On August 19, 2014, the City of Sugar Land approved Resolution No. 14-32 authorizing the creation of the Enclave at Riverpark Public Improvement District (the District) and the District's FY15 Service and Assessment Plan. The District was created to finance improvements to the Enclave at Riverpark subdivision, an approximately 54 acre single family residential development located along US59 adjacent to and accessed through the Riverpark subdivision.
Based on the agreements approved on August 19, 2014, the City will reimburse the developer of Enclave at Riverpark up to $2 million for infrastructure plus actual interest cost up to a maximum of $2.5 million total. The City must reimburse the developer once the development has $31 million in value on the Certified Tax Roll. The 2017 value does not meet this threshold, as it has $28.13 million in certified taxable value to the City. We expect the 2018 value to exceed $31 million, and the City will owe the developer reimbursement, for which the City has received a request from the developer's attorney.
Assessments are made based on the status of property as of January 1 of that year. All 130 residential lots have been platted, so the 2017 assessment is applied on a per-lot basis, and excludes any landscape reserves or exempt property. All buyers are advised of the PID assessment at closing. The 2017 assessment is $1,005 per lot, a decrease from 2016 of $6.00 or 0.62%. The assessment is decreasing from 2016 due to the fact that the value within the PID has increased, offsetting the assessment needed from property owners.
A public hearing was held on the 2017 assessment on August 22, 2017 at 5:30pm. No individuals spoke at the public hearing. The Assessments will be included on the 2017 tax bills for the properties in the district.
Ordinance No. 2112 sets the 2017 assessment at $1,005 per lot, excluding landscape reserves and exempt property. Along with the Ordinance setting the assessment, the agreement requires an updated Service and Assessment plan be approved, which are shown as Exhibit B to the reimbursement agreement.