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Council creates Highland Oaks Public Improvement District to fund water infrastructure; property owners assessed about $33,700 each
Summary
Council approved creation of the Highland Oaks Public Improvement District to fund a municipal water infrastructure project estimated at $7.1 million (about $8.5M total bond cost); each property owner’s assessment was reported as approximately $33,700 and bonds expected in February.
The City Council voted unanimously Aug. 26 to establish the Highland Oaks Public Improvement District (PID) to fund construction of municipal water infrastructure for the annexed Highland Oaks neighborhood.
City staff and Business Development Director Brianna Brown explained the Highland Oaks PID process began with a petition approved by council in September 2024 and, because of a required time window, the city re‑noticed and re-held the public hearing on Aug. 26 to comply with state law. Brown said the primary purpose of the district is to engineer, procure and construct the water infrastructure needed by the neighborhood now annexed into the city of Lubbock.
Brown provided estimated project costs: roughly $7,100,000 in capital costs and about $8,500,000 in total bond issuance costs after interest, issuance and management fees. She said the assessment per property was calculated at about $33,700. Homeowners will have the option to pay assessments as they are able or participate in a 20‑year bond financed through the PID. Brown said the council expected to levy the assessment (set the assessment rate) by October and to issue bonds for the project in the city’s February bond issuance round.
A resident, Tim Goebel of Highland Oaks, spoke in favor of the PID during the hearing and thanked staff for their assistance. The ordinance creating the PID and a companion resolution to establish it were presented consecutively and approved by the council without opposition.
Actions recorded on the agenda included a public hearing on creating the PID, approval to create the PID and a resolution authorizing establishment; council approved both items during the meeting.
