Print Reading Mode Return
			7.7.
Regular City Council Meeting
Meeting Date: 09/14/2021
Information
Agenda Item
Ordinance 2nd Reading - Finance: Consider Ordinance No. 2021-O0110, reviewing classifications for the methods of assessing special benefits for the services and improvements of property in the Valencia Public Improvement District (PID); approving, adopting, and filing with the City Secretary the assessment roll; levying 2021 assessments for the cost of certain services and improvements to be provided in the district during FY 2021-22; 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 August 24, 2021, a public hearing was held, and the City Council approved the first reading of the ordinance. The purpose of the public hearing is to provide the opportunity for property owners in the Valencia PID to speak in favor of, or in opposition to, the assessment to be levied in the Valencia PID for 2021.  The City of Lubbock is required to hold a public hearing annually to levy the assessment.  A Notice of Public Hearing was published in the Lubbock Avalanche Journal, and notices were mailed to the property owners on Thursday, August 12, 2021, 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 rate for 2021 is $0.18 per $100 valuation.  This is an increase of $0.02 from $0.16 in 2020 to $0.18 in 2021.  The park was transferred to Valencia PID in FY 2020-21 and the increase is necessary to fund the maintenance of the park and entry ways in the PID.  All property will be assessed for 2021. The City Council is required to review the Service and Assessment Plan annually, hold a public hearing, and adopt an ordinance setting the assessment rate for the PID.  The attached ordinance reflects the proposed rate of $0.18 per $100 valuation.  The revised service and assessment plan is included in the backup.  Exhibit C to the ordinance is available for viewing in the Office of the City Secretary.
Fiscal Impact
The assessments will go into a separate Valencia PID fund. The funds raised by the assessment will be used to provide maintenance for the public improvements in the District, as well as cover the cost of administering the PID. The projected assessment that will be collected for 2021 is $55,827.
Staff/Board Recommending
D. Blu Kostelich, Chief Financial Officer Valencia PID Advisory Board
Attachments Ordinance - Valencia PID 2021

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