STRATEGIC PRIORITY: Economic Development
AGENDA DATE: May 22, 2024
COUNCIL DISTRICT(S): 12
DEPARTMENT: Office of Economic Development
EXECUTIVE: Robin Bentley
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SUBJECT
Title
A public hearing to receive comments concerning the renewal of the Prestonwood Public Improvement District (the "District"), in accordance with Chapter 372 of the Texas Local Government Code, for the specified area of the District, to provide supplemental public services to be funded by assessments on real property and real property improvements in the District; and, at the close of the public hearing, authorize: (1) approval of a resolution renewing the District for a period of ten years, from 2025 to 2034; (2) approval of the District's Service Plan for 2025-2034 to provide supplemental public services, to be funded by assessments on real property and real property improvements in the District; and (3) a management contract with Prestonwood Homeowners Association, Inc., a Texas nonprofit corporation, as the management entity for the District - Financing: This action has no cost consideration to the City (see Fiscal Information)
Body
BACKGROUND
On February 1, 2024, Prestonwood Homeowners Association, Inc., representing owners of real property located within the District, submitted petitions to the City of Dallas requesting the renewal of the District and approval of the District's Service Plan for a new ten-year term effective January 1, 2025 through December 31, 2034, in accordance with the Act.
City staff reviewed the petitions and verified that owners of record representing 75.2% of the appraised value and 74.3% of the land area of real property in the District liable for assessment had signed the petitions, thereby exceeding the minimum requirements for renewal set in the current City of Dallas Public Improvement District (PID) Policy and the Act. The City's PID Policy requires signed petitions from owners of at ...
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