HomeMy WebLinkAboutRes 14-44 Determining Costs Solana Public Improvement District Entrada TOWN OF WESTLAKE
RESOLUTION NO. 14-44
A RESOLUTION OF THE TOWN OF WESTLAKE, TEXAS DETERMINING THE
COSTS OF CERTAIN AUTHORIZED IMPROVEMENTS TO BE FINANCED) BY THE
SOLANA PUBLIC IMPROVEMENT DISTRICT; APPROVING A PRELIMINARY
SERVICE PLAN AND ASSESSMENT PLAN, INCLUDING A PROPOSED
ASSESSMENT ROLL; DIRECTING THE FILING OFT E PROPOSED ASSESSMENT
ROLL WITH THE TOWN SECRETARY; CALLING A SPECIAL MEETING AND
NOTICING A PUBLIC HEARING FOR JANUARY 15, 2015 TO CONSIDER AN
ORDINANCE LEVYING ASSESSMENTS ON PROPERTY LOCATED WITHIN THE
SOLANA PUBLIC IMPROVEMENT DISTRICT; DIRECTING THE TOWN STAFF TO
PUBLISH AND MAIL NOTICE OF SAID PUBLIC HEARING; AND RESOLVING
OTHER MATTERS INCIDENT AND RELATED THERETO.
RECITALS
WHEREAS, the Public Improvement District Assessment Act, Texas Local Government
Code, Chapter 372, as amended (the "Act") authorizes the governing body (the "Town Council")
of the Town of Westlake, Texas (the "Town"), to create a public improvement district within the
Town; and
WHEREAS, on February 24, 2014, the Town Council conducted a public hearing to
consider a petition received by the Town on October 18, 2013 titled "Petition for the Creation of
a Public Improvement District Within the Town of Westlake, Texas, for the Solana Public
Improvement District"requesting the creation of a public improvement district; and
WHEREAS, on February 24, 2014, the Town Council approved Resolution No. 14-07
(the "Authorization Resolution"), authorizing, establishing and creating the Solana Public
Improvement District (the "District"); and
WHEREAS, the Town authorized the creation of the District and the issuance of up to
$32,000,000.00 in bonds for the District; and
WHEREAS, the Town Council and the Town staff have previously reviewed a draft
preliminary service and assessment plan for the District and have been presented an updated
"Solana Public Improvement District Preliminary Service and Assessment Plan", including the
Resolution 14-44
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proposed assessment roll attached as Appendix E (the "Proposed Assessment Roll"), dated
November 21, 2014 (collectively, the "Preliminary SAP"), a copy of which is attached hereto as
Exhibit A and is incorporated herein for all purposes; and
WHEREAS, the Preliminary SAP includes the estimated total costs of the Authorized
Improvements to be financed by the District and the Proposed Assessment Rolls state the
assessment proposed to be levied against each parcel of land in the District for each phase of the
Development as determined by the method of assessment chosen by the Town; and
WHEREAS, the Act requires that that the Proposed Assessment Roll be filed with the
Town Secretary of the Town(the "Town Secretary") and be subject to public 'inspection; and
WHEREAS, the Act requires that a public hearing (the "Assessment Hearing") be called
to consider proposed assessments and requires the Town Council to hear and pass on any
objections to the proposed assessments at, or on the adjournment of, the Assessment Hearing;
and
WHEREAS, the Act requires that notice of the Assessment Hearing be mailed to
property owners liable for assessment and published in a newspaper of general circulation in the
Town at least ten (10) days before the date of the Assessment Hearing.
NOW THEREFORE, BE IT RESOLVED BY THE TOWN COUNCIL OF THE
TOWN OF WESTLAKE, TEXAS AS FOLLOWS:
SECTION 1: THAT the recitals set forth above in this Resolution are true and correct
and are hereby adopted as findings of the Town Council and are incorporated into the body of
this Resolution as if fully set forth herein.
SECTION 2: THAT the Town Council does hereby accept the Preliminary SAP for the
District, including the Proposed Assessment Rolls, a copy of which is attached hereto as Exhibit
A and is incorporated herein for all purposes.
SECTION 3: THAT the Town Council hereby determines that the total costs of the
Authorized Improvements to be financed by the District are as set forth in Table IV-A of the
Preliminary SAP.
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SECTION 4: THAT the Town Council's final determination and approval of the costs of
the Authorized Improvements, or any portion thereof, shall be subject to and contingent upon
Town Council approval of a final Service and Assessment Plan which will include final
Assessment Rolls, after the properly noticed and held Assessment Hearing, and shall be based
upon the Town Council's exercise of due diligence.
SECTION 5: THAT the Proposed Assessment Rolls state the assessment proposed to be
levied against each parcel of land in the District as determined by the method of assessment
chosen by the Town in the Authorization Resolution and as more fully described in the
Preliminary SAP.
SECTION 6: THAT the Town Council hereby authorizes and directs the filing of the
Proposed Assessment Roll with the Town Secretary and the same shall be available for public
inspection.
SECTION 7: THAT the Town Council hereby authorizes and calls a special meeting and
a public hearing (the Assessment Hearing as defined above) to be held on January 15, 2015 at
8:00 a.m. at Westlake Town Hall, 3 Village Circle, Westlake, Texas 76262, at which the Town
Council shall, among other actions, hear and pass on any objections to the proposed assessments;
and, upon the adjournment of the Assessment Hearing, the Town Council will consider an
ordinance levying the assessments as special assessments on property within the District (which
ordinance shall specify the method of payment of the assessments).
SECTION 8: THAT the Town Council hereby authorizes and directs the Town Secretary
to publish notice of the Assessment Hearing to be held on January 15, 2015, in substantially the
form attached hereto as Exhibit B and incorporated herein for all purposes, in a newspaper of
general circulation in the Town, before the 10"' day before the January 15, 2015 hearing as
required by Section 372.016(b) of the Act.
SECTION 9: THAT when the Proposed Assessment Rolls are filed with the Town
Secretary, the Town Council hereby authorizes and directs the Town Secretary to mail to owners
of property liable for assessment notice of the Assessment Hearing to be held on January 15,
2015, as required by Section 372.016(c) of the Act.
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SEC'T'ION 10: THAT Town staff is authorized and directed to take such other actions as
are required (including, but not limited to, notice of the public hearing as required by the Texas
Open Meetings Act) to place the public hearing on the agenda for the January 15, 2015 meeting
of the Town Council.
SEC'T'ION 11: THAT this Resolution shall become effective from and after its date of
passage in accordance with law.
PASSEL) AND APPROVED ON THIS THE 15TH DAY OF DECEMBER, 2014.
ATTEST:
Laura L. Wheat, Mayor
Kell Edwa4 Town Secretary Thomas E. Brymer, ow anafer
E
APPROVERS TO FORM:
L. ton Low , Tp n Attorney
Resolution 14-44
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EXHIBIT A
PRELIMINARY SE VICE AND ASSESSMENT PLAN
Copy in L serfiche
Resolution 14-44
Page 5 of 6
EXHIBIT B
TOWN OF WESTLAKE, TEXAS
NOTICE OF PUBLIC HEARING
NOTICE IS HEREBY GIVEN THAT a public hearing will be conducted by the Town Council
of Westlake, Texas on the 15th day of January at 8:00 a.m. at Westlake Town Hall, 3 Village
Circle, Suite 202, Westlake, Texas 76262. The public hearing will be held to consider proposed
assessments to be levied against the assessable property within the Solana Public Improvement
District (the "District") pursuant to the provisions of Chapter 372 of the Texas Local
Government Code, as amended (the "Act").
The general nature of the proposed improvements authorized by the Act to be undertaken and
financed for the benefit of the property within the District (the "Authorized Improvements")
include, but are not limited to, landscaping, entryway features, water, wastewater, sidewalks,
streets, roadways, off-street parking, drainage system improvements, trails, parks and open
space. The total costs of the Authorized Improvements to be undertaken pursuant to the Series
2015 Bond issuance (including the costs of creating the District and issuing the bonds) is
$26,175,000.00. The total costs of the subsequent Authorized Improvements (including bond
issuance costs) are $10,215,000.00.
The District includes approximately 85.90 acres of land generally located south of State
Highway 114, east of Davis Boulevard, and north of Solana Boulevard, as more particularly
described by a metes and bounds description available for public inspection at the office of the
Town Secretary, 3 Village Circle, Suite 202, Westlake, Texas 76262.
All written or oral objections on the proposed assessment within the District will be considered
at the public hearing.
A copy of the Proposed Assessment Roll relating to the Authorized Improvements to be
undertaken at this time, which includes the assessments to be levied against each parcel in the
District, is available for public inspection at the office of the Town Secretary, 3 Village Circle,
Suite 202, Westlake, Texas 76262.
Resolution 14-44
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Draft
SOLANA
PUBLIC IMPROVEMENT DISTRICT
SERVICE AND ASSESSMENT PLAN
NOVEMBER 21,2014
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Res 14-44
SOLANA
PUBLIC IMPROVEMENT DISTRICT
SERVICE AND ASSESSMENT PLAN
Table of Contents
Section I Plan Description and Defined Terms 1
Section II Property Included in the PID 7
Section III Description of Authorized Improvements 9
Section IV Service Plan 13
Section V Assessment Plan 16
Section VI Terms of the Assessments 23
Section VII Assessment Roll 29
Section VIII Miscellaneous Provisions 30
List of Appendix
Appendix A The PID Map
Appendix B Estimated Costs of the Authorized Improvements
Appendix C Diagrams of the Authorized Improvements
Appendix D Land Use Class, Equivalent Units and Allocation of Assessment Part A
Appendix E Assessment Rolls
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Section I
PLAN DESCRIPTION AND DEFINED TERMS
A. Introduction
On February 24, 2014, (the "Creation Date") the Town of Westlake Town Council ("Town
Council") passed Resolution No. 14-07 approving and authorizing the creation of the Solana
Public Improvement District (the "PID") to finance the costs of certain public improvements for
the benefit of property in the PID, all of which is located within the boundaries of the Town of
Westlake, Texas ("Town").
Upon application of the current property owners, the property within the PID was zoned by
Ordinance No. 703 (the "Zoning Ordinance") adopted by the Town on April 22, 2013, as
amended and including all required approvals. The Zoning Ordinance designates the type of land
uses that are permitted within the project and includes development standards for each land use
type.
Chapter 372 of the Texas Local Government Code, "the Public Improvement Assessment Act"
(as amended, the "PID Act"), governs the creation and operation of public improvement districts
within the State of Texas. This Service and Assessment Plan has been prepared pursuant to the
PID Act and specifically Sections 372.013, 372.014, 372.015 and 372.016, which address the
requirements of a service and assessment plan and the assessment roll. According to
Section 372.013 of the PID Act, a service plan "must cover a period of at least five years and
must also define the annual indebtedness and the projected costs for improvements. The plan
shall be reviewed and updated annually for the purpose of determining the annual budget for
improvements." The service plan is described in Section IV of this Service and Assessment Plan.
Section 372.014 of the PID Act states that "an assessment plan must be included in the annual
service plan." The assessment plan is described in Section V of this Service and Assessment
Plan.
Section 372.015 of the PID Act states that "the governing body of the municipality or county
shall apportion the cost of an improvement to be assessed against property in an improvement
district." The method of assessing the PID Costs (herein after defined) and apportionment of
such costs to the property in the PID is included in Section V of this Service and Assessment
Plan.
Section 372.016 of the PID Act states that "after the total cost of an improvement is determined,
the governing body of the municipality or county shall prepare a proposed assessment roll. The
roll must state the assessment against each parcel of land in the district, as determined by the
method of assessment chosen by the municipality or county under this subchapter." The
Assessment Rolls for the PID are included as Appendix E of this Service and Assessment Plan.
The Assessments as shown on the Assessment Rolls are based on the method of assessment and
apportionment of costs described in Section V of this Service and Assessment Plan.
B. Definitions
Capitalized terms used herein shall have the meanings ascribed to them as follows:
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"Actual Cost(s)" means, with respect to an Authorized Improvement, the demonstrated,
reasonable, allocable, and allowable costs of constructing such Authorized Improvement, as
specified in a Certification for Payment that has been reviewed and approved by the Town.
Actual Cost may include but are not limited to (a) the costs for the design, planning, financing,
administration, management, acquisition, installation, construction and/or implementation of
such Authorized Improvement, including general contractor construction management fees, if
any, (b) the costs of preparing the construction plans for such Authorized Improvement, (c) the
fees paid for obtaining permits, licenses or other governmental approvals for such Authorized
Improvement, (d) the costs for external professional costs associated with such Authorized
Improvement, such as engineering, geotechnical, surveying, land planning, architectural
landscapers, advertising, marketing and research studies, appraisals, legal, accounting and
similar professional services, taxes (property and franchise) (e) the costs of all labor, bonds and
materials, including equipment and fixtures, incurred by contractors, builders and material men
in connection with the acquisition, construction or implementation of the Authorized
Improvements, (f) all related permitting, zoning and public approval expenses, architectural,
engineering, legal, and consulting fees, financing charges, taxes, governmental fees and charges
(including inspection fees, County permit fees, development fees), insurance premiums,
miscellaneous expenses, and all advances and payments for Administrative Expenses.
Actual Costs include general contractor's fees in an amount up to a percentage equal to the
percentage of work completed and accepted by the City or construction management fees in an
amount up to five percent of the eligible Actual Costs described in a Certification for Payment
(and subject to approval by the Town). General contractor's fees and construction management
fees shall be budgeted in the project budget and itemized on each submittal on a payment
request; and the amounts expended on legal costs, taxes, governmental fees, insurance
premiums, permits, financing costs, and appraisals shall be excluded from the base upon which
the general contractor and construction management fees are calculated.
"Administrator" means the employee or designee of the Town who shall have the
responsibilities provided for herein, in the Trust Indenture related to Bonds issued for the PID or
otherwise approved by the Town Council.
"Administrative Expenses" mean the costs associated with or incident to the administration,
organization, maintenance and operation of the PID, including, but not limited to, the costs o£ (i)
creating and organizing the PID, including conducting hearings, preparing notices and petitions,
and all costs incident thereto, engineering fees, legal fees and consultant fees, (ii) the annual
administrative, organization, maintenance, and operation costs and expenses associated with, or
incident and allocable to, the administration, organization, maintenance and operation of the PID
and the Authorized Improvements, (iii) computing, levying, billing and collecting Assessments
or the installments thereof, (iv) maintaining the record of installments of the Assessments and the
system of registration and transfer of the Bonds, (v) paying and redeeming the Bonds, (vi)
investing or depositing of monies, (vii) complying with the PID Act and codes with respect to
the Bonds, (viii) Trustee fees and expenses relating to the Bonds, (ix) legal counsel, engineers,
accountants, financial advisors, investment bankers or other consultants and advisors providing
services related to the Bonds, and (x) administering the construction of the Authorized
Improvements. Administrative Expenses do not include payment of the actual principal of,
redemption premium, and interest on the Bonds. Amounts collected in conjunction with Annual
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Installments for Administrative Expenses and not expended for actual Administrative Expenses
shall be carried forward and applied to reduce Administrative Expenses in subsequent years to
avoid the over-collection of Administrative Expenses.
"Annual Installment" means, with respect to each Parcel, each annual payment of. (i) the
Assessments, including any applicable interest, as shown on the Assessment Rolls attached
hereto as Appendix E, as applicable, or in an Annual Service Plan Update, and calculated as
provided in Section VI of this Service and Assessment Plan, (ii) Administrative Expenses, (iii)
the prepayment reserve described in Section IV of this Service and Assessment Plan, and (iv) the
delinquency reserve as described in Section IV of this Service and Assessment Plan.
"Annual Installment Part All means, with respect to each Parcel, each annual payment of. (i)
the Assessment Part A, including any applicable interest, as shown on the Assessment Roll
attached hereto as Appendix E, as applicable, or in an Annual Service Plan Update, and
calculated as provided in Section VI of this Service and Assessment Plan, (ii) Administrative
Expenses, (iii) the prepayment reserve described in Section V of this Service and Assessment
Plan, and (iv) the delinquency reserve as described in Section V of this Service and Assessment
Plan.
"Annual Installment Part B" means, with respect to each Parcel, each annual payment of. (i)
the Assessment Part B, including any applicable interest, as shown on the Assessment Roll
attached hereto as Appendix E, as applicable, or in an Annual Service Plan Update, and
calculated as provided in Section VI of this Service and Assessment Plan, (ii) Administrative
Expenses, (iii) the prepayment reserve described in Section V of this Service and Assessment
Plan, and (iv) the delinquency reserve as described in Section V of this Service and Assessment
Plan.
"Annual Service Plan Update" has the meaning set forth in the first paragraph of Section IV of
this Service and Assessment Plan.
"Assessed Property" means the property within the PID that benefits from the Authorized
Improvements, as determined by the Town Council, on which Assessments have been imposed
as shown in the Assessment Rolls, as the Assessment Rolls are updated each year by the Annual
Service Plan Update. Assessed Property includes all Parcels within the PID other than Non-
Benefited Property.
"Assessment" means the assessment(s) levied against Parcels within the PID imposed pursuant
to the Assessment Ordinance and the provisions herein as shown on the Assessment Rolls,
subject to reallocation upon the subdivision of such Parcel or reduction according to the
provisions herein and the PID Act.
"Assessment Ordinance" means an Ordinance adopted by the Town Council approving the
Service and Assessment Plan (including updates, amendments or supplements to the Service and
Assessment Plan) and levying the Assessments.
