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CITY COUNCIL AGENDA MEMO |
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| | | | | | | | | MEETING DATE: | 5/24/2021 | | DEPARTMENT: | Special Projects | | DIRECTOR: | Peter Braster, Director of Special Projects | | AGENDA ITEM: | Resolution to approve the Collin Creek East PID PSAP | | RECOMMENDED ACTION: | Adoption of Resolutions |
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| | | | | | | | ITEM SUMMARY Resolution No. 2021-5-11(R): To determine the costs of certain authorized improvements to be financed within the Collin Creek East Public Improvement District; approving a Preliminary Service and Assessment Plan including a proposed assessment roll; directing the filing of the proposed assessment roll with the City Secretary to make available for public inspection; noticing a Public Hearing for June 28, 2021 to consider an ordinance levying assessments on property located within the Collin Creek East Public Improvement District; directing City Staff to publish and mail notice of such Public Hearing; resolving other matters incident and related thereto; and providing an effective date. Adopted |
| | | | | | | | PREVIOUS ACTION/PRESENTATION On January 13, 2020, Council approved a resolution authorizing the establishment of the Collin Creek East Public Improvement District.
On February 8, 2021, Council approved a resolution authorizing the addition of land to the Collin Creek East Public Improvement District (East PID). The expanded East PID became effective on February 11, 2021 when notice was published in the Dallas Morning News. |
| | | | | | | | BACKGROUND The purpose of the East PID is to finance, via PID Revenue Bonds, eligible improvements that confer a special benefit on approximately 60.599 acres that comprise the East PID. Eligible improvement costs are discussed in the attached Service and Assessment Plan (Plan) Section III. A map showing the boundaries of the East PID can be 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 East 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 F. |
| | | | | | | | FINANCIAL SUMMARY/STRATEGIC GOALS The improvements plus the East PID formation costs and bond issuance costs equal $35,701,443 as shown on Exhibit B of the attached Plan. The City will not be required to fund any portion of these costs.
Approval of this item supports the City's Strategic Plan Critical Success Factor of Residential and Commercial Economic Vitality. |
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