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CITY COUNCIL AGENDA MEMO |
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| | | | | | | | | MEETING DATE: | 8/23/2021 | | DEPARTMENT: | Special Projects | | DIRECTOR: | Peter Braster, Director of Special Projects | | AGENDA ITEM: | Public Hearing for Collin Creek West PID levy. | | RECOMMENDED ACTION: | Items for Individual Consideration |
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| | | | | | | | ITEM SUMMARY Public Hearing and adoption of Ordinance No. 2021-8-17 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. (Opened and Tabled at the June 28, 2021 and July 26, 2021 City Council meetings.) Conducted and adopted |
| | | | | | | | PREVIOUS ACTION/PRESENTATION 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.
At the June 28, 20201 City Council Meeting, a public hearing was opened and item tabled to July 26, 2021. On July 26, 2021 Council took up the item and voted to table consideration until August 23, 2021. |
| | | | | | | | BACKGROUND 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. Costs and improvement categories are outlined in the attached Service and Assessment Plan.
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| | | | | | | | FINANCIAL SUMMARY/STRATEGIC GOALS The improvements plus the West PID formation costs and bond issuance costs equal $15,855,000. 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. |
| | | | | | | | FINANCIAL SUMMARY/STRATEGIC GOALS The improvements plus the West PID formation costs and bond issuance costs equal $15,855,000. 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. |
| ATTACHMENTS: | | Description | Upload Date | Type | | Ordinance | 8/16/2021 | Ordinance |
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