"Assessment Part A" means the portion of the Assessments levied for Improvement Project A
as shown in the Assessment Rolls.
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"Assessment Part B" means the portion of the Assessments levied for Improvement Project B
as shown in the Assessment Rolls, as may be updated in the Annual Service Plan Updates.
"Assessment Revenues"mean the revenues actually received by the Town from Assessments.
"Assessment Roll" means an assessment roll included in Appendix E of this Service and
Assessment Plan, as it may be updated, amended, or replaced by a supplement to this Service
and Assessment Plan or an Annual Service Plan Update.
"Authorized Improvements" mean those public improvements described in Section III and
Appendix B of this Service and Assessment Plan and any future updates and/or amendments.
"Authorized Improvement Costs" mean the actual or budgeted costs, as applicable, of all or
any portion of the Authorized Improvements, as described in Section III and shown in Appendix
B, as these costs may be updated from time to time.
"Bonds" mean any bonds issued by the Town in one or more series and secured by the
Assessment Revenues.
"Bond Indenture" means the indenture, ordinance or similar document setting forth the terms
and other provisions relating to the Bonds, as modified, amended, or supplemented from time to
time.
"Certification for Payment" means the document to be provided by the Developer to
substantiate the Actual Cost of one or more Authorized Improvements, as approved by the Town.
"Delinquent Collection Costs" mean interest, penalties and expenses incurred or imposed with
respect to any delinquent installment of an Assessment in accordance with the PID Act and the
costs related to pursuing collection of a delinquent Assessment and foreclosing the lien against
the Assessed Property, including attorney's fees.
"Developer" means Maguire Partners—Solana Land, L.P.
"Equivalent Units" mean, as to any Parcel, the number of dwelling units by Land Use Class or
non-residential development by type expected to be built on the Parcel multiplied by the factors
calculated and shown in Appendix D attached hereto, as Appendix D may be updated by an
Annual Service Plan Update.
"Improvement Area #1" means the area of the PID to be improved by Improvement Project A
and Improvement Project B, consisting of the property shown within Improvement Area #1 on
Appendix A, and commonly referred to as the Mixed-Use Core.
"Improvement Area #2" means the area of the PID to be improved by Improvement Project A,
consisting of the property shown within Improvement Area #2 on Appendix A, and commonly
referred to as West Residential.
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"Improvement Area #3" means the area of the PID to be improved by Improvement Project A,
consisting of the property shown within Improvement Area #3 on Appendix A and commonly
referred to as East Residential.
"Improvement Area #1 Assessed Property" means the property within the PID that benefits
from the Improvement Project A and Improvement Project B as determined by the Town Council
on which Assessments Part A and Assessments Part B have been imposed as shown in the
Assessment Roll, as the Assessment Roll is updated each year by the Annual Service Plan
Update. Improvement Area#1 Assessed Property includes all Parcels within Improvement Area
#1 of the PID other than Non-Benefited Property.
"Improvement Area #2 Assessed Property" means the property within the PID that benefits
from the Improvement Project A as determined by the Town Council on which Assessments Part
A have been imposed as shown in the Assessment Roll, as the Assessment Roll is updated each
year by the Annual Service Plan Update. Improvement Area #2 Assessed Property includes all
Parcels within Improvement Area#2 of the PID other than Non-Benefited Property.
"Improvement Area #3 Assessed Property" means the property within the PID that benefits
from the Improvement Project A as determined by the Town Council on which Assessments Part
A have been imposed as shown in the Assessment Roll, as the Assessment Roll is updated each
year by the Annual Service Plan Update. Improvement Area #3 Assessed Property includes all
Parcels within Improvement Area#3 of the PID other than Non-Benefited Property.
"Improvement Project A" means the Authorized Improvements described as such in Section III
and shown in Appendix B of this Service and Assessment Plan and any future updates and/or
amendments.
"Improvement Project B" means the portion of the Authorized Improvements described as
such in Section III and shown in Appendix B of this Service and Assessment Plan and any future
updates and/or amendments.
"Land Use Class" means a classification of property with similar characteristics regarding the
intended use of the property (e.g., residential, retail, office, hotel, etc.), as allowed by the Zoning
Ordinance.
"Lot" means a tract of land described as a "lot" in a subdivision plat recorded in the official
public records of Tarrant County, Texas.
"Non-Benefited Property" means Parcels within the boundaries of the PID that accrue no
special benefit from the Authorized Improvements, as determined by the Town Council,
including Property Owner Association Property, public property and easements that create an
exclusive use for a public utility provider. Property identified as Non-Benefited Property at the
time the Assessments (i) are imposed or (ii) are reallocated pursuant to a subdivision of a Parcel,
is not assessed. Assessed Property converted to Non-Benefited Property, if the Assessments may
not be reallocated pursuant to the provisions herein, remains subject to the Assessments and
requires the Assessments to be prepaid as provided for in Section VI. C. 2.
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"Parcel" or "Parcels" means a parcel or parcels within the PID identified by either a tax map
identification number assigned by the Tarrant Central Appraisal District for real property tax
purposes or by lot and block number in a final subdivision plat recorded in the real property
records of Tarrant County.
"PID"has the meaning set forth in Section LA of this Service and Assessment Plan.
"PID Act" means Texas Local Government Code Chapter 372, Public Improvement Assessment
Act, Subchapter A, Public Improvement Districts, as amended.
"PID Costs" means the Administrative Expenses and the Authorized Improvement Costs
"Prepayment Costs" mean interest and expenses to the date of prepayment, plus any additional
expenses related to the prepayment, reasonably expected to be incurred by or imposed upon the
Town as a result of any prepayment of an Assessment.
"Property Owners' Association" means that mandatory association of all property owners in
the PID other than owners only of non-benefitted property, which shall be responsible for the
operation and maintenance of the Property Owner's Association Property, public infrastructure,
and the right-of-ways.
"Property Owner Association Property" means property within the boundaries of the PID
that is owned by or dedicated to, whether in fee simple or through an exclusive use easement, a
property owners' association. All Property Owner Association Property will be identified on
approved plats.
"Property Owner Association Property — Public Access" means property (as shown in
Exhibit_) within the boundaries of the PID that is owned or dedicated to, whether in fee simple
or through an exclusive use easement, a property owners' association and that allows public
access through public access easements or similar instruments.
"Public Property" means property within the boundaries of the PID that is owned by or
irrevocably offered for dedication to the federal government, the State of Texas, Tarrant County,
the Town, a school district or any other public agency, whether in fee simple, through dedication
by plat, or through an exclusive use easement.
"Service and Assessment Plan" means this Service and Assessment Plan prepared for the PID
pursuant to the PID Act, as the same may be amended from time to time.
"Town"means the Town of Westlake, Texas.
"Town Council"means the duly elected governing body of the Town.
"Trustee" means the fiscal agent or trustee as specified in the Trust Indenture, including a
substitute fiscal agent or trustee.
"Zoning Ordinance" has the meaning set forth in Section I.A of this Service and Assessment
Plan.
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Section II
PROPERTY INCLUDED IN THE PID
Property Included in the PID
The PID is presently located within the Town and contains approximately 85 acres of land. A
map of the property within the PID is shown on Appendix A to this Service and Assessment
Plan.
At completion, the PID is expected to consist of approximately 322 residential units,
approximately 1,158,299 square feet of commercial development, landscaping, and infrastructure
necessary to provide roadways, drainage, and utilities for the property in the PID. The estimated
number of lots and the classification of each lot are based upon the Zoning Ordinance.
The property within the PID is proposed to be developed as follows:
Table II-A
Proposed Development
Improvement Improvement Improvement
Area#1 Area#2 Area#3
Planned Unit of Planned Unit of Planned Unit of
No. of Measure No. of Measure No. of Measure
Proposed Development Type Units Units Units
Residential
Condo Units (more than 3,600 sq. ft) 38 Units 0 Units 0 Units
Condo Units (2,500 to 3,600sq. ft) 71 Units 0 Units 0 Units
Condo Units (1,800 to 2,500 sq. ft) 6 Units 0 Units 0 Units
Villa- West (more than 3,600 sq. ft) 0 Units 42 Units 0 Units
Villa- West(2,500 to 3,600sq. ft) 0 Units 16 Units 0 Units
Villa - West (1,800 to 2,500 sq. ft) 0 Units 69 Units 0 Units
Villa- East(more than 3,600 sq. ft) 0 Units 0 Units 21 Units
Villa- East(2,500 to 3,600sq. ft) 0 Units 0 Units 23 Units
Villa- East 1,800 to 2,500 sq. ft) 0 Units 0 Units 36 Units
Subtotal-Residential 115 Units 127 Units 80 Units
Commercial
Commercial - Retail 372,099 Sq. Ft 0 Sq. Ft 0 Sq. Ft
Commercial - Office 266,100 Sq. Ft 0 Sq. Ft 0 Sq. Ft
Commercial - Hospitality 255,500 Sq. Ft 0 Sq. Ft 0 Sq. Ft
Commercial - Institutional 264,600 Sq. Ft 0 Sq. Ft 0 S . Ft
Subtotal— Commercial 1 1,158,299 1 Sq. Ft 1 0 1 Sq. Ft 1 0S . Ft
The current Parcels in the PID are shown on the Assessment Roll included as Appendix E and
the map included as Appendix A.
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The estimated number of units at the build-out of the PID is based on the land use approvals for
the property, the anticipated subdivision of property in the PID, and the Developer's estimate of
the highest and best use of the property within the PID subject to the land use approvals.
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Section III
DESCRIPTION OF THE AUTHORIZED IMPROVEMENTS
A. Authorized Improvements Overview
Section 372.003 of the PID Act defines the improvements that may be undertaken by a
municipality or county through the establishment of a public improvement district, as follows:
372.003. Authorized Improvements
(a) If the governing body of a municipality or county finds that it promotes the interests of
the municipality or county, the governing body may undertake an improvement project
that confers a special benefit on a definable part of the municipality or county or the
municipality's extraterritorial jurisdiction. A project may be undertaken in the
municipality or county or the municipality's extraterritorial jurisdiction.
(b) A public improvement may include, among others:
(i) landscaping;
(ii) erection of fountains, distinctive lighting, and signs;
(iii) acquiring, constructing, improving, widening, narrowing, closing, or rerouting
of sidewalks or of streets, any other roadways, or their rights-of way;
(iv) construction or improvement of pedestrian malls;
(v) acquisition and installation of pieces of art;
(vi) acquisition, construction,or improvement of libraries;
(vii) acquisition, construction, or improvement of off-street parking facilities;
(viii) acquisition, construction, or improvement of water, wastewater, or drainage
facilities or improvements;
(ix) the establishment or improvement of parks;
(x) projects similar to those listed in Subdivisions (i)-(x);
(xi)acquisition, by purchase or otherwise, of real property in connection with an
authorized improvement;
(xii) special supplemental services for improvement and promotion of the district,
including services relating to advertising, promotion, health and sanitation,
water and wastewater, public safety, security, business recruitment,
development,recreation, and cultural enhancement; and
(xiii) payment of expenses incurred in the establishment, administration and
operation of the district.
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After analyzing the public improvement projects authorized by the PID Act, the Town has
determined that the Authorized Improvements as described in Appendix B and shown on the
diagrams included as Appendix C should be undertaken by the Town for the benefit of the
property within the PID.
B. Description of the Authorized Improvements
The Authorized Improvements are described below. The costs of the Authorized Improvements
are shown in Table III-A. The costs shown in Table III-A are estimates and may be revised in
Annual Service Plan Updates, including such other improvements as deemed necessary to further
improve the properties within the PID.
Improvement Proiect A
The Authorized Improvements to be constructed as Improvement Project A include roadway
improvements, water distribution system improvements, storm sewer collection system
improvements, wastewater collection system improvements and landscaping & public park
improvements that will provide service to the property intended for development within the PID.
The Authorized Improvements benefit all of the property within Improvement Area #1,
Improvement Area#2 and Improvement Area#3. As a result, Improvement Project A benefits all
of the property within the PID proposed for development.
Road Improvements
The roadway improvements include approximately 49,116 SY of 6-inch reinforced concrete
pavement, 34,506 SY of 8-inch reinforced concrete pavements, 89,500 SY of 8-inch treated sub-
grade compacted to 95% SPD, striping, street signage and signals, turn lanes and bridges. A
detailed description of the roadway improvements and the related costs are provided in the
engineering cost estimates included as Appendix B. All roadway improvements will be
constructed according to the Town requirements. See Table III-A for cost details.
Water Distribution System Improvements
The water distribution system improvements consist of approximately 15,640 linear feet of 12-
inch water lines, approximately 6,149 linear feet of 8-inch water lines, fire hydrants and trench
safety procedures. A detailed description of the water distribution system improvements and the
related costs are provided in the engineering cost estimates included as Appendix B. All water
distribution system improvements will be constructed according to the Town requirements. This
development will be served in its entirety by the Town for all water and sewer services. See
Table III-A for cost details.
Sanitary Sewer Improvements
The sanitary sewer collection system improvements consist of approximately 14,554 linear feet
of 8-inch PVC, including sewer laterals, manholes and trench safety procedures. A detailed
description of the sanitary sewer collection system improvements and the related costs are
provided in the engineering cost estimates included as Appendix B. All sanitary sewer collection
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system improvements will be constructed according to the Town requirements. See Table III-A
for cost details.
Storm Drainage Improvements
The storm sewer collection system improvements consist of approximately 6,014 linear feet of
various sized RCP pipes, manholes, junction boxes, inlets, headwalls and trench safety
procedures. A detailed description of the storm sewer collection system improvements and the
related costs are provided in the engineering cost estimates included as Appendix B. All storm
sewer collection system improvements will be constructed according to the Town requirements.
See Table III-A for cost details.
Landscaping
Landscaping, which includes public park improvements, include the creation of a 12-acre central
lake, vineyards, trees, rubble stone walls and pathways on approximately nine acres, installation
of over 2%2 miles of 8-12' wide concrete paths with seating areas, public art and public lighting
details, including bollards, gathering area lighting and street lighting. All landscaping
improvements will be constructed according to the Town requirements. See Table III-A for cost
details.
The water and sanitary sewer improvements listed above help create the grid for the water line
system and the sanitary sewer collection system for the property. The storm sewer improvements
collect and control the runoff created on each Parcel and conveys this runoff to the large central
lake, which also serves as a storm water detention pond for the property in the PID. The road
improvements provide for the traffic circulation within the property, allowing access to and from
the adjacent roadways to each Parcel.
Duct Bank Extension
The duct bank extension improvements include 4,955 linear feet of double conduit with pull
boxes and 13,891 linear feet of single conduit with pull boxes that runs parallel to the street
network and to be used by franchise utilities such as cable and fiber.
Improvement Protect B
The Authorized Improvements to be constructed as Improvement Project B include a parking
structure with approximately 440 parking spaces. Improvement Project B will provide service to
the property intended for development with the PID. These Authorized Improvements benefit all
of the property within Improvement Area #1. As shown in the map on Appendix A, the
Improvement Area #1 boundary covers a portion of the property in the PID. As a result,
Improvement Project B benefits the property within Improvement Area #1 of the PID proposed
for development.
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Table III-A
Estimated Authorized Improvement Costs
Total
Improvement Improvement Estimated
Authorized Improvements Project A Project B Costs
Road improvements $4,389,900 $0 $4,389,900
Water distribution system improvements $1,061,720 $0 $1,061,720
Sanitary sewer collection system improvements $1,881,296 $0 $1,881,296
Storm sewer collection system improvements $1,733,872 $0 $1,733,872
Landscaping improvements $1,830,501 $0 $1,830,501
Duct bank improvements $733,954 $0 $733,954
Other costs(See Appendix B for details) $8,694,755 $0 $8,694,755
Parking facility improvements $0 $6,160,000 $6,160,000
Total—Estimated Authorized Improvement Costs $20,325,998 $6,160,000 $26,485,998
The detailed cost estimates are provided as Appendix B to this Service and Assessment Plan. The
costs shown in Table III-A are current estimates and may be revised in Annual Service Plan
Updates. Savings from one line item may be applied to a cost increase of an Authorized
Improvement in another line item, to construct additional Authorized Improvements or to pay
debt service on the Bonds, as determined by the Town.
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Section IV
SERVICE PLAN
A. Sources and Uses of Funds
The PID Act requires the service plan to cover a period of at least five years. The service plan is
required to define the annual projected costs and indebtedness for the Authorized Improvements
undertaken within the PID during the five year period. It is anticipated that it will take
approximately 24 to 36 months for Improvement Project A to be constructed.
The Authorized Improvement Costs of Improvement Project A and Improvement Project B,
including costs related to the issuance of the Bonds and payment of expenses incurred in the
establishment, administration and operation of the PID, are estimated at $36,390,000 as shown in
Table IV-A. Improvement Project A is anticipated to be funded with the Series 2015 Bonds and
a Reimbursement Agreement in the total amounts of$26,175,000 and $3,400,000, respectively,
as shown in Table IV-A. Improvement Project B is anticipated to be funded in the total amount
of$2,425,000, which shall be funded through a deferred Assessment Part B, as shown in Table
IV-A. The service plan shall be reviewed and updated at least annually for the purpose of
determining the annual budget for Administrative Expenses, updating the estimated Authorized
Improvement costs, and updating the Assessment Rolls. Any update to this Service and
Assessment Plan is herein referred as an"Annual Service Plan Update."
Table IV-A summarizes the estimated sources and uses of funds required to construct the
Authorized Improvements, establish the PID, and issue the Bonds. The sources and uses of funds
shown in Table V-A shall be updated each year in the Annual Service Plan Update to reflect any
changes including budget revisions and Actual Costs.
