HomeMy WebLinkAboutSolana PID Annual Service Plan Update 2017-18 Part Bv2.1
SOLANA PUBLIC IMPROVEMENT DISTRICT
WESTLAKE, TEXAS
ANNUAL SERVICE PLAN UPDATE – ASSESSMENT PART B
January 29, 2018
1
SOLANA PUBLIC IMPROVEMENT DISTRICT
WESTLAKE, TEXAS
ANNUAL SERVICE PLAN UPDATE – ASSESSMENT PART B
A. Introduction
Solana Public Improvement District (the “PID”) was created pursuant to the PID Act and
a resolution of the Town Council on February 24, 2014 to finance certain public
improvement projects for the benefit of the property in the PID. The Town of Westlake,
Texas Special Assessment Revenue Bonds, Series 2015 (Solana Public Improvement
District Project) (the “Series 2015 Bonds”) in the aggregate principal amount of
$26,175,000 were issued to finance, refinance, provide or otherwise assist in the
acquisition, construction and maintenance of the public improvements provided for the
benefit of the property in the PID. In addition, reimbursement obligations for the
Reimbursement Agreement in the aggregate principal amount of $3,400,000 and deferred
Assessment Part B in the total amount of $2,425,000 are secured by special assessments.
A service and assessment plan (the “Service and Assessment Plan”) was prepared at the
direction of the Town identifying the public improvements (the “Authorized
Improvements”) to be provided by the PID, the costs of the Authorized Improvements,
the indebtedness to be incurred for the Authorized Improvements, and the manner of
assessing the property in the PID for the costs of the Authorized Improvements. Pursuant
to Chapter 372, Texas Local Government Code, the Service and Assessment Plan must
be reviewed and updated annually. According to the Service and Assessment Plan, A
portion of Improvement Project B was to be financed with Assessment Part B, the levy of
which deferred until such date that the Town gives its final approval to a site plan and
construction drawings for the construction of the parking garage. The Town has approved
the site plan and construction drawings for the parking garage. This document is the
second part of the annual update of the Service and Assessment Plan for 2017-18 for the
levy of Assessment Part B (the “Annual Service Plan Update”).
The Town also adopted assessment rolls (the “Assessment Rolls”) identifying the
assessments on each parcel within the PID, based on the method of assessment identified
in the Service and Assessment Plan. This Annual Service Plan Update also includes the
Assessment Roll for Assessment Part B.
Capitalized terms shall have the meanings described in the Service and Assessment Plan
unless otherwise defined herein.
B. Update of the Service Plan
Annual Budget for the Public Improvements
The current total estimated Authorized Improvements Costs are equal to $26,485,998,
which remain the same as the budget estimates included in the original Service and
Assessment Plan. According to the Developer, the aggregate budget for the Authorized
2
Improvements (including the original budget for Improvement Project B) remains
unchanged and therefore no changes for the Annual Service Plan Update.
As shown by Table A below, the PID has incurred indebtedness in the total amount of
$29,575,000 in the form of the Series 2015 Bonds and the Reimbursement Agreement,
which are to be repaid from Assessment Part A. In addition, the PID incurred
indebtedness in the total amount of $2,425,000 for Improvement Project B to be financed
through a reimbursement agreement dated as of January 29, 2018 (the “Reimbursement
Agreement – Part B”).
Table A
Sources and Uses of Funds
Public Improvements
Sources of Funds
Assessment Part A Assessment Part B
Total Estimated
Authorized
Improvements
Series 2015
Bonds
Reimbursement
Agreement
Reimbursement
Agreement –Part B
Improvement
Project A
Improvement
Project A
Improvement
Project B
Bond par amount $26,175,000 $0 $0 $26,175,000
Reimbursement agreement amount $0 $3,400,000 $2,425,000 $5,825,000
Developer funds $0 $0 $3,735,000 $3,735,000
Total Sources $26,175,000 $3,400,000 $6,160,000 $35,735,000
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 $8,120,860 $573,896 $0 $8,694,755
Parking facility improvement $0 $0 $6,160,000 $6,160,000
Subtotal $17,934,637 $2,391,362 $6,160,000 $26,485,998
Bond issue costs
Capitalized interest $3,216,750 $218,620 $0 $3,435,370
Debt service reserve $2,074,313 $340,000 $0 $2,414,313
Other bond issuance related costs $2,949,301 $450,018 $0 $3,399,319
Subtotal $8,240,364 $1,008,638 $0 $9,249,002
Total Uses $26,175,000 $3,400,000 $6,160,000 $35,735,000
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A service plan must cover a period of five years. All of the Authorized Improvements are
expected to be built within a period of five years. The anticipated budget for the
Authorized Improvements over a period of five years and the indebtedness expected to be
incurred for these costs is shown by Table B.
