Title
An ordinance approving a Service and Assessment Plan and Assessment Roll for Authorized Improvements for the Iron Horse Public Improvement District (the "District"), making a finding of Special Benefit to certain property in the District, levying assessments against certain property within the District and establishing a lien on such property, providing for payment of the assessment in accordance with Chapter 372, Texas Local Government Code, as amended, providing for the method of assessment and the payment of the assessments, providing penalties and interest on delinquent assessments, providing for severability and providing an effective date.
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 Iron Horse Public Improvement District Service and Assessment Plan (SAP) has been prepared by the City's PID Administrator, P3Works, LLC, 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 ordinance approves the Service and Assessment Plan and Assessment Roll for properties benefitted by authorized improvements of the Iron Horse Village mixed use development. The Service and Assessment Plan must cover a period of at least five years and must define the annual indebtedness and projected costs for the improvements. An assessment plan must be included in the annual service plan and the plan must be reviewed and updated annually for determining the annual budget for planned improvements. The SAP 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
PID assessments are liens against the assessed property and are superio...
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