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Home My WebLink AboutResolution - 2005-R0409 - Schedule Public Hearing For Creation Of Willow Bend PID - 09/08/2005Resolution No. 2005-RO409 September S, 2005 Item 45 RESOLUTION WHEREAS, a petition has been received from the record owners of taxable real property representing not less than fifty percent (50%) of the appraised value of the property (as determined by the most recent certified appraisal roll for Lubbock County) the proposed Willow Bend Public Improvement District (PID) covers the east half of Section 3 Block D6, Lubbock County, Texas bounded by 4`h Street, Inler Avenue, 19th Street and the west line of the east half of Section 3, Block D6, Lubbock County, Texas. This area is approximately 313.03 acres, within the City of Lubbock, AND owners of not less than fifty percent (50%) of the area of all taxable real property that is liable for assessment under the proposal; requesting creation of a Public Improvement District under Chapter 372 of the Texas Local Government Code; and WHEREAS, the petition, a copy of which is attached hereto as Exhibit "A", has been examined, verified, and found to meet the requirements of Section 372.005(b) of the Texas Local Government Code and to be sufficient for consideration by the City of Lubbock; and WHEREAS, the boundaries of the proposed Public Improvement District are described in the attachment designated as Exhibit "B" and shown on the map attached hereto as Exhibit "C", said area for the Willow Bend PID being within the city limits of the City of Lubbock; WHEREAS, the City of Lubbock accepts the petition and desires to schedule a public hearing to consider the formation of a Public Improvement District (PID) in this area pursuant to the Public Improvement District Assessment Act for the purpose of maintaining the common areas on each side of the railroad, the entry stations into the development, the area around the playa lake and the neighborhood park, all in accordance with the Act; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LUBBOCK- SECTION 1: THAT a public hearing is hereby scheduled at 10:15 a.m., Thursday, October 13, 2005, in the City Council Chambers, 1625 13th Street, Lubbock, Texas, to receive public comment on the formation of a Willow Bend Public Improvement District in the area described in Exhibit B and as shown on the map in Exhibit C, pursuant to Chapter 372 of the Texas Local Government Code; and SECTION 2: THAT notice of said hearing shall be published in a newspaper of general circulation in the city before the 15th day prior to the hearing as required by state law; and SECTION 3: THAT written notice shall be mailed to each property owner, as reflected on the tax rolls, of property subject to assessment under the proposed public improvement district, before the 15th day prior to the date set for the hearing. Passed by the City Council this ath day of , 2005. TOM MARTIN, MAYOR PRO TEM ATTEST: R bccca Garza, City Secretary APPR VED AS TO CONTENT: Rob Allison Director of Business Development APPROVED AS TO FORM: M. Knight, istant 0 y Attorney as/CCDOCS/F1D Hearing Resolution2 August 4, 2005 Exhibit "A" PETITION TO CREATE THE WILLOW BEND PUBLIC IMPROVEMENT DISTRICT TO THE HONORABLE MAYOR AND MEMBERS OF THE LUBBOCK CITY COUNCIL: The undersigned ("Petitioners") who are the owners of real property in the hereinafter described District respectfully file this petition (the "Petition") requesting the City Council of Lubbock, Texas to find that the following District is advisable and necessary and would promote the interests of the City and to establish the public improvement district in accordance with Chapter 372 of the Texas Local Government tereTf M Signature of person signing for owner Printed name of owner Owner's printed name, if different from signer Signer's relation to owner, if not owner Signers mailing address Signer's day time phone number Date By executing this petition, the foregoing person represents and warrants that he or she is autnorizea to execute the Petition on behalf of the property owner named above. The property(-ies) of the owner are located at the following address(es) within the District or at the addresses within the District listed on the attached sheet. Property Address(es) STATE OF TEXAS (SPECIFIY IF OTHER) § COUNTY OF LUBBOCK (SPECIFY IF OTHER) § This instrument was ACKNOWLEDGED before me this day of 2005 by Notary Pubic, State of Texas Printed name of Notary Public My Commission expires [Seal] Please return the signed, notarized petition by August 20, 2005 to: Rob Allison, Director of Business Development, City of Lubbock, P 0 Box 2000, Lubbock, T% 79457. WILLOW BEND PUBLIC IMPROVEMENT DISTRICT (PID) The proposed Willow Bend Public Improvement District (PID) generally covers the area between 4th Street to 19th Street, and