Title
Consider and take action to approve a resolution consenting to the annexation by Bay Colony West Municipal Utility District of 37+ acres generally located east of Enterprise Drive, north of F.M. 2094 (Marina Bay Drive), and west of Lakeside Drive and West Drive (Director of Engineering)
Background:
Approval of this resolution, will consent to the annexation by Bay Colony West Municipal Utility District of 37+ acres generally located east of Enterprise Drive, north of FM 2094 (Marina Bay Drive), and west of Lakeside Drive and West Drive.
· The existing boundaries of the Bay Colony West Municipal Utility District (the “District”) contain approximately 651.2 acres of territory within the League City limits.
· On or about June 21, 2017, Joe Watson, c/o Town Harbour Estates, LLC, requested and received approval from the District’s Board of Directors to have approximately 37+ acres of land annexed into the District. Said 37+ acres is the site of a soon-to-be proposed residential development. This annexation is allowed as noted in the Texas Water Code, Section 49.301.
· According to the attached request, petition, City staff discussions with the District’s engineer and the Bay Colony West HOA, the proposed annexation:
o would require the issuance by the District of an additional $2.4 million in bonds for the proposed development, but would not be issued until there is enough tax value on the ground to pay for all of the principal and interest on said bonds.
o would not extend the term of the District, currently set to expire in the year 2036.
o would generate approximately $450,000 in surplus revenue annually (over the cost of new bond debt service).
o would generate over the next 14 to 16 years approximately $6 million in funds for the District which could allow the District to pay off existing bonds early or reduce the tax rate.
· Pursuant to Ch. 42 of the Texas Local Government Code and Ch. 54 of the Texas Water Code, the District may not add land without ...
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