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HomeMy WebLinkAboutRes 051104-QRESOLUTION NO. iI %> A RESOLUTION MAKING CERTAIN FINDINGS IN CONNECTION WITH THE WOLF RANCH PUBLIC IMPROVEMENT DISTRICT NO. 1 RELATED TO THE ADVISABILITY OF THE IMPROVEMENTS, THE NATURE OF THE IMPROVEMENTS, THE BOUNDARIES OF THE DISTRICT, THE METHOD OF ASSESSMENT AND THE APPORTIONMENT OF COST BETWEEN THE DISTRICT AND THE CITY AS A WHOLE. WHEREAS, pursuant to Chapter 372, Texas Local Government Code, a petition was submitted on March 26, 2004 (the "Petition ") to the City Secretary of the City of Georgetown, Texas (the "City ") requesting the creation of a public improvement District No. 1 (the "District No. 1 "); and, WHEREAS, the Petition contained the signatures of owners of property representing more than fifty percent (50 %) of the appraised value of the taxable real property liable for assessment with the District No. 1 and the signatures of property owners who own taxable real property that constitutes more than fifty percent (50 %) of the area of all taxable real property that is liable for assessment under the Petition proposal, as well as the signatures of more than fifty percent (50 %) of all record owners of property liable for assessment under the Petition proposal; and, WHEREAS, the Petition complies with the requirements of Section 372.005 of the Texas Local Government Code; and, WHEREAS, the City Council held a public hearing on May 11, 2004 notice of which was published in the Williamson County Sun, a newspaper of general circulation in the City of Georgetown, Texas, and in the area of the Public Improvement District No. 1 that is located in the City's extraterritorial jurisdiction, on April 18, 2004 and mailed to the property owners in the District No. 1 pursuant to Section 372.009(d) of the Texas Local Government Code; and WHEREAS, the City Council of the City of Georgetown found and determined that it desired to implement the development and improvement of the tract through the establishment of the "Wolf Ranch Public Improvement District No. 1" and the construction of the improvements requested in the Petition; and WHEREAS, after publishing notice in the Williamson County Sure, a newspaper of general circulation in the City of Georgetown, Texas, and in the area of the District No. 1 that is located in the City's extraterritorial jurisdiction on April 18, 2004 and after holding a public hearing on May 11, 2004 to receive public input, the City Council has determined that it is in the public interest to resolve as follows. Resolution No. � rd PID Creation Resolution for Wolf Ranch Page 1 of 10 NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF GEORGETOWN, TEXAS: Section 1. The statements contained in the preamble and in this Resolution are true and correct and are adopted as findings of fact and operative provisions of this Resolution. Section 2. The City Council, having duly considered the Petition submitted by the property owner in the District No. 1, and the comments and evidence of those who appeared at the public hearing hereby finds that it is advisable that the City of Georgetown exercise the powers granted by Chapter 372, Local Government Code, in connection with the establishment of the District, including the construction of improvement projects that will confer special benefits on property in the District, and to levy and collect a special assessment on property in the District, based on the benefit conferred by such project to pay all of the costs of such improvements as set forth herein: Section 3. The City Council hereby makes the following findings with respect to the creation of the District: A. General Nature of Improvements. The creation of the District will provide for public infrastructure improvements classified into the following categories: 1. Public Road Improvements, 2. Public Utility Improvements, and 3. Public On -Site Improvements, as further provided in the Development Agreement dated September 11, 2003 between the City and Forestville Association regarding development of Wolf Ranch (collectively, the " Public Improvements "). B. Estimated Cost of Improvements. The estimated cost of improvements is $29,000,000 detailed in Exhibit A which is also the maximum the City has agreed to contribute to the development of the District. C. The District Boundary. The boundaries of the District are described in Exhibit B attached hereto and incorporated herein. D. Method of Assessment. A Public Road Improvements Assessment shall be levied against property within the District owned by the Landowners, when, on an