...Title
Consider a resolution making findings as to the feasibility and desirability of an improvement district to be known as the La Frontera Redevelopment Public Improvement District (PID).
Body
This item is a resolution to determine that the proposed public improvement district is in compliance with Chapter 372, subchapter B of the Texas Local Government Code and that the formation of the district is desirable. Included in this determination are the follwing findings:
1) that the petition has been submitted by the owners of more than 50 percent of the appraised value and more than 50 percent of the area of the property in the district;
2) that it is advisable to make the proposed public improvement; and
3) that the method of assessment and the proposed payment in installments is feasible.
The creation of this District ensures proportional responsibility of the funding for offsite wastewater line upgrades. The City analyzed the downstream Lake Creek basin relative to the fully developed condition for wastewater. The proportional contribution of this development is based on the former Garden Ridge building to the increased demand of future retail and restaurant uses. The proportional total from the district shall not exceed one hundred ninety eighty thousand, four hundred dollars ($198,400.00). This money will be coupled with other funding sources to upsize several thousand feet of wastewater lines for 8' to 10', from 10' to 12', and from 10' to 15'.