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Council approves $7,250 appraisal engagement for Mustang Valley PID
Summary
Council authorized an engagement letter with Plato Realty Advisors LLC for a $7,250 appraisal to support the Mustang Valley Public Improvement District; the scope was reduced from an earlier, larger appraisal tied to a bigger tract.
The City Council approved an engagement letter with Plato Realty Advisors LLC to provide appraisal services for the Mustang Valley Public Improvement District (PID) at a cost of $7,250.
Assistant City Attorney Veronica Rivera explained the appraisal request follows an earlier engagement with Aegis that was approved in May of the prior year for a larger tract. Staff and the developer later reduced the project scope: the appraisal will now cover 136 single-family home sites rather than the original larger tract, and the price was adjusted accordingly.
Rivera said the earlier engagement had been for approximately $18,000 covering the entire tract and about 372 single-family homes; the revised scope and reduced home count led staff and the developer to select the new engagement with Plato. Councilwoman Reyes moved approval; Councilman Moreno seconded and the motion passed by voice vote.
The transcript does not record a contract execution timeline or additional terms beyond the engagement fee and scope change; staff did not state whether the appraisal will be used for bond sizing, assessment calculations or another specific PID financing action during the meeting.
