Nov 27, 2023 City Council

1. CONDUCT A PUBLIC HEARING AND FIRST READING OF AN ORDINANCE OF THE CITY OF DECATUR, TEXAS ACCEPTING AND APPROVING A FINAL VISTA PARK PUBLIC IMPROVEMENT DISTRICT NO. 1 SERVICE AND ASSESSMENT PLAN, INCLUDING THE IMPROVEMENT AREA #1 ASSESSMENT ROLL; MAKING A FINDING OF SPECIAL BENEFIT TO PROPERTY WITHIN IMPROVEMENT AREA #1 OF THE VISTA PARK PUBLIC IMPROVEMENT DISTRICT NO. 1; LEVYING SPECIAL ASSESSMENTS AGAINST SUCH PROPERTY AND ESTABLISHING A LIEN ON SUCH PROPERTY; PROVIDING FOR THE METHOD OF ASSESSMENT AND THE PAYMENT OF THE ASSESSMENTS LEVIED AGAINST IMPROVEMENT AREA #1 ASSESSED PROPERTY, IN ACCORDANCE WITH CHAPTER 372 OF THE TEXAS LOCAL GOVERNMENT CODE, AS AMENDED.

2. FIRST READING OF AN ORDINANCE OF THE CITY OF DECATUR, TEXAS APPROVING AND AUTHORIZING THE ISSUANCE AND SALE OF THE CITY OF DECATUR, TEXAS, SPECIAL ASSESSMENT REVENUE BONDS, SERIES 2023 (VISTA PARK PUBLIC IMPROVEMENT DISTRICT NO. 1 IMPROVEMENT AREA #1 PROJECT); APPROVING AND AUTHORIZING RELATED AGREEMENTS; AND PROVIDING AN EFFECTIVE DATE.

Download Transcript

[00:00:08]

ALL RIGHT. WE'LL GO AHEAD AND GET THIS MEETING STARTED AT 6:02.

[CALL TO ORDER]

AND IF YOU WOULD STAND AND JOIN ME IN A MOMENT OF SILENCE.

AND IF YOU WOULD JOIN ME IN THE PLEDGE OF ALLEGIANCE.

THANK YOU.

ALL RIGHT.

WE WILL START WITH ITEM ONE.

[1. CONDUCT A PUBLIC HEARING AND FIRST READING OF AN ORDINANCE OF THE CITY OF DECATUR, TEXAS ACCEPTING AND APPROVING A FINAL VISTA PARK PUBLIC IMPROVEMENT DISTRICT NO. 1 SERVICE AND ASSESSMENT PLAN, INCLUDING THE IMPROVEMENT AREA #1 ASSESSMENT ROLL; MAKING A FINDING OF SPECIAL BENEFIT TO PROPERTY WITHIN IMPROVEMENT AREA #1 OF THE VISTA PARK PUBLIC IMPROVEMENT DISTRICT NO. 1; LEVYING SPECIAL ASSESSMENTS AGAINST SUCH PROPERTY AND ESTABLISHING A LIEN ON SUCH PROPERTY; PROVIDING FOR THE METHOD OF ASSESSMENT AND THE PAYMENT OF THE ASSESSMENTS LEVIED AGAINST IMPROVEMENT AREA #1 ASSESSED PROPERTY, IN ACCORDANCE WITH CHAPTER 372 OF THE TEXAS LOCAL GOVERNMENT CODE, AS AMENDED.]

IT SEEMS LIKE A GOOD PLACE TO START, AND WE WILL OPEN INTO A PUBLIC HEARING AT 6:03.

AND THIS PUBLIC HEARING IS THE FIRST READING OF AN ORDINANCE OF THE CITY OF DECATUR, TEXAS, ACCEPTING THE APPROVAL OF A FINAL VISTA PARK PUBLIC IMPROVEMENT DISTRICT NUMBER ONE. SO WE HAVE A PRESENTATION.

JUST BRIEFLY, CAN I GET ON THE MIC? YEAH. OKAY.

LOOKS LIKE YOU'RE GREEN. YOU'RE GOOD TO GO.

GOOD TO GO. OKAY. MY NAME IS KIRK MCDANIEL OF P3 WORKS.

WE SERVE AS CITY'S PID ADMINISTRATOR.

I WAS HERE A COUPLE OF WEEKS AGO REGARDING THE PRELIMINARY SERVICE AND ASSESSMENT PLAN.

