[Ord. No. 2020-2315, 6/9/2020]
The Borough Council hereby approves the NID Plan, attached hereto
as Exhibit A, and hereby designates the area or areas identified in
the NID Plan as an NID. The name of the NID is the "Steelpointe Neighborhood
Improvement District."
[Ord. No. 2020-2315, 6/9/2020]
The Borough Council hereby designates the Steelpointe Neighborhood
Improvement District Management Association as the NIDMA to administer
programs, improvements, and services within the NID in accordance
with the Act, with duties and responsibilities to be set forth in a
management agreement containing terms and provisions satisfactory
to the Borough and the NIDMA, and which will include a sunset provision
that the NID Management Agreement and the NID will automatically terminate
on the latest of the following: a) the date when all outstanding bonds
and any bonds or notes issued to refinance or refund the bonds have
been redeemed, paid in full or legally defeased in accordance with
the indenture, b) the expiration of any public easements for improvements
paid for in connection with the NID, or c) December 31, 2051.
[Ord. No. 2020-2315, 6/9/2020]
The Borough Council, pursuant to Section 837 of the Act, hereby authorizes the imposition by the NIDMA of special
assessments on real property located within the NID in accordance
with the rate and method of apportionment of special assessments set
forth in the NID Plan, such rate and method of apportionment of special
assessments being in compliance with Section 837 of the Act, and such
rate and method of apportionment of special assessments hereby is
approved. The special assessments will provide for the payment of
bonds to be issued by the issuer to finance certain public infrastructure
improvements and related programs and services to facilitate the residential
development known as "Steelpointe," which, together with certain adjacent
real estate, comprises the NID, all as provided for within the NID
Plan.
[Ord. No. 2020-2315, 6/9/2020]
The Borough Council hereby is authorized to take such further
actions as are necessary or desirable to carry out the intent and
purposes of this Part, including, but not limited to, the execution
by the President or Vice President and Secretary of the Borough Council
of the NID management agreement, the funding agreement, the pledge
and security agreement, and other documents and agreements consistent
with the Act and the NID Plan that the Borough will need to enter into
in furtherance of this article, in form and substance satisfactory
to such officers and the Borough's Solicitor and bond counsel, the
execution and delivery of all such documents, instruments, agreements
and certificates to constitute conclusive evidence of such satisfaction.
[Ord. No. 2020-2315, 6/9/2020]
This Part shall not be deemed in any way to be a pledge of the
general credit of the Borough for the payment of the bonds, and this
Part shall not be deemed in any way to obligate the Borough for the
payment of principal of, or interest on, the bonds, or for any other
claim based on the bonds or any other document, instrument or agreement
delivered in connection with the issuance of the bonds.
[Added by Ord. No. 2023-2370, 11/14/2023]
The rate of discount on NID special assessments in the Steelpointe Neighborhood Improvement District of the Borough of Phoenixville shall be the same as that in §
24-401 of the Borough's ordinances applied to real property taxes, from the amount on any such special assessment, provided that payment of the whole amount thereof shall be made within two months after the date of the special assessment notice from the NIMDA or its agent.
[Added by Ord. No. 2023-2370, 11/14/2023]
The rate of interest/penalty on delinquent NID special assessments in the Steelpointe Neighborhood Improvement District of the Borough of Phoenixville shall be the same as that in §
24-402 of the Borough's ordinances applied to real property taxes, to any such special assessment or portion thereof not paid within four months from the date of the special assessment notice from the NIMDA or its agent, said interest/penalty to be added to the delinquent special assessment by the NIDMA or its agent and to be collected by the NIDMA or its agent.
[Added by Ord. No. 2023-2370, 11/14/2023]
The rate and amount of charges, expenses and fees incurred in the collection of delinquent NID special assessments in the Steelpointe Neighborhood Improvement District of the Borough of Phoenixville shall be the same as that in Chapter
24, Part
4, of the Borough's Ordinances applied to real property taxes, shall be applied to any such delinquent special assessment or portion thereof.