to approximately 97.882 acres of land. The property will be developed as a single-family residential development. The PID would include the design, acquisition, construction, and improvement of public improvement projects authorized by state law that are necessary for the development of the Property, which public improvements will 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 $19.5 million. The Developer is requesting that the City issue PID bonds to finance the improvements and reimburse the developer. In order to accomplish this, the City will levy a special assessment on each parcel within the PID in a manner that results in imposing equal shares of the costs on property that is similarly benefited. Assessments may be paid in full or in installments that meet the annual costs for the authorized improvements for a set period of time necessary to retire the indebtedness which is typically a period of 30 years.
This resolution establishes the costs included in the Service and Assessment Plan, sets the Public Hearing for the for the levy of the assessments, and is part of the process to issue the Special Assessment Revenue Bonds, Series 2025.
Nest Steps:
Jan. 28, 2025 - First reading of Assessment Ordinance and Resolution approving the Preliminary Limited Offering Memorandum.
Feb. 11, 2025 - Public hearing and approval of bond ordinance, Public hearing and second reading of assessment ordinance.
Prior City Council Action
Creation of Public Improvement District (PID): Oct. 11, 2022
Approval of Development Agreement: Oct. 11, 2022
Approval of Financing Agreement: August 27, 2024
Deadline for City Council Action
January 14, 2025
Fiscal Impact
Funding Expected: Revenue __ Expenditure __ N/A _X__
Budgeted Item: Yes __ No _X_ N/A __
Amount: ____
1295 Form Required? Yes __ No _X_
Legal Review Required: N/A _X_ Required__ Date Completed:__
Supporting documents attached:
Cost Determination Resolution
Recommended Action
Staff recommends approval of resolution determining costs of the proposed Public Improvements in the Meadowlark Preserve Public Improvement District, approving a proposed assessment roll, calling a public hearing and making related findings and determinations, in accordance with Chapter 372 of the Texas Local Government Code.