between Inler Avenue and the alley behind the proposed Kelsey Avenue. This area is approximately 313.03 acres. The proposed boundaries are shown on the attached map. The purpose of the PID is to maintain the common areas on each side of the railroad, maintain the entry stations into the development, the area around the playa lake, and the neighborhood park. A PID is funded by a small assessment based on the value of each property within the PID. This assessment will generate sufficient funds to pay the projected expenses of the PID. As an example, with an assessment of $0.15 per $100 valuation, an owner with a property valued at $100,000 would pay an assessment of only $150 per year for maintaining the public improvement areas. It is expected that the assessment rate would be no more than $0.15 per $100 valuation, and may be less. A PID is initiated by property owners within the proposed PID boundary, indicated by their signing a petition requesting that the City create the IIID. The petition is sufficient if it is signed by the owners of at least 50% of the appraised value of property within the PID boundary, and owners of either of the following: at least 50% of the area of all property within the proposed PID boundary, or, at least 50% of the number of properties within the proposed PID boundary. In addition to a petition signed by the sufficient number of owners, a five-year initial Service Plan must be prepared which outlines (among other things) the proposed services to be provided and the proposed method of assessment required to fund those services. Following submission of the petition and Five- year Service Plan, the City Council holds a public hearing to discuss and receive comments regarding establishment of the PID. Each property owner within the proposed PID will receive written notification of this public hearing. At a subsequent meeting, the City Council then approves a Resolution which establishes the PID, the proposed services and costs, and the method of assessment. Normally, a majority vote of Council is satisfactory. However, if there is a written protest signed by 20% of the owners, approval will require a 213 vote of the Council. The PID approval process normally takes about 4-5 months after submission of the petition to the City. Based on this time requirement, it is expected that if approved, the Willow Bend PID would take effect December 1, 2005. The assessment would be available for review on November 18, 2005. Willow Bend PID Proposed Service Plan WILLOW BEND PID Proposed Revenue/Expense Worksheet `Property Value growth fate = 2% annually -Expense growth rate = 2% annually -Phase II begins in 2008 ASSESSMENT INFORMATION 2005-2012 Assessment per $100,000 $ 150.00 2013-2014 Assessment per $100,000 $ 140.00 2005 2006 2007 2009 2010 2013 2014 T REVENUE Property Values` - 26,700,600 49,484,000 70,173,680 115,677,154 154,640,697 157,733,511 160,868,181 164,105,944 167,388,063 167,388,063 Discounted Property Values - 21,360,000 39,587,200 56,138,944 92,541,723 123,712,557 126,186,608 128,710,545 131,284,756 133,910,451 133,910,451 0.15 Assessment @ $0.15 - - 32,040 59,381 84,208 138,813 185,569 - - 500,011 0.14 Assessment $0.14 - - - - - - - 176,662 180,195 356,856 Total 73,040 58,381 84,208 138,813 185,568 176,682 1$0,195 856,867 Expense -SK" Maintenance of right-of-way - both sides of railroad - - - 17,500 17,.850 18,207 18,571 18,943 19,321 19,708 130,100 Phase I - 7 acres @ $2500 per acre Phase II - 7 acres @$2500 per acre -2% inc. each yea - - - 10,531 18,571 16,943 19,321 19,708 87,074 Maintenance & Rotation of Flowers - Entry Stations - - 12,000 12,240 12,485 12,734 12,989 13,249 13,514 89.,211 Phase 1- 2 stations @ $6000 each Phase II - 2 stations @ $6000 each - - - - 2,831 12,485 12,734 12,989 13,248 13,513 67,801 Maintenance around Playa Lake - 42.5 acres $1,750 per acre - - - - - - 45,192 74,375 75,863 77,380 272,809 Maintenance of Neighborhood Park 10 acres @$2,500 per acre - - - 25,000 25,500 26,010 26,530 27,061 27,602 157,703 Administrative Costs 2.000 2,000 5,000 5,000 5,000 5,000 5,000 29,000 Total - - 31,500 59,921 84,208 138,813 169,769 173,063 176,425 833,698 Cash Reserves - - - 540 (0) 0 0 15,801 19,399 23,169 23,169 `Property Value growth fate = 2% annually -Expense growth rate = 2% annually -Phase II begins in 2008 ASSESSMENT INFORMATION 2005-2012 Assessment per $100,000 $ 150.00 2013-2014 Assessment per $100,000 $ 140.00 Exhibit "B" Willow Bend Public Improvement District Proposed Boundary The east half of Section 3, Block D6, Lubbock County, Texas bounded by 4th Street, Inler Avenue, 19th Street and the west line of the east half of Section 3, Block D6, Lubbock County, Texas. Exhibit "C" Proposed 'Willow Bend Public Improvement District August 2005 4TH ST F4 �O Z Ll Ij 19TH ST 19TH ST 19TH ST z Legend Proposed WillowBendPIO