What is a PID?
A Public Improvement District is a defined geographical area established to provide specific types of improvements or maintenance which are financed by assessments against the property owners within the area. PID’s provide a development tool that allocates costs according to the benefits received. A PID can provide a means to fund supplemental services and improvements to meet community needs which could not otherwise be constructed or provided. Chapter 372 of the Texas Local Government Code authorizes the creation of PIDs by cities.
Why is a PID created?
PID’s are created to finance certain public improvements (roadway improvements and utility improvements) that are required for and provide specific benefits to property within the project. The proportionate cost of these authorized public improvements including debt issuance costs represent the assessments levied on the property within the PID to be collected from all benefited.
What is a PID Assessment?
PID assessments represent a proportional share of the cost of the authorized public improvements allocated to each property type pursuant to the Service and Assessment Plan (SAP) approved by the City at the time the assessments were levied.
If you have any questions or would like additional information on any of the agreements please contact Shawn Fort, Director of Development Services [email protected]