Title
A resolution accepting the preliminary Service and Assessment Plan for authorized improvements within the Polo Ridge Public Improvement District No. 2, setting a date for a 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 Polo Ridge Public Improvement District No. 2 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 both 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 SAP and related Assessment Roll. The preliminary SAP includes the following elements:
* 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 June 17, 2019, City Council meeting, at which time any changes to the preliminary SAP, including changes resulting from bond pricing earlier that day, will be incorporated into final bond documents that will be approved by ordinance later at the same meeting. The attached resolution provides for the acceptance of the preliminary Service and Assessment Plan and Assessment Roll and calls the public hearing for June 17, 2019, for final approval.
Recommended/Desired Action
City staff recommends approval of the resolution.
Attachment(s)
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