HomeMy WebLinkAboutOrdinance - 2025-O0004 - Amend 2024-O0126, Exhibit B, North Point PID - 01/28/2025First Reading
January 14, 2025
Item No. 5.4.1
Second Reading
January 28, 2025
Item No. 6.3.1
ORDINANCE NO. 2025-00004
AN ORDINANCE AMENDING ORDINANCE NO. 2024-00126, E X H I B I T " B",
THE 2024 SERVICE AND ASSESSMENT PLAN FOR THE NORTH PO1NT PUBLIC
IMPROVEMENT DISTRICT (PID) BY INCLUDING ADDITIONAL FUNDING FOR
PUBLIC IMPROVEMENTS; PROVIDING A SAVINGS CLAUSE; AND PROVIDING
FOR PUBLICATION.
WHEREAS, the original expenditures approved by Ordinance 2024- 00126 in the
2024 Service and Assessment Plan for North Point PID (the "PID") need to be increased due
to additional public improvements to be undertaken in the PID for FY 2024-25; and
WHEREAS, the project that shall take place is the construction of an extension to an
existing walking track; and
WHEREAS, this additional expenditure increases the need in the public
improvements PID Fund for FY 2024-25 by an additional $86,762.00 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. 2024-
00126 Exhibit "B", the 2024 Service and Assessment Plan for the PID, to authorize
additional funding for public improvement costs mentioned herein; NOW THEREFORE
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF LUBBOCK:
SECTION 1: THAT Ordinance No. 2024-00126, Exhibit `B", is hereby amended
by replacing it with the new Exhibit "B", attached hereto and incorporated herein, titled
"North Point Public Improvement District, City of Lubbock, Texas Service and Assessment
Plan".
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 January 14 , 2025.
PASSED by the City Council on second reading January 28 , 2025.
MARK W. MCBRA ER, MAYOR
ATTEST:
� -/� -
Co rtney Paz, City Secr y
APPROVED AS TO CONTENT:
Joe Ji nez of Financial Officer
APPROVED AS TO FORM:
Kelli Leisure, Senior Assistant City Attorney
Ccdocs://North Point P1D SAP amendment 2024
1.6.25
Method of Assessment
Service Plan
Tax Year
Property Values* (Taxable Values)
Discounted Property Values (95%)
Fiscal Year Revenues
Interest
Assessment @ $0.14
Total
Expense
Median & Walking Track Maintenance
Repairs
Public Improvement Projects
Electric Cost
Administrative Cost
Annual Operating Cost
Total
Cash Reserve
*Property Value growth rate = 2%annually
**Expense growth rate = 2% annually
Assessment Information for 100,000 home = $140
EXHIBIT "B"
City of Lubbock, TX
Finance Department
North Point Public Improvement District
Amended 2024 Service and Assessment Plan
* Properties will be assessed based on the City's 2024 "net taxable value" as established by the Lubbock Central Appraisal
District and submitted to the City under Tax Code Section 26.04.
* AssessmE Assessment rate will be $0.14/$100 valuation
* All propel All property will be assessed based on the final 2024 "net taxable value".
Adopted
Amended
Budget
Budget
Projected
Totals
2023
2024
2025 2026 2027 2028
231,827,390
236,281,466
241,007,095
245,827,237
250,743,782
255,758,658
255,758,658
220,236,021
224,467,393
228,956,741
233,535,875
238,206,593
242,970,725
242,970,725
2023-24
2024-25
2025-26
2026-27
2027-28
2028-29
Totals
$ 20,908
27,143
8,750
10,308
11,947
13,668
$ 92,724
308,330
314,254
320,539
326,950
333,489
340,159
1,943,722
$ 329,238
341,398
329,289
337,259
345,436
353,827
$ 2,036,446
150,000
175,000
178,500
182,070
185,711
189,426
$ 1,060,707
20,000
20,000
20,400
20,808
21,224
21,649
124,081
350,000
636,762
50,000
51,000
52,020
53,060
1,192,842
10,000
10,000
10,200
10,404
10,612
10,824
62,040
15,335
15,558
15,869
16,187
16,510
16,840
96,299
9,303
9,600
9,792
9,988
10,188
10,391
59,262
$ 554,638
866,920
284,761
290,456
296,266
302,191
$ 2,595,232
$ 775,522
250,000
294,528
341,330
390,500
442,136
$ 442,136