<span data-teams="true" data-pasted="true">Consider and take appropriate action on a resolution relating to the Lagos Reserve Public Improvement District including:</span>

Staff Report & Agenda Item Details

On March 31,2026, the Commissioners Court, pursuant to and in accordance with the terms, provisions, and requirements of the Public Improvement District Assessment Act, Chapter 372, Texas Local Government Code (the “PID Act”), established the Lagos Reserve Public Improvement District (the “District”) through a resolution adopted by the Commissioners Court.<br><br>The Travis County Development Authority (the “TCDA”) is a local government corporation incorporated under Subchapter D of Chapter 431, Texas Transportation Code, as amended, and Chapter 394, Texas Local Government Code, as amended, created by the Commissioners Court. 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 a public improvement district (“PID”) created under the Act.<br><br>The County and the TCDA entered into a Contract for Management and Administrative Services dated April 24, 2018, in which the TCDA agreed to provide management and administrative services for PIDs created by the Commissioners Court, including this District<br><br>On July 7, 2026, the Commissioners Court approved the “Lagos Reserve Public Improvement District Financing Agreement” (the “Financing Agreement”) to be entered by and among TCDA, the County, and 706 Investment Partnership, Ltd., as the “Managing Developer”, which relates to the construction of the authorized improvements within the District (the “Authorized Improvements”), the maintenance of the Authorized Improvements, and the payment or reimbursement of the actual costs of the Authorized Improvements with proceeds of bonds or special assessment revenues.<br><br>On June 24, 2026, as revised on July 6, 2026, the Managing Developer submitted a request for the levy of assessments for Improvement Areas #1A & #1B of the District. A copy of the request, which includes a PID Analysis, is attached, The PID Analysis reflects an assessment levy request of approximately $16,000,000 for Improvement Area 1A and $392,000 for Improvement Area 1B.<br><br>The Managing Developer will donate a 25-acre parcel (the “Community Benefit Site”), to the County to comply with the Affordable Housing component of the County PID policy. As detailed in the Financing Agreement, following the initial levy of assessments, the Managing Developer agrees to convey to the County the Community Benefit Site, at no cost to the County, free of all liens, encumbrances, and title defects that are unacceptable to the County, to be credited toward the PID Community Benefit Fee.<br><br>Additionally, the County’s PID Policy in Section 481.005(f) provides that before the County will levy PID assessments, the Petitioner must provide: <div style="margin-left: 60px;">(1)  A fair market value appraisal of property in the PID by an independent third-party apprais