HomeMy WebLinkAboutResolution - 2006-R0100 - Amending Resolution 2005-R0590 - Approving Creation Of Vintage Township PID - 02_24_2006Resolution No. 2006-RO100
February 24, 2006
Item No. 6.7
RESOLUTION
A RESOLUTION OF THE CITY OF LUBBOCK, TEXAS AMENDING
AND RESTATING RESOLUTION NO. 2005-RO590 APPROVING
AND AUTHORIZING THE CREATION OF THE VINTAGE
TOWNSHIP PUBLIC IMPROVEMENT DISTRICT
WHEREAS, the City of Lubbock, Texas (the "City") is authorized under the
!Public Improvement District Assessment Act, Chapter 372, Texas Local Government
!Code, as amended (the "Act") to create a public improvement district;
WHEREAS, Stellar Land Company, Ltd. and Vintage Land Company, Ltd.
submitted and filed with the City Secretary of the City that certain Petition for the
Creation of a Public Improvement District to Finance Improvements in the City of
-Lubbock, Texas (the "Original Petition") requesting the establishment of a public
improvement district to be known as the Vintage Township Public Improvement District
(the "District"), the boundaries of which are set forth on Exhibit A attached hereto (the
real property located within the District shall be referred to as the "Land");
WHEREAS, the City Council of the City (the "City Council") received the
Original Petition signed by the owners of more than 50% of the appraised value of the
taxable real property and more than 50% of the area of all taxable real property within the
District, and found that the Petition complied with the Act and that the City Council was
authorized to consider the creation of the District; and
WHEREAS, the City Council by Resolution No. 2005-RO590, duly authorized
and created the Vintage Township Public Improvement District on December 15, 2005;
and
WHEREAS, upon further clarification and investigation of the costs of the public
improvements to be constructed within the District, Stellar Land Company, Ltd. and
Vintage Land Company, Ltd. submitted and filed a Petition requesting the City Council
of the City to Amend its Resolution Creating the Vintage Township Public Improvement
District to increase the estimated costs of the public improvements (the "Amended
Petition"); and
WHEREAS, the City Council finds and determines that the amendment to
Resolution No. 2005-RO590 is necessary for the efficient and effective development of
the District and that the estimated costs of the public improvements should be increased;
and
WHEREAS, the City Council desires to amend and restate Resolution No. 2005-
R0590 creating the Vintage Township Public Improvement District to increase the
estimated costs of the public improvements; and
WHEREAS, after providing all notices required by the Act, the City Council on
the date hereof conducted a public hearing on the advisability of the improvements and
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services and the amendment to Resolution No. 2005-RO590 to increase the estimated
costs of the proposed public improvements the creation of the District; and
WHEREAS, the City Council adjourned and closed such public hearing.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF
LUBBOCK, TEXAS, THAT: RESOLUTION NO. 2005-RO590 ADOPTED ON
December 15, 2005, IS HEREBY AMENDED AND RESTATED IN ITS ENTIRETY
BELOW:
Section 1. Advisability f the Improvements Proposed for the District: It is
advisable to create the District to provide the public improvements and services described
in the Petition and this Resolution. The public improvements will promote the interests
of the City and will confer a special benefit on the District.
Section 2. Nature of the Improvements: The general nature of the proposed
ipublic improvements is: (i) the design, construction and maintenance of parks and greens
together with any ancillary structures, features or amenities such as playgrounds, athletic
facilities, pavilions, community facilities, bridges, walkways, lighting, benches, trash
receptacles and similar items located therein along with all necessary grading, drainage
and similar infrastructure involved in the construction of such parks and greens;
landscaping, hardscaping and irrigation; the design, construction and maintenance of
water features such as lakes, ponds and fountains; distinctive lighting and signs;
construction and improvement of pedestrian malls, passages or pathways including
pedestrian bridges; design, construction and improvement of vehicular bridges and low
water crossings; design, construction and improvement of community meeting halls or
similar buildings; design, construction and improvement of community monuments,
towers, and other amenity -type structures; acquisition and installation of art work; design,
acquisition, installation and improvement of telecommunication and similar technology
systems; and special supplemental services as defined in the Act, together with related
permits and licenses; and (ii) payment of costs associated with developing and financing
the public improvements listed in subdivision (i) including costs of issuing bonds and
funding debt service and capitalized interest reserves for such bonds and costs of
establishing, administering and operating the District.
