Title
Consider and take action on an ordinance approving the 2021-22 annual service and assessment plan update for the League City Public Improvement District No. 2 (Victory Center) (Interim Finance Director)
Staff requests approval on first and final reading.
Background:
Approval of this ordinance will approve the 2021-22 annual update to the service and assessment plan ("SAP") for the League City Public Improvement District No. 2 ("PID 2"). Under Section 372.013(b) of the Texas Local Government Code, the City Council is required to annually review and potentially update the SAP. Staff is presenting the 2021-21 SAP for PID 2 in compliance with Section 372.013(b). Under the 2021-22 SAP update, the applicable assessment rates of PID 2 are not changing.
The original SAP was adopted by City Council on March 13, 2001, and such SAP was amended from time to time. The 2021-22 SAP update includes the projected five-year service plan and shows the 2021-22 annual installments to be collected from parcels within Phase 1 ($199), Phase 2 ($2,261), Phase 3 ($8,272), Phase 4 ($21,773), Phase 5 ($28,428), Phase 6 ($43,888) and Phase 7 ($51,281) of PID 2.
Pursuant to City Ordinance 2015-48, the first annual installments of assessments for parcels located in Phase 7 of PID 2 will be collected in 2021-22 at a rate of $1.27 per square foot resulting in total assessments of $1,025,610.09. The Phase 7 annual installments will continue to be collected from each property in Section 7 for twenty years or until the assessments are paid in full.
The Texas Legislature passed House Bill 1543 as an amendment to the PID act, requiring, among other things, (i) all SAP’s and Annual Service Plan updates approved through City ordinance or order to be filed with the county clerk of each county in which all or part of the PID is located within seven (7) days of approval and (ii) include a copy of the notice form required by Section 5.014 of the Texas Property Code (the “PID Assessment No...
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