Table B
Authorized Improvements
Annual Projected Costs and Indebtedness
2015 - 2022
Year
Annual
Projected Cost
Annual
Projected
Indebtedness
Sources
other than
PID Bonds
Projected Annual
Installments
2015 $29,575,000 $29,575,000 $0 $0
2016 $0 $0 $0 $407,295
2017 $0 $0 $0 $1,650,314
2018 $6,160,000 $2,425,000 $3,735,000 $2,378,306
2019 $0 $0 $0 $2,547,179
2020 $0 $0 $0 $2,594,521
2021 $0 $0 $0 $2,598,544
2022 $0 $0 $0 $2,600,749
$35,735,000 $32,000,000 $3,735,000 $14,776,908
Assessment Part B
Pursuant to the Service and Assessment Plan, 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. A map
showing Improvement Area #1 is included as Appendix A-1 herein. The Town obtained
an estimate of the cost of the Authorized Improvements, specifically, a portion of the
parking garage costs and deferred the levy of Assessment Part B to pay for a portion of
the parking garage costs until such time that the Town gives its final approval to a site
plan and construction drawings for the construction of the parking garage. According to
the Town, the site plan and construction drawings for the parking garage, attached herein
as Appendix B-1, have been approved. As a result, Assessment Part B will be levied on
the Improvement Area #1 Assessed Property as described herein.
The parcels within Improvement Area #1, the estimated total Equivalent Units, the total
Assessment Part B, the projected Administrative Expenses and the projected Annual
Installment Part B are shown in the Assessment Roll – Part B attached hereto as
Appendix C-1.
C. Update of the Assessment Plan
The Service and Assessment Plan adopted by the Town Council provided that the
Authorized Improvement Costs shall be allocated to the Assessed Property equally on the
basis of estimated Equivalent Units as calculated and shown in Appendix D of the
4
Service and Assessment Plan using the types and number of lots anticipated to be
developed on each Parcel once such property is fully developed, and that such method of
allocation will result in the imposition of equal shares of the Authorized Improvement
Costs to Parcels similarly benefited.
Assessment Part B
For purpose of the Service and Assessment Plan, the Town Council has determined that
the Actual Costs of Improvement Project B to be financed through the Reimbursement
Agreement – Part B shall be allocated to the Improvement Area #1 Assessed Property by
spreading the entire Assessment Part B across the Parcels based on the estimated
Equivalent Units as calculated and shown in the 2017-18 Annual Service Plan Update
and attached herein as Appendix D-1 using the types and number of lots anticipated to be
developed on each Parcel of the Improvement Area #1 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 B that benefit the Assessed
Property in Improvement Area, and set forth in Table A, the Town Council has
determined that the benefit to the Improvement Area #1 Assessed Property, is at least
equal to the Assessment Part B levied on the Improvement Area #1 Assessed Property.
The Assessment Part B and Annual Installment Part B for each Parcel or Lot of the
Assessed Property in the Improvement Area #1 are shown in the Assessment Roll - Part
B, attached herein as Appendix C-1, and no Assessment Part B shall be changed except
as authorized by the Service and Assessment Plan, as updated from time to time, or the
PID Act. Upon subdivisions of any Parcel, the Assessment Part B 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 B 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 with due consideration of the mandatory prepayment
provisions described in Section VI.C of the Service and Assessment Plan 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 B, with larger,
more valuable Lots having a proportionately larger share of the Assessments than
smaller, less valuable Lots.
