NORTHLAKE — Town officials are considering the creation of a public improvement district to help make $4.5 million in needed improvements, including installation of a new water line to the town’s largest neighborhood, road repairs, the addition of a hike-and-bike trail and landscaping.
Most of the debt would be repaid from property assessments in the proposed PID, which are special districts created by cities that allow them to collect additional revenue that can be used for city improvements.
Northlake residents will get their first public opportunity to learn about the public improvement district and weigh in on the bonds at a public hearing Thursday before the Town Council considers the items, Northlake Town Administrator Drew Corn said.
Then on May 15, assuming the council votes to proceed with the creation of the PID, the council will consider the authorization to issue certificates of obligation to fund the projects, Corn said.
The bonds will be used to finance a few big projects related to the new improvements.
“About $1.3 million will finance a water line from Northlake Town Hall to the town’s largest neighborhood, North Ridge Estates,” Corn said.
The water line will provide water to North Ridge Estates and a proposed development within the proposed PID.
The remaining $3 million in funds will be spent on public infrastructure within the proposed improvement district.
Examples of some of the improvements include road surface upgrades from asphalt to concrete, a looped hike-and-bike trail and open space preservation.
“The remaining $200,000 will go toward PID management and debt issuance costs,” Corn said.
PIDs offer cities and counties a means for improving their infrastructure to promote economic growth in an area.
They can be used to develop, rehabilitate or expand affordable housing, create water and wastewater infrastructure, drainage improvements and street and sidewalk improvements.
The Northlake Town Council meeting is scheduled to begin at 5:30 p.m. Thursday at Northlake Town Hall, located at 1400 FM407.