AGENDA CAPTION:
Title
Consider approval of Ordinance 2024-37, on the first of two readings, approving the 2024 Annual Service Plan Update for the Whisper South Public Improvement District; authorizing the City Manager, or designee, to execute said document on behalf of the city; and declaring an effective date.
Body
Meeting date: August 20, 2024
Department: Finance
Amount & Source of Funding
Funds Required: N/A
Account Number: N/A
Funds Available: N/A
Account Name: N/A
Fiscal Note:
Prior Council Action: In May 2021, City Council adopted Resolution 2021-91 creating the Whisper South Public Improvement District (PID). In December 2021, City Council adopted Ordinance 2021-95, approving the original Service and Assessment Plan and special assessment for the Whisper South PID. In October 2022, the first Service and Assessment Plan update was approved by City Council for the Whisper South PID. The Whisper South PID Service and Assessment Plan update was last approved on October 2023.
City Council Strategic Initiative: [Please select from the dropdown menu below]
Public Safety, Core Services & Fiscal Excellence
Economic Vitality
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Comprehensive Plan Element (s): [Please select the Plan element(s) and Goal # from dropdown menu below]
☒ Economic Development - Fiscally Responsible Incentives for Economic Development
☐ Environment & Resource Protection - Choose an item.
☐ Land Use - Choose an item.
☐ Neighborhoods & Housing - Choose an item.
☐ Parks, Public Spaces & Facilities - Choose an item.
☐ Transportation - Choose an item.
☐ Core Services
☐ Not Applicable
Master Plan: [Please select the corresponding Master Plan from the dropdown menu below (if applicable)]
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Background Information:
On May 4, 2021, the City Council approved a resolution creating the Whisper South Public Improvement District (PID) to finance certain authorized improvements for the benefit of certain property within the PID.
On December 15, 2021, the City Council approved the original service and assessment plan and levied $14 million in assessments to finance the authorized improvements.
State statute requires the annual update of the service and assessment plan be approved by the City Council each year. A change in state law that became effective in 2022 requires service and assessment plan updates to be adopted by ordinance. Prior to 2022, updates were adopted via resolution. The Whisper South PID Service and Assessment Plan update was last approved on October 2023.
Council Committee, Board/Commission Action:
N/A
Alternatives:
N/A
Recommendation:
City Council approve the Annual Service and Assessment Plan update.