The Bonds shown in Table IV-A (the "Series 2015 Bonds") are anticipated to be issued starting
early 2015 and will be used to pay and/or reimburse the Developer for a portion of Improvement
Project A. The remaining costs of Improvement Project A will be financed through a
Reimbursement Agreement dated as of (the "Reimbursement Agreement"), which is
anticipated to be replaced by one or more series of future Bonds ("Future Bonds"). The Future
Bonds are anticipated to be issued in 2017 after some or all of the Authorized Improvements are
constructed and will be used to replace the Town's obligations under the Reimbursement
Agreement to reimburse the Developer for the remaining portion of the costs of the Authorized
Improvements.
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Table IV-A
Estimated Sources and Uses
Deferred
Series 2015 Reimbursement Assessment Total
Bonds Agreement Part B Estimated
Improvement Improvement Improvement Authorized
Sources of Funds Project A Project A Project B Improvements
Estimated Bond par amount $26,175,000 $3,400,000 $2,425,000 $32,000,000
Developer funds $0 $0 $4,390,000 $4,390,000
Total Sources $26,175,000 $3,400,000 $6,815,000 $36,390,000
Uses of Funds
Authorized Improvements
Road improvements $3,767,430 $622,470 $0 $4,389,900
Water distribution system
improvements $890,040 $171,680 $0 $1,061,720
Sanitary sewer improvements $1,531,196 $350,100 $0 $1,881,296
Storm drainage improvements $1,154,306 $579,566 $0 $1,733,872
Landscaping improvements $1,830,501 $0 $0 $1,830,501
Duct bank improvements $640,304 $93,650 $0 $733,954
Other costs (See Appendix B) $8,195,623 $499,132 $0 $8,694,755
Parking facility improvement $0 $0 $6,160,000 $6,160,000
Subtotal $18,009,400 $2,316,598 $6,160,000 $26,485,998
Bond issue costs
Capitalized interest $3,664,500 $238,000 $364,125 $4,072,500
Debt service reserve $2,225,600 $340,000 $485,500 $2,808,100
Other Bond issuance related costs $2,275,500 $505,402 $485,500 $3,023,402
Subtotal $8,165,600 $1,083,402 $1,335,125 $9,904,002
Total Uses $26,175,000 $3,400,000 $69815,000 $36,390,000
B. Annual Projected Costs and Annual Projected Indebtedness
The annual projected costs and annual projected indebtedness is shown by Table IV-B. The
annual projected costs and indebtedness are subject to revision and each shall be updated in the
Annual Service Plan Update to reflect any changes in the costs or indebtedness expected for each
year.
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Table IV-B
Annual Projected Costs and Annual Projected Indebtedness
Annual Projected Annual Projected Sources other than
Year Cost Indebtedness PID Bonds
2014 $0 $0 $0
2015 $26,175,000 $26,175,000 $0
2016 $0 $0 $0
2017 $3,400,000 $3,400,000 $0
2018 $6,815,000 $2,425,000 $4,390,000
Total $36,390,000 $32,000,000 $4,390,000
The annual projected costs shown in Table IV-B are the annual expenditures relating to the
Authorized Improvement Costs shown in Table III-A, including costs associated with setting up
the PID and Bond issuance costs, shown in Table IV-A. The difference between the total
projected cost and the total projected indebtedness is the amount contributed by the Developer.
The Town obtained an estimate of the cost of the Authorized Improvements, specifically, the
parking garage, and an estimate of the appraised value of the property within the PID. As a
result, the Town may, in compliance with the PID Act, in the Assessment Ordinance, defer the
levy of an assessment to pay for the parking garage until a future date, specifically, at the date
that the Town gives its final approval to a site plan and construction drawings for the
construction of the Parking Garage. The estimated costs and related indebtedness for
Improvement Project B are not shown in Table IV-B as a result of the Assessment Part B
deferral.
C. Maintenance of the Authorized Improvements
Administrative and operation expenses of the PID shall include the expenses of maintaining and
repairing the Authorized Improvements other than the water distribution system improvements,
sanitary system improvements and duct bank extension in order to operate and maintain the
applicable Authorized Improvements in a manner consistent with the Town's standards for
maintenance of similar public improvements throughout the Town and as further described in the
Development Agreement with the Developer dated as of The Town shall be
responsible for the maintenance and repair expenses of the water distribution system
improvements, sanitary system improvements and duct bank extension. The Annual Installments
may include in Administrative Expenses a Maintenance Assessment as described in V.C.3 to pay
such expenses.
The Town may enter into an agreement (a "Maintenance Agreement") with a Property Owners'
Association ("POA") wherein the POA agrees to operate, maintain and repair the applicable
Authorized Improvements in accordance with the standards set forth in the Maintenance
Agreement. In the event the POA fails to operate, maintain and repair the applicable Authorized
Improvements in accordance with the standards set forth in the Maintenance Agreement, the
Town may operate, maintain and repair the applicable Authorized Improvements or contract with
another third party to operate, maintain and repair the applicable Authorized Improvements.
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Section V
ASSESSMENT PLAN
A. Introduction
The PID Act requires the Town Council to apportion the PID Costs on the basis of special
benefits conferred upon the property because of the Authorized Improvements. The PID Act
provides that the PID Costs may be assessed: (i) equally per front foot or square foot; (ii)
according to the value of the property as determined by the governing body, with or without
regard to improvements on the property; or (iii) in any other manner that results in imposing
equal shares of the cost on property similarly benefited. The PID Act further provides that the
governing body may establish by ordinance or order reasonable classifications and formulas for
the apportionment of the cost between the municipality and the area to be assessed and the
methods of assessing the special benefits for various classes of improvements.
This section of this Service and Assessment Plan describes the special benefit received by each
Parcel within the PID as a result of the Authorized Improvements, provides the basis and
justification for the determination that this special benefit exceeds the amount of the
Assessments, and establishes the methodologies by which the Town Council allocates and
reallocates the special benefit of the Authorized Improvements to Parcels in a manner that results
in equal shares of the Actual Costs being apportioned to Parcels similarly benefited. The
determination by the Town Council of the assessment methodologies set forth below is the result
of the discretionary exercise by the Town Council of its legislative authority and governmental
powers and is conclusive and binding on the Developer and all future owners and developers of
the Assessed Property.
For purposes of this Service and Assessment Plan, the Town Council has determined that the
Authorized Improvement Costs shall be allocated to the Assessed Property as described below:
1. The Authorized Improvement Costs for Improvement Project A and Improvement
Project B shall be allocated to the Improvement Area #1 Assessed Property,
Improvement Area #2 Assessed Property and Improvement Area #3 Assessed Property
respectively, on the basis of the total estimated improvement costs that benefit each
Improvement Area ("Direct Improvement Costs") and the improvement costs that benefit
the entire PID ("Common Improvement Costs), as allocated to each Improvement Area
based on the ratio of the Direct Improvement Costs of each Improvement Area, and that
such method of allocation will result in the imposition of equal shares of the Authorized
Improvement Costs to Parcels similarly benefited.
2. The Town Council has concluded that larger more expensive homes are likely to be built
on the larger lots, and that larger more expensive homes are likely to make greater use of
and receive greater benefit from the Authorized Improvements. In determining the
relative construction costs of Parcels, the Town Council has taken in to consideration (i)
the type of development (i.e., residential, commercial, etc), (ii) residential lot sizes and
the size of homes likely to be built on lots of different sizes, (iii) current and projected
construction costs per square foot as provided by the Developer, (iv) the Authorized
Improvements to be provided and the estimated costs, and (v) the ability of different
property types to utilize and benefit from the improvements.
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3. The Assessed Property is classified into different Land Use Classes as described in
Appendix D based on the type and size of proposed development on each Parcel.
4. Equivalent Units are calculated for each Land Use Class in each Improvement Area
based on the relative average construction cost per unit of each Land Use Class as shown
in Appendix D. The average construction cost for each Land Use Class in each
Improvement Area is calculated based on the estimated average square feet of each unit
of residential Land Use Class or 1,000 square feet of each commercial Land Use Class, as
applicable, and the estimated average construction cost per square foot of each Land Use
Class.
5. The Authorized Improvement Costs of Improvement Project A and Improvement Project
B that benefit the Improvement Area #1 Assessed Property, Improvement Area #2
Assessed Property and Improvement Area #3 Assessed Property, respectively, are
proportionally allocated based on the total Equivalent Units estimated for each Parcel of
Improvement Area #1 Assessed Property, Improvement Area #2 Assessed Property and
Improvement Area#3 Assessed Property.
Table V-A provides the estimated allocation of costs of the Authorized Improvements.
B. Special Benefit
Assessed Property must receive a direct and special benefit from the Authorized Improvements,
and this benefit must be equal to or greater than the amount of the Assessments. For the purpose
of this Service and Assessment Plan, special benefit means a specific and localized benefit, and a
quantifiable amount of benefit, that infrastructure has on a tract of land. An example is a
roadway providing a specific benefit to the tracts of land immediately in the vicinity of the
roadway, for without its construction, the tracts near a proposed roadway would likely remain
underdeveloped. The quantifiable benefit may be expressed as the increased value of the land
and improvements located on the land because of the placement of public infrastructure near that
land. The Authorized Improvements (more particularly described in line-item format in
Appendix B to this Service and Assessment Plan) and the costs of issuance and payment of costs
incurred in the establishment of the PID shown in Table IV-A are authorized by the Act. These
improvements are provided specifically for the benefit of the Assessed Property.
Each owner of the Assessed Property has acknowledged that the Authorized Improvements
confer a special benefit on the Assessed Property and has consented to the imposition of the
Assessments to pay for the Actual Costs associated therewith. Pursuant to the Landowner's
Agreement, each owner of the Assessed Property has ratified, confirmed, accepted, agreed to and
approved; (i) the determinations and finding by the Town Council as to the special benefits
described in this Service and Assessment Plan and the Assessment Ordinance; (ii) the Service
and Assessment Plan and the Assessment Ordinance, and (iii) the levying of Assessments on the
Assessed Property. Each of the owners is acting in its interest in consenting to this apportionment
and levying of the Assessments because the special benefit conferred upon the Assessed Property
by the Authorized Improvements exceeds the amount of the Assessments.
The public improvements provide a special benefit to the Assessed Property as a result of the
close proximity of these improvements to the Assessed Property and the specific purpose of
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these improvements of providing infrastructure for the Assessed Property so that the property
may be developed as proposed. In other words, the Assessed Property could not be used in the
manner proposed without the construction of the Authorized Improvements. The Authorized
Improvements are being provided specifically to meet the needs of the Assessed Property as
required for the proposed use of the property.
The Assessments are being levied to provide the Authorized Improvements that are required for
the highest and best use of the Assessed Property (i.e., the use of the property that is most
valuable, including any costs associated with that use). Highest and best use can be defined as
"the reasonably probable and legal use of property, which is physically possible, appropriately
supported, financially feasible, and that results in the highest value." (Dictionary of Real Estate
Appraisal, Third Edition.) The Authorized Improvements are expected to be required for the
proposed use of the Assessed Property to be physically possible, appropriately supported,
financially feasible, and maximally productive.
The Developer has evaluated the potential use of the property and has determined that the
highest and best use of the property is the use intended and the legal use for the property as
described in Section II of this Service and Assessment Plan. The use of the Assessed Property as
described herein will require the construction of the Authorized Improvements.
The special assessments will repay financing that is on advantageous terms, as the Bonds issued
to finance the public improvements will pay interest that is exempt from federal income tax. As
a result, all other terms being equal (e.g., maturity, fixed vs. variable rate, risk and credit quality),
the tax-exempt bonds will have a lower interest rate than debt that is not tax-exempt.
Use of the Assessed Property as described in this Service and Assessment Plan and as authorized
by the Zoning Ordinance requires that Authorized Improvements be acquired, constructed,
installed, or improved. Funding the Actual Costs through the PID has been determined by the
Town Council to be the most beneficial means of doing so. Since the Authorized Improvements
are required for the highest and best use of the property, and the PID provides the most beneficial
means of financing the Authorized Improvements, the improvements provided by the PID will be
equal to or greater than the cost of the Assessments levied on the property. Accordingly, the
Assessments result in a special benefit to the Assessed Property, and this special benefit exceeds
the amount of the Assessments. This conclusion is based on and supported by the evidence,
information, and testimony provided to the Town Council.
In summary, the Assessments result in a special benefit to the Assessed Property for the
following reasons:
I. The Authorized Improvements are being provided specifically for the use of the Assessed
Property and a special benefit to the Assessed Property as a result;
2. The Developer has consented to the imposition of the Assessments for the purpose of
providing the Authorized Improvements and the Developer is acting in its interest by
consenting to this imposition;
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3. The Authorized Improvements are required for the highest and best use of the property;
4. The highest and best use of the Assessed Property is the use of the Assessed Property that
is most valuable (including any costs associated with the use of the Assessed Property);
5. Financing of the PID Costs by establishing the PID is determined to be the most
beneficial means of providing for the Authorized Improvements; and,
6. As a result, the special benefits to the Assessed Property from the Authorized
Improvements will be equal to or greater than the Assessments.
C. Assessment Methodology
C1 Assessment Part A
The Actual Costs of Improvement Project A may be assessed using any methodology that results
in the imposition of equal shares of the Actual Costs on the Assessed Property in each
Improvement Area similarly benefited. For purpose of this Service and Assessment Plan, the
Town Council has determined that the Actual Costs of Improvement Project A to be financed
with the Series 2015 Bonds and the Reimbursement Agreement shall be allocated to the
Improvement Area #1 Assessed Property by spreading the entire Assessment Part A across the
Parcels based on the estimated Equivalent Units as calculated and shown in Appendix D using
the types and number of lots anticipated to be developed on each Parcel of the Improvement
Area #1 Assessed Property, Improvement Area #2 Assessed Property and Improvement Area #3
Assessed Property. As part of the determination as to the ability of different Land Use Classes to
utilize and benefit from the Authorized Improvements, the Town Council has taken into
consideration that larger, more expensive homes, on average, will create more vehicle trips and
greater demands for water and wastewater consumption, and larger, more expensive homes are
likely to be built on larger, more valuable lots.
Based on the estimates of the costs of Improvement Project A that benefit the Assessed Property
in all Improvement Areas, as provided by G&A Consultants, LLC., and set forth in Table III-A,
the Town Council has determined that the benefit to the Assessed Property in each Improvement
Area, is at least equal to the Assessment Part A levied on the Assessed Property in each
Improvement Area.
The Assessment Part A and Annual Installment Part A for each Parcel or Lot of the Assessed
Property in each Improvement Area are shown on the Assessment Rolls, attached as Appendix E,
and no Assessment Part A shall be changed except as authorized by this Service and Assessment
Plan or the PID Act. Upon subdivisions of any Parcel, the Assessment Part A applicable to a
Parcel will be apportioned pro rata to the resulting Parcels based on the Equivalent Units of each
newly created Parcel. For residential Lots, when final residential building sites are platted,
Assessment Part A will be apportioned proportionately among each Land Use Class based on the
ratio of the Equivalent Unit applicable to each Land Use Class at the time Lots are platted to the
total Equivalent Units of all Lots in the platted Parcel, as determined by the Administrator and
confirmed by the Town Council. The result of this approach is that each final Lot within a
recorded subdivision plat with similar values will have the same Assessment Part A, with larger,
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more valuable Lots having a proportionately larger share of the Assessments than smaller, less
valuable Lots.
The detailed calculation of the Equivalent Units and allocation of Assessment Part A to each
Improvement Area is shown in Appendix D. Table V-A below sets forth a summary of
Assessment Part A per unit for each of the Land Use Classes in each Improvement Area of the
PID.
Table V-A
Assessment Part A per Unit
Assessment
Planned Part A per Equivalent Total
No. of Equivalent Unit Assessment
Type Units Unit Factor Assessment Part A per Unit Part A
Improvement Area#1
Land Use Class 1 38 $58,797.94 1.00 $58,797.94 per dwelling unit $2,234,321.65
Land Use Class 2 71 $58,797.94 0.62 $36,454.72 per dwelling unit $2,588,285.24
Land Use Class 3 6 $58,797.94 0.60 $35,278.76 per dwelling unit $211,672.58
Land Use Class 10 372.10 $58,797.94 0.22 $12,935.55 per 1,000 Sq. Ft $4,813,303.88
Land Use Class 11 266.10 $58,797.94 0.20 $11,759.59 per 1,000 Sq. Ft $3,129,226.27
Land Use Class 12 255.50 $58,797.94 0.21 $12,347.57 per 1,000 Sq. Ft $3,154,803.37
Land Use Class 13 264.60 $58,797.94 0.19 $11,171.61 per 1,000 Sq. Ft $2,956,007.55
Subtotal: Improvement Area#1 $19,087,620.54
Improvement Area#2
Land Use Class 4 42 $63,349.00 1.00 $63,349.00 per dwelling unit $2,660,658.15
Land Use Class 5 16 $63,349.00 0.68 $43,077.32 per dwelling unit $689,237.16
Land Use Class 6 69 $63,349.00 0.52 $32,941.48 per dwelling unit $2,272,962.25
Subtotal: Improvement Area#2 $5,622,857.55
Improvement Area#3
Land Use Class 7 21 $86,189.26 1.00 $86,189.26 per dwelling unit $1,809,974.49
Land Use Class 8 23 $86,189.26 0.68 $58,608.70 per dwelling unit $1,348,000.05
Land Use Class 9 36 $86,189.26 0.52 $47,404.09 per dwelling unit $1,706,547.37
Subtotal: Improvement Area#3 $4,864,521.90
Grand Total Assessment Part A $29,575,000.00
C.2 Assessment Part B
The Actual Costs of Improvement Project B may be assessed using any methodology that results
in the imposition of equal shares of the Actual Costs on Improvement Area#1 Assessed Property
similarly benefited. The Town obtained an estimate of the cost of the Authorized Improvements,
specifically, the parking garage, and an estimate of the appraised value of the property within the
PID. As a result, the Town may, in compliance with the PID Act, in the Assessment Ordinance,
defer the levy of an assessment to pay for the parking garage until a future date, specifically, at
the date that the Town gives its final approval to a site plan and construction drawings for the
construction of the Parking Garage. The methodology for allocating Assessment Part B to each
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Parcel in Improvement Area#1 will be provided as part of an Annual Service Plan Update at the
Assessment Part B is levied.
