AGENDA CAPTION:
Title
Consider approval of Ordinance 2020-45, on first and final reading, authorizing the issuance of the City of San Marcos, Texas Special Assessment Revenue Bonds, Series 2020 (Whisper Public Improvement District)"; approving and authorizing an indenture of trust, a bond purchase agreement, an offering memorandum, a continuing disclosure agreement, a landowner agreement and other agreements and documents in connection therewith; making findings with respect to the issuance of such bonds; providing for approval of this Ordinance on only one reading as authorized by Texas Government Code, Section 1201.028; and providing an effective date.
Body
Meeting date: June 2, 2020
Department: Finance
Amount & Source of Funding
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Fiscal Note:
Prior Council Action: October 2014 - Council approved term sheet, December 2015 - Term sheet amendment #1 extending date for submission of design plans to June 2016, September 2017 - Term sheet amendment #2 extending date for construction completion to September 2018 and increase of maximum annual assessment, January 2019 - Term sheet amendment #3 extending date for construction completion to May 2019 and create traffic impact analysis criteria, April 2020 - Term sheet amendment #4 referring all terms to the Amended and Restated Financing Agreement upon completion, May 2020 - Public hearing and PID assessments approved, issuance of PLOM Preliminary Limited Offering Memorandum was approved.
City Council Strategic Initiative: [Please select from the dropdown menu below]
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Comprehensive Plan Element (s): [Please select the Plan element(s) and Goal # from dropdown menu below]
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☐ Core Services
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Master Plan: [Please select the corresponding Master Plan from the dropdown menu below (if applicable)]
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Background Information:
Whisper PID (public improvement district) will reimburse the developer for infrastructure, improvement and construction completed for: 28-acre business park, 285 acres of commercial development, 106 acres single family residential, 111 acres master retail and commercial center, and 50,000 square foot commercial spec building. Estimated addition to the tax roles at build out is $638.2M. A maximum of $14.6M in PID bonds will be issued to reimburse the developer for improvements that provide special benefit to the district.
Council Committee, Board/Commission Action:
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Alternatives:
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Recommendation:
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