Title
Conduct a public hearing and consider approving an ordinance on first and final reading with the caption reading: An ordinance Authorizing the Issuance of the "City of Pflugerville, Texas Special Assessment Revenue Bonds, Series 2025 (Meadowlark Preserve Public Improvement District)", Approving and Authorizing an Indenture of Trust, a Bond Purchase Agreement, an Offering Memorandum, a Continuing Disclosure Agreement and other agreements and documents in connection therewith; Making findings with respect to the Issuance of such Bonds; 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 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 projects authorized by state law 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 $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 Ci...
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