C.3 Maintenance Assessment
The annual Maintenance Assessment may be assessed using any methodology that results in the
imposition of equal shares of the Maintenance Assessment on Assessed Property similarly
benefited. For purpose of this Service and Assessment Plan, the Town Council has determined
that the Maintenance Assessment to be collected in any given year shall be allocated to each
Improvement Area based on a ratio of the total Equivalent Units for each Improvement Area. In
recognition of the higher traffic generated by the non-residential Land Use Classes in
Improvement Area #1 as compared to the residential Land Use Classes, the Town has
determined approximately 65% of the total Maintenance Assessment allocated to Improvement
Area #1 will be collected from the non-residential Land Use Classes and the remaining 35% of
the total Maintenance Assessment allocated to Improvement Area #1 will be collected from the
residential Land Use Classes. The total amount of Maintenance Assessment allocated to the non-
residential Land Use Classes in Improvement Area #1 will then be allocated to each Land Use
Class based on the relative Equivalent Unit of each Land Use Class. The total amount of
Maintenance Assessment allocated to the residential Land Use Classes in Improvement Area #1
will be allocated to each residential unit equally based on the number of units. The total amount
of Maintenance Assessment allocated to Improvement Area #2 and Improvement Area #3 will
also be allocated to each residential unit equally based on the number of units.
D. Assessments
The Assessments for the Authorized Improvements will be levied on each Parcel according to
the Assessment Rolls, attached hereto as Appendix E. The Assessment Part A and Assessment
Part B on each Parcel was allocated as explained above based on the development to occur on
each Parcel and the Assessment per unit by Land Use Class. The Annual Installment Part A and
Annual Installment Part B will be collected at the time and in the amounts shown on the
Assessment Rolls, subject to any revisions made during an Annual Service Plan Update.
E. Administrative Expenses
The cost of administering the PID and collecting the Annual Installments shall be paid for on a
pro rata basis by each Parcel based on the amount of Assessment levied against the Parcel. The
Administrative Expenses shall be collected as part of and in the same manner as Annual
Installments in the amounts shown on the Assessment Roll, which may be revised based on
actual costs incurred in Annual Service Plan Updates. Administrative Expenses other than
Maintenance Assessments shall be allocated among Parcels in proportion to the amount of the
respective Annual Installments for the Parcels.
G. Additional Interest
Pursuant to the PID Act, the interest rate for Assessments may exceed the actual interest rate per
annum paid on the Bonds by no more than one half of one percent (0.50%). The interest rate
used to determine the Assessments is one half of one percent (0.50%) per annum higher than the
actual rate paid on the Bonds. The Town may allocate up to 0.50% of the interest rate component
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of the Annual Installments to pay for a prepayment reserve, delinquency reserve, Administrative
Expenses, improvement costs, any other use that benefits the Assessed Property or reduce the
Assessments, as determined by the Town Council.
1. Prepayment Reserve
The Town Council has provided for up to 0.20% of the additional interest may be allocated to
fund the associated interest charged between the date of prepayment of an Assessment and the
date on which Bonds are prepaid. The actual amount of the additional interest to be set aside in
the prepayment reserve shall be determined in the Annual Service Plan Updates in accordance
with the provisions of the Bond Indentures.
2. Delinquency Reserve
Up to 0.30% of the additional interest component of the Annual Installments may be allocated to
offset any possible delinquent payments. The actual amount of the additional interest to be set
aside in the delinquency reserve shall be determined in the Annual Service Plan Updates in
accordance with the provisions of the Bond Indentures.
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Section VI
TERMS OF THE ASSESSMENTS
A. Amount of Assessments and Annual Installments
The Assessments and Annual Installments for each Parcel of Assessed Property located within
the PID are shown on the Assessment Rolls, attached as Appendix E, and no Assessment shall be
changed except as authorized by this Service and Assessment Plan and the PID Act.
The Annual Installments shall be collected in an amount sufficient to pay principal and interest
on the Bonds and amounts payable pursuant to the Reimbursement Agreement, to fund the
prepayment reserve and delinquency reserve described in Section V and to pay Administrative
Expenses.
The annual Maintenance Assessments shall be collected in an amount sufficient to pay the
estimated costs of maintenance included in the Authorized Improvements maintenance budget
for the year and/or an amount sufficient to replenish withdrawals during the previous year(s), if
any, from any funds or accounts established and maintained for such purpose.
B. Reallocation of Assessments
1. Subdivision
Upon the subdivision of any Parcel, the Assessment Part A for the Parcel prior to the subdivision
shall be reallocated among the new subdivided Parcels according to the following formula:
A=Bx (C=D)
Where the terms have the following meanings:
A = the Assessment Part A for each new subdivided Parcel
B = the Assessment Part A for the Parcel prior to subdivision
C = the estimated Equivalent Units to be built on each new subdivided Parcel
D = the sum of the estimated Equivalent Units to be built on all of the new subdivided
Parcels
Similarly, upon the subdivision of any Parcel, the Assessment Part B for the Parcel prior to the
subdivision, if any, shall be reallocated among the new subdivided Parcels according to the
following formula:
A=Bx (C=D)
Where the terms have the following meanings:
A = the Assessment Part B for each new subdivided Parcel
B = the Assessment Part B for the Parcel prior to subdivision
C = the estimated Equivalent Units to be built on each new subdivided Parcel
23
Res 14-44
D = the sum of the estimated Equivalent Units to be built on all of the new subdivided
Parcels
The calculation of the estimated number of units to be built on a Parcel shall be performed by the
Administrator and confirmed by the Town Council based on the information available regarding
the use of the Parcel. The estimate as confirmed shall be conclusive. The number of units to be
built on a Parcel may be estimated by net land area and reasonable density ratios.
The sum of the Assessment Part A for all newly subdivided Parcels shall equal the Assessment
Part A for the Parcel prior to subdivision. The calculation shall be made separately for each
newly subdivided Parcel. The reallocation of an Assessment Part A for a Parcel that is a
homestead under Texas law may not exceed the Assessment Part A prior to the reallocation and
to the extent the reallocation would exceed such amount, such excess shall be prepaid by the
parry requesting the subdivision of the Parcels. Any reallocation pursuant to this section shall be
reflected in an Annual Service Plan Update approved by the Town Council.
Similarly, the sum of the Assessment Part B for all newly subdivided Parcels shall equal the
Assessment Part A for the Parcel prior to subdivision. The calculation shall be made separately
for each newly subdivided Parcel. The reallocation of an Assessment Part B for a Parcel that is a
homestead under Texas law may not exceed the Assessment Part B prior to the reallocation and
to the extent the reallocation would exceed such amount, such excess shall be prepaid by the
party requesting the subdivision of the Parcels. Any reallocation pursuant to this section shall be
reflected in an Annual Service Plan Update approved by the Town Council.
2. Consolidation
Upon the consolidation of two or more Parcels, the Assessment Part A for the consolidated
Parcel shall be the sum of the Assessment Part A for the Parcels prior to consolidation. The
reallocation of an Assessment Part A for a Parcel that is a homestead under Texas law may not
exceed the Assessment Part A prior to the reallocation and to the extent the reallocation would
exceed such amount, such excess shall be prepaid by the party requesting the consolidation of the
Parcels. Any reallocation pursuant to this section shall be reflected in an Annual Service Plan
Update approved by the Town Council.
Similarly, upon the consolidation of two or more Parcels, the Assessment Part B for the
consolidated Parcel shall be the sum of the Assessment Part B for the Parcels prior to
consolidation. The reallocation of an Assessment Part B for a Parcel that is a homestead under
Texas law may not exceed the Assessment Part B prior to the reallocation and to the extent the
reallocation would exceed such amount, such excess shall be prepaid by the parry requesting the
consolidation of the Parcels. Any reallocation pursuant to this section shall be reflected in an
Annual Service Plan Update approved by the Town Council.
3. Payment of Excess Assessment
If a subdivision of a Parcel or consolidation of Parcels results in a reallocated Assessment Part A
or Assessment Part B for a Parcel that would exceed the respective Assessment per Equivalent
Unit shown in this Service and Assessment Plan for the applicable Land Use Class (the
"Maximum Assessment"), the owner shall pay to the Town at the time of the subdivision or
consolidation the amount by which the reallocated Assessment for the Parcel exceeds the
24
Res 14-44
Maximum Assessment plus, if applicable, accrued interest through the date of such payment.
Prepayment Costs, if any, that result from such owner-initiated subdivision or consolidation shall
be paid by the owner to the Town at the time of the subdivision or consolidation. The Town
Council will not approve for recordation any subdivision plat within the PID until subdivision
regulation and platting requirements are fulfilled and the Administrator has notified the Town
Council in writing that (a) the plat does not contain any Parcels for which the Assessment
exceeds the Maximum Assessment, or (b) the appropriate payment has been received by the
Town for any Parcel for which the allocated Assessment would have exceeded the Maximum
Assessment.
Payments made by an owner pursuant to this section shall be used to reduce the outstanding
principal amount of Bonds and reduce the Assessments and Annual installments for the affected
Parcels, which reductions shall be calculated by the Administrator in accordance with the
applicable Bond Indenture and approved by the Town Council in the next Annual Service Plan
Update. If Bonds have not been issued, payments made by an owner pursuant to this section
shall be used to reduce the outstanding principal due under the Reimbursement Agreement and
reduce the Assessments and Annual Installments for the affected Parcels, which reductions shall
be calculated by the Administrator and approved by the Town Council in the next Annual
Service Plan Update.
C. Mandatory Prepayment of Assessments
1. If at any time the Assessment per Equivalent Unit on a Parcel exceeds the Maximum
Assessment calculated in this Service and Assessment Plan as a result of any changes in Land
Use Class, subdivision, consolidation or reallocation of the Assessment authorized by this
Service and Assessment Plan and initiated by the owner of the Parcel, then such owner shall pay
to the Town prior to the recordation of the document subdividing the Parcel the amount
calculated by the Administrator by which the Assessment per Equivalent Unit for the Parcel
exceeds the Maximum Assessment calculated in this Service and Assessment Plan. The Town
shall not approve the recordation of a plat or other document subdividing a Parcel without a letter
from the Administrator either (a) confirming that the Assessment per Equivalent Unit for any
new Parcel created by the subdivision will not exceed the Maximum Assessment for each Parcel,
or (b) confirming the payment of the Assessments, plus all Prepayment Costs, as provided for
herein.
2. If a Parcel subject to Assessment Part A and/or Assessment Part B is transferred to a
parry that is exempt from the payment of the Assessments under applicable law, or if an owner
causes a Parcel subject to Assessments to become Non-Benefited Property, the owner of such
Parcel shall pay to the Town the full amount of the Assessment Part A and/or Assessment Part B
on such Parcel,plus all Prepayment Costs, prior to any such transfer or act.
3. The payments required above shall be treated the same as any Assessment that is due and
owing under the Act, the Assessment Ordinance, and this Service and Assessment Plan,
including the same lien priority, penalties, procedures, and foreclosure specified by the Act.
D. Reduction of Assessments
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Res 14-44
1. If after all Authorized Improvements to be funded with a series of Bonds have been
completed and Actual Costs for such Authorized Improvements are less than the Actual Costs
used to calculate the Assessments securing such series of Bonds, resulting in excess Bond
proceeds being available to redeem Bonds of such series, then the Assessment securing such
series of Bonds for each Parcel of Assessed Property shall be reduced by the Town Council pro
rata such that the sum of the resulting reduced Assessments for all Assessed Properties equals the
actual reduced Actual Costs and such excess Bond proceeds shall applied to redeem Bonds of
such series. The Assessments shall not be reduced to an amount less than the related outstanding
series of Bonds.
2. If all the Authorized Improvements are not undertaken, resulting in excess Bond proceeds
being available to redeem Bonds, then the Assessments and Annual Installments for each Parcel
shall be appropriately reduced by the Town Council to reflect only the amounts required to repay
the Bonds, including interest on the Bonds and Administrative Expenses, and such excess Bond
proceeds shall be applied to redeem Bonds. The Town Council may reduce the Assessments and
the Annual Installments for each Parcel (i) in amounts that would result in the Assessments and
Annual Installments to more accurately reflect the Authorized Improvements provided for each
Parcel, (ii) by an equal percentage calculated based on Equivalent Units, or (iii) in another
method if the Town Council determines such method would better reflect the benefit received by
the Parcels from the Authorized Improvements provided to the Parcels.
E. Payment of Assessments
1. Payment in Full
(a) The Assessment Part A and/or Assessment Part B for any Parcel may be paid in full at
any time. Such payment shall include all Prepayment Costs. If prepayment in full will result in
redemption of Bonds, the payment amount shall be reduced by the amount, if any, of reserve
funds applied to the redemption under the Trust Indenture, net of any other costs applicable to
the redemption of Bonds.
(b) If an Annual Installment has been billed prior to payment in full of an Assessment, the
Annual Installment shall be due and payable and shall be credited against the payment-in-full
amount.
(c) Upon payment in full of the Assessment and all Prepayment Costs, the Town shall
deposit the payment in accordance with the Trust Indenture; whereupon, the Assessment shall be
reduced to zero, and the owner's obligation to pay the Assessment and Annual Installments
thereof shall automatically terminate.
(d) At the option of the owner, the Assessment Part A and/or Assessment Part B on any
Parcel plus Prepayment Costs may be paid in part at any time. Such prepayment shall include all
Prepayment Costs. Upon the payment of such amounts for a Parcel, the respective Assessment
for the Parcel shall be reduced, the Assessment Roll shall be updated to reflect such partial
payment, and the obligation to pay the respective Annual Installment for such Parcel shall be
reduced to the extent the partial payment is made.
26
Res 14-44
2. Payment in Annual Installments
The Act provides that an Assessment for a Parcel may be paid in full at any time. If not paid in
full, the Act authorizes the Town to collect interest, administrative expenses and other authorized
charges in Annual Installments. An Assessment for a Parcel that is not paid in full will be
collected in Annual Installments each year in the amounts shown in the Assessment Rolls, as
updated as provided for herein, which include interest, Administrative Expenses, prepayment
reserve and delinquency reserve. Payment of the Annual Installments shall commence with tax
bills mailed after the initial issuance of Bonds.
Each Assessment shall include an interest component of equal to (i) the actual interest rate paid
on the Bonds and (ii) up to 0.5% per annum. The Assessment Roll sets forth for each year the
Annual Installment for each Parcel based on an estimated interest rate of 7% on the Series 2015
Bonds, an estimated interest rate of 6.72% on the Reimbursement Agreement and additional
interest at the rate of 0.5% for administrative expenses, prepayment reserve and delinquency
reserve. Furthermore, the Annual Installments may not exceed the amounts shown on the
Assessment Rolls. The Assessment Rolls, to be updated with the actual interest rates on the
Bonds and the Reimbursement Agreement once the Bonds are issued and/or the Reimbursement
Agreement is executed, are shown as Appendix E.
The Annual Installment Part A and Annual Installment Part B shall be reduced in the Service and
Assessment Plan or Annual Service Plan Updates to equal the actual costs of repaying the Bonds,
the Reimbursement Agreement and actual Administrative Expenses (as provided for in the
definitions of such terms), taking into consideration any other available funds for these costs,
such as interest income on account balances.
The Town reserves and shall have the right and option to refund the Bonds in accordance with
Section 372.027 of the PID Act. In the event of such refunding, the Administrator shall
recalculate the Annual Installments and , and if necessary, may adjust the amount of the Annual
Installments so that total Annual Installments of Assessments will be produced in annual
amounts that are required to pay the refunding bonds when due and payable as required by and
established in the ordinance and/or the indenture authorizing and securing the refunding bonds,
and such refunding bonds shall constitute Bonds for purposes of this Service and Assessment
Plan.
F. Collection of Annual Installments
No less frequently than annually, the Administrator shall prepare, and the Town Council shall
approve, an Annual Service Plan Update to allow for the billing and collection of Annual
Installments Part A, Annual Installments Part B and annual Maintenance Assessments, if any.
Each Annual Service Plan Update shall include updated Assessment Rolls and calculations of the
Annual Installment Part A, Annual Installment Part B and Annual Parcel Maintenance
Assessment for each Parcel. Each Annual Installment shall be reduced by any credits applied
under the applicable Trust Indenture, such as capitalized interest, interest earnings on any
account balances, and any other funds available to the Trustee for such purpose, including any
existing deposits for a prepayment reserve. Annual Installments and annual Maintenance
Assessments shall be collected by the Town in the same manner and at the same time as ad
27
Res 14-44
valorem taxes and shall be subject to the same penalties, procedures, and foreclosure sale in case
of delinquencies as are provided for ad valorem taxes of the Town. The Town Council may
provide for other means of collecting the Annual Installments and annual Maintenance
Assessments to the extent permitted under the PID Act. The Assessments shall have lien priority
as specified in the Act.