The Improvement Area #1 Assessed Property will be assessed for the special benefits
conferred upon the property as a result of the Improvement Part B that benefit the
property within Improvement Area #1 of the PID. Table A summarizes the $6,160,000 in
special benefit received by the Improvement Area #1 Assessed Property from
Improvement Project B. The total amount of the Reimbursement Agreement – Part B is
$2,425,000, which is less than the benefit received by the Improvement Area #1 Assessed
Property, and as such the total Assessment Part B for Improvement Area #1 Assessed
5
Property is $2,425,000. The total Equivalent Units for Improvement Area #1 is 324.63 as
shown in the detailed calculation of the Equivalent Units shown in Appendix D of the
Service and Assessment Plan. The summary of The Assessment Part B per Equivalent
Unit is, therefore $7,470.02 ($2,425,000 ÷ 324.63 = $7,470.02). Table C on the following
page sets forth a summary of Assessment Part B per unit for each of the Land Use
Classes in Improvement Area #1.
Table C
Assessment Part B per Unit
Type
Planned
No. of
Units
Assessment
Part B per
Equivalent
Unit
Equivalent
Unit
Factor
Assessment Part B per dwelling
unit or 1,000 square feet
Total
Assessment
Part B
Improvement Area #1
Land Use Class 1 38 $7,470.02 1.00 $7,470.02 per dwelling unit $283,860.95
Land Use Class 2 71 $7,470.02 0.62 $4,631.42 per dwelling unit $328,830.49
Land Use Class 3 6 $7,470.02 0.60 $4,482.01 per dwelling unit $26,892.09
Land Use Class 10 372.10 $7,470.02 0.22 $1,643.41 per 1,000 Sq. Ft $611,509.53
Land Use Class 11 266.10 $7,470.02 0.20 $1,494.00 per 1,000 Sq. Ft $397,554.72
Land Use Class 12 255.50 $7,470.02 0.21 $1,568.71 per 1,000 Sq. Ft $400,804.18
Land Use Class 13 264.60 $7,470.02 0.19 $1,419.30 per 1,000 Sq. Ft $375,548.03
Total Assessment Part B $2,425,000.00
D. Update of the Terms of the Assessments
Amount of Assessment Part B and Annual Installments Part B
The Assessment Part B and Annual Installments Part B for each Parcel of Assessed
Property located within the Improvement Area #1 of the PID are shown in the
Assessment Roll, attached as Appendix C-1, and no Assessment Part B shall be changed
except as authorized by this Service and Assessment Plan and the PID Act.
The Annual Installments Part B shall be collected in an amount sufficient to pay principal
and interest on the Reimbursement Agreement-Part B and to pay Administrative
Expenses.
The provisions regarding reallocation of Assessment Part B, mandatory
prepayment of Assessments, reduction of Assessments and payment in full have been
included in the Service and Assessment Plan and remain unchanged.
Payment of Assessment Part B 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
6
the Assessment Rolls, as updated each year. Payment of the Annual Installments shall
commence with tax bills mailed after the levy of the Assessments.
Each Assessment Part B shall be paid with interest based on an interest rate of 6.43% per
annum for years 1 through 5 and 5.855% per annum following the fifth Annual
Installment in accordance with the Reimbursement Agreement – Part B. Each
Assessment shall be paid at a rate not to exceed five hundred basis points above the
highest average index rate for tax-exempt bond reported in a daily or weekly bond index
approved by the Town and reported in the month prior to the establishment of the
Assessment Part B and continuing for a period of five years from such date. Such rate
shall then adjust and shall not exceed two hundred basis points above the bond index rate
described above and shall continue until Assessment Part B is paid in full. The index
approved by the Town is the Bond Buyer Index for which the highest average rate
during January 2018 was 4.03%. The Town has determined that the Assessment Part B
shall bear interest at the interest rate of 6.43% per annum for years 1 through 5 and
5.855% per annum following the fifth Annual Installment, which rates are equal to or
less than the initial maximum allowable rate of interest of 9.03% for years 1 through 5
and equal to or less than the maximum allowable rate of interest following the fifth
Annual Installment, which would be 6.03%. Furthermore, the principal and interest
component of the Annual Installments may not exceed the amounts shown on the
Assessment Roll – Part B. The Assessment Rolls – Part B, to be updated with the
applicable interest rate on the Assessment Part B, are shown in Appendix C-1.
