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Council advances first reading of CenterPoint PID assessment ordinance at 17¢ per $100 valuation
Summary
The council approved on first reading an assessment ordinance that would levy $0.17 per $100 of assessed value for the CenterPoint Public Improvement District; the levy will be collected with property taxes and held in a separate city account for district improvements.
Molly Ballesteros presented the CenterPoint Public Improvement District assessment ordinance and explained the boundary and financing mechanism. The proposed assessment rate is $0.17 per $100 valuation — equivalent to $170 per $100,000 of assessed value — collected by the Lubbock Central Appraisal District and transferred to the city for management by staff and the future PID board.
Staff noted that the PID boundary was previously established and that today's item completes the final actionable step to create the PID. No public comments were offered at the hearing and the council approved the ordinance on first reading by voice vote.
