AGENDA CAPTION:
Title
Consider approval of Ordinance 2024-36, on the first of two readings, approving the 2024 Annual Service Plan Update for the Whisper 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 October 2014, City Council adopted Resolution 2014-143 creating the Whisper Public Improvement District. In September 2017, City Council adopted Resolution 2017-139, approving a Financing Agreement for the Whisper Public Improvement District. In June 2020, City Council adopted Ordinance 2020-37 approving a special assessment for the Whisper Public Improvement District. The annual service plan has been updated annually since 2021, most recently in 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 October 6, 2014, the City Council approved Resolution No. 2014-143R, creating the Whisper Public Improvement District (PID) to finance certain authorized improvements for the benefit of property within the PID.
On June 2, 2020, the City Council approved the original Service and Assessment Plan (SAP) and levied $14,300,000 in assessments to finance the authorized improvements to be constructed for the benefit of the assessed property within the PID by approving Ordinance No. 2020-37. The original Service and Assessment Plan identified the authorized improvements to be provided by the PID, the costs of the authorized improvements, the indebtedness to be incurred for the authorized improvements, and the manner of assessing the property in the PID for the costs of 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 Service and Assessment Plan has been updated each year since 2021, most recently on October 2023.
Council Committee, Board/Commission Action:
N/A
Alternatives:
N/A
Recommendation:
City Council approve the Annual Service and Assessment Plan update.