Title
A resolution calling for a public hearing on the creation of a Public Improvement District consisting of approximately 822.1 acres of land generally located south of FM 740, west of FM 2757 and north of Kelly Road in Kaufman County, Texas, and being located within the extraterritorial jurisdiction of the City of Mesquite.
Body
At the December 4, 2017, City Council meeting, the City Council held a public hearing and passed Resolution No. 76-2017, creating the Polo Ridge Public Improvement District (PID) to provide a funding mechanism for authorized infrastructure improvements related to the development of 822 acres in the City's extraterritorial jurisdiction.
On February 15, 2018, the developer, BDMR Development, LLC, which owns more than 50 percent of the taxable real property within the District, filed a petition with the City Secretary requesting the City to dissolve the PID. At the time the PID was created, the estimated cost of authorized improvements to be paid by the assessment of the property owners within the District was $30,000,000. The developer is citing significant increases in their Engineer's Estimate of Probable Cost for related infrastructure improvements, and is now estimating total authorized improvements of $35,000,000.
On February 15, 2018, the developer also filed a petition with the City Secretary requesting the City to create a new PID based on the revised estimated cost of authorized improvements. This new PID would be called, "Polo Ridge Public Improvement District No. 2."
The public hearing and resolution to create Polo Ridge PID No. 2 will be held at the April 16, 2018, City Council meeting following Council's action to dissolve the current Polo Ridge PID.
Recommended/Desired Action
This resolution calls for a public hearing to be held at the April 16, 2018, City Council meeting in order to allow ample time for City staff to provide 15-days' notice prior to the public hearing. Staff recommends approval of the resolution in...
Click here for full text