Kyle advances 6 Creeks PID Improvement Area 6 toward bond financing and public hearing

The City of Kyle on May 5 approved two related resolutions advancing Improvement Area Number 6 of the 6 Creeks Public Improvement District (PID) toward bond financing: a cost determination and preliminary service and assessment plan, and a preliminary limited offering memorandum for special assessment revenue bonds tied to the area’s improvements.

Chris Gavar, attorney with Norton Rose Fulbright, told council the service and assessment plan currently estimates authorized improvements for Improvement Area Number 6 at $18,288,000. He said the plan sets assessments per lot by lot size and that the bonds would be repaid from assessments on benefiting properties, not from the city’s ad valorem tax revenues.

If the council’s action stands, staff and consultants will publish notice and mail assessment notices ahead of a May 19 public hearing at which the council would consider, separately, the levy of assessments and the issuance of bonds. Gavar explained the Austin American-Statesman will be used for publication because of its shorter turnaround time, while the city can optionally publish additional notice in other local outlets.

Council members asked which newspapers are used to satisfy statutory publication windows; staff and counsel said the law requires publication in a newspaper of general circulation 11 days before the assessment levy and that larger regional papers may provide quicker turnaround to meet the posting deadline. Council approved both resolutions (items 15 and 16) and gave direction to proceed with notices and the May 19 hearing; the recorded motion carried 6–0.

The plan documents are preliminary and the estimate may change with bond pricing and final engineering; staff said the developer bears publication costs and that additional notice may be provided to local newspapers where practical.