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CITY COUNCIL AGENDA MEMO |
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| | | | | | | | | MEETING DATE: | 8/12/2024 | | DEPARTMENT: | Special Projects | | DIRECTOR: | Peter Braster, Director of Special Projects | | AGENDA ITEM: | 2024 Annual Update for Collin Creek East PID SAP | | RECOMMENDED ACTION: | Adoption of Ordinances |
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| | | | | | | | ITEM SUMMARY To accept and approve the Annual Update of the Service and Assessment Plan and Assessment Roll for the Collin Creek East Public Improvement District in accordance with Texas Local Government Code §372.013, as amended; providing a cumulative clause; providing a severability clause; and providing an effective date. Adopted Ordinance No. 2024-8-2 |
| | | | | | | | PREVIOUS ACTION/PRESENTATION As part of the financing plan for the Collin Creek Mall Redevelopment, City Council approved two public improvement districts to fund infrastructure on the 99-acre property. Public improvement districts require service and assessment plans. For the Collin Creek East Public Improvement District, City Council approved a resolution that accepted a preliminary service and assessment plan on May 24, 2021. That was followed on August 23, 2021 by Council approving and accepting the service and assessment plan, in conformity with the requirement of the PID Act. |
| | | | | | | | BACKGROUND Each year and pursuant to Section 372.013 of the PID Act, the service and assessment plan must be reviewed and updated for the purpose of determining the annual budget for improvements. In addition, the plans must cover a period of at least five years and must also define the annual indebtedness and projected costs for improvements. This ordinance fulfills those annual requirements. |
| | | | | | | | FINANCIAL SUMMARY/STRATEGIC GOALS This item is for approval of the 2024 Collin Creek East PID Service and Assessment Plan update and has no immediate financial impact.
Approval of this item supports the City's Strategic Plan Critical Success Factor of Residential and Commercial Economic Vitality. |
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