The city of Princeton will hold a public hearing concerning creating a Public Improvement District (PID) for the Eastridge Development project during the upcoming May 10 regular council meeting.
The Eastridge Development is 547 acres with 2,410 homes planned and it is expected to have nearly $642 million in taxable value. The development is located at the corner of Longneck Road and New Hope Road.
Jim Sabonis of Hilltop Securities and financial advisor to the city recently addressed city council during the March 22 regular meeting to discuss the PID and walk council through the creation process.
During the meeting, Sabonis explained that PIDs are an economic tool that allows the landowner to petition a city to levy assessments monetized to fund infrastructure costs. In general, PIDs are funded to provide enhanced benefits and services within a designated area. The levy and collection of the levy are focused on the general area and do not impact residents outside of the PID.
City Manager Derek Borg said there are many benefits for a growing city to create a PID.
“Public Improvement Districts provide a tool for the city to utilize to advance the city’s vision and goals,” Borg said in an email.
He said they also extend public infrastructure without burdening taxpayers and forward the city’s Comprehensive Plan, Thoroughfare Plan and Parks Plan.
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By Dustin Butler • [email protected]