Council approves first reading to levy assessments for Preserve at Water Oak PID

The Georgetown City Council on a first reading approved an ordinance to levy special assessments and adopt a service and assessment plan for the Preserve at Water Oak Public Improvement District (PID).

Nick, a city staff member presenting the item, said the PID covers roughly 20 acres at the Highway 29 and Water Oak intersection and is a 100% commercial district. He reminded council that staff previously held a workshop on the project and that council approved the PID creation resolution in December and an estimated assessment roll in a prior meeting. “This ordinance … would levy the assessments on the assessed property within the district and approve the two following related documents and agreements, which is the service and assessment plan and the landowner consent certificate,” Nick said.

Staff reported the developer has completed site work and constructed a significant number of buildings. The service and assessment plan covers a five‑year period, and assessments are calculated to produce an equivalent tax rate not to exceed 55¢ per $100 of assessed value as required by city policy. The ordinance also approves the landowner consent certificate. The PID Act requires the council to annually review and approve any changes to the service and assessment plan as part of the city’s budget process, staff said.

No members of the public signed up to speak at the hearing. A councilmember moved approval and the motion passed on first reading; the presenter said the ordinance’s second reading is scheduled for July 22 and bond issuance would be considered at a future council meeting.