Posting Language
Title
Approve an ordinance approving the Indian Hills Public Improvement District 2025 Annual Service Plan Update and declaring an emergency. Funding: All internal and external expenses of the Public Improvement District both internal and external should be recovered by the fees assessed against the property owners within the Public Improvement District. This item has no fiscal impact.
Body
Lead Department
Financial Services Department
Fiscal Note
This item has no fiscal impact. All internal and external expenses of the Public Improvement District should be recovered by the fees assessed against the property owners within the Public Improvement District.
Prior Council Action:
July 18, 2024 - Council approved Ordinance No. 20240718-019 approving the Indian Hills Public Improvement District 2024 Annual Service Plan Update and declaring an emergency.
September 17, 2015 - Council approved Ordinance No. 20150917-008 approving an amendment to the Water Cost Reimbursement Agreement.
November 3, 2011 - Council approved Ordinance No. 20111103-011 approving a Service and Assessment Plan and Assessment Roll.
November 3, 2011 - Council approved Ordinance No. 20111103-052 authorizing the issuance of City of Austin, Texas Special Assessment Revenue Bonds, Senior Series 2011.
November 3, 2011 - Council approved Ordinance No. 20111103-053 authorizing the issuance of City of Austin, Texas Special Assessment Revenue Bonds, Subordinate Series 2011.
August 26, 2010 - Council approved Ordinance No. 20100826-004 approving an amended and restated cost reimbursement agreement with Club Deal 116 Indian Hills, LP.
August 26, 2010 - Council approved Ordinance No. 20100826-021 annexing the Indian Hills annexation area for limited purposes of planning and zoning.
August 26, 2010 - Council approved Ordinance No. 20100826-022 adopting a regulatory plan for the Indian Hills annexation area.
August 26, 2010 - Council approved Resolution No. 20100826-023 approving the 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 Norton, 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 State Highway 130 and east of Farm to Market Road 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 (PID) 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 and Subordinate Series, in the amount of $2,332,349.75, 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 PID.
Bonds:
|
Original Issue Date |
Series |
Original Issue Amount |
Amount Outstanding June 30, 2025 |
|
November 03, 2011 |
Senior Bonds, Series 2011 |
$2,860,000 |
$960,000.00 |
|
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 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 Indian Hills Public Improvement District 2025 Annual Service Plan Update, dated July 24, 2025, is attached as Exhibit A to the proposed ordinance.