AGENDA CAPTION:
Title
Receive a Staff presentation and hold a public hearing to receive comments for or against Resolution 2020-233R, in accordance with Chapter 372 of the Texas Local Government Code: making findings as to the advisability of the improvements proposed in the petition to create the River Bridge Ranch Public Improvement District (the “District”); establishing the district; and authorizing management of the district; and consider approval of Resolution 2020-233R.
Body
Meeting date: October 29, 2020
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Fiscal Note:
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Master Plan: [Please select the corresponding Master Plan from the dropdown menu below (if applicable)]
Wastewater Master Plan
Background Information:
A public hearing will be conducted regarding the creation of the proposed River Bridge Ranch Public Improvement District (“PID”). The purpose of the PID is to provide a means of financing public infrastructure improvements to serve 563.797 acres of land with regional city wastewater service (“Regional Sewer Improvements”) in lieu of a privately-operated package treatment plant. The property to be served is “The Mayan Tract” that was annexed by the city in 2008. In addition, the PID would provide a means of financing public improvements to provide screening of residential development adjacent to FM 110 with a masonry wall and construct a bike/pedestrian trail system serving the adjacent property (“Buffer Improvements”). The estimated cost of the Regional Sewer Improvements and Buffer Improvements is expected to be less than $10,000,000.
Following the public hearing, the council will consider adoption of a resolution creating the River Bridge Ranch Public Improvement District. As provided in the resolution, any certificates of obligation or revenue bonds issued to finance the Regional Sewer improvements and the Buffer Improvements would be repaid solely from assessments made on the benefitted property and would not impose a financial burden on the City of San Marcos for repayment.
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Recommendation:
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