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City Council Meeting Minutes October 20, 2020 <br />with $11,885,000 in PID Bonds issued January 2019. There was a $10,115,000 <br />Reimbursement Obligation (RO) to developer (RO to be refunded with future <br />PID Bonds). Homeowners pay an average equivalent tax rate of approximately <br />$0.34 per $100/assessed value and Average annual installment for homeowners <br />of approximately $650 - $900 per year. <br />Mr. Snyder stated La Cima is a Public Improvement District created by Hays <br />County, and was created with $19,200,000 in PID Bonds that were issued <br />August 2015. $9,345,000 PID Bonds expected to be issued November 2020, <br />upon completion of project, an estimated $86.7 million of PID bonds will be <br />issued and average annual installment for homeowners of approximately <br />$1,600 - $2,750 per year. <br />Mr. Synder mentioned Whisper Public Improvement District has $14,300,000 <br />PID Bonds issued June 2020, property owners pay an average equivalent tax <br />rate of — $0.16 per $100/assessed value and average annual installment for <br />homeowners of approximately $375 per year. <br />Mr. Ostrowski noted the Residential Units and Value Per Year by Subdivision <br />(as of end of 2019) <br />See Exhibit -Attached <br />Mr. Ostrowski provided a summary of capacity. An additional 229 single <br />family units were constructed per year for the years 2016-2019 (mainly after <br />incentivized developments), versus for the years 2012-2015 (mainly prior to <br />incentivized developments). Mr. Ostrowksi mentioned the 9,800 units that have <br />been approved through the residential incentives, 1,687 units have been <br />constructed, leaving 8,113 units still available. Mr. Ostrowski stated that 8,113 <br />units multiplied by the average household size of 2.43, equates to room for an <br />additional 19,715 people within the city, within the rive developments. <br />Mr. Ostrowski stated current population is 64,776 and the Comprehensive Plan <br />projects growth rate by 2030 to be 79,207 or 1.78% per year. Based on the <br />Comprehensive Plan growth rate of 1.78% per year, these five developments <br />would have enough capacity for over 10 years. 64,776 + 19,715 = 84,491 <br />(supply) vs. 79,207 (demand) <br />Potential Options <br />1. Extend the moratorium on incentives for residential developments for a <br />certain period of time. <br />2. Allow the moratorium to expire and evaluate projects on a case-by-case <br />basis. <br />City of San Marcos Page 3 <br />