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Public Improvement District Number One (PID #1)

Public Improvement District Number One (PID #1)

how-it-works-button-mdWhat is the Public Improvement District (the “PID” or “District”)?
The creation of City of Sealy Public Improvement District Number One was initiated by a petition submitted by property owners within the PID boundaries in compliance with the requirements of Section 372.005 of the Public Improvement District Assessment Act, codified as Chapter 372 of the Texas Local Government Code, and pursuant to City Council Resolution No. 2008-04.

Public improvements financed and constructed within the District serve to promote the construction of single-family units and confer a special benefit to properties within the PID. These public improvements include the construction of water lines, sanitary sewer lines, storm sewers, paving, parks, public landscaping, recreational amenities, erosion control, contingency provisions, engineering services, financing costs, and administrative and legal services for the PID.

LQH Development, Inc., pre-funded these public improvements for Sealy Homestead Subdivision located within the PID. Upon completion of the improvements and final inspection and acceptance of the public improvements by the City, the developer conveys all rights to the improvements to the City. Under a development agreement executed between the developer and the City, the developer is entitled to receive reimbursement of the public improvement costs subject to limitations contained in the agreement.

How are PID assessments levied and collected?
The Service and Assessment Plan for the PID estimates the assessments for residential properties in Sealy Homestead Subdivision according to the cost of the public improvements. The total assessment can be paid upfront at the time the property containing a habitable structure is purchased or at any time thereafter. The assessment can also be financed and paid in equal annual installments over twenty-five (25) years. Financed assessments bear interest at seven percent (7%) per annum. The payment options are presented below:
  • Total Upfront Assessment: $6,898.92 per lot
  • Financed Assessment: $592.00 per lot per year for 25 years*

*This equates to total payments of $14,800.00 per lot over the 25-year period (total assessment of $6,898.92 plus interest of $7,901.08), assuming all installments are paid by the due date each year.

The property owners of record in the District are determined by ownership as of January 1 each year. Those who opt to finance payment of the assessment will be billed annually for each installment on their property tax statements (usually in October). Each installment of the assessment is due and payable at the same time property taxes are due and payable to the City (i.e., by January 31 of the following year). Delinquent payment of installments will be assessed penalty and interest at the same rate as that of property taxes.

Where are PID assessments paid?
  • Financed Option
    • Those properties within PID #1 that elect to pay their assessments in annual installments will remit payment to the Austin County Appraisal District located at 906 E. Amelia Street, Bellville, TX 77418.
  • Total Payoff Option
    • All total payoffs of PID assessments are processed through the City of Sealy Finance Department located at 415 Main Street, Sealy. The mailing address is P. O. Box 517, Sealy, TX 77474-0517.
    • Those properties that elected to pay in installments also have the option of paying off the remaining principal balance of the assessment at any time during the 25-year financing period. We do ask that you give us at least one business day’s notice of your intent to do so. This will give us the opportunity to verify with the Appraisal District whether any amounts are still owed on the account and to calculate the exact payoff balance.