Title
An ordinance approving an update of the Service and Assessment Plan and Assessment Roll for authorized improvements in Improvement Area A-1, C-1, C-2, and C-3 in the Solterra Public Improvement District (the "District"); making and adopting findings, accepting, and approving the 2024 Annual Service Plan Update and Updated Assessment Roll for the District and requiring compliance with Chapter 372, Texas Local Government Code, as amended.
Body
Section 372.013 of the Texas Local Government Code (PID Act) requires the City Council to review and approve annual updates to a Public Improvement District (PID) Service and Assessment Plan (SAP) to reflect any changes required for billing and collection of annual assessments, revisions in actual costs of authorized improvements and to determine the annual budget for planned improvements.
The Solterra PID was created on April 5, 2021, and on August 3, 2023, the City issued Special Assessment Revenue Bonds to finance authorized public improvements within the PID. P3Works, LLC, the City's PID Administrator for the Solterra PID, has updated the Assessment Roll in conjunction with the Annual Service Plan Update to reflect the following:
* Identification of each Parcel
* Assessment for each Parcel of Assessed Property, including any adjustments authorized by the SAP and the PID Act
* Annual Installment due for the Assessed Property
* Five Year Budget Forecast
* Prepayments of Assessments if any
This is the first SAP update. Changes to the Assessment Roll occur from replating to account for subdividing of home lots. The Service Plan is updated to reflect increases in annual collection costs and installments over the next five-year period. Per the Developer's Quarterly Disclosure Report dated March 31, 2024, a total of 1053 lots will be built, comprised of 111 townhomes and 942 homes on lot sizes ranging from 35 feet to 70 feet. To date, 71 lots have been sold to end users. Construction is underway on 234 of the re...
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