AGENDA CAPTION:
Title
Consider approval of Ordinance 2022-79, on the first of two readings, approving the 2022 Annual Service Plan Update for the Trace Public Improvement District; authorizing the City Manager, or her designee, to execute said document on behalf of the City; and declaring an effective date.
Body
Meeting date: September 20, 2022
Department: Finance Department, Jon Locke, Director of Finance
Amount & Source of Funding
Funds Required: N/A
Account Number: Click or tap here to enter text.
Funds Available: Click or tap here to enter text.
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Fiscal Note:
Prior Council Action: City Council approved creation of the Trace Public Improvement District in September 2015 and the original Service and Assessment Plan was approved in October 2016. Service and Assessment Plan Updates have been approved by City Council in 2019, 2020 and 2021.
City Council Strategic Initiative: [Please select from the dropdown menu below]
Workforce Housing
City Facilities
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Comprehensive Plan Element (s): [Please select the Plan element(s) and Goal # from dropdown menu below]
☒ Economic Development - Choose an item.
☐ 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.
☐ Not Applicable
Master Plan: [Please select the corresponding Master Plan from the dropdown menu below (if applicable)]
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Background Information:
Highpointe Communities has approximately 420 acres of land, generally located on the east side of IH-35, south of Posey Road, and also bordered by Old Bastrop Highway, at the southern edge of the City of San Marcos. The property is primarily for residential housing along with a component of multi-family along with a business park and community commercial.
On September 1, 2015, the City of San Marcos City Council approved a term sheet that designated the parameters for which a Public Improvement District for the Trace Subdivision would be created. The key terms included the following:
Maximum Total Indebtedness: $19,500,000
Total Construction Dollars for which the developer can be reimbursed: $15,500,000
The Maximum Total Equivalent Tax Rate could not exceed $0.50
In October 2016, the City Council adopted a Service and Assessment Plan for the Trace Public Improvement District.
State statute requires the annual update of the service and assessment plan be approved by the City Council each year. The Service and Assessment Plan was updated in January 2019, August 2019, August 2020 and most recently, on August 17, 2021, by Council action.
Council Committee, Board/Commission Action:
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Alternatives:
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Recommendation:
City staff recommends approval of the Annual Service and Assessment Plan.