09 - Forestbrook Public Improvement District No. 1

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Item No. 9 Memorandum TO: Mayor, Mayor Pro -Tem, & City Council FROM: Robert Vine, Interim City Manager SUBJECT: Conduct a public hearing on the advisability of the creation of the Forestbrook Public Improvement District No. 1 and the proposed improvements to be constructed in such District. DATE: September 9, 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. The project has several items to bring before Council: - This resolution has been passed to accept the PID creation petition, a professional services reimbursement agreement has been approved and the public hearing posted. (08/12) - A future resolution approving a development agreement, conducting a public hearing on the PID creation and considering a resolution creating a PID process and a PID - Ultimately, an ordinance approving and authorizing issuance and sale of Special Assessment Revenue Bonds, Series 2024 and ordinance levying PID assessments and approving a final service and assessment plan and related agreements.