HomeMy WebLinkAboutResolution - 2005-R0518 - Approve Service Plan For Willow Bend PID - Schedule Public Hearing On WB PID - 11/07/2005Resolution No. 2005-RO518
November 7, 2005
Item 6.5
RESOLUTION AND ORDER
WHEREAS, the City of Lubbock in Resolution 2005-RO492 has
authorized the creation of the Willow Bend 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 the purpose of
maintaining the common areas on each side of the railroad, maintaining
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 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 Willow Bend 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 A.M. Thursday, December 1, 2005, in the City Council Chambers,
1625 13`h 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
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 7t1, day of 2005.
&,44v -
TOM MARTIN, MAYOR PRO TEM
ATTEST:
PA,"
Reb cca Garza, City Secretary
APPRO ED AS TO CONTENT:
Rob Alli c for of
Development Services
APPROVED AS TO FORM:
M. Knight, esrs-fant Ci Attorney
JK: Cityatt/John/RES-WillowBend PID assessment hearing 2005-R0492
Nov. 21, 2005
EXHIBIT "A"
Willow Bend PID Method of Assessment
Properties will be assessed based on the City's 2006 "net taxable value" as established by the Lubbock Central Appraisal District and submintted
to the City under Tax Code Section 26.04.
Assessment rate will be $0.154100 valuation.
All property will be assessed based on the final 2006 "net taxabale value".
Willow Bend PID Proposed Service Plan
WILLOW BEND PID
Proposed Revenue/Expense Worksheet
'Property Value growth rate = 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. 7 2008-
2009
2010
2011
2012
7013
2044
a
REVENUE
Property Values'
- 26,700,000 49,484,000 70,173,680
115,677,154
154,640,697
157,733,511
160,888,181
164.105,944
167388,063
167,388;063
Discounted Property Values
- 21,360,000 39,587,200 56,138,944
92,541,723
123,712,557
126,186,808
128,710,545
131,284,756
133910,451
133,910,451
0.15 Assessment @ $115
- - - 32,040
59,381
84,208
138,813
185,569
-
500,011
0.14 Assessment @ $114
-
176,662
180,195
356,856
Total
32,040
59,381
84,208
138,813
185,569
176,662
180,195
856,867
Expense -4K"
Maintenance of nOht-of-AM • both sides of railroad
- - - 12500
17,850
18,207
18,571
18,943
19,321
19,708
130,100
Phase I - 7 acres @ S2500 per acre
Phase II - 7 acres 1M$2500 per acre -2% inc - each ye4
10.531
18,571
18,943
19,321
19,708
87,074
Maintenance 8 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 C S6000 each
Phase II - 2 stations a $6000 each
- - - -
2.831
12,485
12,734
12,989
13,248
13,513
67,80 t
Maintenance around Playa Lake
42.5 acres $1,750 per acre
- - - -
-
-
45,192
74,375
75.863
77,380
272,509
Maintenance of Necihborhood Park
10 acres Z$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
$4,208
138,813
169,769
173,063
176,425
833,698
Cash Reserves
- 540
(0)
0
0
15,801
19,399
23,169
23,189
'Property Value growth rate = 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