The 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 Reimbursement
Agreement – Part B 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.
E. Update of the Assessment Roll
The Assessment Part B and Annual Installments Part B for each Parcel of Assessed
Property located within the Improvement Area #1 are shown in the Assessment Roll –
Part B, attached as Appendix C-1 herein. Pursuant to the Service and Assessment Plan,
the Assessment Roll shall be updated each year to reflect:
(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); and (iv)
payments of the Assessment, if any, as provided by Section VI.H of the Service
and Assessment Plan.
Each parcel in the PID is identified, along with the Assessment Part B on each Parcel and
the Annual Installment Part B to be collected from each parcel. Assessments are to be
reallocated for the subdivision of any parcels pursuant to the reallocation provisions
described in the Service and Assessment Plan.
7
Appendix A-1
Improvement Area #1 Map
8
Appendix B-1
Site Plan and Construction Drawings – Improvement Project B
2595 Dallas Parkway, Suite 204Brown & Gay Engineers, Inc.TBPE Registration No. F-1046Tel: 972-464-4800Ɣwww.browngay.comCopyright 2015Contact:Will JanneyTel: 972-464-4835CENTURION AMERICAN
GAS PAD SITE
AT WESTLAKE ENTRADA
BEING 3.739 ACRES
TOWN OF WESTLAKE, TARRANT COUNTY, TEXAS
BROWN & GAY ENGINEERS, INC.1800 Valley View Lane, Suite 300CENTURION AMERICANDEVELOPERContact:Michael BeatyTel: 214-287-9009GAS PAD PD SITE PLAN PACKAGE
C3OVERALL LEGENDMAGUIRE PARTNERS -SOLANA LAND L.P.9 Village Circle, Suite 500Roanoke, Texas 76262Brown & Gay Engineers, Inc.Tel: 817-887-6130 Ɣwww.browngay.comCopyright 2015CENTURION AMERICAN1800 Valley View Lane, Suite 300Framers Branch, Texas 75234Contact: Michael BeatyTelephone: (214)-287-9009
Level 1
100' - 0"
Level 2
111' - 4"
Level 3
122' - 0"
Level-0 Stair Base
92' - 0"
NATURAL STONE VENEER
OPENING W/ CAST STONE CAP
CLAY TILE
ROOF
GARAGE ENTRANCE
CAST STONE
WATERTABLE
NATURAL STONE WALL
W/ CAST STONE WALL CAP
Level 1
100' - 0"
Level 2
111' - 4"
Level 3
122' - 0"
HAND TROWELED STUCCO
HAND TROWELED STUCCO WALL
BEYOND
NATURAL STONE
WALL OPENING
CLAY TILE
ROOF BEYOND
NATURAL STONE
ARCH
NATURAL STONE
VENEER BEYOND
CAST STONE WALL CAPS
CAST STONE
WATERTABLE
2015180
03.11.2016
NORTH ELEVATION
SCALE : 1/8" = 1'-0"
SOUTH ELEVATION
SCALE : 1/8" = 1'-0"
ENTRADA GAS PAD SITE | PARKING GARAGE ELEVATIONS
Ordinance 778
Level 1
100' - 0"
Level 2
111' - 4"
Level 3
122' - 0"
CLAY TILE ROOF
MEDALLION PLACEHOLDER
FOR ENTRADA LOGO
HAND TROWELED STUCCO
W/ CAST STONE CAP
NATURAL STONE
VENEER
NATURAL STONE ARCHES
HAND TROWELED STUCCO
WALL BEYOND
EGRESS OPENINGS
MEDALLION PLACEHOLDER
FOR ENTRADA LOGO
NATURAL STONE VENEER W/
CAST STONE CAP
NATURAL
STONEARCHESEGRESSOPENING
GARAGE ENTRANCE
Level 1
100' - 0"
Level 1
100' - 0"
Level 2
111' - 4"
Level 2
111' - 4"
Level 3
122' - 0"
Level 3
122' - 0"
Level-0 Stair Base
92' - 0"
Level-0 Stair Base
92' - 0"
CLAY TILE ROOF
BEYOND
