Public Improvement Districts (PIDs), per the Texas Local Government Code Chapter 372, provide the City of Corpus Christi an economic development tool that permits the financing of qualified public improvements which provide a special benefit on a definable part of the City, including both within the city limits and the extra-territorial jurisdiction (ETJ). A PID can finance capital costs and fund supplemental services to meet community needs which could not otherwise be constructed or provided. The costs of the capital improvements and/or supplemental services are paid entirely by property owners within the PID who receive special benefits from the capital improvements or services.
In May of 2019, staff briefed City Council on PIDs and received direction to prepare a PID Policy for the City.
What does a Public Improvement District do?
- Generally, creation, administration, and bond issuance costs associated with the PID are not paid by the City – they are paid from deposits by the Developer, from the annual PID installments, or from PID Bond proceeds
- Bonds are paid from PID assessments not City property taxes
- The PID allows the City to negotiate above the minimum development standards.
- New construction in a PID increases City’s taxable assessed values
- Allows for negotiated development standards that are prohibited by State Law except through Planned Development
- Provides enhanced public improvements
- Requires a Traffic Impact Analysis
- The issuance of PID Bonds does not impact the City’s Bonding capacity or bond rating
- PIDs are not separate political subdivisions and do not have the authority to levy property taxes
- PIDs do not have the ability to act unilaterally – City action is required at all steps
ADOPTED PID POLICY:
Adopted PID Policy (March 31, 2020)
Adopted PID Policy Resolution (March 31, 2020)
PID Policy Draft (February 5, 2020)
Previous PID Policy Draft (August 18, 2019)
Planning Commission Presentation (August 7, 2019)
Previous PID Policy Draft (July 31, 2019)
City Council Briefing - PIDs and MUDs (May 14, 2019)