HomeMy WebLinkAboutResolution - 2009-R0223 - Approve Assesment Plan For Quincy Park PID, Schedule Public Hearing - 06/11/2009Resolution No. 2009-RO223
June 11, 2009
Item No. 5.9
RESOLUTION AND ORDER
WHEREAS, the City of Lubbock in Resolution 2009-RO219 has
authorized the creation of the Quincy Park Public Improvement District pursuant
to the Texas Public Improvement District Assessment Act; and
WHEREAS, the City desires to apportion the cost of improvements and
services to be assessed against the property in the improvement district on the
basis of special benefits accruing to the property because of the improvements or
services and to establish the methods of assessing the special benefits for various
classes of property; and
WHEREAS, the City of Lubbock desires to schedule a public hearing in
accordance with Section 372.016 of the Texas Local Government Code to
consider the proposed assessments for designing, constructing and maintain
parks and greens together with any ancillary structures, features or amenities
such as playgrounds, athletic facilities, pavilions, community facilities,
irrigation, walkways, lighting, benches, trash receptacles and any similar items
located therein along with all necessary grading, drainage, and similar
infrastructure involved in the construction of such parks, greens; landscaping,
hardscape and irrigation; including costs of establishing, administering and
operating the District, all in accordance with the Act; NOW, THEREFORE,
BE IT ORDERED AND RESOLVED BY THE CITY COUNCIL OF THE
CITY OF LUBBOCK:
SECTION 1: THAT the Service Plan which contains an Assessment
Plan for the Quincy Park Public Improvement District is hereby approved by the
City Council of the City of Lubbock. Said Plan is attached as Exhibit "A" and
incorporated herein as if fully set forth; and
SECTION 2: THAT City staff is hereby directed to prepare a proposed
Assessment Roll stating the assessment against each parcel of land in the district
as determined by the Assessment Plan; to file the proposed assessment roll with
the City Secretary; and to make the proposed assessment roll available for public
inspection; and
SECTION 3: THAT a public hearing is hereby scheduled at 10:00 am,
Wednesday, July 8, 2009, in the City Council Chambers, 1625 131' Street,
Lubbock, Texas, to consider the proposed assessments and receive public
comment; and
SECTION 4: THAT notice of said hearing shall be published in a
newspaper of general circulation in the city before the tenth day before the date
of the hearing as required by state law; and
SECTION S: THAT the notice shall contain the date, time and place of
the hearing; the general nature of the improvements and services; the cost of the
improvements and services; the boundaries of the assessment district; and a
statement that written or oral objections will be considered at the hearing; and
SECTION 6: THAT when the assessment roll is filed, the City staff is
directed to mail to the last known address of each property owner liable for
assessment (as reflected on the tax rolls) a notice of the hearing containing, at a
minimum, the information contained in the published notice.
Passed by the City Council this 11th day of June , 2009.
��A44�
TOM MARTIN, MAYOR
ATTEST:
RebeccA Garza, City Secretary
APPROVED A TO CONTENT:
Rob All' , Assistant City Manager
Business Development
APPROVED AS TO FORM:
Linda L. Chamales,
Economic Development Attorney
LC: ecdoeslRES-Quincy ParkP1D assessment hearing
May 28, 2009
Resolution No. 2009-80223
Exhibit A
Quincy Parr PID Method of Assessment
Properties will be assessed based on the City's 2010 "net taxable value" as
established by the Lubbock Central Appraisal District and submitted to the City
under Tax Code Section 26.04.
Assessment will be $0.151$100.00 valuation
All property will be assessed based on the final 2010 "net taxable value".
Exhibit A, Page 1 of 2
Quincy Park PID Service Plan Resolution No. 2009-RO223
QUINCY PARK PID
Proposed Revenue/Expense Worksheet
*Property Value growth rate = 2% annually
**Expense growth rate = 2% annually
ASSESSMENT INFORMATION
2008-2017
Assessment per $100,000 S 150.00
2018 -Future
Assessment per $100,000 S 70.00
Exhibit A, Page 2 of 2
Proposed
2009
2010
2011
2U1220]3
2014
2015
2016
2017
REVENUE
100
125
150
150
83
Property Values*
12,500000
29,625,000
50,467,500
71,726,850
84,366,387
86,053,715
87,774,789
89,530,285
91,320,891
91,320,891
Discounted Property Values
11,250,000
26,662,500
45,420,750
64,554,165
75,929,748
77,448,343
78,997,310
80,577,256
82,188,801
82,188,801
Interest
-
38
58
639
1,190
1,477
1,600
5,002
0.15 Assessment /aU $0.15
-
16,875
39,994
68,131
96,831
113,895
116,173
118,496
570,394
0.07 Assessment.. $0.07
-
-
-
-
TofalI
-
-
16,875
40,031
68,184
97,470
115,085
117,650
120,096
57543%
EXPENSE
93rd Street - Boulevard & Entrances
Maintanence of Boulevard and Entrances**
-
4,000
4,000
4,000
4,080
4,162
4,245
4,330
28,816
Manuanence of Boulevard and Entrances (Developer)
4,000
-
-
-
-
4,000
Park rt, 9l st & Quitman (8.84 Acres)
Park maintanence of8.84 acres**
-
9,000
28,000
28,000
28,560
29,131
29,714
30,308
182,713
Park maintanence of 8,84 acres (Developer)
-
-
-
-
-
-
Electric Cost for Lights
2,000
2,000
2,040
2,081
2,122
2,165
2,208
14,616
Administrative Costs
-
5,000
5,100
5,202
5.306
5,412
5,520
31,541
Capital Outlay (Develouerl
Construction of 93rd Street Boulevard (2 Acres)
61,379
-
-
61 379
Construction ofPark (8.84 Acresl,
100,000
150,000
70,195
320,195
Paid by developer
(161,379)
(154,000)
(70,195)
(385,574)
Reimburse developer for expenses
30,000
60,000
70,000
80,000
240,000
Total
15,000
39,000
39,140
69,923
100,721
111 536
122366
497,686
Cash Reserves
-
1,875
2,906
31,956
59.503
73,866
79,981
77,710
77,710
*Property Value growth rate = 2% annually
**Expense growth rate = 2% annually
ASSESSMENT INFORMATION
2008-2017
Assessment per $100,000 S 150.00
2018 -Future
Assessment per $100,000 S 70.00
Exhibit A, Page 2 of 2