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Bertram council approves Village Public Improvement District to fund $5 million of infrastructure
Summary
The council voted to create the Village Public Improvement District covering about 26 acres; developers will fund roughly $5,000,000 of streets, parks and utilities through assessments limited to properties inside the district.
The City Council of Bertram voted to create the Village Public Improvement District (PID), a developer-initiated financing district that will fund local infrastructure without general-tax revenue. Bond counsel Chris Guevara told the council the district covers roughly 26 acres and that "the total estimated cost of the authorized improvements was $5,000,000." The resolution authorizing creation and a dissolution agreement passed on a motion and the council's voice vote.
Under the PID structure described by Guevara, assessments are levied only on properties inside the PID and run with the land, so future homeowners would receive notice of any assessments at closing. Guevara said the creation resolution includes a dissolution provision allowing the city to dissolve the PID if assessments are not levied within three years. Council also approved a developer-funded professional services agreement with a $40,000 deposit to cover city consultants until assessments are imposed.
