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Council continues public hearing on Riverbridge Ranch PID amendment as developer finalizes community benefits
Summary
City staff opened a public hearing on a petition to amend the Riverbridge Ranch PID to shrink its boundary and expand authorized public improvements from $10 million to about $60 million; council kept the hearing open to finalize promised community benefits including a two-acre fire station site and a $1.5 million contribution toward construction.
City staff opened a public hearing Jan. 20 on a petition to amend the Riverbridge Ranch Public Improvement District, outlining a request to reduce the PID boundary from about 563 acres to about 328 acres and to expand the scope and funding of public improvements.
The staff presentation said the petition would raise the PID'9s authorized public improvements from $10 million to roughly $60 million, increasing the project'9s eligible infrastructure to streets, drainage, water and wastewater. Staff told council the total proposed public improvements are estimated at $46.6 million, bond issuance costs about $6.7 million and assessments are expected to cover roughly $40 million, with the developer, LAR Homes, covering an estimated $13.3 million shortfall.
A developer'9s attorney, Steve Metaf, told the council the team is negotiating a package of community benefits that would be available only with the PID amendment. Metaf summarized the principal commitments under discussion: dedication of a two-acre fire-station site and a $1.5 million contribution to its construction, an enclosed 2,000-square-foot amenity center to be made publicly available by agreement with a homeowners association, a bus shelter integrated with a planned multi-use trail, enhanced landscaping and a program to buy down mortgage interest rates for early buyers.
Staff described an estimated average annual assessment of about $2,400 per property within the PID and said the equivalent PID tax rate for the development would be about $0.75. The staff presentation also noted that PID bonds must meet a 3:1 value-to-lien ratio before issuance and that the proposed structure anticipates reimbursement bonds issued after infrastructure is installed.
Council held the public hearing open to allow staff and the developer to finalize the community-benefit details and scheduled the continued hearing for a future meeting so members could review the finalized commitments before voting on the amendment.
What happens next: staff and the developer will finalize the written community benefits and bring the amended PID resolution back to council for action at a subsequent meeting, at which time council may vote to accept, reject or modify the petition and any associated financing structure.
