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 t...
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