Title
Conduct a public hearing and consider approval of a Resolution authorizing and creating the Lakeside Meadows Public Improvement District in accordance with Chapter 372 of the Texas Local Government Code; Providing for related matters; and Providing an effective date.
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 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 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 $20,000,000. 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.
While the development of Lakeside Meadows will occur in phases, the development is intending on constructing public improvements that will serve the entirety of the development in a single phase.
The public hearing allows the public to comment on the creation of the PID for the subject tract and future items will be before City Council with the details regarding the specific projects that will be funded for the Lakeside Meadows project utilizing PID financing.
If approved, next steps include 1) authorizing the City Manager to enter into an agreement with the developer dissolving the PID if no assessments are levied within three years of the approval of the PID (also on 5/12 agenda) and 2) consider approval of an ordinance to levy assessments on the property. A date to levy assessments has not been determined at this time.
Previous City Council Action
City Council approved the rezoning of this property to Planned Unit Development (PUD) in January 2020.
Funding Expected: Revenue __ Expenditure __ N/A _X_
Budgeted Item: Yes __ No __ N/A _X_
Amount: ________
1295 Form Required? Yes __ No _X_
Legal Review Required: N/A __ Required _X_ Date Completed: May 5, 2020
Supporting documents attached:
Resolution
Lakeside Meadows Term Sheet
Lakeside Meadows PID Analysis
PID Petition
Location map
Recommended Action
1. Conduct the public hearing.
2. Motion to close the public hearing.
3. Motion to approve the resolution creating the Lakeside Meadows Development PID as presented.