The Tres Lagos Residential Owner’s Association, Inc. (HOA) has been created to formulate and enforce certain covenants and restrictions to maintain property values and enhance the well-being of the residents. Additionally, the PID has been created by the City of McAllen as a special assessment district to benefit residents living in the Tres Lagos development by using special assessment dollars collected from each property to enhance and maintain amenities owned and operated by the PID. These include community centers and parks, the pool, lakes, creeks, neighborhood area parks, entryways, rights-of-way, buffer walls, and common areas. It also includes providing other special services such as digital cable services, monitored security at each home, Wi-Fi throughout designated parks and trails and security cameras throughout common areas.
WHAT ARE THE HOA AND PID ASSESSMENT RATES?
The Tres Lagos Public Improvement District has set the assessment rate at $0.20 per $100 valuation. For example, the owner of a $200,000 home would pay $400 per year in PID assessments. Unlike HOA fees, PID Assessments are assessed and collected as part of the home owner’s property tax and, as such, are tax deductible. In addition, the PID has set a $75 monthly technology assessment fee to provide each homeowner with internet access with speeds of 25 megabytes, 75 digital TV channels and security alarm and monitoring for their home. The assessment is collected by the PID’s technology provider. Home owners may purchase additional channels, security services or faster internet (up to 1 GB) from the Pl D’s approved vendor.
ARE THERE HOA FEES?
The Tres Lagos Home Owners Association has a one-time new member fee of $500 whenever there is a purchase of property within the Development. There will not be recurring HOA fees
WHY DO I PAY HOA DUES IN ADDITION TO THE PID ASSESSMENT?
According to state statute, proceeds collected through a PID cannot pay for any maintenance that does not benefit the property owners benefited by the PID, nor can it be used for non-secular holiday related celebrations or special events, or the enforcement of community restrictions. As such, the PID and the HOA work together to maintain community-owned facilities, enforce deed restrictions and promote the well-being of the community’s residents.
WHO DETERMINES THE PID BUDGET?
The PID’s Board of Directors develops the budget and assessment rates on an annual basis. The budget is based on actual costs, recognized cost standards, or competitive bids where possible. The McAllen City Commission approves the final annual budget and assessment rates. In the PID’s initial years, the developer will loan the PID funds to help the PID meet its budget.