City Council Meeting


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  F.1.       
Meeting Date: 03/17/2020  
Submitted For: M. Renee Johnson
Contact: Becky Lewis, Executive Assistant to the City Manager
Also Contact: Joseph Gorfida, Jr., City Attorney
Phone: 214-965-9900  

COUNCIL ACTION
AGENDA ITEM:
Conduct a Public Hearing for the petition and creation of the Danieldale Homestead Public Improvement District (PID) within the City of DeSoto pursuant to Chapter 372 Texas Local Government Code.
(continued from the March 3, 2020 City Council Meeting)
BACKGROUND:
Wildwood Development Company I, LTD. has submitted the attached petition for the creation of a Public Improvement District (PID) in accordance with Chapter 372 of the Texas Local Government Code. The purpose of establishing this PID is to pay for needed public improvements necessary to develop a mixed-use project known as the Danieldale Homestead Development located in the City of DeSoto at or near the major intersections of Bolton Boone and Danieldale. The mixed-use site plan is enclosed as part of the attached said petition.
FINDINGS:
The creation of the PID will allow the developer to levy assessments on the properties within the PID to pay for debt service costs related to the issuing of bonds to fund public infrastructure.
FINANCIAL IMPACT:
While there is no anticipated adverse fiscal impact to the City, it is anticipated that both the private investment, coupled with the PID investment into public infrastructure, will lead to the creation of new tax revenue for the City, as well as improvement to the overall quality of life for DeSoto residents.
RECOMMENDATION:
There is no action Required. The Council may either motion to close the public hearing or continue the public hearing to a future date.
MANAGEMENT REVIEW
Attachments
PID Petition


    

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