Posting Language
Title
Approve an ordinance approving the Estancia Hill Country Public Improvement District 2024 Annual Service Plan Update and declaring an emergency.
De
Lead Department
Financial Services Department
Fiscal Note
There is no fiscal impact.
Prior Council Action:
July 20, 2023 - Council approved Ordinance No. 20230720-021 approving the Estancia Hill Country Public Improvement District 2023 Annual Service Plan Update and declaring an emergency.
November 18, 2021 - Council approved Ordinance No. 20211118-012 approving the 2021 Service Plan Update to reallocate Improvement Area #2 assessments and declare an emergency.
December 13, 2018 - Council approved Ordinance No. 20181213-093 authorizing the issuance of $4,265,000 in Revenue Bonds, Series 2018; approved Ordinance No. 20181213-094 authorizing the issuance of $8,305,000 in Revenue Bonds, Series 2018; and approved Ordinance No. 20181213-095 adopting an amended and restated service and assessment plan.
June 28, 2018 - Council approved Ordinance No. 20180628-026 adopting the First Amendment to Estancia Hill Country PID Financing Agreement.
June 20, 2013 - Council approved Ordinance No. 20130620-052 accepting and approving a Service and Assessment Plan and Assessment Roll; approved Ordinance No. 20130620-064 annexing the Estancia annexation area for limited purposes of planning and zoning; approved Ordinance No. 20130620-065 authorizing a regulatory plan for the Estancia annexation area; and approved Ordinance No. 20130620-076 authorizing the issuance of City of Austin, Texas Special Assessment Revenue Bonds, Series 2013 in an amount not to exceed $12,590,000.
June 6, 2013 - Council approved Resolution No. 20130606-054 authorizing creation of a PID for the Estancia Hill Country project and authorized negotiation and execution of an agreement relating to financing certain improvements.
January 17, 2013 - Council approved the Estancia Hill Country Interim Annexation and Development agreement.
For More Information:
Marija Jukic, Controller, 512-974-2951; Kim Euresti, Deputy Controller, 512-974-2232.
Additional Backup Information:
The Estancia Hill Country project (approximately 600 acres) is located in southern Travis County west of IH 35 South and approximately eight-tenths of a mile south of the intersection of IH 35 South and Onion Creek Parkway. This area is currently in the city’s limited purpose jurisdiction. This area is currently under development and the developer’s plans for this site include a mixed-use project with residential and commercial land uses.
The Estancia Hill Country Public Improvement District (PID) provides a financing mechanism through the apportionment, levying, and collection of PID assessments for the construction, ownership, and maintenance of certain improvements to support the planned community and for the issuance of bonds to finance certain improvements.
On June 20, 2013, Special Assessment Revenue Bonds in the amount of $12,590,000 were sold to finance these improvements. On December 13, 2018, Special Assessment Revenue Bonds, Series 2018 IA#1, in the amount of $4,265,000 and Special Assessment Revenue Bonds, IA#2 Series 2018, in the amount of $8,305,000 were sold. Assessments will be used to make the debt service payments on these bonds, fund required reserves and cover annual costs of administering the PID.
Bonds:
|
Original Issue Date |
Series |
Original Issue Amount |
Amount Outstanding, June 30, 2024 |
|
June 20, 2013 |
Series 2013 |
$12,590,000 |
$5,510,000 |
|
December 13, 2018 |
IA#1 Series 2018 |
4,265,000 |
2,815,000 |
|
December 13, 2018 |
IA#2 Series 2018 |
8,305,000 |
4,705,000 |
Service and Assessment Plan
The Service and Assessment Plan covers a period of at least five years and must be updated annually for determining the annual budget for improvements and defining 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 Estancia Hill Country Public Improvement District 2024 Annual Service Plan Update, dated July 18, 2024, is attached as Exhibit A to the proposed ordinance.