NATURAL STONE VENEER W/
CAST STONE CAP
NATURAL STONE VENEER
BEYOND
OPENINGS W/ CAST STONECAPHANDTROWELEDSTUCCORETAINING
WALL
HAND TROWELED STUCCO
HAND TROWELED STUCCO
WALL BEYOND
HAND TROWELED STUCCO RETAINING
WALL
CAST STONE
WATERTABLE
2015180
03.11.2016
EAST ELEVATION
SCALE : 1/16" = 1'-0"
WEST ELEVATION
SCALE : 1/16" = 1'-0"
ENTRADA GAS PAD SITE | PARKING GARAGE ELEVATIONS
Ordinance 778
Ordinance 778
9
Appendix C-1
Assessment Roll – Part B
v2.1
Parcel All
Assessment Part B $2,425,000
Total Equivalent Units 324.63
Administrative Expenses2
2018 $155,928 $30,000 $185,928
2019 $195,928 $30,600 $226,528
2020 $193,356 $31,212 $224,568
2021 $190,784 $31,836 $222,620
2022 $193,212 $32,473 $225,684
2023 $182,323 $33,122 $215,445
2024 $179,396 $33,785 $213,180
2025 $181,468 $34,461 $215,929
2026 $178,248 $35,150 $213,398
2027 $180,028 $35,853 $215,880
2028 $181,515 $36,570 $218,084
2029 $182,709 $37,301 $220,010
2030 $178,610 $38,047 $216,658
2031 $179,512 $38,808 $218,320
2032 $180,121 $39,584 $219,705
2033 $180,437 $40,376 $220,813
2034 $180,460 $41,184 $221,643
2035 $180,190 $42,007 $222,197
2036 $184,628 $42,847 $227,475
2037 $183,480 $43,704 $227,185
2038 $182,040 $44,578 $226,618
2039 $180,307 $45,470 $225,776
2040 $183,281 $46,379 $229,660
2041 $185,669 $47,307 $232,976
2042 $182,472 $48,253 $230,725
2043 $183,982 $49,218 $233,200
2044 $184,907 $50,203 $235,110
2045 $185,246 $51,207 $236,453
2046 $0 $0 $0
2047 $0 $0 $0
2048 $0 $0 $0
2049 $0 $0 $0
2050 $0 $0 $0
2051 $0 $0 $0
Total $5,110,231 $1,111,536 $6,221,767
(1) The principal and interest on the Reimbursement Agreement - Part B are calculated using 6.43% per annual for years 1 through 5
and 5.855% per annum thereafter.
(2) The Administrative Expense amounts are estimated and will be updated each year as part of the Annual Service Plan Update.
Assessment Roll - Part B
Improvement Area #1
Year Principal and Interest
1 Annual Installment Part B
C- 1 - 1
v2.1
Parcel 42229845
Assessment Part B $41,444
Total Equivalent Units 5.55
Administrative Expenses2
2018 $2,665 $513 $3,178
2019 $3,348 $523 $3,871
2020 $3,304 $533 $3,838
2021 $3,261 $544 $3,805
2022 $3,302 $555 $3,857
2023 $3,116 $566 $3,682
2024 $3,066 $577 $3,643
2025 $3,101 $589 $3,690
2026 $3,046 $601 $3,647
2027 $3,077 $613 $3,690
2028 $3,102 $625 $3,727
2029 $3,123 $637 $3,760
2030 $3,052 $650 $3,703
2031 $3,068 $663 $3,731
2032 $3,078 $677 $3,755
2033 $3,084 $690 $3,774
2034 $3,084 $704 $3,788
2035 $3,079 $718 $3,798
2036 $3,155 $732 $3,888
2037 $3,136 $747 $3,883
2038 $3,111 $762 $3,873
2039 $3,081 $777 $3,859
2040 $3,132 $793 $3,925
2041 $3,173 $808 $3,982
2042 $3,118 $825 $3,944
2043 $3,144 $841 $3,986
2044 $3,160 $858 $4,019
2045 $3,166 $875 $4,041
2046 $0 $0 $0
2047 $0 $0 $0
2048 $0 $0 $1
2049 $0 $0 $0
2050 $0 $0 $0
2051 $0 $0 $0
Total $87,335 $18,996 $106,339
(1) The principal and interest on the Reimbursement Agreement - Part B are calculated using 6.43% per annual for years 1 through 5
and 5.855% per annum thereafter.
