Print
Reading Mode
Return
AI# 11473
Regular City Council Meeting
7.3.
04/11/2023:
Information
Agenda Item
Public Hearing - Business Development:
Hold a public hearing on the proposed 2023 assessment rate for the Upland Crossing 3 Public Improvement District (PID), and consider an ordinance reviewing classifications for the methods of assessing special benefits for the services and improvements of property in the Upland Crossing 3 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
This item includes a public hearing followed by consideration of the Assessment Ordinance. The ordinance to levy assessments is the last activity in the PID establishment process.
The purpose of the public hearing is to provide the opportunity for property owners in the Upland Crossing 3 PID to speak in favor of, or in opposition to, the assessment to be levied in the Upland Crossing 3 PID for 2023. A notice of public hearing was published 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 estimated cost of services provided by the District is estimated at $117,730 over the next f5 years. The estimated annual cost rises from $10,000 in Year 1 to $31,524 in Year 5. The method of assessment for the Upland Crossing 3 PID will be based on taxable value. The proposed assessment rate for 2023 is $0.18 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, and the cost of administering the PID.
Fiscal Impact
The estimated assessment that will be collected for 2023, based on projected values, is $94.
Staff/Board Recommending
D. Blu Kostelich, Chief Financial Officer
Attachments
Assessment Ordinance
Public Hearing Notice
AgendaQuick ©2005 - 2024 Destiny Software Inc.
All Rights Reserved.