On Jan. 24, 2013, the Irving City Council approved a resolution which authorized the creation of the Bridges of Las Colinas PID to finance certain public improvements for the benefit of property in the PID. The City of Irving is the governing body of the PID. The City of Irving issued Combination Tax and Revenue Certificates of Obligation, Series 2013A (the “Bonds”) in the amount of $8,984,348.75 to finance public improvements within the PID. Those improvements include:
- Addition of three bridges.
- Construction of a damn.
- Dredging of the established lake.
- Park and open space improvements.
- Addition of a trail system.
- Sanitary sewer improvements.
- A new water distribution system.
The Bonds are to be repaid by annual assessments based on lot square footage of the properties in the PID.
In conjunction with creating the PID, the Irving City Council established the Bridges of Las Colinas Tax Increment Reinvestment Zone (TIRZ) and dedicated 50 percent of the city’s Maintenance and Operations portion of the new incremental taxes generated by the Bridges of Las Colinas development toward paying the bond payments. This TIRZ payment reduces the annual assessment paid by Bridges of Las Colinas property owners.