The purpose of the West PID is to finance, via PID Revenue Bonds, eligible improvements that confer a special benefit on approximately 39.37 acres that comprise the West PID. Eligible improvement costs are discussed in the attached Service and Assessment Plan (Plan) Section III. A map showing the boundaries of the West PID is located in the attached Plan as Exhibit A.
The PID Act requires a Service Plan covering a period of at least five years and defining the annual indebtedness and projected cost of the improvements. The Service Plan is contained in Section IV. In addition, the PID Act requires that the Service Plan include an Assessment Plan that assesses the actual costs of the improvements against the assessed property within the West PID based on the special benefits conferred on such property by the improvements. The Assessment Plan is contained in Section V.
The PID Act requires an Assessment Roll that states the assessment against each parcel. The City’s Funding Agreement with the Developer placed further stipulations on the assessment calculations. To that end, the assessment for each parcel was determined by using the estimated buildout value supplied by the Developer (as allowed by statute). The assessment against each parcel of assessed property must be sufficient to pay the share of the actual costs of the improvements apportioned to such parcel and cannot exceed the special benefit conferred on the parcel by such improvements. The Assessment Roll is included as Exhibit E.