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AI# 12748  Regular City Council Meeting 5.10. 09/10/2024:

Information

Agenda Item

Ordinance 2nd Reading - Business Development: Consider Ordinance No. 2024-O0118, reviewing classifications for the methods of assessing special benefits for the services and improvements of property in the Bell Farms Public Improvement District; approving, adopting, and filing with the City Secretary the assessment roll; levying 2024 assessments for the cost of certain services and improvements to be provided in the district during FY 2024-25; 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 27, 2024, 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 Bell Farms Public Improvement District (PID) to speak in favor of, or in opposition to, the assessment to be levied in the Bell Farms PID for 2024. 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 by Thursday, August 10, 2024, 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 2024 is $0.12 per $100 valuation. This is the same rate as 2023. All property will be assessed for 2024.  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 assessment rate of $0.12 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 funds raised by the assessment will be used to provide landscape maintenance in the entryways and parks, repair and replace amenities, enhance and maintain amenities at the entry stations, lighting, and any other maintenance needed on projects in the District, as well as cover a portion of administering the PID. The projected assessment that will be collected for 2024, based on estimated values, is $486,092.

Staff/Board Recommending

Bill Howerton, Deputy City Manager  Brianna Brown, Director of Business Development Bell Farms PID Advisory Board

Attachments Ordinance Exhibit A Exhibit B Bell Farms PID 2024 Public Hearing Notice

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