Title
Consider and take action on a resolution authorizing a three-year contract for the Administrative Services Agreement with MuniCap, Inc. for Public Improvement District Administration Services in an amount not to exceed $195,000 (Director of Finance)
Background:
Approval of this resolution will authorize a three-year contract of the Administrative Services Agreement with MuniCap, Inc for the period of September 30, 2024 through September 30, 2027 with two options for renewing for one year. The contract will be for an amount not to exceed $195,000 or $65,000 per year which is the same price of our last agreement. For the five-year period ending on 9/30/2024 the total expenditures were $222,448.
The City currently has four active PIDs: PID #1, #2, #3 and #5. Local Government Code 372.013(b) requires that the PID service & assessment plans be reviewed and updated annually in conjunction with preparation of the annual budget. The Administrator will be responsible for assisting the City with the necessary updates. The services provided by MuniCap, Inc. will include administrative support services related to the special assessments including calculating and allocating the annual installments, preparation of the annual budget, determining necessary amendments to the annual assessment roll, revising the service and assessment plans, delinquency management, homebuyer disclosure services, and other PID support services as deemed necessary by the City.
MuniCap, Inc. has a long history of providing PID creation and administration services and has provided the City with excellent service for the past five (5) years. They have helped clients successfully execute over 250 public funding programs which have provided nearly $6 billion of public investment in development projects. MuniCap, Inc. offers a high degree of specialization and their wealth of knowledge & experience with issues encountered during administering PIDs will be valuable to the City as we ensure that ...
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