SUBJECT: An Ordinance approving and adopting an updated ongoing Service and Assessment Plan for and on behalf of Lamar Terrace Public Improvement District No. 2 covering the period 2016 through 2025.
RECOMMENDATION: (Summary)
That City Council adopt an ordinance approving an updated ongoing Service & Assessment Plan for and on behalf of the Lamar Terrace Public Improvement District No.2 covering the period 2016 through 2025.
SPECIFIC EXPLANATION:
By Resolution No. 95-121,City Council established the Lamar Terrace Public Improvement District No. 2 (the PID) to perform capital improvement projects and maintenance services. By Ordinance No. 2003-432, City Council authorized a Financial Services Agreement (Agreement) between the City, Reinvestment Zone Number One (Saint George Place Zone), and the Saint George Place Redevelopment Authority (the Authority). The Agreement allows the City to pay collected PID assessments to the Authority for costs associated with the PID Service & Assessment plan and authorizes the Authority to carry out various functions with respect to the administration of the PID, including the expenditure of PID funds. In accordance with Chapter 372 of the Texas Local Government Code, Council is required to approve an annually updated Service and Assessment Plan (the Plan) for purposes of determining the annual assessment rate and budget for the PID.
The Plan, as approved by the Board of Directors of Reinvestment Zone Number One (Saint George Place Zone), is hereby submitted for budget year 2016 (public safety, administration of development regulations, and maintenance services). There has been no change in the assessment rate ($0.07/sf. of each lot). The Administration recommends that City Council approve the ordinance adopting the Plan for the PID covering the period 2016 through 2025.
cc: Marta Crinejo, Agenda Director
Anna Russell, City Secretary
Ronald C. Lewis, City Attorney
Gary Dzierlenga, Sr. Assistant City Attorney