Title
A resolution accepting the preliminary Service and Assessment Plan for authorized improvements within the Heartland Town Center Public Improvement District, setting a date for public hearing on the proposed Levy of Assessments, authorizing the publication and mailing of notice, and enacting other provisions relating thereto.
Body
Chapter 372 of the Texas Local Government Code, the Public Improvement District Assessment Act, as amended (PID Act), governs the creation and operation of public improvement districts within the State of Texas. The attached Heartland Town Center Public Improvement District preliminary Service and Assessment Plan (SAP) has been prepared by the City's PID Administrator, David Taussig & Associates, Inc., in consultation with City staff and the City's financial advisor, Hilltop Securities, and bond counsel, Bracewell, in accordance with the PID Act.
This proposed resolution provides for the acceptance of the preliminary Service and Assessment Plan and related Assessment Roll. The Service and Assessment Plan includes:
* Plan Description
* Property included in the PID
* Description of Authorized Improvements
* Service Plan
* Assessment Plan
* Assessment Methodology and Allocation
* Terms of the Assessments
* Assessment Roll
The PID Act also requires the City Secretary to publish notice of the governing body's intention to consider the proposed assessments at a public hearing. That public hearing is scheduled for the August 20, 2018, City Council meeting, at which time any changes to the preliminary SAP will be incorporated into the final Service and Assessment Plan and Assessment Roll. These documents are incorporated into the final bond documents that will be approved later at the same meeting. The attached proposed resolution provides for the acceptance of the preliminary Service and Assessment Plan and related Assessment Roll and for calling a public hearing on August 20, 2018, to consider final approval.
Recommended/Desired A...
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