annual basis, 53% of the '/2 cent portion of the City's sales tax generated from businesses located within the District does not produce revenue sufficient to pay the City's debt service and related reserve funds for the obligations issued by the City to fund the Public Road Improvements. The amount of the Public Road Improvements Assessment shall represent the difference between the amount of the sales tax generated within the District for the immediately preceding fiscal year ending September 30th and the debt service and related reserves for the obligations issued by the City to fund the Public Road Improvements. Resolution No. PID Creation Resolution for Wolf Ranch Page 2 of 10 A Public Utility Improvements Assessment shall be levied against the property within the District owned by the Landowners when, on an annual basis the utility revenues generated from businesses located within the District do not produce revenue sufficient to pay the City's debt service and related reserve funds for the obligations issued by the City to fund the Public Utility Improvements. The amount of the assessment shall represent the difference between the amount of the utility revenues generated within the District for the immediately preceding fiscal year ending September 30th and the debt service and related reserves for the obligations issued by the City to fund the Public Road Improvements for that same fiscal year. In the event the City exercises its option to purchase the Public On -Site Improvements or refinance the obligations issued to finance the Improvements, a Public On -Site Improvements Assessment shall be levied against property within the District when, on an annual basis, 53% of the City's 1% portion of the sales tax generated from businesses located within the District does not produce revenue sufficient to pay the City's debt service and related reserve funds for any obligations issued by the City to acquire and/or reimburse the costs related to certain Public On- Site Improvements. The amount of the assessment shall represent the difference between 53% of the City's 1% portion of the sales tax generated within the District for the immediately preceding fiscal year ending September 30th, and the debt service and related reserve funds for the obligations issued by the City to fund the Public On -Site Improvements for that same fiscal year. E. Apportionment of Costs Between the District and the City. All costs of the District, including administrative costs and costs of collection, shall be incurred by the District. F. Management of the District. The District shall be managed solely by the City of Georgetown, Texas. G. Concurrence in Establishment of District. The owners of land to be included in the District request and/or concur with the establishment of the District. H. Establishment of Advisory Board. The City Council intends to administer the affairs of the District utilizing City staff and does not intend to establish an advisory body to develop or recommend an improvement plan to the City or to administer District. However, at any time that the City Council deems it to be necessary or advisable, an advisory body may be established to develop and recommend an improvement plan to the City or to administer the affairs of the District. Section 4. This Resolution shall be passed finally on the date of its introduction and shall take effect immediately upon its passage and approval by the Georgetown City Council, Section 5. The City Secretary is hereby directed to give notice of this action related to the Wolf Ranch Public Improvement District No. 1 by publishing this Resolution once in at least one newspaper of general circulation in the City of Georgetown, and in the area of the Public Improvement District that is located in the City's extraterritorial jurisdiction. Section 6. The City Council directs that a service and assessment plan be prepared for the review and approval by the City Council in accordance with Chapter 372 of the Texas Local Government Code. Section 7. This Resolution shall take effect immediately upon its passage and approval by the Georgetown City Council, and the City Secretary is directed to publish same in a newspaper(s) of general circulation in the area of the District. PASSED, ADOPTED, and APPROVED on the 1 lth day of May, 2004. Gary on, Mayor City o Georgetown ATTEST: Lee, City Secretary City of Georgetown APPROVED AS TO FORM: i E. Carls Brown & Carls, LLP, City Attorney EXHIBIT A WOLF RANCH PUBLIC IMPROVEMENT DISTRICT NO. I IMPROVEMENTS fl t, PUBLIC ROAD IMPROVEMENTS TASK NAME City of Georgetown Funded