HomeMy WebLinkAboutResolution - 2003-R0492 - Resolution Of Proposed Assessments For North Overton TIF - 10_23_2003Resolution No. 2003—RO492
October 23, 2003
Item No. 50
RESOLUTION AND ORDER
WHEREAS, the City of Lubbock in Resolution R2003-0468 has
authorized the creation of the North Overton 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 services
enhancing security and public safety, providing maintenance of
landscaping in the public rights -of -way, and providing public trolley
service, 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 North Overton 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
11 am, Thursday, November 17, 2003, in the City Council Chambers, 1625
13th 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 5: 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
2.0U-�) - 12G�g2
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 23rd day of October , 2003.
T.J. PATTERSON, SENIOR COUNCIL MEMBER
ATTEST:
(i;z� -�� /--
Re ecca Garza, City Secretary
APPRO AS T ONTENT:
Craig Fa " e , Managing Director
of Planning and Transportation
APPROVED AS TO FORM:
yY �!
Linda L. Chamales, Supervising Attorney
Office Practice Section
LC: Cityatt/Linda/RES-NO PID assessment hearing
October 13, 2003
Resolution No. 2003-RO492
Exhibit A
North Overton PID Method of Assessment:
• Properties will be assessed based on "the City's net taxable value"
as established by the Lubbock Central Appraisal District.
• Assessment rate will be $0.15/$100 valuation.
• All commercial and multi -family zoned property will be assessed
beginning January 1, 2004.
• All single-family zoned property will be assessed on a block -by -
block basis. Assessment will begin for property in a single-family
zoned block at the time public improvements to be maintained by
P1D Funds is completed in that block.
North Overton PID Service Plan
Income--$K
Assessment
@$0.15 7.7 21.7 75.1 186.E 251.1 289.3 310.5 - - - - - - -
Assessment
$0.10 - - - - - - - 218.7 223.4 227.6 232.1 236.8 241.5 246.3
Borrow
6% 80.0 100.0 100.0 40.0 - - - - - - - - - -
Use of
Balance - - - - 3.6 - - 19.3 - - - - - -
Total 1 $7.7 121.7 176.1 226.6 264.7 289.3 310.5 238.0 223A 227.6 232.1 236.8 241.5 246.3
Expense-$K
Security
82.2 83.8
85.5
87.2
89.0
90.8
92.6
94.4
96.3
98.2
100.2
102.2
104.2
106.3
Lighting
3.9 12.3
20.7
24.6
27.3
30.0
30.6
31.2
31.8
32.5
33.1
33.8
34.5
35.1
Landscape
- 4.7
18.6
45.8
62.1
69.8
73.7
79.2
80.7
82.3
84.0
85.7
87.4
89.1
Debt Sery #
1
- 19.0
19.0
19.0
19.0
19.0
-
-
-
-
-
-
-
-
Debt Sery #
2
- -
23.7
23.7
23.7
23.7
23.7
-
-
-
-
-
-
-
Debt Sery #
3
- -
-
23.7
23.7
23.7
23.7
23.7
-
-
-
-
-
-
Debt Sery #4
- -
-
-
9.5
9.5
9.5
9.5
9.5
-
-
-
-
-
Total
86.1 119.8
167.6
224.0
254.7
266.5
253.8
238.0
218.3
213.0
217.3
221.7
226.1
230.5
Balance--$K
1.6
1.9
7.6
2.6
22.8
56.7
5.1
14.6
14.8
15.1
15.4
15.8
Cum Balance-$K
1.6
3.5
11.1
13.7 10.1
32.9
89.6 70.3
75.4
90.0
104.8
119.9
136.3
151.1