Title
A resolution accepting the preliminary Amended and Restated Service and Assessment Plan for authorized improvements within Improvement Area #2 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 updated by the City's PID Administrator, DTA, 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, which has been updated to reflect the Assessment Roll for Phase #2 Specific Improvements. 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
* Homeowner Disclosure Form
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 December 6, 2021, City Council meeting, at which time any changes to the preliminary SAP will be incorporated into final bond documents that will be approved by ordinance later this summer when PID bonds are issued. The attached resolution provides for the acceptance of the preliminary Service and Assessment Plan and Assessment Roll and calls the public hearing for December 6, 2021.
Recommended/Desired Action
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