Res 2021-087/making findings as to the advisability of the improvements proposed in the Whisper South Public improvement District

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CITY OF SAN MARCOS, TEXAS NOTICE OF PUBLIC HEARING REGARDING THE ADVISABILITY OF A PUBLIC IMPROVEMENT DISTRICT FOR WHISPER SOUTH PUBLIC IMPROVEMENT DISTRICT Notice is hereby given that the City Council of San Marcos, Texas, will conduct a public hearing on May 4, 2021, during the regular City Council Meeting beginning at 6:00 p.m. at the San Marcos City Hall, 630 East Hopkins Street, San Marcos, Texas 78666, to accept public comments and discuss the petition by Harris Hill Residential Land Holdings, Ltd., a Texas limited partnership, and Harris Hill Commercial Land Holdings, Ltd., a Texas limited partnership (collectively, the "Owner"), to the City of San Marcos, Texas (the "City"), for determining the advisability of creating a public improvement district for the Whisper South Public Improvement District (the "District"). 1. General Nature of Authorized Improvements — The purposes of the District include the design, acquisition, and construction of public improvement projects authorized by Section 372.003(b) of Chapter 372, Texas Local Government Code, as amended (the "Act") that are necessary for development of the Property, which public improvements will include, but not be limited to, landscaping, streets, roadway construction, water, water tower, wastewater, drainage facilities and improvements, park improvements, trails, improvements related to the foregoing, payment of expenses incurred in the establishment, administration and operation of the District, and other improvement projects (collectively, the "Authorized Improvements"). These Authorized Improvements shall promote the interests of the City and confer a special benefit on the Property. 2. Estimated Costs — The estimated cost to design, acquire, and construct the Authorized Improvements is $14,000,000. The foregoing estimate shall not limit or constrain the actual costs of the Authorized Improvements that may be financed by the District. 3. Proposed Boundaries of the District — The District is proposed to include the "Property," which is more particularly described and depicted in Exhibit "A" attached hereto. 4. Proposed Method of Assessment — The City shall levy an assessment on each tract within the District to pay the cost of the Authorized Improvements in a manner that results in imposing equal shares of the cost on property similarly benefitted. Each assessment may be paid in full at any time (including accrued and unpaid interest) or may be paid in annual installments (including interest and debt). The installments must be paid in amounts necessary to meet annual costs for the Authorized Improvements and must continue for a period necessary to retire the indebtedness on the Authorized Improvements. 5. Proposed Apportionment of Cost Between the District and the City - The City shall not be obligated to provide any funds to finance the Authorized Improvements. The cost of the Authorized Improvements will be paid from the assessments and from other sources of funds, if any, available to the Owner. Notwithstanding the foregoing, it is anticipated that the City may request oversizing of the Authorized Improvements, in which case, the City shall be responsible for the cost of all such oversizing.