Title
An ordinance approving an update of the Annual Service and Assessment Plan (SAP) and Assessment Roll for Phase No. 1 Improvements and Phase Nos. 2-6 Major Improvements for the Polo Ridge Public Improvement District (PID) No. 2 (the "District"), making and adopting findings, accepting and approving the 2025 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 Polo Ridge PID No. 2 was created on April 16, 2018, and amended on March 18, 2019. On June 17, 2019, the City issued special assessment revenue bonds to finance authorized public improvements for the first phase of the development and major improvements that benefit all property within the PID. P3Works, LLC, the City's PID Administrator for the 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 for the Assessed Property for the year
* Payments of the Assessment, if any, as provided in the SAP
This is the sixth SAP update. The first update was approved by the City Council on August 3, 2020, the second update was approved on August 16, 2021, the third update was approved on August 15, 2022, the fourth update was approved on September 5, 2023, and the fifth update was approved on August 19, 2024. The Service Plan has been updated to cover the next five-year period.
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