(2) The Administrative Expense amounts are estimated and will be updated each year as part of the Annual Service Plan Update.
Assessment Roll - Part B
Improvement Area #1
Year Principal and Interest
1 Annual Installment Part B
C- 1 - 2
v2.1
Parcel 42229993
Assessment Part B $52,290
Total Equivalent Units 7.00
Administrative Expenses2
2018 $3,362 $647 $4,009
2019 $4,225 $660 $4,885
2020 $4,169 $673 $4,842
2021 $4,114 $686 $4,800
2022 $4,166 $700 $4,867
2023 $3,931 $714 $4,646
2024 $3,868 $729 $4,597
2025 $3,913 $743 $4,656
2026 $3,844 $758 $4,602
2027 $3,882 $773 $4,655
2028 $3,914 $789 $4,703
2029 $3,940 $804 $4,744
2030 $3,851 $820 $4,672
2031 $3,871 $837 $4,708
2032 $3,884 $854 $4,738
2033 $3,891 $871 $4,762
2034 $3,891 $888 $4,780
2035 $3,885 $906 $4,792
2036 $3,981 $924 $4,905
2037 $3,956 $942 $4,899
2038 $3,925 $961 $4,887
2039 $3,888 $980 $4,869
2040 $3,952 $1,000 $4,953
2041 $4,004 $1,020 $5,024
2042 $3,935 $1,040 $4,976
2043 $3,967 $1,061 $5,029
2044 $3,987 $1,083 $5,070
2045 $3,994 $1,104 $5,099
2046 $0 $0 $1
2047 $0 $0 $1
2048 $0 $0 $1
2049 $0 $0 $0
2050 $0 $0 $0
2051 $0 $0 $0
Total $110,192 $23,968 $134,170
(1) The principal and interest on the Reimbursement Agreement - Part B are calculated using 6.43% per annual for years 1 through 5
and 5.855% per annum thereafter.
(2) The Administrative Expense amounts are estimated and will be updated each year as part of the Annual Service Plan Update.
Assessment Roll - Part B
Improvement Area #1
Year Principal and Interest
1 Annual Installment Part B
C- 1 - 3
v2.1
Parcel 42230002
Assessment Part B $5,686
Total Equivalent Units 0.76
Administrative Expenses2
2018 $366 $70 $436
2019 $459 $72 $531
2020 $453 $73 $527
2021 $447 $75 $522
2022 $453 $76 $529
2023 $428 $78 $505
2024 $421 $79 $500
2025 $426 $81 $506
2026 $418 $82 $500
2027 $422 $84 $506
2028 $426 $86 $511
2029 $428 $87 $516
2030 $419 $89 $508
2031 $421 $91 $512
2032 $422 $93 $515
2033 $423 $95 $518
2034 $423 $97 $520
2035 $423 $98 $521
2036 $433 $100 $533
2037 $430 $102 $533
2038 $427 $105 $531
2039 $423 $107 $529
2040 $430 $109 $539
2041 $435 $111 $546
2042 $428 $113 $541
2043 $431 $115 $547
2044 $434 $118 $551
2045 $434 $120 $555
2046 $0 $0 $0
2047 $0 $0 $0
2048 $0 $0 $0
2049 $0 $0 $0
2050 $0 $0 $0
2051 $0 $0 $0
Total $11,983 $2,606 $14,590
(1) The principal and interest on the Reimbursement Agreement - Part B are calculated using 6.43% per annual for years 1 through 5
and 5.855% per annum thereafter.
(2) The Administrative Expense amounts are estimated and will be updated each year as part of the Annual Service Plan Update.
