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Council conditionally approves participation in Farr West Landing PID with Farr West as lead and a reduced mill levy
Summary
Pleasant View conditionally approved participation in a Public Infrastructure District for Farr West Landing contingent on Farr West serving as creator, reducing the mill levy to five mills, and execution of an interlocal agreement; council emphasized need for interlocal governance details and protection of Pleasant View interests.
Pleasant View City Council voted 5-0 on Feb. 24 to create a Public Infrastructure District (PID) related to Farr West Landing, contingent upon Farr West City being the creating entity, a reduction in the proposed mill levy to five mills, and a satisfactory interlocal agreement governing Pleasant View’s participation.
Andrea Steiniger explained the PID would cover roughly $30,055,000 in proposed bonded infrastructure costs of a larger $27 million infrastructure program, with approximately 8.01 acres of the PID area inside Pleasant View. She said the city’s PID policy caps the levy at six mills and staff ran numbers showing Pleasant View’s certified tax rate differs from Farr West’s; the developer’s LOI used Farr West’s rates so staff presented adjusted Pleasant View numbers to the council.
Developer representative Drew Snyder said the project has substantial private investment and that the PID was designed to replace about $5.78 million in anticipated public participation that was lost when county and school district contributions were declined. He characterized the process as lengthy: "This thing has really gone on for a long time... This is a really complicated transaction." Farr West Mayor Jake Bolos said private investment accounts for the majority of the total investment and that the PID would reimburse infrastructure shortfalls rather than relying on existing taxpayers.
Councilmembers were advised that an interlocal agreement would govern governance and that creating separate PIDs would add administrative cost. The conditional approval requires Farr West to approve the PID at its council hearing and for both cities to reach an interlocal agreement covering governance and revenue sharing.
