CC MEETING: February 2, 2016
DATE: January 26, 2016
TO: Leonard Martin, City Manager
FROM: Marc Guy, Assistant City Manager
Title
Consider Approval Of A Reimbursement Agreement With CH CAR PID, LLC, A Texas Limited Liability Company, For The Carrollton Castle Hills PID No. 1, Located At The Southeast Corner Of Windhaven Parkway And Old Denton Road.
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BACKGROUND:
The city has received a petition to create a public improvement district (PID). The boundary of the PID will coincide with the 94.35-acre Singer Ranch at the southeast corner of Windhaven Parkway and Old Denton Road. The property will be developed for single-family detached homes as a future phase of Castle Hills. The purpose of the PID will be to fund site improvements and infrastructure that will support development within the district such as water and wastewater utilities, drainage, streets, sidewalks and project amenities like a perimeter screening wall, hike-and-bike trail and neighborhood park.
On January 5, 2016 City Council approved a resolution authorizing the creation of the Carrollton Castle Hills Public Improvement District No. 1.
The service and assessment plan (SAP) was considered by the City Council in the previous item. The SAP identifies the estimated cost of improvements within the district and establishes an allocation of those costs to be reimbursed to the developer from the property owner assessments. The reimbursement agreement sets forth the manner of payment of the costs from the special assessment to the person or entity that incurs the indebtedness for the improvements.
This agenda item action concludes the City's involvement in the process of creating the Castle Hills PID.
FINANCIAL IMPLICATIONS:
There will be a cost to the City for administration of the PID, which will be reimbursed to the City by the PID through the annual homeowner assessments.
STAFF RECOMMENDATION/ACTION DESIRED:
Staff recommends City Council approve approving a reimb...
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