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Regular City Council Meeting
Ordinance 2nd Reading - Finance:
Consider Ordinance No. 2019-O0116, reviewing classifications for the methods of assessing special benefits for the services and improvements of property in the North Overton Public Improvement District (PID); approving, adopting, and filing with the City Secretary the assessment roll; levying 2019 assessments for the cost of certain services and improvements to be provided in the district during FY 2019-20; fixing charges and liens against the property in the district and against the owners thereof; and providing for the collection of the assessment.
The City Council is required to review the Service Plan annually, hold a public hearing, and adopt an ordinance setting the assessment rate for the PID. The public hearing was held and the Ordinance was approved on first reading on August 27, 2019.
The attached Ordinance reflects the proposed assessment rate of $0.18 per $100 valuation. This is the same rate as 2018. All property zoned commercial and high-density residential under the City of Lubbock Zoning Ordinance, will be assessed for 2019. All property zoned single-family and two-family, will be assessed on a block-by-block basis as public improvements that will be maintained by PID funds, are completed in that block.
The revised service plan is included in the backup. Exhibit C is available for viewing in the City Secretary’s Office.
The assessments are deposited into a separate North Overton PID fund. The funds raised by the assessment will be used to provide landscape maintenance, street and pedestrian lighting, and any other maintenance needed on projects in the District, as well as cover a portion of the costs of administering the PID. The projected assessment that will be collected for 2019, based on preliminary values, is $804,976.
D. Blu Kostelich, Chief Financial Officer
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