Posting Language
Title
Approve an ordinance approving the Indian Hills Public Improvement District 2024 Annual Service Plan Update and declaring an emergency.
De
Lead Department
Financial Service Department
Fiscal Note
This item has no fiscal impact.
Prior Council Action:
July 20, 2023 - Council approved Ordinance No. 20230720-022 approving the Indian Hills Public Improvement District 2023 Annual Service Plan Update and declaring an emergency.
September 17, 2015 - Council approved Ordinance No. 20150917-008 authorizing negotiation and execution of an amendment to the Water Cost Reimbursement Agreement.
November 3, 2011 - Council approved Ordinance No. 20111103-011 accepting and approving a Service and Assessment Plan and Assessment Roll; approved Ordinance No. 20111103-052 authorizing the issuance of City of Austin, Texas Special Assessment Revenue Bonds, Senior Series 2011, in an amount not to exceed $3,500,000; and approved Ordinance No. 20111103-053 authorizing the issuance of City of Austin, Texas Special Assessment Revenue Bonds, Subordinate Series 2011, in an amount not to exceed $3,000,000.
August 26, 2010 - Council approved Ordinance No. 20100826-004 authorizing negotiation and execution of an amended and restated cost reimbursement agreement with Club Deal 116 Indian Hills, LP for construction of 48-inch and 24-inch water mains and for the design of a wastewater treatment plant; approved Ordinance No.20100826-021 annexing the Indian Hills annexation area for the limited purposes of planning and zoning; approved Ordinance No. 20100826-022 adopting a regulatory plan for the Indian Hills annexation area; and approved Resolution No. 20100826-023 authorizing creation of a public improvement district for the Indian Hills Area.
June 18, 2009 - Council approved the Indian Hills Development Agreement.
For More Information:
Marija Jukic, Controller, 512-974-2951; Kim Euresti, Deputy Controller, 512-974-2232.
Additional Backup Information:
Indian Hills is a mixed-use planned community located west of SH 130 and east of FM 973. The planned development for the 240-acre Indian Hills property includes approximately 1,160 apartment units and approximately 2.8 million square feet of office, light industrial, and neighborhood retail uses. The center portion of the site will be used for the extension of Decker Lake Road, the main thoroughfare. The Public Improvement District provides the financing mechanism through the apportionment, levying, and collection of assessments to support the issuance of debt for the basic infrastructure that will support the planned community (water, wastewater, and roads).
On November 3, 2011, Special Assessment Revenue Bonds, Senior Series, in the amount of $2,860,000 (the “Senior Bond”) and Subordinate Series, in the amount of $2,332,349.75 (the “Subordinate Bond”), were sold to finance the infrastructure improvements. Assessments will be used to make the debt service payments on the Senior Bond and cover annual costs associated with administering the District.
Bonds:
|
Original Issue Date |
Series |
Original Issue Amount |
Amount Outstanding, June 30, 2024 |
|
November 03, 2011 |
Senior Bonds, Series 2011 |
$2,860,000 |
$1,345,000 |
|
November 03, 2011 |
Subordinate Series, 2011 |
$2,332,349.75 |
0(1) |
(1) The Subordinate Bond was paid off on December 1, 2016
Service and Assessment Plan
The Service and Assessment Plan covers a period of at least five years and must be updated annually in order to determine the annual budget for improvements and define the annual assessment, as required by Chapter 372 of the Texas Local Government Code. The Service and Assessment Plan describes the property included in the PID, outlines financing requirements, defines the authorized improvements and associated costs, explains the assessment plan and assessment methodology, defines the terms of the assessments and allocation among land parcels, covers the payment and collection of assessments, and explains the assessment roll process.
The Indian Hills Public Improvement District 2024 Annual Service Plan Update, dated July 18, 2024, is attached as Exhibit A to the proposed ordinance.