What is it?
Public improvement districts, or PIDs, provide funding for additional maintenance or services in a community through bonds backed by property assessments in the area. PIDs also have their own tax rate, which property owners within the district pay to help cover the costs of projects like road construction, landscaping and parks.
About the project
City Council approved the Prairie Winds development agreement in July 2023, which plans for 1,093 single-family residential units on 263 acres near the new Lee Martinez Elementary School. Although the development is part of a single financial agreement, it will be constructed in three phases. Valued at $453 million, the project is expected to generate over $2.1 million in annual taxes.
The update
Council approved the resolution, a preliminary limited offering memorandum, which begins the process to issue bonds, specifying the financial details. Phase 1 includes about 280 homes, funded by about $10.1 million in bonds. Green Bridge Developers also contributed a $980,000 community benefit fee.
The total project bonds, totaling $24.2 million over 35 years, will have annual service of $693,000. Assessments per lot vary based on lot size, with annual rates ranging from $2,519.50 to $3,175.
"This neighborhood pays for itself, adds strong taxable value, and we walk away with money that allows us to add value to most of the community," Mayor Mike Snyder said at the meeting.
