On Jan. 9, 2014, the Irving City Council approved a resolution which authorized the creation of the Parkside 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 2014 (the “Bonds”) in the amount of $22,211,340.30 to finance public improvements within the PID. Those improvements include:
- Water and sewer improvements.
- Storm water improvements.
- Landscaping and hardscaping improvements.
- Street lighting.
- Open space and recreational facilities.
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 Parkside 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 Parkside development toward paying the bond payments. This TIRZ payment reduces the annual assessment paid by Parkside property owners.