Assessment Roll - Part B
Improvement Area #1
Year Principal and Interest
1 Annual Installment Part B
C- 1 - 4
v2.1
Parcel 42230011
Assessment Part B $24,273
Total Equivalent Units 3.25
Administrative Expenses2
2018 $1,561 $300 $1,861
2019 $1,961 $306 $2,267
2020 $1,935 $312 $2,248
2021 $1,910 $319 $2,228
2022 $1,934 $325 $2,259
2023 $1,825 $332 $2,157
2024 $1,796 $338 $2,134
2025 $1,816 $345 $2,161
2026 $1,784 $352 $2,136
2027 $1,802 $359 $2,161
2028 $1,817 $366 $2,183
2029 $1,829 $373 $2,202
2030 $1,788 $381 $2,169
2031 $1,797 $388 $2,185
2032 $1,803 $396 $2,199
2033 $1,806 $404 $2,210
2034 $1,806 $412 $2,219
2035 $1,804 $420 $2,224
2036 $1,848 $429 $2,277
2037 $1,837 $437 $2,274
2038 $1,822 $446 $2,269
2039 $1,805 $455 $2,260
2040 $1,835 $464 $2,299
2041 $1,858 $474 $2,332
2042 $1,826 $483 $2,310
2043 $1,842 $493 $2,334
2044 $1,851 $503 $2,354
2045 $1,854 $513 $2,367
2046 $0 $0 $0
2047 $0 $0 $0
2048 $0 $0 $0
2049 $0 $0 $0
2050 $0 $0 $0
2051 $0 $0 $0
Total $51,151 $11,126 $62,282
(1) The principal and interest on the Reimbursement Agreement - Part B are calculated using 6.43% per annual for years 1 through 5
and 5.855% per annum thereafter.
(2) The Administrative Expense amounts are estimated and will be updated each year as part of the Annual Service Plan Update.
Assessment Roll - Part B
Improvement Area #1
Year Principal and Interest
1 Annual Installment Part B
C- 1 - 5
v2.1
Parcel 42230029
Assessment Part B $4,631
Total Equivalent Units 0.62
Administrative Expenses2
2018 $298 $57 $355
2019 $374 $58 $433
2020 $369 $60 $429
2021 $364 $61 $425
2022 $369 $62 $431
2023 $348 $63 $411
2024 $343 $65 $407
2025 $347 $66 $412
2026 $340 $67 $408
2027 $344 $68 $412
2028 $347 $70 $417
2029 $349 $71 $420
2030 $341 $73 $414
2031 $343 $74 $417
2032 $344 $76 $420
2033 $345 $77 $422
2034 $345 $79 $423
2035 $344 $80 $424
2036 $353 $82 $434
2037 $350 $83 $434
2038 $348 $85 $433
2039 $344 $87 $431
2040 $350 $89 $439
2041 $355 $90 $445
2042 $348 $92 $441
2043 $351 $94 $445
2044 $353 $96 $449
2045 $354 $98 $452
2046 $0 $0 $0
2047 $0 $0 $0
2048 $0 $0 $0
2049 $0 $0 $0
2050 $0 $0 $0
2051 $0 $0 $0
Total $9,760 $2,123 $11,884
(1) The principal and interest on the Reimbursement Agreement - Part B are calculated using 6.43% per annual for years 1 through 5
and 5.855% per annum thereafter.
(2) The Administrative Expense amounts are estimated and will be updated each year as part of the Annual Service Plan Update.
Assessment Roll - Part B
Improvement Area #1
Year Principal and Interest
1 Annual Installment Part B
C- 1 - 6
v2.1
Parcel 42230037
Assessment Part B $3,436
Total Equivalent Units 0.46
Administrative Expenses2
2018 $221 $43 $263
2019 $278 $43 $321
2020 $274 $44 $318
2021 $270 $45 $315
2022 $274 $46 $320
2023 $258 $47 $305
2024 $254 $48 $302
2025 $257 $49 $306
2026 $253 $50 $302
2027 $255 $51 $306
2028 $257 $52 $309
2029 $259 $53 $312
2030 $253 $54 $307
2031 $254 $55 $309
2032 $255 $56 $311
2033 $256 $57 $313
2034 $256 $58 $314
2035 $255 $60 $315
2036 $262 $61 $322
2037 $260 $62 $322
2038 $258 $63 $321
2039 $255 $64 $320
2040 $260 $66 $325
2041 $263 $67 $330
2042 $259 $68 $327
2043 $261 $70 $330
2044 $262 $71 $333
2045 $262 $73 $335
2046 $0 $0 $0
2047 $0 $0 $0
2048 $0 $0 $0
2049 $0 $0 $0
2050 $0 $0 $0
2051 $0 $0 $0
Total $7,241 $1,575 $8,817
(1) The principal and interest on the Reimbursement Agreement - Part B are calculated using 6.43% per annual for years 1 through 5
and 5.855% per annum thereafter.
