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CITY COUNCIL AGENDA MEMO |
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| | | | | | | | | MEETING DATE: | 8/28/2023 | | DEPARTMENT: | Special Projects | | DIRECTOR: | Peter Braster, Director of Special Projects | | AGENDA ITEM: | Resolution Approving a PSAP and Calling for a Public Hearing | | RECOMMENDED ACTION: | Adoption of Resolutions |
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| | | | | | | | ITEM SUMMARY To determine the costs of certain authorized improvements to be financed within the Haggard Farm Public Improvement District; approving a Preliminary Service and Assessment Plan including a proposed Improvement Area #1 Assessment Roll and Major Improvement Area Assessment Roll; directing the filing of the proposed assessment rolls with the City Secretary to make available for public inspection; noticing two public hearings for October 23, 2023 to consider ordinances levying assessments on property located within the Haggard Farm Public Improvement District; directing City Staff to publish and mail notice of such public hearings; resolving other matters incident and related thereto; and providing an effective date. Adopted Resolution No. 2023-8-7(R) |
| | | | | | | | PREVIOUS ACTION/PRESENTATION On January 9, 2023, the City Council conducted a public hearing to consider a petition received by the City on November 30, 2022, requesting the creation of a public improvement district consisting of approximately 142.49 acres of property, and, following the public hearing, the City Council adopted Resolution 2023-1-7(R), authorizing, establishing, and creating the Haggard Farm Public Improvement District. |
| | | | | | | | BACKGROUND The Haggard Farm Public Improvement District covers the eastern portion of the existing farm as shown on the map found in Exhibit A-1 in the attached Preliminary Service and Assessment Plan.
The purpose of the PID is to finance public infrastructure (via bond sales) that historically would be the responsibility of the developer. The bonds will be repaid using proportional levies on the private property within the PID. Until the properties are sold to other entities, the current property owner is responsible for the entire yearly levy – starting in year one. It should be noted that while the City will be sponsoring the bond sales, the City is not responsible for the bonds repayment or performance.
Below is a table of levies for the two areas in terms of tax rate equivalents:
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Area
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Tax Rate Equivalent |
| Improvement Area #1 |
$0.4036 |
| Major Improvement Area |
$0.2789 |
This resolution does not give approval to any levy or bond sale. Those are actions for another Council meeting. |
| | | | | | | | FINANCIAL SUMMARY/STRATEGIC GOALS This item has no financial impact.
The Haggard Farm Public Improvement District relates to the City's Strategic Plan Critical Success Factors of Residential and Commercial Economic Vitality and Excellent, Innovative and Accountable City Government. |
| ATTACHMENTS: | | Description | Upload Date | Type | | Resolution | 8/22/2023 | Resolution |
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