Execute S.H. 29 Advanced Funding Agreement Purchase S.H. 29 Right- of-way (Including Water Quality Pond and relocation of utilities) Execute I.H. 35 Advanced Funding Agreement Water Quality Pond Construction S.H. 29 Interim Construction S.A. 29 Rehabilitation (Including CR 265 E & W) Mobilization Contingency City Share of PubUc Road Improvements ESTIMATED NUMMER. OF DAYS TO COMPLETE (FROM DATE OF SIMON'S NOTICE TO PROCEED PER SECTION 1.2(B) OF THE DEVELOPMENT AGREEMENT)* k1#1 •t 30 365 e W 210 Not to Exceed $10.5 Million *Tasks may be accelerated by Letter Agreement signed by all Parties per Section 1.1 of the Development Agreement. PUBLIC UTILITY IMPROVEMENTS Wastewater Baseline Improvements ** Water EIectric Georgetown Utility Systems lzfo - Approximately 2,400 LF of 21" gravity sewer as shown oa the City of Georgetown Comprehensive Plan trenched along the San Gabriel River from the west property line to a Lift Station to be located near the west 1-35 ROW line, Approximately 2,100 LF of 8" force main iiomfhe Lift Station to FM 2243, -Approximately 1,000 LF of 12" gravity sewer to the west 1=35 ROW line, - Approximately 600 LF of 18" gravity sewer bored under 1-35 using an intermediate bore pit and installation. of a 30" steel encasement. * *Upsmng of wastewater infrastructure is subject to available funding after completion of baseline scope. *Georgetown Utility Systems - Approximately 3,000 LF of 24" crater line from the east property line to the west property line. *Georgetown Utility Systems - Approximately 3,000 LF of buried electric service along the property frontage of SH 29 that is relocated from overhead, -Twa underground bores under SH 29 to serve customers on the north side of SH29, 1 design will allow for 1 1 J f t• fccdcr on t allowing • t! electrical for the Wolf Ranch Development Project as well as a tic line to the 1tander Road area, ! 1 1 • •"• t t'.1 1 t ! 1! {1' 1 t `I { 1 � • •' i ! 1 i t i Wood, 1 { 4Lelocate existing overhead to new overhead north of SH 29 west of CR 26S West, Estimated project completion for all projects on this Exhibit is 14 months from the date of Simon's Notice to Proceed per Section 1.2(B) of the Development Agreement. * ** Total estimated "Not to Exceed" cost associated with this Exhibit is $3,500,000. *The relocation of portions of these utilities are related to the SH 29 roadway widening and could also be considered a cost of roadway improvements and funded as part of Exhibit "B ". The estimated date for completion of all utility relocation will be consistent with the completion schedule of Exhibit "B ". * **Tasks may be accelerated by Letter Agreement signed by all Parties per Section 1.1 of the Development Agreement. PUBLIC ON -SITE IMPROVEMENTS I. Description of Public On -Site improvements: ITEM: Water distribution system Storm sewers and drainage ponds Sanitary sewers Electric tine relocation and installation Parking lots and on -site roadways 11M M S II. Submission of Data: NOT TO EXCEED $15,000,000 Because the performance based economic development incentive grant payments to be paid by the City to Simon under the terms of this Agreement are to be based solely on annual sales tax revenue from new or expanded businesses at the Property as set out under Sections 3.3 and 3.4 of the Agreement, the method of providing sales tax data on which to make these payments are to be based is necessary. Such businesses may pay sales tax monthly, quarterly, . or annually, depending on the size of the business. Accordingly, Simon shall obtain a waiver of Sales Tax Confidentiality in the form attached hereto from each business located in the Project on the Property. As soon as practical after the end of each year, beginning with the twelve months including the first month during which the 1% portion of the City's sales tax referred to under Section 3.4.5 is paid to the State of Texas, Simon shall submit to the City the schedule from the Texas Comptroller of Public Accounts pursuant to the Waivers submitted detailing Sales Tax Revenues broken out for each business in the Project on the Property for which tax sharing is due showing the amount of sales tax paid to the State of Texas for the City for the year. As a backup for the schedule, Simon shall submit the following: i i A copy of the sales tax reports, received by Simon, filed by each business located in the Project on the Property; and Such other data, as may be reasonably available to Simon, which the City may determine necessary to determine the accuracy of the schedules. EXHIBIT B WOLF RANCH PUBLIC IMPROVEMENT DISTRICT NO.1 BOUNDARIES