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Council reviews Altamira public improvement district plan; staff outlines limited city exposure
Summary
City staff briefed council on the Altamira public improvement district (PID), a cash-flow assessment structure to reimburse developer-installed infrastructure; staff described roughly $13 million in assessments over 20 years, with estimated assessments about $1,500 per lot per year under planning assumptions.
City staff reviewed the Altamira Public Improvement District and a proposed development agreement, describing how a PID would finance developer-built infrastructure through property assessments rather than a city tax.
Staff said the Altamira subdivision is roughly 96 acres with about 383 residential lots and that the life of the PID assessments is just under…
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