Title
An Ordinance authorizing the creation of the Riverwalk Municipal Improvement District; providing for the financing of improvements within the Riverwalk Municipal Improvement District by assessment, issuance of bonds, or other revenues as herein described; approving an assessment roll and the sending of a notice of such assessment to property owners; and other matters related thereto.
Body
Prior to the June 22 meeting of City Council, Council received a copy of the "Improvement Plan for the Riverwalk Municipal Improvement District." The Improvement Plan describes how public improvements on the Riverwalk site may be financed using Tax Increment Bonds and Municipal Improvement District Bonds. This ordinance, which references the "Improvement Plan for the Riverwallk Municipal Improvement District," formally creates the Riverwalk Municipal Improvement District.
The proposed Riverwalk Municipal Improvement District includes all of the Riverwalk site and no other properties. Within this district, the City would have the ability to issue Municipal Improvement District Bonds to pay for public improvements including streets, utilities, and recreational amenities and to assess property owners (including the developer) for the funds needed to pay the debt service on the bonds. Attached to the ordinance are two exhibits, an Assessment Report, which describes the methodology for computing and collecting the assessments and the Assessment Roll, which provides the projected schedule of assessments. These documents have been prepared for the developer by Municap, a firm specializing in establishing and operating Municipal Improvement Districts. Keenan Rice and Thad Wilson of Municap will be at the July 13 City Council meeting to present a summary of this information and to answer questions.
In approving this ordinance, the City Council is not committing to any issuance of debt or approving any other financial participation by the City in the Riverwalk project. The...
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