Word that developer Chris Milam is looking for Public Improvement District (PID) status for his propsed movie studio development at the Backyard in Bee Cave has stirred considerable preliminary negative reaction.
Supposed to primarily help fund and cover the PUA impact fees, the PID is being criticized as a way to support a specualtive development to the tune of over $4MM. Any property owner in the the defined District pays for the bonds over the next 30 years through an ad valorem property tax. The obligation to pay back the debt stays with the property owners in the District not the current developer
Although the PID bonds are not direct obligations of the City, it's credit would be negatively effected if the development fails.