WE'RE NOW UP TO THE FINAL SERVICE AND ASSESSMENT PLAN FOR THE VISTA PARK PUBLIC IMPROVEMENT DISTRICT.

SO THE CITY HAS BEEN WORKING FOR MANY, MANY, MANY, MANY MONTHS ON THIS PROJECT.

AND WE'RE REALLY CLOSE TO THE FINAL STAGE FOR THE FIRST PHASE OF THIS DEVELOPMENT.

AND SO EARLIER THIS MORNING, THE CITY'S PROFESSIONAL GROUPS AND DEVELOPER'S TEAM WORKED TOGETHER ON THE PRICING OF THE BONDS FOR IMPROVEMENT AREA NUMBER ONE, THOSE PRICED AT A $4.9 MILLION BOND PAR WITH INTEREST RATES ABOUT 6.875%, WHICH IS PRETTY GOOD.

IT CAME IN A LITTLE BIT UNDER WHAT THE ORIGINAL FORECAST WAS FOR.

AND SO THAT'S WHAT THIS FIRST PUBLIC HEARING IS FOR, IS THE ORDINANCE APPROVING ALL OF THE VARIOUS DOCUMENTS THAT GO WITH THOSE BONDS.

AND SO I'M HAPPY TO ANSWER ANY QUESTIONS.

KIND OF WANTED TO GIVE YOU THAT BRIEF UPDATE.

ALL RIGHT COUNCIL ANY QUESTIONS? ALL RIGHT. ANY OTHER REPORTS FROM THE CITY ON THIS? NO, SIR. MAYOR. ALL RIGHT.

WELL, WE WILL CLOSE THIS ITEM AT 6:04, AND WE HAVE

[2. FIRST READING OF AN ORDINANCE OF THE CITY OF DECATUR, TEXAS APPROVING AND AUTHORIZING THE ISSUANCE AND SALE OF THE CITY OF DECATUR, TEXAS, SPECIAL ASSESSMENT REVENUE BONDS, SERIES 2023 (VISTA PARK PUBLIC IMPROVEMENT DISTRICT NO. 1 IMPROVEMENT AREA #1 PROJECT); APPROVING AND AUTHORIZING RELATED AGREEMENTS; AND PROVIDING AN EFFECTIVE DATE.]

A FIRST READING OF AN ITEM TWO FIRST READING OF AN ORDINANCE OF THE CITY OF DECATUR, TEXAS, APPROVING AND AUTHORIZING THE ISSUANCE OF SALE OF THE CITY OF DECATUR, TEXAS SPECIAL ASSESSMENT REVENUE BONDS.

PERFECT. MAYOR AND COUNCIL.

GOOD EVENING, JORDAN SAWYER.

[INAUDIBLE] CITY COUNCIL.

SO IT WAS JUST CONSIDERED IS THE ASSESSMENT ORDINANCE THAT LEVIES THE ASSESSMENTS.

IT SETS THE BASICALLY WHAT WE'RE GOING TO COLLECT TO PAY OFF THESE BONDS, THESE NOW, THIS ORDINANCE NOW WILL AUTHORIZE THE ISSUANCE OF THE BONDS AND APPROVE QUITE A FEW AGREEMENTS THAT ARE IN THE LOVELY PACKAGE I'VE LEFT HERE.

I APOLOGIZE IN ADVANCE, MAYOR.

DEFINITELY DO SOME HAND WORKOUTS.

IT'S HELPFUL. NO APOLOGIES FOR A LOVELY HANDOUT.

SO. SO YEAH.

SO THAT'S BASICALLY WHAT THIS IS APPROVING NOW IS THE ISSUANCE OF THE BONDS AT THE RATES THAT WE SOLD THIS AFTERNOON.

IT ALSO INCLUDES THE APPROVAL OF AN INDENTURE OF TRUST THAT SETS OUT HOW THE BONDS ARE GOING TO BE PAID BACK, A BOND PURCHASE AGREEMENT WITH FMS BONDS THAT WILL SELL THOSE BONDS TO THEM AS THE UNDERWRITER, AS WELL AS VARIOUS OTHER AGREEMENTS, INCLUDING CONTINUING DISCLOSURE REIMBURSEMENT AGREEMENTS AND A CONSTRUCTION FUNDING AGREEMENT.