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Council approves Cottonwood Creek PID IA-3 cost resolution and authorizes offering memorandum distribution
Summary
The council approved a cost-determination resolution and authorized distribution of a preliminary offering memorandum for Cottonwood Creek PID Improvement Area No.3, which is expected to contain about 171 single-family lots, with authorized improvements estimated at ~$4.187M and preliminary assessments near $3.327M.
P3 Works representative Kyle Shappen presented the cost-determination resolution for Cottonwood Creek Public Improvement District, Improvement Area No.3. He said IA-3 is anticipated to contain 171 single-family homes; proposed authorized improvements total about $4,187,000 (roughly $3,528,000 for infrastructure: water, drainage and streets) and preliminary bond-issuance costs near $658,000. Preliminary assessments to be levied on the area were estimated at $3,327,000, which Shappen mapped to approximate per-lot assessment equivalents (about $1,600 for 50-foot lots and $1,900 for 70-foot lots); the PID-equivalent tax rate was cited as roughly 0.395 per $100,000, similar to IA-1 and IA-2.
Council moved and approved Resolution R2026-073 calling the public hearing for assessments (to be held April 2) and then approved Resolution R2026-074 to authorize distribution of the preliminary limited offering memorandum for the special assessment revenue bonds for IA-3. Council asked staff to provide community-benefit-fee details and follow-up information; staff said the PID assessments and ARPA revenue contributed materially to the capital grants reported in the city audit.
