Notice of Public Hearing Regarding the Creation of Velocity Crossing Public Improvement District
Pursuant to Local Government Code Section 372.009(c) and (d), the Travis County Commissioners Court provides this notice that it will hold a public hearing to accept public comments and discuss the petition (the “Petition”) filed by SH 71-130 Holdings, LP (the “Petitioner”) requesting that Travis County create a public improvement district called the Velocity Crossing Public Improvement District (the “District” or “PID”) to include property owned by the Petitioner.
Time and Place Of The Hearing
The public hearing will start at 9:00 a.m. on Tuesday, January 29, 2019 at the Travis County Administration Building, Commissioners Courtroom, 700 Lavaca, First Floor, Austin, Texas 78701 (map).
General Nature of The Proposed Improvements
The general nature of the proposed public improvements (the “Authorized Improvements”) is:
- Acquisition, construction, and improvement of streets, roadways, rights-of-way, and related facilities;
- The establishment of parks and open space, together with the design, construction, and maintenance of any ancillary structures, features, or amenities such as trails, pavilions, community facilities, irrigation, multiuse paths, lighting, benches, other recreational facilities, trash receptacles, and any similar items located therein;
- Landscaping;
- Acquisition, construction, and improvement of water, wastewater, and drainage facilities;
- Construction of entry monumentation and features;
- Projects similar to those listed in (1) – (5) above; and
- Payment of costs associated with constructing and financing the public improvements listed in (1) – (6) above, including costs of establishing, administering, and operating the District.
Estimated Cost of the Proposed Improvements to be Funded by the District
$70,000,000, plus:
- Costs of PID bond issuance; and
- Costs incurred in the establishment, administration, and operation of the PID.
Proposed District Boundaries
The District is proposed to include approximately 324.695 acres of land located approximately in the southwest corner of the intersection of State Highway 71 and State Highway 130, and entirely within the corporate limits of the City of Austin.
A metes and bounds description of the District is available for public inspection at the Travis County Planning and Budget Office, 700 Lavaca, Suite 1560, Austin, Texas 78701.
Proposed Method of Assessment
An assessment methodology will be prepared that will address: (1) how the costs of the public improvements financed with the assessments are assessed against the property in the District, (2) the assessments to be collected each year, and (3) reduction of the assessments for costs savings (pursuant to the annual review of the service plan for the District). Additionally, a report will be prepared showing the special benefits accruing to property in the District and how the costs of the public improvements are assessed to property on the basis of the special benefits. The result will be that equal shares of the costs will be imposed on property similarly benefited.
The assessment methodology will result in each parcel within the District that is subject to assessment paying its fair share of the costs of the public improvements provided with the assessments based on the special benefits received by the property from the public improvements and property equally situated paying equal shares of the costs of the public improvements.
Proposed Apportionment of Costs Between the District and Travis County
Travis County will not be obligated to provide any funds to finance the Authorized Improvements. All of the costs of the proposed public improvements will be paid by assessments of the property within the District and from other sources of funds, if any, available to the owner of the property within the District; however, no property owned by Travis County in the District shall be assessed. Any costs incurred by Travis County in administering the PID application and oversight process will be reimbursed through the assessment levied against property included within the District. The petitioner or any developer of the property in the District may also pay certain costs of the improvements from other funds available to the Petitioner or the developer of the property in the District.
