Council approves Ladera BID operating plan and amends GID language to stabilize bond revenue

Timnath — The Town Council on Nov. 11 approved the Ladera Business Improvement District's 2026 operating plan and a requested amendment to the 2025 budget and later adopted an amendment to the Timnath Landing General Improvement District establishing ordinance intended to make future debt issuance more predictable.

Staff explained the Ladera BID's operating plan is similar to prior years but reflects a statutory limit-change waiver by district voters and a reduced planned bond issuance: the BID now expects to issue approximately $25 million in bonds rather than the $30 million previously projected. The BID also asked to amend its 2025 budget upward by about $44,700 to account for additional general-fund expenditures (audit, water fees and similar costs). Council approved Resolution 66 unanimously.

In a separate public hearing the council approved an amendment to the Timnath Landing GID establishing ordinance to allow the GID to calculate mill levies based on the actual value multiplied by a fixed 6.8% rate rather than strictly by assessed valuation. Staff said the change is intended to protect the dollars available for debt service for bondholders if the state changes the method of calculating assessed valuation; that adjustment could yield a mill levy just above the prior 15-mill cap in some years (staff gave illustrative adjustments to 15.8–15.9 mills depending on assessment changes). Council approved the ordinance following the public hearing.

Councilmembers asked detailed questions about how the mill-levy adjustment works, the BID's bond structure and how increased assessed valuation or credits affect collection. Staff said the changes would make debt-service revenues more predictable for financing.