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<br /> <br />EST FOR CITY COUNCIL AGENDA ITEM <br /> <br />Appropriation <br /> <br />Requested By: <br /> <br />Source of Funds: <br /> <br />Department: <br /> <br />Account Number: <br /> <br />Report: <br /> <br />Resolution: X Ordinance: <br /> <br />Amount Budgeted: <br /> <br />Exhibits: Resolution-Findings in Connection wi PID #1 <br /> <br />Amount Requested: <br /> <br />Exhibits: Resolution-Authorizine: the Establishment of PID #1 <br /> <br />Budgeted Item: YES <br /> <br />NO <br /> <br />Exhibits: Petition for the Creation of the I.akes @ Fairmont Green PID <br /> <br />Exhibits: Various PrQjections Relatin~ to the PIn: <br />o Buildout Schedule <br />o Assessed Valuations <br />o Debt Service & Developer Reimbursement <br />o La Porte PID Costs <br />o PID Reimbursement - Capital Costs <br />o Amortization Schedule <br /> <br />SUMMARY & RECOMMENDATION <br /> <br />In October 2004 Mr. Fogarty (through David Hawes, TIRZ/Redevelopment Authority Consultant) requested consideration of a <br />PID (Public Improvement District) to assist him in recouping some expenses that the Authority's reimbursement will not cover. <br />In a December 13,2004 City Council Workshop, David Hawes discussed the petition for this creation. <br /> <br />PID's are allowable per the adopted TIRZ Guidelines and Tri-Party Agreement. In fact, a PID may be a successful way to also <br />address future maintenance issues for the detention basins, perimeter fencing, landscaping, etc. Staff has been in discussions <br />with Mr. Fogarty regarding these items. The collection of a PID assessment levied by the City would be easier and preferable <br />than relying on a Homeowners' Association to undertake this kind of maintenance activity. <br /> <br />The proposed PID assessment will have 2 components. One component is .201$100 valuation for capital costs reimbursement, <br />which last for 15 years. The second component is .12/$100 valuation for supplemental services (maintenance items listed <br />above), which is perpetual. <br /> <br />A representative from Hawes, Hill, Calderon, LLP (consultant) will be available at the Public Hearing for additional <br />information or to answer any questions. <br /> <br />Action Required bv Council: <br /> <br />Consider approval of Resolution _ making findings in connection with the Proposed Public Improvement District Number <br />One and Resolution _ authorizing the establishment of Public Improvement District Number One in the City of La Porte. <br /> <br /> <br />(;; U-rJ~ <br /> <br />Date I' <br />