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Council consents to Preserve Municipal Management District; members emphasize safeguards and limited city liability
Summary
The Midland City Council unanimously consented to creation of the Preserve Municipal Management District, a developer-driven municipal-finance vehicle that can issue bonds and levy assessments to fund infrastructure and maintenance inside the Preserve.
City officials and council members discussed a developer-request to create a Municipal Management District (MMD) for The Preserve and unanimously consented to the district's creation. Council members and staff described the structure and safeguards of an MMD: it is a separate governmental entity that can issue municipal bonds to finance capital and maintenance projects within its geographic boundaries; the district has a board of directors composed of property owners or their designees; and the city does not issue the bonds nor automatically assume the debt.
Counci…
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