Section 3. Estimated Cost of the Improvements: The estimated cost of the
improvements provided by the District is approximately $9,000,000.
Section 4. Boundaries: The boundaries of the District are set forth in
Exhibit A.
Section 5. Method of assessment: An assessment methodology will be
prepared that will address (i) how the costs of the public improvements financed with the
assessments are assessed against the property in the District, (ii) the assessments to be
collected each year, (iii) provisions providing for the prepayment of the assessments at
the option of the owner of any parcel, (iv) the reallocation of the assessment upon the
subdivision of a parcel, and (v) reduction of the assessments for costs savings (pursuant
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to the annual review of the service plan for the District) and repayment of bonds issued to
finance the public improvements. Additionally, a report will be prepared showing the
special benefits accruing to property in the District and how the costs of the public
improvements are assessed to property on the basis of the special benefits.' The result
will be that equal shares of the costs will be imposed on property similarly benefited.
In assessing the costs of the public improvements, property will be classified
based on the use of the public improvements. For example, larger homes may generate
more use of the public improvements than smaller homes. Accordingly, there may be a
classification of property on the basis of the size or type of homes that may be built on a
parcel. Costs may also be assessed on the basis of the value of the property, or upon a
combination of size or type of house and value of property. Property may also be
classified on the basis of the location of the property within the District, if some sections
of the District receive more public improvements or public improvements of greater cost
than other sections of the District.
The assessment methodology will result in each parcel paying its fair share of the
costs of the public improvements provided with the assessments based on the special
benefits received by the property from the public improvements and property equally
situated paying equal shares of the costs of the public improvements.
Section 6. Apportionment of Cost between the City and the District. The City
will not be obligated to provide any funds to finance the proposed public improvements.
All of the costs of the proposed public improvements will be paid by assessments of the
property within the District and from other sources of funds, if any, available to the
developer of the Land.
Section 7. Management of the District. To the extent allowed by law, the
City may contract with either a non-profit, or a for -profit organization, including a Public
Facilities Corporation created by the City pursuant to Chapter 303, Texas Local
Government Code, as amended, to carry out all or a part of the responsibilities of
managing the District, including the day-to-day management and administration of the
District.
Section 8. Findings. The findings set forth in the preamble of this Resolution
are hereby found to be true and correct and are incorporated in the body of this
Resolution as if copied in their entirety.
Section 9. District Authorized. The Vintage Township Public Improvement
District is hereby authorized and created as a Public Improvement District under the Act
in accordance with the findings as to the advisability of the public improvements
contained in this Resolution.
Section 10. Notice of District Creation. The City's staff is directed to give
notice of the authorization for the establishment of the District by publishing a copy of
this Resolution once in a newspaper of general circulation within the City. Such
authorization shall take effect and the District shall be deemed to be established effective
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upon the publication of such notice. The District shall exist until dissolved or terminated
as provided by law.
Section 11. Effective Immediately. This Resolution shall take effect
immediately from and after its passage and it is accordingly so resolved.