Any sale of property for nonpayment of the Annual Installments shall be subject to the lien
established for the remaining unpaid Annual Installments against such property and such
property may again be sold at a judicial foreclosure sale if the purchaser thereof fails to make
timely payment of the non-delinquent Annual Installments against such property as they become
due and payable. Any parry taking title to a Parcel, including a buyer at a foreclosure sale, shall
take title to the Parcel subject to the obligation to pay the Assessment on such Parcel thereafter
as provided for herein. If for any reason the Assessment may not be collected thereafter, the
Assessment for the Parcel, along with other charges and credits as would apply for a prepayment
of the Assessment, shall be due and payable at the time of the transfer without further action
required by the Town Council.
28
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Section VII
THE ASSESSMENT ROLL
A. The Assessment Roll
Each Parcel within the PID has been evaluated by the Town Council (based on the Zoning
Ordinance, developable area, proposed Property Owner Association Property and Public
Property, the Authorized Improvements, best and highest use of land, and other development
factors deemed relevant by the Town Council) to determine the Assessed Property within each
Parcel.
The Assessed Property in each Improvement Area will be assessed for the special benefits
conferred upon the property as a result of the Authorized Improvements that benefit the property
within each Improvement Area of the PID. Table IV-A summarizes the $36,390,000 in special
benefit received by the Assessed Property from the Authorized Improvements, the costs of the
PID formation, and Bond issuance costs. The total amount of the Bonds and the Reimbursement
Agreement is $29,575,000, which is less than the benefit received by the Assessed Property, and
as such the total Assessment Part A for Improvement Area #1 Assessed Property, Improvement
Area #2 Assessed Property and Improvement Area #3 Assessed Property is $29,575,000. The
total amount of deferred Assessment Part B for Improvement Area #1 Assessed Property is
$2,425,000, which shall be collected with annual Administrative Expenses and other authorized
charges once levied. The Assessment Part A for each Parcel of Assessed Property in each
Improvement Area is calculated based on the allocation methodologies described in Section V.0
and Appendix D of this Service and Assessment Plan. The Assessment Rolls for each
Improvement Area are attached hereto as Appendix E.
B. Annual Assessment Roll Updates
The Administrator shall prepare, and shall submit to the Town Council for approval, annual
updates to the Assessment Rolls in conjunction with the Annual Service Plan Update to reflect
the following matters, together with any other changes helpful to the Administrator or the Town
and permitted by the Act: (i) the identification of each Parcel (ii) the Assessment for each Parcel
of Assessed Property, including any adjustments authorized by this Service and Assessment Plan
or in the PID Act; (iii) the Annual Installment for the Assessed Property for the year (if the
Assessment is payable in installments); (iii) the annual Maintenance Assessment the Assessed
Property for the year (if any); and (iv) payments of the Assessment, if any, as provided by
Section VI.E of this Service and Assessment Plan.
Once the Bonds are issued and/or the Reimbursement Agreement is executed, the Assessment
Rolls shall be updated, which update may be done in the next Annual Service Plan Update, to
reflect any changes resulting from the issuance of the Bonds and/or execution of the
Reimbursement Agreement. This update shall reflect the actual interest on the Bonds and/or the
Reimbursement Agreement on which the Annual Installments shall be paid, any reduction in the
Assessments, and any revisions in the Actual Costs to be funded by the Bonds and/or the
Reimbursement Agreement and Developer funds.
29
Res 14-44
Section VIII
MISCELLANEOUS PROVISIONS
A. Administrative Review
The Town may elect to designate a third party to serve as Administrator. The Town shall notify
Developer in writing at least thirty (30) days in advance before appointing a third parry
Administrator.
To the extent consistent with the Act, an owner of an Assessed Parcel claiming that a calculation
error has been made in the Assessment Roll(s), including the calculation of the Annual
Installment, shall send a written notice describing the error to the Town not later than thirty (30)
days after the date any amount which is alleged to be incorrect is due prior to seeking any other
remedy. The Administrator shall promptly review the notice, and if necessary, meet with the
Assessed Parcel owner, consider written and oral evidence regarding the alleged error and decide
whether, in fact, such a calculation error occurred.
If the Administrator determines that a calculation error has been made and the Assessment Roll
should be modified or changed in favor of the Assessed Parcel owner, such change or
modification shall be presented to the Town Council for approval to the extent permitted by the
Act. A cash refund may not be made for any amount previously paid by the Assessed Parcel
owner (except for the final year during which the Annual Installment shall be collected or if it is
determined there are sufficient funds to meet the expenses of the PID for the current year), but an
adjustment may be made in the amount of the Annual Installment to be paid in the following
year. The decision of the Administrator regarding a calculation error relating to the Assessment
Roll may be appealed to the Town Council. Any amendments made to the Assessment Roll(s)
pursuant to calculation errors shall be made pursuant to the PID Act.
The decision of the Administrator, or if such decision is appealed to the Town Council, the
decision of the Town Council shall be conclusive as long as there is a reasonable basis for such
determination. This procedure shall be exclusive and its exhaustion by any property owner shall
be a condition precedent to any other appeal or legal action by such owner.
B. Termination of Collection of Assessments
Each Assessment shall be extinguished on the date the Assessment is paid in full, including
unpaid Annual Installments. After the extinguishment of an Assessment and the collection of
any delinquent Annual Installments and Delinquent Collection Costs, the Town shall provide the
owner of the affected Parcel a recordable notice of the satisfaction and release of the Assessment.
C. Amendments
Amendments to the Service and Assessment Plan can be made as permitted or required by the
PID Act and under Texas law.
The Town Council reserves the right to the extent permitted by the Act to amend this Service and
Assessment Plan without notice under the Act and without notice to property owners of Parcels:
(i) to correct mistakes and clerical errors; (ii) to clarify ambiguities; and (iii) to provide
30
Res 14-44
procedures for the collection and enforcement of Assessments, Prepayment Costs, Collection
Costs, and other charges imposed by the Service and Assessment Plan.
D. Administration and Interpretation of Provisions
The Town Council shall administer the PID, this Service and Assessment Plan, and all Annual
Service Plan Updates consistent with the PID Act, and shall make all interpretations and
determinations related to the application of this Service and Assessment Plan unless stated
otherwise herein or in the Trust Indenture, such determination shall be conclusive.
E. Severability
If any provision, section, subsection, sentence, clause or phrase of this Service and Assessment
Plan or the application of same to an Assessed Parcel or any person or set of circumstances is for
any reason held to be unconstitutional, void or invalid, the validity of the remaining portions of
this Service and Assessment Plan or the application to other persons or sets of circumstances
shall not be affected thereby, it being the intent of the Town Council in adopting this Service and
Assessment Plan that no part hereof or provision or regulation contained herein shall become
inoperative or fail by reason of any unconstitutionality, voidness or invalidity of any other part
hereof, and all provisions of this Service and Assessment Plan are declared to be severable for
that purpose.
If any provision of this Service and Assessment Plan is determined by a court to be
unenforceable, the unenforceable provision shall be deleted from this Service and Assessment
Plan and the unenforceable provision shall, to the extent possible, be rewritten to be enforceable
and to give effect to the intent of the Town.
31
Res 14-44
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A
Res 14-44
Draft
Appendix B
ESTIMATED COSTS OF AUTHORIZED IMPROVEMENTS
Res 14-44
Appendix B-Summary of Estimated Authorized Improvement Costs
Improvement Project A Improvement Project B
Total Estimated (to be to be funded (initially funded Total
Authorized with Series 2015 with Reimbursement Improvement
Authorized Improvement Improvement Costs Bonds) Agreement) Project A (Deferred Assessments)
Road improvements
Paving,Striping,Traffic signal $4,389,900 $3,767,430 $622,470 $4,389,900 $0
Water improvements
Water distribution system improvements $1,061,720 $890,040 $171,680 $1,061,720 $0
Sanitary sewer improvements
Sewer collection system improvements $1,881,296 $1,531,196 $350,100 $1,881,296 $0
Storm drainage improvements
Storm drainage collection system improvements $1,733,872 $1,154,306 $579,566 $1,733,872 $0
Landscaping
Perimeter landscape buffer improvements $1,830,501 $1,830,501 $0 $1,830,501 $0
Duct bank improvements
Single duct bank $486,184 $392,534 $93,650 $486,184 $0
Double Duct Bank $247,770 $247,770 $0 $247,770 $0
Other costs $0
Public sidewalks $432,000 $432,000 $0 $432,000 $0
Retaining wall+/- 10'average ht. $1,889,730 $1,889,730 $0 $1,889,730 $0
Unclassified excavation(cut bank yards) $1,155,000 $1,155,000 $0 $1,155,000 $0
Street lights $84,000 $84,000 $0 $84,000 $0
Bollard lights $150,000 $150,000 $0 $150,000 $0
Iron ornament benches and other seating $238,500 $238,500 $0 $238,500 $0
Right-of-way $0 $0 $0 $0 $0
R.O.W Sod $9,758 $9,758 $0 $9,758
Geotech $430,000 $380,000 $50,000 $430,000 $0
Erosion control $260,000 $260,000 $0 $260,000 $0
Signs $75,000 $70,000 $5,000 $75,000 $0
Large capacity well $0 $0 $0 $0 $0
Engineering,surveying,construction management $1,882,831 $1,764,470 $118,361 $1,882,831 $0
Bonds $181,335 $146,859 $34,476 $181,335 $0
Inspection fees $922,078 $813,030 $109,048 $922,078 $0
Contingency&public parking $984,523 $802,276 $182,247 $984,523 $0
Subtotal:Other costs $8,694,755 $8,195,623 $499,132 $8,694,755 $0
Parking facility improvements $6,160,000 $0 $0 $0 $6,160,000
Total improvement costs $26,485,998 $18,009,400 $2,316,598 $20,325,998 $6,160,000
Estimated Bond issuance costs
Capitalized Interest $4,072,500 $3,664,500 $238,000 $3,902,500 $170,000
Debt Service Reserve Fund $2,808,100 $2,225,600 $340,000 $2,565,600 $242,500
Other bond issue costs $3,023,402 $2,275,500 $505,402 $2,780,902 $242,500
Subtotal:Estimated Bond issuance costs $9,904,002 $8,165,600 $1,083,402 $9,249,002 $655,000
Grand Total Authorized Improvement Costs $36,390,000 $26,175,000 $3,400,000 $29,575,000 $6,815,000
Less:Developer funded costs ($4,390,000) $0 $0 $0 ($4,390,000)
Total Authorized Improvements Funded $32,000,000 $26,175,000 $3,400,000 $29,575,0001 $2,425,000
Notes:See attached engineering estimates for detailed line item budgets.
The parking facilities improvement costs are estimated by the developer at$14,000 per parking space for approximately 440 parking spaces.
Draft B-1
Res 14-44
Entrada - PID Budget
Summary
PID
Common to All $ 5,439,422
Improvement Area#1 $ 9,089,967
Improvement Area#2 $ 2,677,735
Improvement Area#3(Future) $ 2,134,351
Current Area 1,2,&Common to All PID
Water $ 890,040
Sewer $ 1,531,196
Storm $ 1,154,306
Paving,Signs,Lights $ 4,353,430
Unclassified Excavation/Wall/Erosion $ 3,304,730
R.O.W.Sod $ 9,758
Duct Bank $ 640,304
Landscaping $ 2,219,001
Engineering,Surv,CA,&Geotech $ 2,144,470
Contingency&Public Parking $ 802,276
Bonds& Inspection Fees $ 959,890
Total $ 18,009,400
Future Area#3 PID
Water $ 171,680
Sewer $ 350,100
Storm $ 579,566
Paving $ 627,470
Duct Bank $ 93,650
10%Contingency& Escalation $ 182,247
Remaining Surv,CA,&Geotech $ 168,361
Bonds&Inspection Fees $ 143,524
Total $ 2,316,598
Res 14-44
ENTRADA COMMON TO ALL
PID
Water $ 406,585
Sewer $ 910,910
Storm $ 861,975
Paving& 1-Traffic Signal Intersection $ 1,603,070
Unclassified Excavation (Cut Bank Yards) $ 350,000
Double Duct Bank $ 247,770
Geotech $ 60,000
Erosion Control $ 40,000
Signs $ 5,000
Engineering, Surveying, Construction Management $ 613,243
Bonds $ 75,651
Inspection Fees $ 265,219
TOTAL $ 5,439,422
Res 14-44
ENTRADA COMMON TO ALL
WATER LINE IMPR 0VEMENTS
Item
Unit Description Qty Unit Price Total
No.
1 LS Furnish and install connection to the Existing 12-inch waterlines, 5 $ 1,500.00 $ 7,500.00
complete and in place,per lump sum
2 LF Furnish and install 12-inch PVC waterline,includes valves,taps and 10840 $ 30.00 $ 325,200.00
fittings,complete and in place,per linear foot
3 LF Furnish and install 8-inch PVC waterline,includes valves,taps and 495 $ 23.00 $ 11,385.00
fittini4s,complete and in place,per linear foot
4 EA Furnish and install Standard Fire Hydrant Assembly Inc. 6-inch 90 11 $ 3,500.00 $ 38,500.00
Deg.Bend complete and in place,per each
5 EA Furnish and install single service water line,complete and in place, 10 $ 800.00 $ 8,000.00
per each
6 EA Furnish and install 12"blow-off valves,complete and in place,per 7 $ 8,000.00 $ 16,000.00
each
Total Water Line Improvements: $406,585.00
SANITARY SEWER LINE IMPROVEMENTS
Item
No.
Unit Description Qty Unit Price Total
1 EA Furnish and install lift station and wet well,complete and in place, 1 $ 287,000.00 $ 287,000.00
per each
2 EA Furnish and install TRA meter station and injection connection to the 1 $ 362,000.00 $ 362,000.00
existing sanitary sewer force main,complete and in place,per each
3 LF Furnish and install 4-inch force main sanitary sewer line,complete 1300 $ 20.00 $ 26,000.00
and in place,per linear foot
4 LF Furnish and install 8-inch SDR 35 PVC sanitary sewer line,complete 4485 S 25.00 $ 112,125.00
and in place,per linear foot
5 EA Furnish and install Manhole,complete and in place,per each 32 $ 3,500.00 $ 112,000.00
6 EA Furnish and install single service sanitary sewer lateral,complete and 8 750.00 $ 6,000.00
in place,per each
Furnish and install Sanitary Sewer Line Trench Safety System in
7 LF accordance with current OSHA standards,complete and in place,per 5785 $ 1.00 $ 5,785.00
linear foot
Total Sanitary Sewer Line Improvements: $910,910.00
Res 14-44
STORM SEWER IMPROVEMENTS
Item
No.
Unit Description Qty Unit Price Total
1 LF Furnish and install various sizes of RCP storm pipe,complete and in 3540 50.00 $ 177,000.00
laceper each
2 EA Furnish and install Junction Box,complete in place,per each 15 S 2,500.00 $ 37,500.00
3 EA Furnish and install curb inlet complete and in place,per each 19 $ 3,000.00 $ 57,000.00
Furnish and install Storm Sewer Line Trench Safety System in
4 LF accordance with current OSHA standards,complete and in place,per 2425 S 1.00 $ 2,425.00
linear foot
- LF Furnish and install retaining wall around perimeter of Lake,complete 6190 S 95.00 $ 588,050.00
and in place,per each
Storm Sewer Improvements Total: $861,975.00
PAVING AND STRIPING IMPROVEMENTS
Item
No.
Unit Description Qty Unit Price Total
I SY Furnish and install 8-inch 4200 PSI Concrete with#3 bars 18-inch on 12900 $ 36.00 $ 464,400.00
center each way,complete and in place,per square yard
2 SY Furnish and install 6-inch 3600 PSI Concrete with#3 bars 18-inch on 26225 $ 30.00 $ 786,750.00
center each way,complete and in place,per square yard
3 SY Furnish and install 8-inch Stabilized Subgrade,complete and in 27535 $ 2.00 $ 55,070.00
lace per square yard
4 SY Furnish and install 10-inch Stabilized Subgrade,complete and in 13800 $ 2.25 $ 31,050.00
laceper square yard
5 TON Furnish and install Lime,complete and in place,per ton 460 $ 130.00 $ 59,800.00
6 LS Furnish Traffic Contol 1 $ 20,000.00 $ 20,000.00
7 EA Traffic Signal at Davis and Solana Blvd 1 $ 176,000.00 $ 176,000.00
8 LS Furnish and install misc pavement striping,complete and in place, 1 $ 10,000.00 $ 10,000.00
per lumpsum
Paving and Striping Improvements Total: $1,603,070.00
Total Wet Utilities, & Paving: $3,782,540.00
Res 14-44
MISC.
Item
No.
