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Staff outlines $18 million preliminary service-assessment plan for Preserve PID
Summary
City staff presented a preliminary service-assessment plan for the Preserve subdivision: 209 homes, about $18 million in horizontal improvements, $10.7 million of authorized PID-funded elements and roughly $9.75 million projected in bonds under current assumptions.
Luke Ham, introduced in the meeting as representing P3 Works and described as the city's head administrator, presented the Preserve preliminary service-assessment plan and answered council questions about costs and funding mechanics.
"This one's for the preserve, public improvement district...it's about $18,000,000 worth of horizontal improvements including your typical roads, water, storm, sewer, etcetera," Ham said, walking the council through the estimate. He described the breakdown as roughly $10,700,000 of improvements that could be funded through the PID and about $7,000,000 of private improvements the developer remains obligated to build. Ham added that, "if interest rates come in at the exact same rate that was used to put together this preliminary service assessment plan, we'd be looking at about $9,750,000 worth of bonds, to cover a portion of those authorized improvements."
Council members asked why the item had appeared multiple times and about prior PID boundary amendments; staff explained prior dissolutions and modifications to the PID boundary, and said the current resolution was a routine step to set cap amounts for assessable debt and to authorize the preliminary service-assessment plan to advance through the public process.
Why it matters: The PID would allow the city to authorize bonds and assessments to cover a portion of infrastructure for new residential development; the numbers presented set the framework for future financing decisions and public hearings.
