Consider and take appropriate action to approve the following items relating to the WildHorse Ranch Public Improvement District (District):
Staff Report & Agenda Item Details
On August 9, 2016, 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 WildHorse Ranch 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>In connection with the development of the first improvement area within the District (“Improvement Area #1”), the Commissioners Court adopted an order approving and accepting the WildHorse Ranch Public Improvement District Service and Assessment Plan (as updated and amended from time to time, the “2018 SAP”), including the assessment roll for Improvement Area #1 (the “Improvement Area #1 Assessment Roll”)<br> <br>In connection with the issuance of bonds to finance the costs of the Authorized Improvements benefitting Improvement Area #1, the Commissioners Court adopted an order approving and accepting the WildHorse Ranch Public Improvement District 2023 Amended and Restated Service and Assessment Plan (as updated and amended from time to time, the “2023 SAP”), which amended and restated the 2018 SAP in its entirety.<br> <br>In connection with the development of the second improvement area within the District (“Improvement Area #2”), the Commissioners Court adopted an order approving and accepting the WildHorse Ranch Public Improvement District 2025 Amended and Restated Service and Assessment Plan (the “April 2025 SAP”), including the assessment roll for Improvement Area #2. April 2025 SAP amended and restated the 2023 SAP in its entirety. <br> <br>Subsequent to the approval of the April 2025 SAP, County staff discovered that the estimated home prices for the various lot types in Improvement Area #2 provided by the Improvement Area #2 Developer in its PID Analysis were materially higher than actual home prices, as reflected in an updated PID analysis provided by the Improvement Area #2 Developer which revised the estimated home prices to a lower amount. Accordingly, on September 30, 2025, the Commissioners