O-2010-3275 First Amended/Restated Service/Assessment Plan for Lakes at Fairmont Greens Public Improvement District

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REQUEST FOR CITY COUNCIL AGENDA ITEM Agenda Date Requested: September 13, 2010 Requested By: John Joerns Department: City Manager's -OO ice Report: Resolution: Ordinance: X Exhibits: Ordinance and Exhibit A Exhibits: Letter to 65 La Porte Ltd., dated September 1, 2010 Budeet Source of Funds: Account Number: Amount Budgeted: Amount Requested Budgeted Item: YES NO Exhibits Strike & Underline of changes in original Ordinance and Exhibit A SUMMARY & RECOMMENDATION In September 2004, 65 La Porte Ltd., petitioned the City to create a Public Improvement District (PID). A PID was created and after discussion/negotiation with the developer the adopted service and assessment plan and related documents included two components; (1) an assessment for capital improvements and (2) an assessment for maintenance of PID related items. Recent discussions with the developer and our PID/TIRZ/Redevelopment Authority consultants considered re-structuring(s) of the PID up to and including deletion of the maintenance component for PID related items. The approach preferred by both the developer and staff is to delete the maintenance component with the capital component to be maintained. Approving this ordinance (with Exhibit A, First Amended and Restated Service and Assessment Plan) will remove the maintenance component, but keep in place the capital assessment. If approved what will be required as a follow up is a re -plat of Lakes of Fairmont Greens Section One, restructuring of the Developers Agreement (and its Exhibits) and a public hearing and approval of an ordinance levying the assessment for the capital component for Section One. The developer has been provided a letter acknowledging the follow up items that are required before building permits will be considered. ordinance approving the First Amended and Restated Service and Assessment Plan. Bottoms, City Manager Date