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AI# 11472
Regular City Council Meeting
6.5.
04/25/2023:
Information
Agenda Item
Ordinance 2nd Reading - Business Development:
Consider Ordinance No. 2023-O0037, reviewing classifications for the methods of assessing special benefits for the services and improvements in the Upland Crossing 2 Public Improvement District (PID); approving, adopting and filing with the City Secretary the assessment role; levying 2023 assessments for the cost of certain services and improvements to be provided in the district during FY 2023-24; fixing charges and liens against the property in the district and against the owners thereof; and providing for the collection of the assessment.
Item Summary
On April 11, 2023, a public hearing was held, and the City Council approved the first reading of the ordinance.
The purpose of the public hearing was to provide the opportunity for owners in the Upland Crossing 2 PID to speak in favor of, or in opposition to, the assessment to be levied in the Upland Crossing 2 PID for 2023. A notice of public hearing was posted in the Lubbock Avalanche Journal, and notices were mailed to the property owners on Friday, March 31, 2023, as required by the statute. At or on the adjournment of the hearing on proposed assessments, the governing body of the municipality must hear and pass on any objections to the proposed assessment.
The proposed assessment for the first year is for tax year 2023 which will fund the budget for FY 2023-24. The total cost of services provided by the District is estimated at $122,730 over the next five years. The estimated annual cost rises from $15,000 in the first year to $31,524 in year five. The method of assessment for the Upland Crossing 2 PID will be based on taxable value. The proposed assessment rate for 2023 is $0.12 per $100 valuation. All property will be assessed for 2023.
The funds raised by the assessment will be used to provide design, construction and maintenance of drainage improvements, any other maintenance needed on projects in the District, as well as cover the cost of administering the PID.
Fiscal Impact
The estimated assessment that will be collected for 2023, based on projected values, is $3,145.
Staff/Board Recommending
D. Blu Kostelich, Chief Financial Officer
Attachments
Assessment Ordinance
Public Hearing Notice
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