Unit Description Qty Unit Price Total
1 CY Unclassified excavation (cut bank yards) 100000 $ 3.50 $ 350,000.00
2 LF Double Duct Bank 4955 $ 50.00 $ 247,769.50
3 LS Geotech 1 $ 60,000.00 $ 60,000.00
4 LS Erosion Control 1 $ 40,000.00 $ 40,000.00
5 LS Signs 1 $ 5,000.00 $ 5,000.00
6 LS Engineering, Surveying, Construction Management 1 $ 613,243.33 $ 613,243.33
7 LS Bonds @ 2% 1 $ 75,650.80 $ 75,650.80
8 1 LS Inspection Fees @ 6% 1 $ 265,218.57 $ 265,218.57
Miscellaneous Improvements Total: $1,656,882.20
Res 14-44
ENTRADA IMPROVEMENT AREA #1
PID
Water $ 207,750
Sewer $ 242,916
Storm $ 177,300
Paving $ 1,750,100
Perimeter Landscaping Buffer Improvements $ 1,830,501
Public Sidewalks 4" 3600 PSI Reinforced w/#3 Bars $ 432,000
Retaining Wall +/- 5' Average Height $ 125,550
Retaining Wall +/- 10' Average Height $ 1,090,980
Unclassified Excavation (Cut Bank Yards) $ 805,000
R.O.W. Sod $ 3,212
Street lights $ 84,000
Bollard lights $ 150,000
Iron Ornamental Benches and Other Seating $ 238,500
Single Duct Bank $ 201,609
Geotech $ 160,000
Erosion Control $ 120,000
Signs $ 45,000
Engineering, Surveying, Construction Management $ 958,966
Bonds $ 47,561
Inspection Fees $ 419,022
TOTAL $ 9,089,967
Res 14-44
ENTRADA IMPROVEMENT AREA #1
WATER LINE IMPROVEMENTS
Item
Unit Description Qty Unit Price Total
No.
1 LF Furnish and install 8-inch PVC waterline,includes valves,taps and 4250 $ 23.00 $ 97,750.00
fittin s com Tete and in place,per linear foot
2 EA Furnish and install Standard Fire Hydrant Assembly Inc. 6-inch 90 20 $ 3,500.00 $ 70,000.00
Deg.Bend complete and in place,per each
3 EA Furnish and install single service water line,complete and in place, 50 $ 800.00 $ 40,000.00
per each
Total Water Line Improvements: $207,750.00
SANITAR Y SEWER LINE IMPR 0VEMENTS
Item
No.
Unit Description Qty Unit Price Total
1 LF Furnish and install 8-inch SDR 35 PVC sanitary sewer line,complete 3300 $ 25.00 $ 82,500.00
and in place,per linear foot
2 EA Furnish and install Manhole,complete and in place,per each 33 S 3,500.00 $ 115,500.00
3 EA Furnish and install single service sanitary sewer lateral,complete and 50 S 750.00 $ 37,500.00
in lace per each
Furnish and install Sanitary Sewer Line Trench Safety System in
4 LF accordance with current OSHA standards,complete and in place,per 7416 S 1.00 $ 7,416.00
linear foot
Total Sanitary Sewer Line Improvements: $242,916.00
STORM SEWER IMPROVEMENTS
Item
toUnit Description Qty Unit Price Total
1 LF Furnish and install various sizes of RCP storm pipe,complete and in 2300 $ 50.00 $ 115,000.00
laceper each
2 EA Furnish and install Junction Box,complete in place,per each 6 $ 2,500.00 $ 15,000.00
3 EA Furnish and install curb inlet complete and in place,per each 15 $ 3,000.00 $ 45,000.00
Furnish and install Storm Sewer Line Trench Safety System in
4 LF accordance with current OSHA standards,complete and in place,per 2300 S 1.00 $ 2,300.00
linear foot
Storm Sewer Improvements Total: $177,300.00
Res 14-44
PA VING AND STRIPING IMPROVEMENTS
Item
No.
Unit Description Qty Unit Price Total
1 SY Furnish and install 6-inch 3600 PSI Concrete with 93 bars 18-inch on 13940 $ 30.00 $ 418,200.00
center each way,complete and in place,per square yard
2 SY Furnish and install 8-inch Stabilized Subgrade,complete and in 14900 $ 2.00 $ 29,800.00
lace er square yard
3 TON Furnish and install Lime,complete and in place,per ton 170 $ 130.00 $ 22,100.00
4 EA Plaza Bridge 1 $ 840,000.00 $ 840,000.00
5 EA Mercado Ricardo Pedestrian Bridge 1 $ 425,000.00 $ 425,000.00
6 LS Furnish Traffic Contol 1 $ 5,000.00 $ 5,000.00
7 LS Furnish and install mist pavement striping,complete and in place, 1 $ 10,000.00 $ 10,000.00
per lum sum
Paving and Striping Improvements Total: $1,750,100.00
Total Wet Utilities, & Paving: $2,378,066.00
PERIMETER LANDSCAPE BUFFER IMPROVEMENTS
Item
No.
Unit Description Qty Unit Price Total
1 LS Irrigation along Davis Blvd. and Solana Blvd. 1 $ 98,709.00 $ 98,709.00
2 LS Vineyards/Plantings along Davis Blvd.and Solana Blvd. 1 $ 146,731.00 $ 146,731.00
3 LS Trees along Davis Blvd. and Solana Blvd. 1 $ 330,003.00 $ 330,003.00
4 LS Rubble Walls along Davis Blvd. and Solana Blvd. 1 $ 128,700.00 $ 128,700.00
5 LS Walks along Davis Blvd. and Solana Blvd. 1 $ 110,880.00 $ 110,880.00
6 LS Rest Areas along Davis Blvd. and Solana Blvd. 1 $ 176,977.00 $ 176,977.00
7 LS Irrigation along 114 Frontage 1 $ 117,800.00 $ 117,800.00
8 LS Vineyards/Plantings along 114 Frontage 1 $ 274,866.00 $ 274,866.00
9 LS Trees along 114 Frontage 1 $ 47,120.00 $ 47,120.00
10 LS Rubble Walls along 114 Frontage 1 $ 78,533.00 $ 78,533.00
11 LS Rest Areas along 114 Frontage 1 $ 39,182.00 $ 39,182.00
12 LS Four small wells(25 gmp each) 4 $ 62,000.00 $ 248,000.00
13 1 LS ILake bubblers(3)for aeriation 3 $ 11,000.00 $ 33,000.00
Perimeter Landscape Buffer Improvements Total: $1,830,501.00
Res 14-44
MISC.
Item
No.
Unit Description Qty Unit Price Total
1 SY Public Sidewalks 4" 3600 PSI reinforced w/#3 bars 12000 $ 36.00 $ 432,000.00
2 LF Retaining wall +/- 5' average ht. 1674 $ 75.00 $ 125,550.00
3 LF Retaining wall +/- 10' average ht. 5510 $ 198.00 $ 1,090,980.00
4 CY Unclassified excavation (cut bank yards) 230000 $ 3.50 $ 805,000.00
5 SF R.O.W. Sod 10705 $ 0.30 $ 3,211.50
6 EA Street lights 21 $ 4,000.00 $ 84,000.00
7 EA Bollard lights 60 $ 2,500.00 $ 150,000.00
8 EA Iron ornamental benches and other seating 45 $ 5,300.00 $ 238,500.00
9 LF Single Duct Bank 5760 $ 35.00 $ 201,609.45
10 LS Geotech 1 $ 160,000.00 $ 160,000.00
11 LS Erosion Control 1 $ 120,000.00 $ 120,000.00
12 LS Signs 1 $ 45,000.00 $ 45,000.00
13 LS Engineering, Surveying, Construction Management 1 $ 958,965.70 $ 958,965.70
14 LS Bonds @ 2% 1 $ 47,561.32 $ 47,561.32
15 LS Inspection Fees @ 6% 1 $ 419,022.39 $ 419,022.39
Miscellaneous Improvements Total: $4,881,400.36
Res 14-44
ENTRADA IMPROVEMENT AREA #2
PID
Water $ 275,705
Sewer $ 377,370
Storm $ 115,031
Paving $ 414,260
Retaining Wall +/- 10' Average Height $ 673,200
R.O.W. Sod $ 6,546
Single Duct Bank $ 190,925
Geotech $ 160,000
Erosion Control $ 100,000
Signs $ 20,000
Engineering, Surveying, Construction Management $ 192,261
Bonds $ 23,647
Inspection Fees $ 128,789
TOTAL $ 2,677,735
Res 14-44
ENTRADA IMPROVEMENT AREA#2
WA TER LINE IMPR O VEMENTS
Item
Unit Description Qty Unit Price Total
No.
1 LF Furnish and install 8-inch PVC waterline,includes valves,taps and 513 5 $ 23.00 $ 118,105.00
fittin s com Tete and in place,per linear foot
2 EA Furnish and install Standard Fire Hydrant Assembly Inc. 6-inch 90 16 3,500.00 $ 56,000.00
Deg.Bend complete and in place,per each
3 EA Furnish and install single service water line,complete and in place, 127 $ 800.00 $ 101,600.00
per each
Total Water Line Improvements: $275,705.00
SANITAR Y SEWER LINE IMPR 0VEMENTS
Item
No.
Unit Description Qty Unit Price Total
1 LF Furnish and install 8-inch SDR 35 PVC sanitary sewer line,complete 4120 $ 25.00 $ 103,000.00
and in place,per linear foot
2 EA Furnish and install Manhole,complete and in place,per each 50 $ 3,500.00 $ 175,000.00
3 EA Furnish and install single service sanitary sewer lateral,complete and 127 $ 750.00 $ 95,250.00
in lace per each
Furnish and install Sanitary Sewer Line Trench Safety System in
4 LF accordance with current OSHA standards,complete and in place,per 4120 $ 1.00 $ 4,120.00
linear foot
Total Sanitary Sewer Line Improvements: $377,370.00
STORM SEWER IMPROVEMENTS
Item
toUnit Description Qty Unit Price Total
1 LF Furnish and install various sizes of RCP storm pipe,complete and in 1481 $ 50.00 $ 74,050.00
laceper each
2 EA Furnish and install Junction Box,complete in place,per each 5 $ 2,500.00 $ 12,500.00
3 EA Furnish and install curb inlet complete and in place,per each 9 $ 3,000.00 $ 27,000.00
Furnish and install Storm Sewer Line Trench Safety System in
4 LF accordance with current OSHA standards,complete and in place,per 1481 $ 1.00 $ 1,481.00
linear foot
Storm Sewer Improvements Total: $115,031.00
Res 14-44
PA VING AND STRIPING IMPROVEMENTS
Item
No.
Unit Description Qty Unit Price Total
I SY Furnish and install 6-inch 3600 PSI Concrete with 93 bars 18-inch on 11655 $ 30.00 $ 349,650.00
center each way,complete and in place,per square yard
2 SY Furnish and install 8-inch Stabilized Subgrade,complete and in 12455 $ 2.00 $ 24,910.00
lace er square yard
3 TON Furnish and install Lime,complete and in place,per ton 190 $ 130.00 $ 24,700.00
6 LS Furnish Traffic Contol 1 $ 5,000.00 $ 5,000.00
7 LS Furnish and install mise pavement striping,complete and in place, 1 $ 10,000.00 $ 10,000.00
per lump sum
Paving and Striping Improvements Total: $414,260.00
Total Wet Utilities, & Paving: $1,182,366.00
Res 14-44
MISC.
Item
No.
Unit Description Qty Unit Price Total
1 LF Retaining wall +/- 10' average ht. 3400 $ 198.00 $ 673,200.00
2 SF R.O.W. Sod 21820 $ 0.30 $ 6,546.00
3 LF Single Duct Bank 5455 $ 35.00 $ 190,925.00
4 LS Geotech 1 $ 160,000.00 $ 160,000.00
5 LS Erosion Control 1 $ 100,000.00 $ 100,000.00
6 LS Signs 1 $ 20,000.00 $ 20,000.00
7 LS Engineering, Surveying, Construction Management 1 $ 192,260.74 $ 192,260.74
8 LS Bonds @ 2% 1 $ 23,647.32 $ 23,647.32
9 LS linspection Fees @ 6% 1 $ 128,789.46 $ 128,789.46
Miscellaneous Improvements Total: $19495,368.52
Res 14-44
ENTRADA IMPROVEMENT AREA #3
PID
Water $ 171,680
Sewer $ 350,100
Storm $ 579,566
Paving & 2-Offsite Traffic Light Intersections $ 622,470
Single Duct Bank $ 93,650
Geotech $ 50,000
Signs $ 5,000
Engineering, Surveying, Construction Management $ 118,361
Bonds $ 34,476
Inspection Fees $ 109,048
TOTAL $ 2,134,351
Res 14-44
ENTRADA IMPROVEMENT AREA 3
WATER LINE IMPROVEMENTS
Item
Unit Description Qty Unit Price Total
No.
1 LF Furnish and install 8-inch PVC waterline,includes valves,taps and 3160 $ 23.00 $ 72,680.00
fittin s com Tete and in place,per linear foot
7 EA Furnish and install Standard Fire Hydrant Assembly Inc. 6-inch 90 10 $ 3,500.00 $ 35,000.00
De .Bend complete and in place,per each
3 EA Furnish and install single service water line,complete and in place, 80 $ 800.00 $ 64,000.00
per each
Total Water Line Improvements: $171,680.00
SANITARY SEWER LINE IMPROVEMENTS
Item
toUnit Description Qty Unit Price Total
I EA Furnish and install lift station and wet well,complete and in place, 1 $ 12500.00 $ 125,000.00
per each
2 LF Furnish and install 4-inch force main sanitary sewer line,complete 1550 $ 20.00 $ 31,000.00
and in place,per linear foot
3 LF Furnish and install 8-inch SDR 35 PVC sanitary sewer line,complete 2675 $ 25.00 $ 66,875.00
and in lace per linear foot
4 EA Furnish and install Manhole,complete and in place,per each 18 $ 3,500.00 $ 63,000.00
EA Furnish and install single service sanitary sewer lateral,complete and 80 $ 750.00 $ 60,000.00
in lace per each
Furnish and install Sanitary Sewer Line Trench Safety System in
fi LF accordance with current OSHA standards,complete and in place,per 4225 $ 1.00 $ 4,225.00
linear foot
Total Sanitary Sewer Line Improvements: $350,100
Res 14-44
STORM SEWER IMPROVEMENTS
Item
No.
Unit Description Qty Unit Price Total
1 LF Furnish and install various sizes of RCP storm pipe,complete and in 741 $ 50.00 $ 37,050.00
lace per each
2 EA Furnish and install Junction Box,complete in place,per each 1 $ 2,500.00 $ 2,500.00
3 EA Furnish and install curb inlet complete and in place,per each 12 $ 3,000.00 $ 36,000.00
Furnish and install Storm Sewer Line Trench Safety System in
4 LF accordance with current OSHA standards,complete and in place,per 741 $ 1.00 $ 741.00
linear foot
5 LS Culvert Crossing&Waterfall 1 $ 100,000.00 $ 100,000.00
6 LF Furnish and install retaining wall around perimeter of Lake,complete 4,245 $ 95.00 $ 403,275.00
and in place,per each
7 LS two small wells(25 gmp each) 2 $ 62,000.00 $ 124,000.00
rt---j-:LS Lake bubblers(2)for aeriation 2 $ 11,000.00 $ 22,000.00
Storm Sewer Improvements Total: 579,566
PA VING AND STRIPING IMPROVEMENTS
Item
No.
Unit Description Qty Unit Price Total
1 SY Furnish and install 6-inch 3600 PSI Concrete with#3 bars 18-inch on 7,950 $ 30.00 $ 238,500.00
center each way,complete and in place,per square yard
2 SY Furnish and install 8-inch Stabilized Subgrade,complete and in 8,510 $ 2.00 $ 17,020.00
lace per square yard
3 TON Furnish and install Lime,complete and in place,per ton 115 $ 130.00 $ 14,950.00
4 EA Traffic Signal at Solana Blvd & at 114 pending warrant 2 $ 176,000.00 $ 352,000.00
Paving and Striping Improvements Total: 6229470
Total Wet Utilities & Paving 19723,816
Res 14-44
MISC.
Item
No.
Unit Description Qty Unit Price Total
1 LF Single Duct Bank 2676 $ 35.00 $ 93,650.20
2 LS Geotech 1 $ 50,000.00 $ 50,000.00
3 LS Signs 1 $ 5,000.00 $ 5,000.00
4 LS Engineering, Surveying, Construction Management 1 $ 118,361.00 $ 118,361.00
5 LS Bonds @ 2% 1 $ 34,476.32 $ 34,476.32
6 LS Inspection Fees'@ 6% 1 $ 109,047.97 $ 109,047.97
Miscellaneous Improvements Total: $410,535
Res 14-44
Draft
Appendix C
DIAGRAM OF THE AUTHORIZED IMPROVEMENTS
Res 14-44
Draft
Appendix D
LAND USE CLASSS,EQUIVALENT UNITS AND ALLOCATION OF
ASSESSMENTS
Res 14-44
DRAFT
Appendix D
Land Use Classes, Equivalent Units and Allocation of Assessments
For purposes of allocating the Assessments, the Assessed Property in each Improvement Area
has been classified in one of thirteen Land Use Classes. The following table shows the proposed
residential and non-residential development planned within the PID.
