Title
A resolution approving a service plan allowing for the creation of the SW Downtown Metropolitan District Nos. 1 and 2.
This agenda item is related to the SW Downtown BID
(Legislative)
Presenter:
Carl Schueler, Planning Manager- Comprehensive Planning, Planning & Development Department
Body
Summary:
This service plan would allow formation of the SW Downtown Metropolitan District Nos. 1 and 2 ("Districts") to support development and redevelopment of the Southwest Downtown projects.
Previous Council Action:
These would be new metropolitan districts for this area. In 2001 City Council approved an urban renewal plan for this area. An application for amendment of that plan is in process.
This item was introduced to the City Council during a work session on August 21, 2017. This item was continued to this date from the September 12, 2017 regular meeting.
Background:
This would be a combination of two metropolitan districts conforming to the City's currently adopted Model Service Plans and Special District Policy. No deviations from the standard documents are being proposed. The stated intent of the master developer is to use both of these metropolitan districts for the residential properties within this project, and use the corresponding proposed business improvement district (BID) for the non-residential properties. Therefore, both metropolitan districts would be limited to 30.0 Gallagher adjusted mills for debt service. The maximum operational mill levy will be 10.0 mills for each district.
The overall project and district boundary encompasses about 67.8 acres and includes the potential for up to $2 Billion in public and private urban mixed use investment. Initially, the boundaries of both metropolitan districts overlap the entire area (along with the boundaries of the proposed BID). As the project area develops, the intent is for individual properties to remain in only one of the three districts. Because a significant component of ...
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