Title
Approving a resolution of the City Council of the City of Pflugerville, Texas, accepting a petition for and calling for a public hearing on the creation of the Meadowlark Public Improvement District within the City of Pflugerville, Texas and within the extraterritorial jurisdiction of the City of Pflugerville, Texas.
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 PID is proposed for approximately 97 acres of land located along Cameron Road at Jesse Bohls. 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
This item accepts the filing of the petition for consideration by Council that includes the additional land acquired by the development and sets a public hearing for September 27, 2022. Acceptance of the petition is not approval of the PID. Consideration of approval of the PID will be requested after the public hearing is held.
The estimated cost of the improvements to be included within the PID is $25,000,000. The PID is intended to function as a reimbursement PID, meaning that the initial funding of public improvements will be incurred by the development upfront and, once each improvement is complete, the development would be reimbursed for those costs. In order to accomplish this, the City will levy an 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.
If approved, next steps include 1) public hearing and consideration by City Council the creation of the Meadowlark Public Improvement District (PID) on September 27, 2022; 2) consideration by City Council for the approval of an ordinance to establish a service and assessment plan on the property.
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 _X_ Date Completed: August 17, 2022
Supporting documents attached:
Resolution and related exhibits
Petition
Recommended Action
Motion to approve resolution as presented