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me
PASSED AND APPROVED this 24th day of February ,
ATTEST:
ACityecretary, City of
Lubbock, Texas
(City Seal)
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ayor, City of Lubbock, Texas
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EXHIBIT A
DESCRIPTION OF THE LAND
METES AND BOUNDS DESCRIPTION for a 275.539 acre tract of land located in
Section 23, Block E-2, Lubbock County, Texas, being further described as follows:
BEGINNING at a point in the North line of Section 23, Block E-2, Lubbock County,
Texas, which bears
S. 89°57'29" W. an approximate distance of 962.23 feet from the Northeast corner of
said Section 23, Block E-2;
THENCE S. 00002'31" E. an approximate distance of 260.42 feet to a point;
THENCE S. 45000'03" E. an approximate distance of 153.42 feet to a point;
THENCE S. 44059'57" W. an approximate distance of 90.00 feet to a point;
THENCE S. 45000'03" E. an approximate distance of 785.85 feet to a point;
THENCE N. 44059'57" E. an approximate distance of 102.16 feet to a point;
THENCE S. 45000'03" E. an approximate distance of 18.52 feet to a point;
THENCE N. 89059'57" E. an approximate distance of 160.00 feet to a point;
THENCE S. 00000'03" E. an approximate distance of 164.00 feet to a point;
THENCE N. 89059'57" E. an approximate distance of 115.99 feet to a point in the East
line of said Section 23, Block E-2;
THENCE S. 00000'33 W., along the East line of said Section 23, Block E-2, an
approximate distance of 1393.30 feet to a point;
THENCE N. 89059'27" W. an approximate distance of 219.97 feet to a point;
THENCE S. 00000'01" E. an approximate distance of 154.70 feet to a point in the South
line of the North Half of said Section 23, Block E-2;
THENCE S. 89058'41" W., along the South line of the North Half of said Section 23,
Block E-2, an approximate distance of 4746.31 feet to a point;
THENCE N. 00002'31" W. an approximate distance of 253.91 feet to a point;
THENCE S. 89057'29" W. an approximate distance of 119.63 feet to a point;
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THENCE N. 00003'33" W. an approximate distance of 1078.00 feet to a point;
THENCE S. 89057'29" W. an approximate distance of 210.00 feet to a point in the West
line of said Section 23, Block E-2;
THENCE N. 00003'33" W., along the West line of said Section 23, Block E-2, an
approximate distance of 381.00 feet to a point;
THENCE N. 89057'29" E. an approximate distance of 426.03 feet to a point;
THENCE S. 00002'31" E. an approximate distance of 90.00 feet to a point;
THENCE N. 89057'29" E. an approximate distance of 187.88 feet to a point;
THENCE N. 00002'31" W. an approximate distance of 90.00 feet to a point;
THENCE N. 89057'29" E. an approximate distance of 275.00 feet to a point;
THENCE N. 00002'31" W. an approximate distance of 300.00 feet to a point;
THENCE N. 89057'29" E. an approximate distance of 90.00 feet to a point;
THENCE N. 00002'31" W. an approximate distance of 19.00 feet to a point;
THENCE N. 89057'29" E. an approximate distance of 184.00 feet to a point;
THENCE N. 00002'31" W. an approximate distance of 135.00 feet to a point;
THENCE S. 89057'29" W. an approximate distance of 184.00 feet to a point;
THENCE N. 00002'31" W. an approximate distance of 28.00 feet to a point;
THENCE S. 89057'29" W. an approximate distance of 90.00 feet to a point;
THENCE N. 00002'31" W. an approximate distance of 445.00 feet to a point in the North
line of said Section 23, Block E-2;
THENCE N. 89057'29" E., along the North line of said Section 23, Block E-2, an
approximate distance of 3447.55 feet to the Point of Beginning.
Bearings relative to HRA Lubbock County Coordinate System,
derived from NAD 83, CORS 96, Epoch 2002.0000.
Lambert grid at surface.
Grid Origin: 33°23'00" N, 101°49'14" W
False Northing: 0.00 U.S. Survey Feet
False Easting: 80,000 U.S. Survey Feet
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Parallel 1: 33°45'14.17" N
Parallel 2: 33°27'42.83" N
Ellipsoid data: (modified GRS 80)
Semi -Major Axis: 6379088m
Semi -Minor Axis: 6357700.125617m
1/f 298.2572220955
PREPARED TO ESTABLISH JURISDICTIONAL LIMITS ONLY. DOES NOT
REPRESENT AN ACTUAL SURVEY.
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