Public Hearing and consideration of an Ordinance related to the Downtown Plano Public Improvement District; approving the 2024 O&M Annual Service Plan Update: levying assessments against the assessed property and establishing a lien on such property; providing for the collection of assessments; creating a charge and lien against the assessed property; providing for penalties for delinquent assessments; resolving matters incident and related thereto; providing for severability; and providing an effective date. Conducted and adopted Ordinance No. 2024-8-6

On February 27, 2023, the City Council of the City (the City Council) held a public hearing in the manner required by law and adopted the five-year Ordinance in conformity with the requirements of the PID Act by a majority of the members of the City Council the Downtown Public Improvement District. On August 14, 2023, the City Council approved the Downtown Public Improvement Service and Assessment Plan.

On June 20, 2024, the Downtown Public Improvement District Advisory Board approved the 2024 budget and on July 22, 2024, Council called a public hearing for August 12, 2024. 

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.

This item is for approval of the 2024 Downtown Plano 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.