Title
Ordinance - Third and Final Reading of an Ordinance Making Certain Findings in Connection with the South Pointe Public Improvement District; Accepting a Service and Assessment Plan for the District; Levying Special Assessments Against Property Within the District and Establishing a Lien on Such Property; Providing for a Method of Assessment and Payment of the Assessments; Providing Penalties and Interest on Delinquent Assessments
Requested Action
Adopt the subject ordinance.
Recommendation
Staff recommends approval.
Description/History
The creation of the public improvement district (PID) is required by the South Pointe Development Agreement so as to allow the city to levy special assessments on the properties in South Pointe to fund the operation and maintenance of the items shown in the attachment.
The proposed assessment is $1,000 for a single family home and $120 for each multifamily unit within the District. Undeveloped lots shall not be assessed until such time as the lots are developed. The payment of the assessment is due on October 1st along with ad valorem tax and becomes delinquent on February 1st. A lien will be established against each affected property and will not be released until the assessment is paid in full.
The next step will be contracting with a management company to operate the PID. The operation and maintenance cost will be totally borne by the PID. The City will not be obligated to provide funds to finance the PID other than from the assessments.
State law requires the PID service plan to be reviewed and updated annually for the purpose of determining the annual budget. The amount of assessment may be adjusted following the annual review of the service plan.
Prepared By
Felix Wong, Director of Planning
817-276-4228