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City issues its first certificates of obligation for Greenways PID amenities ($600,000)
The City's FY2025 financial report says the City issued certificates of obligation to pay for improvements in the Greenways PID: $600,000 in 2001, $620,000 in 2003, $600,000 in 2008 (the 2003 and 2008 issues since refunded), $725,000 in 2014 and $975,000 in 2021. For the Colonies PID it lists $585,000 in 2006, $1,500,000 in 2008, $1,535,000 in 2014 and $3,000,000 in 2018. Residents' special assessments repay the debt and pay for upkeep.[1]
What the sources say
- ✓ Verified
The City's FY2025 financial report says the City issued certificates of obligation for Greenways PID improvements of $600,000 in 2001, $620,000 in 2003 and $600,000 in 2008 (the 2003 and 2008 issues since refunded), $725,000 in 2014 and $975,000 in 2021, and for the Colonies PID of $585,000 in 2006, $1,500,000 in 2008 (since refunded), $1,535,000 in 2014 and $3,000,000 in 2018. It says the special assessments paid by residents pay for upkeep of the amenities and service the debt. [1]
- Greenways 2001
- $600,000
- Greenways 2003
- $620,000
- Greenways 2008
- $600,000
- Greenways 2014
- $725,000
- Greenways 2021
- $975,000
- Colonies 2006
- $585,000
- Colonies 2008
- $1,500,000
- Colonies 2014
- $1,535,000
- Colonies 2018
- $3,000,000
- ✓ Verified
The report says "The City is obligated to issue additional debt and pay the developer when there are sufficient property owners to support the debt service payments," and that the City is obligated to issue debt for the Colonies when there are enough property owners "to pay the developer along with the ongoing maintenance and upkeep of the amenities." It puts the original estimate for all Greenways amenities at about $2.5 million and for the Colonies at about $4.6 million. [1]
- Greenways amenities estimate
- $2,500,000
- Colonies amenities estimate
- $4,600,000
- ✓ Verified
Section 372.023 lets improvement costs be paid or reimbursed by a combination of methods, and Section 372.026 lets the council pledge income from improvements financed under the subchapter, including installment payments of assessments, to pay obligations such as bonds and reimbursement agreements. [2]
