Consider and take appropriate action on a resolution approving and authorizing a Funding Agreement and Acquisition and Reimbursement Agreement for Improvement Areas #1A and #1B of the Lagos Reserve Public Improvement District. (Commissioner Travillion)
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 data-pasted="true"><p style="margin-left:0in;">On July 14, 2026, the Commissioners Court adopted a resolution determining the costs of certain public improvements benefiting Improvement Areas #1A and #1B of the District to be financed through the District and called a public hearing regarding the levy of assessments against benefited property located in Improvement Areas #1A and #1B of the District (the “Assessment Public Hearing”). </p>On July 28, 2026, the Commissioners Court adopted a resolution determining the costs of certain public improvements benefiting property in Improvement Areas #1A and #1B of the District to be financed through the District and called a public hearing regarding the levy of assessments against benefited property located in Improvement Areas #1A and #1B of the District (the “Assessment Public Hearing”)<br> <br><p style="margin-left:0in;">The Assessment Public Hearing regarding the levy of the assessments against benefited property located in Improvement Areas #1A and #1B of the District was held on July 28, 2026 meeting of the Commissioners Court, and after hearing testimony at such public hearing, the Commissioners Court closed the public hearing and adopted an order (the “Assessment Order”) on July 28, 2026.</p><p style="margin-left:0in;"><strong> </strong>In the Assessment Order, the Commissioners Court approved and accepted the Lagos Reserve Public Improvement District July 28, 2026 Service and Assessment Plan (as defined and described in the Assessment Order, the “Service and Assessment Plan”) relating to the District and levied the Assessments (as defined in the Assessment Order) against Improvement Areas #1A and #1B Assessment Rolls (as defined and described in the Service and Assessment Plan).</p>Pursuant to Chapter 431, the TCDA may act on behalf of the County to accomplish a governmental purpose of the County and<strong> </strong>the County has requested the TCDA to assist in the management and development of property within the District and the financing the authorized public improvements of the District.<br><p style="margin-left:0in;"><strong><em><u>Improvement Areas #1A and #1B </u></em><em><u>Funding Agreement / Acquisition and Reimbursement Agreement</u></em></strong></p><p style="margin-left:0in;">In connection with the development of the property within the District, including Improvement Areas #1A and #1B, the Board of Directors of the TCDA (the “Board”) is requested to approve the attached Resolution along with <strong><u>Exhibit A</u> </strong>“Lagos Reserve Public Improvement District Improvement Areas #1A and #1B Funding Agreement” and <