DEPARTMENT: Center City Development & Operations Department
DEPARTMENT HEAD: Jim Mery, Deputy Director
COUNCIL DISTRICTS IMPACTED: 1
SUBJECT:
A Public Hearing and consideration of an Ordinance approving the levy of a Special Assessment for the Downtown Public Improvement District (PID); levying an assessment rate for Fiscal Year 2015 at $0.15 per $100.00 value of real property in the PID and $0.09 per $100.00 value of residential condominiums; and approving the Fiscal Year 2015 Services and Assessment Plan for the PID.
SUMMARY:
This public hearing is called to consider public comment in conjunction with City Council consideration of an ordinance approving the levy of a special assessment to fund supplemental services for the Downtown Public Improvement District (PID); maintaining an assessment rate at $0.15 per $100.00 value of commercial real property in the PID and $0.09 per $100.00 value of residential condominiums in the PID; and approving the FY 2015 Service and Assessment Plan (the Plan) for the PID. The Plan includes the annual budget for the PID, provides a five-year fiscal forecast and sets the supplemental special assessment rate to fund services and improvements for the PID. This item also includes the consideration and approval of levying the assessment, rate and plan immediately following the public hearing.
BACKGROUND INFORMATION:
A public improvement district (PID) is a mechanism authorized by Chapter 372 of the Local Government Code, known as the Public Improvement District Assessment Act (the Act), that permits the City to levy an additional assessment on property owners within specified boundaries that may be used for capital improvements or services which supplement those provided by city government. The Downtown PID was created in 1999 for an initial five-year term and then was renewed again in 2004 and 2009. In May 2013, the City Council reauthorized the PID for a ten-year term beginning October 1, 2014...
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