Table D-1
Proposed Development within the PID—All Improvement Areas
Proposed
Land Use Class Description Development
R esiden tial
Land Use Class 1 Condo Units (more than 3,600 sq. ft) 38 Units
Land Use Class 2 Condo Units (2,500 to 3,600sq. ft) 71 Units
Land Use Class 3 Condo Units (1,800 to 2,500 sq. ft) 6 Units
Land Use Class 4 Villa- West(more than 3,600 sq. ft) 42 Units
Land Use Class 5 Villa-West (2,500 to 3,600sq. ft) 16 Units
Land Use Class 6 Villa-West (1,800 to 2,500 sq. ft) 69 Units
Land Use Class 7 Villa- East (more than 3,600 sq. ft) 21 Units
Land Use Class 8 Villa- East(2,500 to 3,600sq. ft) 23 Units
Land Use Class 9 Villa- East(1,800 to 2,500 sq. ft) 36 Units
Total-Residential 322 Units
Non-Residential
Land Use Class 10 Commercial - Retail 372,099 Sq. Ft
Land Use Class 1 I Commercial - Office 266,100 Sq. Ft
Land Use Class 12 Commercial - Hospitality 255,500 Sq. Ft
Land Use Class 13 Commercial - Institutional 264,600 S . Ft
Total—Non-residential 1,158,299_5A. Ft
The following table shows the proposed residential and non-residential Land Use Classes within
Improvement Area#1 of the PID.
D - 1 v6.2
Res 14-44
DRAFT
Table D-2
Proposed Development within the PID—Improvement Area#1 (Mixed-Use Core)
Proposed
Land Use Class Description Development
Residential
Land Use Class 1 Condo Units (more than 3,600 sq. ft) 38 Units
Land Use Class 2 Condo Units (2,500 to 3,600sq. ft) 71 Units
Land Use Class 3 Condo Units (1,800 to 2,500 sq. ft) 6 Units
Total-Residential 115 Units
Non-Residential
Land Use Class 10 Commercial - Retail 372,099 Sq. Ft
Land Use Class 11 Commercial - Office 266,100 Sq. Ft
Land Use Class 12 Commercial - Hospitality 255,500 Sq. Ft
Land Use Class 13 Commercial - Institutional 264,600 S . Ft
Total—Non-residential 19158,299 Sq. Ft
The following table shows the proposed residential Land Use Classes within Improvement Area
#2 of the PID.
Table D-3
Proposed Development within the PID—Improvement Area#2 (West Residential)
Proposed
Land Use Class Description Development
R esiden tial
Land Use Class 4 Villa- West(more than 3,600 sq. ft) 42 Units
Land Use Class 5 Villa-West (2,500 to 3,600sq. ft) 16 Units
Land Use Class 6 Villa- West (1,800 to 2,500 sq. ft) 69 Units
Total-Residential 127 Units
The following table shows the proposed residential Land Use Classes within Improvement Area
#3 of the PID.
D - 2 v6.2
Res 14-44
DRAFT
Table D-4
Proposed Development within the PID—Improvement Area #3 (East Residential)
Proposed
Land Use Class Description Development
Residential
Land Use Class 7 Villa- East (more than 3,600 sq. ft) 21 Units
Land Use Class 8 Villa- East(2,500 to 3,600sq. ft) 23 Units
Land Use Class 9 Villa- East(1,800 to 2,500 sq. ft) 36 Units
Total-Residential 80 Units
The Land Use Classes shown in the above tables are defined as follows:
"Land Use Class 1" means lots identified as such on the Assessment Roll, which are referred to
as condominium residential units in the Zoning Ordinance and being generally lots for a
condominium dwelling unit placed over retail and office uses, having more than 3,600 square
feet area with structured parking provided.
"Land Use Class 2" means lots identified as such on the Assessment Roll, which are referred to
as condominium residential units in the Zoning Ordinance and being generally lots for a
condominium dwelling unit placed over retail and office uses, having between 2,500 and 3,600
square feet area with structured parking provided.
"Land Use Class 3" means lots identified as such on the Assessment Roll, which are referred to
as condominium residential units in the Zoning Ordinance and being generally lots for a
condominium dwelling unit placed over retail and office uses, having 1,800 to 2,500 square feet
area with structured parking provided.
"Land Use Class 4" means lots identified as such on the Assessment Roll, which are referred to
as single-family residential units in the Zoning Ordinance and being generally lots for a single
family residential units, having more than 3,600 square feet area and located in the development
commonly referred to as West Residential.
"Land Use Class 5" means lots identified as such on the Assessment Roll, which are referred to
as single-family residential units in the Zoning Ordinance and being generally lots for a single
family residential units, having between 2,500 and 3,600 square feet area and located in the
development commonly referred to as West Residential.
"Land Use Class 6" means lots identified as such on the Assessment Roll, which are referred to
as single-family residential units in the Zoning Ordinance and being generally lots for a single
family residential units, having 1,800 to 2,500 square feet area and located in the development
commonly referred to as West Residential.
"Land Use Class 7" means lots identified as such on the Assessment Roll, which are referred to
as single-family residential units in the Zoning Ordinance and being generally lots for a single
D - 3 v6.2
Res 14-44
DRAFT
family residential units, having more than 3,600 square feet area and located in the development
commonly referred to as East Residential.
"Land Use Class 8" means lots identified as such on the Assessment Roll, which are referred to
as single-family residential units in the Zoning Ordinance and being generally lots for a single
family residential units, having between 2,500 and 3,600 square feet area and located in the
development commonly referred to as East Residential.
"Land Use Class 9" means lots identified as such on the Assessment Roll, which are referred to
as single-family residential units in the Zoning Ordinance and being generally lots for a single
family residential units, having 1,800 to 2,500 square feet area and located in the development
commonly referred to as East Residential.
"Land Use Class 10" means lots identified as such on the Assessment Roll, which are referred
to as commercial in the Zoning Ordinance, and being generally parcels used for retail purposes
that may be comprised of a single tenant or multiple tenants that make up a retail establishment
and are generally located on the ground floor of buildings or in a single building.
"Land Use Class 11" means lots identified as such on the Assessment Roll, which are referred
to as commercial in the Zoning Ordinance, and being generally parcels used for office purposes
that may include a group of offices or a single office and are generally located in a single
building, on one or more floors, or multiple buildings.
"Land Use Class 12" means lots identified as such on the Assessment Roll, which are referred
to as commercial in the Zoning Ordinance, and being generally a building or group of buildings
designed and occupied for hospitality uses.
"Land Use Class 13" means lots identified as such on the Assessment Roll, which are referred
to as commercial in the Zoning Ordinance, and being generally parcels used institutional
purposes such as assisted living, nursing and other similar residential uses that are either on the
water or on the central plaza.
As explained under Section V, for purpose of this Service and Assessment Plan, the Town
Council has determined that the Actual Costs of the Authorized Improvements to be financed
with the Bonds shall be allocated to the Assessed Property by spreading the entire Assessment
across the Parcels based on the estimated Equivalent Units.
For purposes of this Service and Assessment Plan, the Town Council has determined that the
Authorized Improvement Costs shall be allocated to the Assessed Property in each Improvement
Area spreading the entire Assessment across the Parcels of Assessed Property in each
Improvement Area on the basis of the Direct Improvement Costs and Common Improvement
Costs excluding estimated right-of—way costs, as allocated to each Improvement Area based on
the ratio of the Direct Improvement Costs of each Improvement Area, and that such method of
allocation will result in the imposition of equal shares of the Authorized Improvement Costs to
Parcels similarly benefited. Table D-5 below shows the allocation of the Common Improvement
D -4 v6.2
Res 14-44
DRAFT
Costs to each Improvement Area and the resulting ratio for allocating Assessment Part A to each
Improvement Area.
Table D-5
Allocation of Common Improvement Costs
and
Calculation of Assessment Part A Allocation Ratio
CIC Total Assessment
Improvement Estimated Allocation Allocation of Estimated Allocation
Area Description Cost Ratio CIC Costs Ratio
Common Improvement
All Costs CIC $6,241,698 -100.0% $6,241,698 $0
Direct Improvement
1 Costs $9,089,967 64.5% $4,028,374 $13,118,342 64.5%
Direct Improvement
2 Costs $2,677,735 19.0% $1,186,684 $3,864,419 19.0%
Direct Improvement
3 Costs $2,316,598 16.4% $1,026,640 $3,343,238 16.4%
Subtotal: Part A $20,325,998 100.0% $0 $20,325,999 100.00%
1 Parking Garage $6,160,000 $0 $6,160,000 100.00%
Subtotal: Part B $6,160,000 $0 $6,160,000
Total $26,485,998 $0 $26,485,998
For purposes of this Service and Assessment Plan, the Town Council has determined that the
Assessment Part A allocated to the Assessed Property in each Improvement Area based on the
above calculated Assessment allocation ratio is spread to each Land Use Class on the basis of the
estimated Equivalent Units as calculated for each Land Use Class in each Improvement Area.
The estimated Equivalent Units will be calculated based on the relative average construction cost
per unit of each Land Use Class as shown herein. The average construction cost for each Land
Use Class in each Improvement Area is calculated based on the estimated average square feet of
each unit of residential Land Use Class or 1,000 square feet of commercial Land Use Class, as
applicable, and the estimated average construction cost per square foot of each Land Use Class.
Upon subsequent divisions of any Parcel, the Assessment applicable to it will then be
apportioned pro rata based on the Equivalent Units of each newly created Parcel.
Equivalent Units—Improvement Area#1
Having taken into consideration the matters described above, the Town Council has determined
that allocating the Assessments among Parcels based on estimated average construction cost per
unit is best accomplished by creating classifications of benefited Parcels in each Improvement
Area based on the "Land Use Class" defined above. These classifications representing the
estimated average construction cost per unit relative to the highest estimated average
construction cost per unit of Land Use Class 1 in Improvement Area#1 are set forth in Table D-6
below. The total Assessment Part A allocated to Improvement Area #1 is spread to each Land
D - 5 v6.2
Res 14-44
DRAFT
Use type in Improvement Area #1 on the basis of the estimated average construction cost for
each Land Use Class. This is accomplished by giving each Land Use Class in Improvement
Area#1 an Equivalent Unit factor. Equivalent Units are the ratio of the estimated average value
at build-out within each Land Use Class, setting the Equivalent Unit factor for Land Use Class 1
in Improvement Area #1 to 1.0. The Equivalent Unit factor for Land Use Class 2 is calculated to
be 0.62 ($468,350 - $756,210 = 0.62). The Equivalent Unit factor for each of the remaining
Land Use Classes in Improvement Area#1 is calculated accordingly and shown in Table D-6.
Table D-6
Estimated Equivalent Units—Improvement Area#1
Estimated Estimated
Estimated Average Average
Average Construction Construction
Square Feet Cost per Cost per Equivalent Unit
Land Use Class per Unit Square Foot Unit Factor
Land Use Class 1 3,601 $210 $756,210 1.00 per dwelling unit
Land Use Class 2 2,755 $170 $468,350 0.62 per dwelling unit
Land Use Class 3 1,800 $250 $450,000 0.60 per dwelling unit
Land Use Class 10 1,000 $165 $165,000 0.22 per 1,000 sq. ft
Land Use Class 11 1,000 $150 $150,000 0.20 per 1,000 sq. ft
Land Use Class 12 1,000 $161 $161,000 0.21 per 1,000 sq. ft
Land Use Class 13 1,000 $141 $141,000 0.19 per 1,000 sq. ft
The total estimated Equivalent Units for Improvement Area#1 of the PID are shown in Table D-
7 below as calculated based on the Equivalent Unit factors shown above, estimated Land Use
Class and number of units estimated to be built within Improvement Area#1.
Table D-7
Total Equivalent Units—Improvement Area#1
Planned Equivalent Total
No. of Unit Equivalent
Land Use Class Units Factor Units
Land Use Class 1 38 1.00 38.00
Land Use Class 2 71 0.62 44.02
Land Use Class 3 6 0.60 3.60
Land Use Class 10 (in 1,000 sq. ft) 372.1 0.22 81.86
Land Use Class 11 (in 1,000 sq. ft) 266.1 0.20 53.22
Land Use Class 12 (in 1,000 sq. ft) 255.5 0.21 53.66
Land Use Class 13 in 1,000 sq. ft 264.6 0.19 50.27
Total 324.63
D - 6 0.2
Res 14-44
DRAFT
Equivalent Units—Improvement Area#2
The classifications representing the estimated average construction cost per unit relative to the
highest estimated average construction cost per unit of Land Use Class 4 in Improvement Area
#2 are set forth in Table D-8 below. The total Assessment Part A allocated to Improvement Area
#2 is spread to each Land Use type in Improvement Area #2 the basis of the estimated average
construction cost for each Land Use Class. This is accomplished by giving each Land Use Class
in Improvement Area #2 an Equivalent Unit factor. Equivalent Units are the ratio of the
estimated average value at build-out within each Land Use Class, setting the Equivalent Unit
factor for Land Use Class 4 in Improvement Area#2 to 1.0. The Equivalent Unit factor for Land
Use Class 5 is calculated to be 0.68 ($485,280 - $708,750 = 0.68). The Equivalent Unit factor
for each of the remaining Land Use Classes in Improvement Area #2 is calculated accordingly
and shown in Table D-8.
Table D-8
Estimated Equivalent Units—Improvement Area#2
Estimated Estimated
Estimated Average Average
Average Construction Construction
Square Feet Cost per Cost per Equivalent Unit
Land Use Class per Unit Square Foot Unit Factor
Land Use Class 4 4,050 $175 $708,750 1.00 per dwelling unit
Land Use Class 5 2,696 $180 $485,280 0.68 per dwelling unit
Land Use Class 6 2,069 $178 $368,282 0.52 per dwelling unit
The total estimated Equivalent Units for Improvement Area#1 of the PID are shown in Table D-
9 below as calculated based on the Equivalent Unit factors shown above, estimated Land Use
Class and number of units estimated to be built within Improvement Area#2.
Table D-9
Total Equivalent Units—Improvement Area#2
Planned Equivalent Total
No. of Unit Equivalent
Land Use Class Units Factor Units
Land Use Class 4 42 1.00 42.00
Land Use Class 5 16 0.68 10.88
Land Use Class 6 69 0.52 35.88
Total 127 88.76
D - 7 v6.2
Res 14-44
DRAFT
Equivalent Units—Improvement Area#3
The classifications representing the estimated average construction cost per unit relative to the
highest estimated average construction cost per unit of Land Use Class 7 in Improvement Area
#3 are set forth in Table D-10 below. The total Assessment Part A allocated to Improvement
Area #3 is spread to each Land Use type in Improvement Area #3 the basis of the estimated
average construction cost for each Land Use Class. This is accomplished by giving each Land
Use Class in Improvement Area #3 an Equivalent Unit factor. Equivalent Units are the ratio of
the estimated average value at build-out within each Land Use Class, setting the Equivalent Unit
factor for Land Use Class 7 in Improvement Area#3 to 1.0. The Equivalent Unit factor for Land
Use Class 8 is calculated to be 0.68 ($464,112 - $681,596 = 0.68). The Equivalent Unit factor
for each of the remaining Land Use Classes in Improvement Area #3 is calculated accordingly
and shown in Table D-10.
Table D-10
Estimated Equivalent Units—Improvement Area#3
Estimated Estimated
Estimated Average Average
Average Construction Construction
Square Feet Cost per Cost per Equivalent Unit
Land Use Class per Unit Square Foot Unit Factor
Land Use Class 7 4,106 $166 $681,596 1.00 per dwelling unit
Land Use Class 8 2,637 $176 $464,112 0.68 per dwelling unit
Land Use Class 9 2,054 $184 $377,936 0.55 per dwelling unit
The total estimated Equivalent Units for Improvement Area#3 of the PID are shown in Table D-
11 below as calculated based on the Equivalent Unit factors shown above, estimated Land Use
Class and number of units estimated to be built within Improvement Area#3.
Table D-11
Total Equivalent Units—Improvement Area#3
Planned Equivalent Total
No. of Unit Equivalent
Land Use Class Units Factor Units
Land Use Class 7 21 1.00 21.00
Land Use Class 8 23 0.68 15.64
Land Use Class 9 36 0.55 19.80
Total 80 56.44
Allocation of Assessments
As shown in Section IV of this Service and Assessment Plan, the total amount of the Series 2015
Bonds and the Reimbursement Agreement for Improvement Project A, which represents the total
D - 8 v6.2
Res 14-44
DRAFT
Assessment Part A to be allocated on all Parcels within the PID, is $29,575,000. As shown in
Table D-5 above, the Assessment Part A allocation ratio for Improvement Area#1, Improvement
Area #2 and Improvement Area #3 are 64.5%, 19.0% and 16.4%, respectively. As a result, the
total Assessment Part A allocated to Improvement Area #1 is calculated to be $19,087,620.54
($29,575,000 X 64.5% = $19,087,620.54), the total Assessment Part A allocated to Improvement
Area #2 is calculated to be $5,622,857.55 ($29,575,000 X 19.0% = $5,622,857.55) and the total
Assessment Part A allocated to Improvement Area #3 is calculated to be $4,864,521.90
($29,575,000 x 16.4% = $4,864,521.90).
Improvement Area#1
As described above, the total amount of Assessment Part A allocated to Improvement Area#1 is
$19,087,620.54. As shown in Table D-7 above, there are a total of 324.63 estimated Equivalent
Units in Improvement Area#1 of the PID, resulting in an Assessment Part A per Equivalent Unit
of$58,797.94 ($19,087,621 - 324.63 = $58,797.94).
The Assessment Part A for each Parcel in Improvement Area #1 is calculated as the product of
(i) $58,797.94 multiplied by (ii) the applicable Equivalent Unit value for each Land Use Class to
be developed on each Parcel. For example, the Assessment Part A for a Land Use Class 1
(Condo Residential—more than 3,600 square feet) dwelling unit is $58,797.94 (i.e. $58,797.94 X
1.00). A Lot to be developed with a single dwelling unit in Land Use Class 1 would, therefore,
have an Assessment of$58,797.94.
Table D-12 below sets forth the Assessment Part A per unit for each of the Land Use Classes in
Improvement Area#1.
