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AI# 10468
Regular City Council Meeting
8.14.
03/22/2022:
Information
Agenda Item
Resolution - Business Development:
Consider a resolution approving a reimbursement agreement between the City of Lubbock and MM Holdsworth NWP, LLC., for the construction of drainage improvements in the Northwest Passage Public Improvement District (PID).
Item Summary
Following a public hearing at a Regular City Council meeting on September 14, 2021, the City Council approved the Creation Resolution establishing the Northwest Passage Public Improvement District (PID). The creation resolution was recorded with the Lubbock County Clerk's office on September 21, 2021, as required by state statute.
Following a public hearing, the City Council will consider the first reading of the Assessment Ordinance, which approves the Service and Assessment Plan. The Service and Assessment Plan identifies the authorized improvements to be designed, constructed, and installed in the district, as well as the costs of those improvements.
The purpose of this agreement is to outline the installation of public improvements, exclusively related to drainage, that will be completed by the developer, and the reimbursement schedule of the PID for these improvements. The City will bill, collect, and immediately deposit into the PID Reimbursement Fund all assessment revenue collected from the payment of assessments, and will pay the Developer the amount of improvements plus interest.
Fiscal Impact
None
Staff/Board Recommending
Blu Kostelich, Chief Financial Officer
Attachments
Resolution
Reimbursement Agreement
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