HomeMy WebLinkAboutOrdinance - 2023-O0013 - North Overton PID Service And Assessment Plan Amendment - 02/28/2023First Reading
February 14, 2023
Second Reading
February 28, 2023
Item No. 5.4.1 Item No. 5.2.1
ORDINANCE NO. 2023-00013
AN ORDINANCE AMENDING ORDINANCE NO. 2022-00130, E X H I B I T
"B", THE 2022 SERVICE AND ASSESSMENT PLAN FOR THE NORTH
OVERTON PUBLIC IMPROVEMENT DISTRICT (PID) BY INCLUDING
ADDITIONAL FUNDING FOR REPAIR COSTS; PROVIDING A SAVINGS
CLAUSE; AND PROVIDING FOR PUBLICATION.
WHEREAS, the original expenditures approved by Ordinance 2022- 00130 in
the 2022 Service and Assessment Plan for North Overton PID have fallen short of those
needed due to repairs, both previously paid and upcoming, in the PID for FY 2022-23; and
WHEREAS, there have been unforeseen circumstances giving rise to increase in
expenditures including: damage caused by vehicular accidents, sidewalk repairs, and
addressing certain landscaping issues within the PID; and
WHEREAS, there are adequate revenues in the North Overton PID Fund for
FY-2022-23 to support this amendment and no increase in the adopted assessment will
be required; and
WHEREAS, the City Council approves the amendment to Ordinance No. 2022-
00130 Exhibit `B", the 2022 Service and Assessment Plan for the PID, to authorize
additional funding for repair costs mentioned herein; NOW THEREFORE
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF LUBBOCK:
SECTION 1: THAT Ordinance No. 2022-00130, Exhibit `B", is hereby
amended by replacing it with the new Exhibit `B", attached hereto and incorporated
herein, titled "North Overton Public Improvement District, City of Lubbock, Texas
Service and Assessment Plan" dated February 23, 2023.
SECTION 2: THAT if any section, paragraph, clause or provision of this
Ordinance shall for any reason be held to be invalid or unenforceable, the invalidity or
unenforceability of such section, paragraph, clause or provision shall not affect any of the
remaining provisions of this Ordinance.
SECTION 3: THAT the City Secretary is hereby authorized to cause publication
of the descriptive caption of this Ordinance as an alternative method provided by law.
PASSED by the City Council on first reading February 14 , 2023.
PASSED by the City Council on second reading February 28 , 2023.
TRAY PA YOR
T ST:
41
Re ecca Garza City Secretary
APPROVED AS TO CONTENT:
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B u Kost ich, Chie inancial Officer
AP ROVED AS TO FORM:
elli Leisure, Assistant City Attorney
Ccdocs://NO PID SAP amendment 2022
1.31.23
EXHIBIT B
City of Lubbock, TX
Finance Department
North Overton Public Improvement District
Amended 2022 Service and Assessment Plan
January 23, 2023
Method of Assessment
. Properties will be assessed based on the City's 2022 "net taxable value" as established by the Lubbock Central Appraisal District and submitted to the
City under Tax Code Section 26.04. Exhibit D reflects an estimation of assessments based on the preliminary 2022 values, however, the actual
assessment will be based on the final 2022 net taxable values.
• Assessment will be $0.18/$300.00 valuation
• All property zoned commercial and high - density residential under the City of Lubbock's Zoning Ordinance were assessed beginning January 1, 2004.
All single-family and duplex -zoned property will be assessed on a block -by -block basis. Assessment will begin for property in a single-family or duplex -
zoned block, at the time public improvements to be maintained by PID funds are completed in that block, as of January 1 of the assessed year.
Service Plan
Tax Year
Property Values (Taxable)
Discounted Property Values
Fiscal Year Revenues
Interest Earnings
Assessment @ $0.18
Total
Expenses
Security
Maintenance
Repairs/Replacements
Public Improvement Projects
Inspections and Maintenance of Playgrounds
Electric
Water
Administrative Costs
Annual Operating Cost
Total
Cash Reserve
ropose
Adopted
Amended
Budget
Budget
Projected
2021
2022
2023
2024
2025
2026
475,721,089
552,574,252
558,099,995
563,680,994
563,680,994
569,317,804
451,935,035
524,945,539
530,194,995
535,496,945
535,496,945
540,851,914
2021-22
2022-23
2023-24
2024-25
2025-26
2026-27
$ 18,863
34,557
20,211
21,674
23,068
23,089
813,483
944,902
954,351
963,895
963,895
973,533
$ 832,346
979,458
974,562
995,568
986,963
996,622
$ 50,000
50,000
51,000
52,020
52,020
53,060
516,000
567,600
578,952
590,531
590,531
602,342
100,000
600,000
102,000
102,000
102,000
102,000
20,000
20,000
20,400
20,808
20,808
21,224
-
1,500
1,530
1,561
1,592
1,624
20,000
20,000
20,400
20,808
20,808
21,224
65,000
64,000
65,280
66,586
66,586
67,917
22,427
22,257
22,702
23,156
23,156
23,619
14,857
24,517
14,807
15,103
15,103
15,406
$ 808,284
1,359,874
877,071
892,573
892,604
908,416
$ 1,727,825
1,347,409
1,444,900
1,537,895
1,539,259
1,626,101
Assessment Information for $100,000 Home $180
Totals
569,317,804
540,851,914
Totals'
$ 141,461
5,614,058
$ 5,755,520
$ 308,100
3,445,956
1,108,000
123,240
7,806
123,240
395,369
137,318
89,794
$ 5,738,823
$ 1,626,101