Table D-12
Assessment Part A per Unit—Improvement Area#1
Assessment
Planned Part A per Equivalent Total
No. of Equivalent Unit Assessment
Type Units Unit Factor Assessment Part A per Unit Part A
Residential
Land Use Class 1 38 $58,797.94 1.00 $58,797.94 per dwelling unit $2,234,321.65
Land Use Class 2 71 $58,797.94 0.62 $36,454.72 per dwelling unit $2,588,285.24
Land Use Class 3 6 $58,797.94 0.60 $35,278.76 per dwelling unit $211,672.58
Land Use Class 10 372.10 $58,797.94 0.22 $12,935.55 per 1,000 Sq. Ft $4,813,303.88
Land Use Class 11 266.10 $58,797.94 0.20 $11,759.59 per 1,000 Sq. Ft $3,129,226.27
Land Use Class 12 255.50 $58,797.94 0.21 $12,347.57 per 1,000 Sq. Ft $3,154,803.37
Land Use Class 13 264.60 $58,797.94 0.19 $11,171.61 per 1,000 Sq. Ft $2,956,007.55
Total $19,087,620.54
D - 9 v6.2
Res 14-44
DRAFT
Improvement Area #2
As described above, the total amount of Assessment Part A allocated to Improvement Area#2 is
$5,622,857.55. As shown in Table D-9 above, there are a total of 88.76 estimated Equivalent
Units in Improvement Area#2 of the PID, resulting in an Assessment Part A per Equivalent Unit
of$63,349.00 ($5,622,858 - 88.76 = $639349.00).
The Assessment Part A for each Parcel in Improvement Area #2 is calculated as the product of
(i) $63,349.00 multiplied by (ii) the applicable Equivalent Unit value for each Land Use Class to
be developed on each Parcel. For example, the Assessment Part A for a Land Use Class 4 (Villa
West—more than 3,600 square feet) dwelling unit is $63,349.00 (i.e. $63,349.00 x 1.00). A Lot
to be developed with a single dwelling unit in Land Use Class 4 would therefore have an
Assessment of$63,349.00.
Table D-13 below sets forth the Assessment Part A per unit for each of the Land Use Classes in
Improvement Area#2.
Table D-13
Assessment Part A per Unit—Improvement Area#2
Assessment
Planned Part A per Equivalent Total
No. of Equivalent Unit Assessment
Type Units Unit Factor Assessment Part A per Unit Part A
Residential
Land Use Class 4 42 $63,349.00 1.00 $63,349.00 per dwelling unit $2,660,658.15
Land Use Class 5 16 $63,349.00 0.68 $43,077.32 per dwelling unit $689,237.16
Land Use Class 6 69 $63,349.00 0.52 $32,941.48 per dwelling unit $2,272,962.25
Total 127 $5,622,857.55
Improvement Area#3
As described above, the total amount of Assessment Part A allocated to Improvement Area#3 is
$4,864,521.90. As shown in Table D-11 above, there are a total of 56.44 estimated Equivalent
Units in Improvement Area#3 of the PID, resulting in an Assessment Part A per Equivalent Unit
of$86,189.26 ($4,864,521.90- 56.44 = $86,189.26).
The Assessment Part A for each Parcel in Improvement Area #3 is calculated as the product of
(i) $86,189.26 multiplied by (ii) the applicable Equivalent Unit value for each Land Use Class to
be developed on each Parcel. For example, the Assessment Part A for a Land Use Class 7 (Villa
East— more than 3,600 square feet) dwelling unit is $86,189.26 (i.e. $86,189.26 x 1.00). A Lot
to be developed with a single dwelling unit in Land Use Class 7 would therefore have an
Assessment of$86,189.26.
D - 10 v6.2
Res 14-44
DRAFT
Table D-14 below sets forth the Assessment Part A per unit for each of the Land Use Classes in
Improvement Area#3.
Table D-14
Assessment Part A per Unit—Improvement Area#3
Assessment
Planned Part A per Equivalent Total
No. of Equivalent Unit Assessment
Type Units Unit Factor Assessment Part A per Unit Part A
Residential
Land Use Class 7 21 $86,189.26 1.00 $86,189.26 per dwelling unit $1,809,974.49
Land Use Class 8 23 $86,189.26 0.68 $58,608.70 per dwelling unit $1,348,000.05
Land Use Class 9 36 $86,189.26 0.52 $47,404.09 per dwelling unit $1,706,547.37
Total 80 $4,864,521.90
D - 11 0.2
Res 14-44
Draft
Appendix E
ASSESSMENT ROLL
Res 14-44
DRAFT Assessment Roll v6.0
All Improvement Areas
Parcel All
Assessment Part A $29,575,000
Administrative Expenses
Principal and Principal and Maintenance Other Administrative Annual
Year Interest' Interest2 Assessment Expenses Installment Part A
1 $1,128,797 $279,324 $10,000 $30,000 $1,448,121
2 $1,963,125 $245,480 $10,200 $30,600 $2,249,405
3 $2,238,125 $246,480 $10,404 $31,212 $2,526,221
4 $2,237,500 $250,408 $10,612 $31,836 $2,530,356
5 $2,240,375 $254,047 $10,824 $32,473 $2,537,719
6 $2,236,375 $257,397 $11,041 $33,122 $2,537,935
7 $2,235,875 $261,458 $11,262 $33,785 $2,542,380
8 $2,238,500 $265,159 $11,487 $34,461 $2,549,606
9 $2,238,875 $269,498 $11,717 $35,150 $2,555,240
10 $2,237,000 $273,404 $11,951 $35,853 $2,558,208
11 $2,237,875 $271,343 $12,190 $36,570 $2,557,978
12 $2,236,125 $275,395 $12,434 $37,301 $2,561,255
13 $2,236,750 $279,955 $12,682 $38,047 $2,567,435
14 $2,239,375 $283,954 $12,936 $38,808 $2,575,073
15 $2,238,625 $289,391 $13,195 $39,584 $2,580,795
16 $2,239,500 $294,126 $13,459 $40,376 $2,587,461
17 $2,236,625 $299,159 $13,728 $41,184 $2,590,695
18 $2,240,000 $304,420 $14,002 $42,007 $2,600,429
19 $2,238,875 $309,838 $14,282 $42,847 $2,605,843
20 $2,238,250 $315,344 $14,568 $43,704 $2,611,866
21 $2,237,750 $320,867 $14,859 $44,578 $2,618,055
22 $2,237,000 $327,337 $15,157 $45,470 $2,624,963
23 $2,240,625 $332,613 $15,460 $46,379 $2,635,078
24 $2,237,875 $339,697 $15,769 $47,307 $2,640,648
25 $2,238,750 $346,376 $16,084 $48,253 $2,649,463
26 $2,237,500 $352,581 $16,406 $49,218 $2,655,705
27 $2,238,750 $360,241 $16,734 $50,203 $2,665,928
28 $2,236,750 $368,147 $17,069 $51,207 $2,673,172
29 $2,236,125 $375,157 $17,410 $52,231 $2,680,923
30 $2,236,125 $384,202 $17,758 $53,275 $2,691,361
31 $2,236,000 $0 $18,114 $15,275 $3,632,420
Total $67,989,797 $9,032,798 $405,681 $1,217,042 $76,409,318
(1)Interest rates on the 2015 Bonds are estimated at coupon rate of 7.5%per annum.
Actual interest rate will be used once the bonds are issued.The interest amounts also include the additional 0.5%interest for prepayment reserve and
delinquency reserve.
(2)Interest rates on the Reimbursement Agreement are estimated at coupon rates at 6.72%per annum.The applicable rates will be
determined at the time the Assessment are levied.
(3)The Administrative Expense amounts are estimated and will be updated each year as part of the annual service plan update.
The estimated Maintenance Assessment amount shown will be updated each year based on the actual budget for maintenance of the improvements.
E-1 Res 14-44
DRAFT Assessment Roll DRAFT
Improvement Area#1
Parcel All
Assessment Part A $19,087,621
Administrative Expenses
Principal and Principal and Maintenance Other Administrative Annual
Year Interest' Interest2 Assessment Expenses Installment Part A
1 $728,522 $180,275 $6,910 $19,362 $935,069
2 $1,266,995 $158,432 $7,048 $19,749 $1,452,224
3 $1,444,479 $159,077 $7,189 $20,144 $1,630,890
4 $1,444,076 $161,612 $7,332 $20,547 $1,633,568
5 $1,445,932 $163,961 $7,479 $20,958 $1,638,330
6 $1,443,350 $166,123 $7,629 $21,377 $1,638,479
7 $1,443,027 $168,745 $7,781 $21,805 $1,641,358
8 $1,444,722 $171,133 $7,937 $22,241 $1,646,032
9 $1,444,964 $173,933 $8,096 $22,686 $1,649,678
10 $1,443,753 $176,454 $8,258 $23,139 $1,651,605
11 $1,444,318 $175,124 $8,423 $23,602 $1,651,467
12 $1,443,189 $177,739 $8,591 $24,074 $1,653,593
13 $1,443,592 $180,682 $8,763 $24,556 $1,657,593
14 $1,445,286 $183,263 $8,938 $25,047 $1,662,534
15 $1,444,802 $186,772 $9,117 $25,548 $1,666,239
16 $1,445,367 $189,828 $9,299 $26,059 $1,670,553
17 $1,443,511 $193,076 $9,485 $26,580 $1,672,653
18 $1,445,690 $196,472 $9,675 $27,111 $1,678,948
19 $1,444,964 $199,969 $9,869 $27,654 $1,682,454
20 $1,444,560 $203,522 $10,066 $28,207 $1,686,355
21 $1,444,237 $207,087 $10,267 $28,771 $1,690,362
22 $1,443,753 $211,262 $10,473 $29,346 $1,694,834
23 $1,446,093 $214,668 $10,682 $29,933 $1,701,376
24 $1,444,318 $219,239 $10,896 $30,532 $1,704,985
25 $1,444,883 $223,550 $11,114 $31,142 $1,710,689
26 $1,444,076 $227,555 $11,336 $31,765 $1,714,732
27 $1,444,883 $232,499 $11,563 $32,401 $1,721,345
28 $1,443,592 $237,601 $11,794 $33,049 $1,726,035
29 $1,443,189 $242,125 $12,030 $33,710 $1,731,053
30 $1,443,189 $247,963 $12,270 $34,384 $1,737,805
31 $1,443,108 $0 $12,516 $9,858 $1,465,482
32 $0 $0 $0 $0 $0
33 $0 $0 $0 $0 $0
34 $0 $0 $0 $0 $0
Total $43,880,421 $5,829,742 $292,822 $795,334 $50,798,318
(1)Interest rates on the Sereis 2014 and 2015 Bonds are estimated at coupon rates between 6.55 and 7.75%per annum.
Actual interest rate will be used once the bonds are issued.The interest amounts also include the additional 0.5%interest for
prepayment reserve and delinquency reserve.
(2)Interest rates on the Reimbursement Agreement are estimated at coupon rates at 7.5%per annum.The applicable rates will be
determined at the time the Assessment are levied.
(3)The Administrative Expense amounts are estimated and will be updated each year as part of the annual service plan update.
The estimated Maintenance Assessment amount shown will be updated eaelpey based on the actual budget for maintenance of the improvements.
Res 14-44
DRAFT Assessment Roll DRAFT
Improvement Area#2
Parcel All
Assessment Part A $5,622,858
Administrative Expenses
Principal and Principal and Maintenance Other Administrative Annual
Year Interest' Interest2 Assessment Expenses Installment Part A
1 $214,609 $53,106 $1,889 $5,704 $275,308
2 $373,233 $46,671 $1,927 $5,818 $427,649
3 $425,517 $46,861 $1,966 $5,934 $480,278
4 $425,398 $47,608 $2,005 $6,053 $481,064
5 $425,945 $48,300 $2,045 $6,174 $482,463
6 $425,184 $48,937 $2,086 $6,297 $482,504
7 $425,089 $49,709 $2,128 $6,423 $483,349
8 $425,588 $50,413 $2,170 $6,552 $484,722
9 $425,659 $51,238 $2,213 $6,683 $485,793
10 $425,303 $51,980 $2,258 $6,816 $486,357
11 $425,469 $51,588 $2,303 $6,953 $486,313
12 $425,137 $52,359 $2,349 $7,092 $486,936
13 $425,255 $53,226 $2,396 $7,234 $488,111
14 $425,754 $53,986 $2,444 $7,378 $489,562
15 $425,612 $55,020 $2,493 $7,526 $490,650
16 $425,778 $55,920 $2,543 $7,676 $491,917
17 $425,232 $56,877 $2,593 $7,830 $492,532
18 $425,873 $57,877 $2,645 $7,987 $494,382
19 $425,659 $58,907 $2,698 $8,146 $495,411
20 $425,541 $59,954 $2,752 $8,309 $496,556
21 $425,445 $61,004 $2,807 $8,475 $497,732
22 $425,303 $62,234 $2,863 $8,645 $499,045
23 $425,992 $63,237 $2,921 $8,818 $500,968
24 $425,469 $64,584 $2,979 $8,994 $502,026
25 $425,636 $65,854 $3,039 $9,174 $503,702
26 $425,398 $67,033 $3,099 $9,357 $504,888
27 $425,636 $68,490 $3,161 $9,545 $506,831
28 $425,255 $69,993 $3,225 $9,735 $508,208
29 $425,137 $71,326 $3,289 $9,930 $509,681
30 $425,137 $73,045 $3,355 $10,129 $511,665
31 $425,113 $0 $3,422 $2,904 $431,439
32 $0 $0 $0 $0 $0
33 $0 $0 $0 $0 $0
34 $0 $0 $0 $0 $0
Total $12,926,355 $1,717,333 $80,063 $234,291 $14,958,042
(1)Interest rates on the Sereis 2014 and 2015 Bonds are estimated at coupon rates between 6.55 and 7.75%per annum.
Actual interest rate will be used once the bonds are issued.The interest amounts also include the additional 0.5%interest for
prepayment reserve and delinquency reserve.
(2)Interest rates on the Reimbursement Agreement are estimated at coupon rates at 7.5%per annum.The applicable rates will be
determined at the time the Assessment are levied.
(3)The Administrative Expense amounts are estimated and will be updated each year as part of the annual service plan update.
The estimated Maintenance Assessment amount shown will be updated each�ye 1 based on the actual budget for maintenance of the improvements.
Res 14-44
DRAFT Assessment Roll DRAFT
Improvement Area#3
Parcel All
Assessment Part A $4,864,522
Administrative Expenses
Principal and Principal and Maintenance Other Administrative Annual
Year Interest' Interest2 Assessment Expenses Installment Part A
1 $185,665 $45,944 $1,201 $4,934 $237,745
2 $322,897 $40,377 $1,225 $5,033 $369,532
3 $368,129 $40,541 $1,250 $5,134 $415,054
4 $368,026 $41,187 $1,275 $5,236 $415,725
5 $368,499 $41,786 $1,300 $5,341 $416,926
6 $367,841 $42,337 $1,326 $5,448 $416,952
7 $367,759 $43,005 $1,353 $5,557 $417,673
8 $368,190 $43,614 $1,380 $5,668 $418,852
9 $368,252 $44,327 $1,407 $5,781 $419,768
10 $367,944 $44,970 $1,436 $5,897 $420,246
11 $368,088 $44,631 $1,464 $6,015 $420,198
12 $367,800 $45,297 $1,494 $6,135 $420,726
13 $367,903 $46,047 $1,524 $6,258 $421,731
14 $368,334 $46,705 $1,554 $6,383 $422,977
15 $368,211 $47,599 $1,585 $6,511 $423,906
16 $368,355 $48,378 $1,617 $6,641 $424,991
17 $367,882 $49,206 $1,649 $6,774 $425,511
18 $368,437 $50,071 $1,682 $6,909 $427,100
19 $368,252 $50,962 $1,716 $7,048 $427,978
20 $368,149 $51,868 $1,750 $7,189 $428,956
21 $368,067 $52,776 $1,785 $7,332 $429,961
22 $367,944 $53,841 $1,821 $7,479 $431,084
23 $368,540 $54,709 $1,857 $7,629 $432,734
24 $368,088 $55,874 $1,894 $7,781 $433,637
25 $368,232 $56,972 $1,932 $7,937 $435,073
26 $368,026 $57,993 $1,971 $8,095 $436,085
27 $368,232 $59,253 $2,010 $8,257 $437,752
28 $367,903 $60,553 $2,050 $8,423 $438,929
29 $367,800 $61,706 $2,091 $8,591 $440,188
30 $367,800 $63,194 $2,133 $8,763 $441,890
31 $367,779 $0 $2,176 $2,512 $372,468
32 $0 $0 $0 $0 $0
33 $0 $0 $0 $0 $0
34 $0 $0 $0 $0 $0
Total $11,183,021 $1,485,722 $50,910 $202,693 $12,922,346
(1)Interest rates on the Sereis 2014 and 2015 Bonds are estimated at coupon rates between 6.55 and 7.75%per annum.
Actual interest rate will be used once the bonds are issued.The interest amounts also include the additional 0.5%interest for
prepayment reserve and delinquency reserve.
(2)Interest rates on the Reimbursement Agreement are estimated at coupon rates at 7.5%per annum.The applicable rates will be
determined at the time the Assessment are levied.
(3)The Administrative Expense amounts are estimated and will be updated each year as part of the annual service plan update.
The estimated Maintenance Assessment amount shown will be updated each�ye 1 based on the actual budget for maintenance of the improvements.
Res 14-44