Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Development Finance topic
No spam. Unsubscribe anytime.
Altamira PID: staff outlines 96‑acre subdivision financing; assessments near $13 million over 20 years
Summary
Staff described the Altamira Public Improvement District (PID) plan for about 96 acres and roughly 383 lots; assessments over the PID life were summarized as just under $13 million, with an estimated principal of about $17,000 per lot and roughly $1,500 per year in assessments over 20 years.
City staff briefed the council on the proposed Altamira Public Improvement District (PID) development agreement and financing approach, explaining that a PID uses property assessments (not a property tax) to reimburse developers for infrastructure rather than relying on citywide taxes. Staff said the Altamira subdivision is about 96 acres with approximately 383 residential lots and summarized that assessments over the life of the PID are "just under $13,000,000," with principal per lot around $17,000 and planning assumptions of a 20‑year term at 4.5% interest.
Staff emphasized the cash‑flow structure for this PID—assessments will reimburse eligible developer costs as funds become available and owners typically see the assessment itemized on annual tax bills. The council asked how homeowner assessments will appear, whether homeowners can prepay, and what exposure the city faces; legal counsel and staff said exposure is limited for a cash‑flow PID and that prepayment is allowed without penalty, while underscoring disclosure requirements at closing and in public records.
