16 - Petition for Establishment of the Forestbrook Public Improvement District No 1

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Item No. 16, Memorandum To: Mayor, Mayor Pro -Tem & City Council FROM: Interim City Manager Robert G. Vine SUBJECT: A RESOLUTION OF THE CITY OF PARIS, TEXAS ACCEPTING FOR FILING A PETITION FOR ESTABLISHMENT OF THE FORESTBROOK PUBLIC IMPROVEMENT DISTRICT NO. l; CALLING A PUBLIC HEARING ON THE ADVISABILITY OF THE CREATION OF SAID DISTRICT; AUTHORIZING THE ISSUANCE OF NOTICE BY THE CITY CLERK REGARDING THE PUBLIC HEARING; AND APPROVING A PROFESSIONAL SERVICES REIMBURSEMENT AGREEMENT DATE: August 12, 2024 BACKGROUND: The Forestbrook Estates Subdivision has been an ongoing project for approximately two years with developer, Nathan Spaulding working with City Staff to create a planned development. This subdivision is a multi -phase development located in the southeast side of the City. This development was originally planned to be funded by private investors, however, the plans changed to involve a Public Improvement District. STATUS OF ISSUE: On July 3, 3024, Lone Star Planned Developments, LLC, filed a Petition for the Creation of a Public Improvement District (PID) Within the City of Paris, Texas, with Nathan Spaulding signing as a Managing Member, (See attachment A), for the Forestbrook Estates Subdivision, encompassing approximately 59.62 acres. Nathan Spaulding is the owner of taxable real property representing more than 50 percent of the appraised value of taxable real liable for assessment under the proposal, as determined by the current roll of the appraisal district in the proposal and is the record owner of real property liable for assessment under the proposal who (a) constitutes more than 50 percent of all record owners of property that is liable for assessment under the proposal; or (b) owns taxable real property that constitutes more than 50 percent of the area of all taxable real property that is liable for assessment under the proposal.