Title
Discuss and consider action to approve a resolution regarding the revision of the boundaries of the Lakeside Meadows Public Improvement District and increasing the estimated costs of the authorized improvement.
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 Lakeside Meadows 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 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
Since the creation of the PID in 2020, the development team has been actively working on permitting and constructing public infrastructure. The Developer has acquired some additional land that will require amending the public improvement district to incorporate the additional property. This item will expand and reestablish the boundaries of the Lakeside Meadows Public Improvement District.
The estimated cost of the improvements to be included within the PID is $30,000,000. The PID is intended to function as a reimbursement PID, ...
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