AGENDA CAPTION:
Title
Receive a Staff presentation and hold a Public hearing to receive comments for or against Ordinance 2021-95, Levying Special Assessments for, and apportioning the costs of, certain improvements to property in and for the Whisper South Public Improvement District; fixing a charge and lien against all properties within the district, and the owners thereof; providing for the manner and method of collection of such assessments; making a finding of special benefit to property in the district and the real and true owners thereof; approving a service and assessment plan; providing a severability clause; and providing an effective date, and consider approval of Ordinance 2021-95, on the first of two readings.
Body
Meeting date: December 7, 2021
Department: Finance, Marie Kalka, Finance Director
Amount & Source of Funding
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Funds Available: Click or tap here to enter text.
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Fiscal Note:
Prior Council Action: December 2020 - Council appointed committee to negotiate the terms; May 2021 Term Sheet approved; August 2021, Council approved the development agreement and annexation.
City Council Strategic Initiative: [Please select from the dropdown menu below]
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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.
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☐ Neighborhoods & Housing - Choose an item.
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☐ Core Services
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Master Plan: [Please select the corresponding Master Plan from the dropdown menu below (if applicable)]
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Background Information:
Whisper South PID (Public Improvement District) will reimburse the developer up to $14,000,000 for infrastructure, improvements and construction completed that provide special benefit to the district that includes approximately 72 acres of commercial, 50 acres of multifamily, and 1,338 SF residential homes. Construction is to begin in the first quarter of 2022 and be completed within one year. Estimated addition to the tax roles at build out of all three improvement areas is approximately $498,000,000.
Attached to this agenda is the Service and Assessment plan for review and approval.
Council Committee, Board/Commission Action:
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Alternatives:
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Recommendation:
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