Staff recommends that Council conduct a public hearing and approve the resolution creating SID 1421 Cypress Point.

Ron Hill, owner of 17 of the 23 lots proposed in the SID 1421 district boundary, desires to construct public improvements on Opal Lane, Greenbriar Road, and Cypress Point. The infrastructure generally consists of water, sanitary sewer, storm drain, curb and gutter, and street improvements to Opal Lane, Greenbriar Road, and Cypress Point.  Ron Hill will pay a cash contribution for the infrastructure cost associated with 17 of his lots.  This is necessary to meet the requirements of the City's Raw Land District Requirements (Resolution No. 87-15592). Ron Hill's cash contribution represents 72% of the total project costs.  Attached is a map of the district and the Resolution Creating SID 1421. The valid protests received for the SID will be presented at the City Council meeting.

The Council may:

• Conduct a public hearing and approve the resolution creating SID 1421; or,
• After holding a public hearing, do not approve the resolution creating SID 1421.  If not approved, Cypress Point, Opal Lane, and Greenbriar Road will not be constructed by adjacent property owners.  These streets need to be constructed to make the 23 existing lots buildable.

The total estimated costs of the Improvements are $1,195,908.34.  The costs of the Improvements are to be paid from the following sources:  (1) $335,000.00 of Special Improvement District bonds; and (2) $860,908.34 of cash contribution by Ron Hill, the owner of 17 of the 23 lots in the District.