CITY COUNCIL AGENDA MEMO|
|MEETING DATE: ||6/28/2021|
|DIRECTOR:||Peter Braster, Director of Special Projects|
|AGENDA ITEM:||Public Hearing for Collin Creek West PID levy.|
|RECOMMENDED ACTION:||Items for Individual Consideration|
ITEM SUMMARYPublic Hearing and consideration of an Ordinance to accept and approve a Service and Assessment Plan and Assessment Roll for the Collin Creek West Public Improvement District; making a finding of special benefit to the property in the District; levying Assessments against property within the District and establishing a lien on such property; providing for the method of assessment and the payment of the Assessments in accordance with Chapter 372, Texas Local Government Code, as amended; providing penalties and interest on delinquent Assessments; providing for severability; resolving matters incident and related thereto; and providing an effective date. Public hearing opened and item tabled to July 26, 2021.
On February 8, 2021, Council approved a resolution authorizing the establishment of the Collin Creek West Public Improvement District (West PID). The West PID became effective on February 11, 2021, when notice was published in the Dallas Morning News.
On May 24, 2021, City Council adopted a resolution accepting the preliminary service and assessment plan, including the proposed assessment roll for the District. In addition the resolution ordered a public hearing to consider an ordinance levying assessments against assessable property within the District. Notice of the public hearing was published on May 27, 2021 in the Dallas Morning News. Notices to all property owners within the PID boundary was sent via certified US Mail on June 10, 2021.
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. At this time, all the prerequisite documents to move this item forward have not been completed.
City Council is requested to take the following action:
Hold the public hearing and table this item until the July 26, 2021 Council Meeting.
FINANCIAL SUMMARY/STRATEGIC GOALS
The improvements plus the West PID formation costs and bond issuance costs equal $15,856,456. 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.