HomeMy WebLinkAboutWestlake PID Draft SAP District Administration Presentation-12-09-13Title
Westlake PID No. 1
Service and Assessment Plan
and
District Administration
Presentation to the
Town of Westlake Town Council
December 9, 2013
Presentation Outline
I.MuniCap, Inc.
II.Service and Assessment Plan
III.District Administration
MuniCap, Inc.
•Specializes in creative approaches to funding:
–Urban renewal and economic development
–Growth management
–Public facilities
•Extensive experience including:
–Public/private partnership
–Special tax and assessment financing
–Creation and administration of PIDs in Texas
–Creation and administration of assessment districts across the nation
–Tax increment financing
MuniCap, Inc.
(cont’d)
•Assists with the administration of more than 100
districts across the country
•Texas PIDs:
–Heritage PID No.1 (City of Lavon)
–Hackberry Hidden Cove (City of Hackberry)
–Williamsburg PIDs (City of Fate)
–Waxahachie PID No. 1 (City of Waxahachie)
–Vintage Township PID No. 1 (City of Lubbock, TX)
–Escondido PID (City of Horse Shoe Bay, TX)
–Wolfforth PID (City of Wolfforth, TX)
–Resort on Eagle Mountain Lake PID (Tarrant County, TX)
•Several other PIDs in progress
Service and Assessment Plan
(contents)
Structure of the SAP
•The property in the PID
•Improvements to be made to the property and the
improvement costs
•Debt to be issued to finance improvements
•Benefit to property and allocation of assessments
•Provisions for collection of assessments
•Reviewed and updated each year to determine annual
budget for PID obligations
Service and Assessment Plan
(cont’d)
Public Improvements:
Roadway improvements
Water distribution system improvements
Sanitary sewer improvements
Storm sewer improvements
Landscaping
Service and Assessment Plan
(cont’d)
Justification of benefit based on three tests:
1) the improvements provide a special benefit to the
property that is being assessed.
2) the annual installments are collected in the amount
required to repay the bonds issued to pay for the
improvements that provide a special benefit
3) the assessments are allocated to the property in the
PID on a basis that reasonably reflects the benefit
different parcels receive from the improvements
Service and Assessment Plan
(cont’d)
•Assessment Allocation Bases
–equally per front foot or square foot
–according to the value of the property
–in any other method that allocates
improvements in manner that reasonably
reflects benefit
Service and Assessment Plan
(cont’d)
Assessments allocated to property on basis of
estimated value at completion
Eleven Land Use Classes in Westlake PID No. 1:
(Class 1 and 5 - Residential – Non-water side condos)
(Class 2 and 6 - Residential – Waterside villas)
(Class 3 - Residential – Waterside condos)
(Class 4 - Residential – Hillside villas)
(Class 7 - Hotel)
(Class 8 - Retail)
(Class 9 - Waterfront retail)
(Class 10 - Convalescence)
(Class 11 - Office)
Service and Assessment Plan
(cont’d)
•Provisions for reallocation of assessments
•Provisions for prepayments of assessments
(mandatory/ optional)
•Provisions for reduction of assessments
•Collection procedures
PID Administration
•Administration of PIDs after assessments are
levied
•Annual service plan updates
–Annual assessment amounts to be collected
–Parcel status and assessment roll updates
•Tax collection related matters
–Data exchange with tax collectors
–Delinquency enforcement assistance
PID Administration
•Disclosures
–Bondholders (quarterly and annual as needed)
–Homeowners
•Compliance monitoring
- Indenture
- Accounting and auditing
- IRS compliance