Consider and take appropriate action regarding the Turner’s Crossing Public Improvement District, including:

Staff Report & Agenda Item Details

The Travis County Development Authority (the “TCDA”) is a non-profit local government corporation incorporated under Subchapter D of Chapter 431, Texas Transportation Code, as amended (the “LGC Act”), and Chapter 394, Texas Local Government Code, as amended, created by the Commissioners Court (the “Commissioners Court”) of Travis County, Texas (the “County”). Article IV of the articles of incorporation of the TCDA, as amended, (“Article IV”) authorizes the TCDA to act pursuant to and to aid, assist, and act on behalf of the County in accordance with all applicable laws and amendments thereto, including the authority to manage defined areas such as public improvement districts created under the Public Improvement District Assessment Act, Chapter 372, Texas Local Government Code (the “PID Act”), and to issue bonds to accomplish such purposes. Article IV further provides that the TCDA shall not issue bonds without the consent of the Commissioners Court.<br data-pasted="true">On April 24, 2018, pursuant to the PID Act and the LGC Act, the County and the TCDA entered into a Contract for Management and Administrative Services under which the TCDA agreed to manage and administer PIDs created by the Commissioners Court.<br><br>On November 13, 2018, the Commissioners Court, pursuant to and in accordance with the terms, provisions, and requirements of the PID Act, established the “Turner’s Crossing Public Improvement District” (the “District”).<br><br>To finance the costs of public improvements Improvement Area #3 of the District (the “Improvement Area #3 Improvements”), pursuant to an order adopted on December 16, 2025, the Commissioners Court levied special assessments on the property within special assessments on property within Improvement Area #3 (the “Improvement Area #3 Assessments”), and approved an amended and restated service and assessment plan for the District in accordance with the PID Act (the “2025 Amended and Restated Service and Assessment Plan,”), including assessment rolls for Improvement Area #3 of the District;. <br><br>On December 16, 2025 the County, the TCDA and Meritage Homes of Texas, LLC (the “Managing Developer”) entered into the “Turner’s Crossing Public Improvement District Improvement Area #3 Acquisition and Reimbursement Agreement” (the “Acquisition and Reimbursement Agreement”), which sets forth the specific terms of payment or reimbursement of the actual costs of the Improvement Area #3 Improvements with proceeds of the Bonds (as defined herein) or the Assessments and evidences the Improvement Area Improvement Area #3 reimbursement obligation owed to the Managing Developer.<br><br>On December 16,2025, the County and TCDA entered into the “Turner’s Crossing Public Improvement District Improvement Area #3 Funding Agreement” (the “Funding Agreement”) pursuant to which Contract Assessment Revenues (as defined in the Service and Assessment Plan (as defined herein) will be paid to the TCDA and be used to (a) reimburse the Managi