Council approves Tessera (Lake Travis) PID annual service-plan update with amended buyer disclosure

The Lago Vista City Council voted to approve an amended annual service-and-assessment plan for the Tessera Lake Travis Public Improvement District (PID), confirming the district's updated assessment roll and required reporting under Chapter 372 of the Texas Local Government Code.

Sarah Blaisdell, representing P3 Works (the city's PID administrator), summarized the PID: Tessera covers roughly 877.26 acres inside Lago Vista's corporate limits with an approved plan for about 1,880 residential lots (about 1,060 already platted). The district finances streets, parks and other public amenities through annual assessments that appear on Travis County property tax bills. Local law requires the city to approve an annual update to the PID service plan and assessment roll.

Council discussed longstanding concerns from some residents about disclosure of specific parkland dedications and which park amenities are owned and maintained by the city. City attorney Brad Bullock and other staff said a current parkland maintenance agreement lists several amenities but several of those improvements had not yet been dedicated and accepted by the city. Bullock recommended adopting a disclosure list that is accurate today and updating it later once the outstanding dedications and corrective resolutions are complete.

Council approved the ordinance with a directed change: the council asked staff to adopt an "alternate proposed disclosure" exhibit B as part of the buyer disclosure that omits two items (the item listed as approximately 6,840 linear feet of trails and the concrete ADA ramp) until those features are formally dedicated and accepted by the city. The motion approved posting the updated service plan and the revised disclosure to the city website; council agreed staff would return with a corrected package to capture any additional dedications and a corrected resolution in the coming months.

The approval was adopted following a recorded tally; the final motion passed 6'1, with one dissent noted at the vote. Council members directed staff to continue coordinating with P3 Works, bond counsel and the developer to finalize the outstanding park dedications and to file the finalized buyer-disclosure document once the city accepts the amenities.

Key technical details in the service-plan update that were explained during the meeting include: the PID's improvement-area structure (separate improvement areas for different phases, some overlapping with a major improvement area), how the assessment roll apportions annual installments by property, and the statutory requirement that PIDs publish an annual update covering at least a five-year projection of indebtedness and improvements.

Staff and the administrator told council they would post the updated service plan and assessment roll to the city's web page and make a public notice for interested property owners on how to obtain complete assessment information.