Consideration of an Ordinance to approve and authorize the issuance and sale of the City of Plano, Texas, Special Assessment Revenue Bonds, Series 2023 (Haggard Farm Public Improvement District Major Improvement Area Project); approving and authorizing related agreements; providing for severability; and providing an effective date. Adopted Ordinance No. 2023-10-16

On August 28, 2023 Council adopted Resolution No. 2023-8-7(R) 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.  Staff has complied with those directives and with procedures set forth in Chapter 372 of the Texas Local Government Code.

On October 23, 2023, Council conducted the public hearing and adopted an ordinance accepting and approving a final Haggard Farm Public Improvement District Service and Assessment Plan, including the Major Improvement Area Assessment Roll.

The purpose of the PID is to finance public infrastructure (via bond sales) that historically would be the responsibility of the developer. The attached ordinance authorizes the issuance and sale of bonds for Major Improvement Area.  The bonds under this action will be repaid using proportional levies on the private property within the PID.  No City funds will be used to pay the bond holders. 

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.