Consider and take appropriate action regarding a resolution consenting to the issuance of the “Travis County Development Authority Contract Assessment Revenue Bonds, Series 2026 (Turner’s Crossing Public Improvement District Improvement Area #3 Project)”; resolving other matters incident and related to the issuance of such bonds; and providing for an effective date. (Commissioner Gómez)

Staff Report & Agenda Item Details

The Commissioners Court (the “Commissioners Court”) of Travis County, Texas (the “County), 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 Turner’s Crossing Public Improvement District (the “District”) pursuant to a resolution (the “Authorization Resolution”) adopted by the Commissioners Court on November 13, 2018, which Authorization Resolution was published in a newspaper of general circulation in the County and the corporate limits of the City of Austin, Texas (the “City”) on December 7, 2018.<br id="isPasted"> <br>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, 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 public improvement districts created under the PID Act, including the District, 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> <br>The County and the TCDA entered into a Contract for Management and Administrative Services dated April 24, 2018 pursuant to which the TCDA agreed to provide management and administrative services for public improvement districts created by the Commissioners Court, including the District, including billing and collecting assessments.<br> <br>On August 16, 2022, the Commissioners Court passed and approved a resolution (the “Boundary Amendment Resolution”) that authorized an amendment to the boundaries of the District, which Boundary Amendment Resolution was filed in the real property records of the County.<br> <br>On May 25, 2021, the Commissioners Court and the TCDA Board of Directors approved and entered into the Amended and Restated Turner’s Crossing Public Improvement District Financing Agreement (the “Financing Agreement”). The parties to the Financing Agreement are the County, the TCDA, and Meritage Homes of Texas, LLC, an Arizona limited liability company (the “Managing Developer”). The Financing Agreement relates to the construction of the authorized improvements (the “Authorized Improvements”) within the District, including the Improvement Area #3 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 March 7, 2025, the Managing Developer submitted a request for the levy of assessments and issuance of bonds for Improvem