LEGAL NOTICE: CITY OF FERRIS, TEXAS NOTICE OF PUBLIC HEARING REGARDING THE DISSOLUTION OF A PUBLIC IMPROVEMENT DISTRICT MAY 3, 2021

Publish one time in The Ellis County Press on Thursday, April 8, 2021.

CITY OF FERRIS, TEXAS NOTICE OF PUBLIC HEARING REGARDING THE DISSOLUTION OF A PUBLIC IMPROVEMENT DISTRICT 

Pursuant to Section 372.009(c) and (d) of the Texas Local Government Code, as amended (the “Act” ), notice is hereby given that the City Council of the City of Ferris, Texas (“City” ), will hold a public hearing to accept public comments and discuss the petition (the “Petition” ), filed by Woodstone Development, Ltd. (the “Petitioner” ), requesting that the City dissolve the Woodstone Public Improvement District No. 1 (the “District” ) to include property owned by the Petitioner and further described herein (the “Property” ). 

Time and Place of the Hearing.  

The public hearing will start at 6:00 p.m. on May 3, 2021 at 6:00 p.m. in the Ferris City Council Chambers, 100 Town Plaza, Ferris, Texas 75125. In the event that the City Council will be unable to meet at the City of Ferris Council Chambers on the date set forth above, the City will post on its website, www.ferristexas.gov, information for persons to attend the meeting by telephone, teleconference or other electronic means. 

General Nature of the Proposed Authorized Improvements.   

The general nature of the proposed public improvements (collectively, the “Authorized Improvements”) were proposed to include: 

(i) street and roadway improvements, including related sidewalks, drainage, utility relocation, signalization, landscaping, lighting, signage, off-street parking and right-of-way; 

(ii) establishment or improvement of parks and open space, together with the design, construction and maintenance of any ancillary structures, features or amenities such as trails, playgrounds, walkways, lighting and any similar items located therein; 

(iii) sidewalks and landscaping, including entry monuments and features, fountains, lighting and signage; 

(iv) acquisition, construction, and improvement of water, wastewater and drainage improvements and facilities; 

(v) projects similar to those listed in subsections 

(i) - (iv) above authorized by the Act, including similar off-site projects that provide a benefit to the property within the District; (vi) special supplemental services for improvement and promotion of the district; 

(vii) payment of costs associated with operating and maintaining the public improvements listed in subparagraphs 

(i) - (vi) above; and (viii) payment of costs associated with developing and financing the public improvements listed in subparagraphs (i) - (vi) above, and costs of establishing, administering and operating the District.  

These Authorized Improvements shall promote the interests of the City and confer a special benefit upon the Property.

Estimated Cost of the Authorized Improvements.  

The estimated cost to design, acquire and construct the Authorized Improvements, together with bond issuance costs, eligible legal and financial fees, eligible credit enhancement costs and eligible costs incurred in establishment, administration and operation of the District was not to exceed $1,000,000. 

Proposed District Boundaries.  

The District includes approximately 63.869 acres of land generally located east of Interstate 45, and north of Wolf Springs Road, located within the corporate limits of the City and as more particularly described by a metes and bounds description available at Ferris City Hall and available for public inspection. 

Proposed Method of Assessment.  

The City was expected to levy assessments on each parcel within the District in a manner that results in imposing equal shares of the costs on property similarly benefited.  

All assessments may be paid in full at any time (including interest and principal), and certain assessments may be paid in annual installments (including interest andpaid in amounts necessary to meet annual costs for those Authorized Improvements financed by the assessment, and must continue for a period necessary to retire the indebtedness of those Authorized Improvements (including interest). 

Proposed Apportionment of Cost between the District and the City.  

The City was not obligated to provide any funds to finance the Authorized Improvements, except for assessments levied on real property within the District and possible tax increment reinvestment zone revenue.  

All of the costs of the Authorized Improvements were to be paid from assessments and from other sources of funds, if any, available to the Petitioner, and possible tax increment reinvestment zone revenue 

During the public hearing, any interested person may speak for or against the dissolution of the District and the advisability of the improvements that were to be made for the benefit of the property within the District.  principal).  

If an assessment is allowed to be paid in installments, then the installments must be paid in amounts necessary to meet annual costs for those Authorized Improvements financed by the assessment, and must continue for a period necessary to retire the indebtedness of those Authorized Improvements (including interest). 

Proposed Apportionment of Cost between the District and the City.  

The City was not obligated to provide any funds to finance the Authorized Improvements, except for assessments levied on real property within the District and possible tax increment reinvestment zone revenue.  

All of the costs of the Authorized Improvements were to be paid from assessments and from other sources of funds, if any, available to the Petitioner, and possible tax increment reinvestment zone revenue 

During the public hearing, any interested person may speak for or against the dissolution of the District and the advisability of the improvements that were to be made for the benefit of the property within the District.