Title
Approving a resolution authorizing and creating the Meadowlark Preserve Public Improvement District (PID) 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 Meadowlark PID is proposed for approximately 98.1 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
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.
Since the proposed improvements will include a deferred assessment for the proposed “Meadowlark Preserve PID”, this item represents the first step in this process, which is in accordance with Texas Local Government Code (TLGC) Section 372.010.
In accordance with TLGC Section 372.0055 of the PID Act, City Council will need to make the following findings that the (1) estimated appraised value of taxable real property liable for assessment in the district and (2) the estimated cost of the improvements prior to conducting the public hearing. The estimated current appraised value of taxable real property liable for assessment in the District is $3,015,000 based on the unimproved land, and the estimated cost of the Authorized Improvements is $25,000,000.
In addition to the finding the following guidance is provided for creation of the PID:
(a) Advisability of the Proposed Authorized Improvements - The proposed Authorized Improvements are advisable for this development and the City an include public infrastructure as outlined in (b).
(b) General Nature of the Proposed Authorized Improvements - In general, water, wastewater, drainage, and roads, including the dedication of right of way for Pflugerville Parkway through the extent of the property with an additional financial contribution for the construction of Pflugerville Parkway outside the property limits. The development will be subject to the requirements outlined in the related development agreement also on the agenda.
(c) Estimated Cost of the Proposed Authorized Improvements Not to exceed $25million (including issuance and other financing costs).
(d) Boundaries of the District - 98.1 acres (+/-) located at the southwest corner of Cameron Road and Jesse Bohls
(e) Method of Assessment - in general, an assessment amount that will result in each specially benefited, assessable parcel paying its fair share of the costs of the Authorized Improvements based on special benefits received
(f) Apportionment of Cost Between the District and the City - City funds will not be used and City property will not be assessed. Landowners in the PID will pay the special assessments.
(g) Management of the District - This is done by the City utilizing consulting services
(h) Advisory Board Formation - A stand-alone advisory board is not recommended
Prior City Council Action
On August 23, 2022, City Council accepted the petition and set the date for the public hearing.
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 __ Date Completed: September 16, 2022
Supporting documents attached
Resolution
Exhibit A (legal description)
Petition
Concept Plan
Recommended Action
Motion to open the public hearing finding that pursuant to Section 372.0055 of the Texas Local Government Code, the City Council estimates the current appraised value of taxable real property liable for assessment in the District is $3,015,000 based on the unimproved land, and the estimated cost of the Authorized Improvements is $25,000,000.
Conduct a public hearing
Close the public hearing
Motion to approve resolution as presented