AGENDA CAPTION:
Title
Consider approval of Resolution 2020-239R, approving an Assessment and Collection Agreement between the City and Hays County regarding the collection of assessments for the Whisper Public Improvement District located in the vicinity of IH-35 and Yarrington Road; authorizing the City Manager to execute the agreement on behalf of the City; and providing an effective date.
Body
Meeting date: November 4, 2020
Department: Melissa Neel - Assistant Director of 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, June 2020 - levy of special assessments
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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. PID bonds were issued in the principal amount of $14.3M to reimburse the developer for improvements that provide special benefit to the district.
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Recommendation:
Staff recommends approving the Assessment and Collection Agreement