Title
An ordinance approving an update of the Service and Assessment Plan (SAP) and Assessment Roll for authorized improvements for the Iron Horse Public Improvement District (PID) (the “District”), making and adopting findings, accepting and approving the 2026 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 Iron Horse PID was created on February 4, 2019, and on June 3, 2019, the City issued Special Assessment Revenue Bonds to finance authorized public improvements within the PID. P3Works, LLC, the City’s PID Administrator for the Iron Horse 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 seventh SAP update. The previous updates were approved by the City Council on August 3, 2020, July 6, 2021, August 15, 2022, August 21, 2023, August 19, 2024, and July 21, 2025. The Service Plan has been updated to reflect increases in annual collection costs and installments over the next five-year period.
Recommended/Desired Action
Staff recommends approval of the ordinance.
Attachment(s)
Ordinance
Drafter
Jimmy Martin
Head of Department
Ted Chinn