(2) The Administrative Expense amounts are estimated and will be updated each year as part of the Annual Service Plan Update.
Assessment Roll - Part B
Improvement Area #1
Year Principal and Interest
1 Annual Installment Part B
C- 1 - 7
v2.1
Parcel 42229977
Assessment Part B $19,885
Total Equivalent Units 2.66
Administrative Expenses2
2018 $1,279 $246 $1,525
2019 $1,607 $251 $1,858
2020 $1,586 $256 $1,841
2021 $1,564 $261 $1,826
2022 $1,584 $266 $1,851
2023 $1,495 $272 $1,767
2024 $1,471 $277 $1,748
2025 $1,488 $283 $1,771
2026 $1,462 $288 $1,750
2027 $1,476 $294 $1,770
2028 $1,488 $300 $1,788
2029 $1,498 $306 $1,804
2030 $1,465 $312 $1,777
2031 $1,472 $318 $1,790
2032 $1,477 $325 $1,802
2033 $1,480 $331 $1,811
2034 $1,480 $338 $1,818
2035 $1,478 $344 $1,822
2036 $1,514 $351 $1,865
2037 $1,505 $358 $1,863
2038 $1,493 $366 $1,858
2039 $1,479 $373 $1,852
2040 $1,503 $380 $1,883
2041 $1,523 $388 $1,911
2042 $1,496 $396 $1,892
2043 $1,509 $404 $1,912
2044 $1,516 $412 $1,928
2045 $1,519 $420 $1,939
2046 $0 $0 $0
2047 $0 $0 $0
2048 $0 $0 $0
2049 $0 $0 $0
2050 $0 $0 $0
2051 $0 $0 $0
Total $41,904 $9,115 $51,023
(1) The principal and interest on the Reimbursement Agreement - Part B are calculated using 6.43% per annual for years 1 through 5
and 5.855% per annum thereafter.
(2) The Administrative Expense amounts are estimated and will be updated each year as part of the Annual Service Plan Update.
Assessment Roll - Part B
Improvement Area #1
Year Principal and Interest
1 Annual Installment Part B
C- 1 - 8
v2.1
Parcel 42229985
Assessment Part B $5,916
Total Equivalent Units 0.79
Administrative Expenses2
2018 $380 $73 $454
2019 $478 $75 $553
2020 $472 $76 $548
2021 $465 $78 $543
2022 $471 $79 $551
2023 $445 $81 $526
2024 $438 $82 $520
2025 $443 $84 $527
2026 $435 $86 $521
2027 $439 $87 $527
2028 $443 $89 $532
2029 $446 $91 $537
2030 $436 $93 $529
2031 $438 $95 $533
2032 $439 $97 $536
2033 $440 $99 $539
2034 $440 $100 $541
2035 $440 $102 $542
2036 $450 $105 $555
2037 $448 $107 $554
2038 $444 $109 $553
2039 $440 $111 $551
2040 $447 $113 $560
2041 $453 $115 $568
2042 $445 $118 $563
2043 $449 $120 $569
2044 $451 $122 $574
2045 $452 $125 $577
2046 $0 $0 $0
2047 $0 $0 $0
2048 $0 $0 $0
2049 $0 $0 $0
2050 $0 $0 $0
2051 $0 $0 $0
Total $12,467 $2,712 $15,180
(1) The principal and interest on the Reimbursement Agreement - Part B are calculated using 6.43% per annual for years 1 through 5
and 5.855% per annum thereafter.
(2) The Administrative Expense amounts are estimated and will be updated each year as part of the Annual Service Plan Update.
Assessment Roll - Part B
Improvement Area #1
Year Principal and Interest
1 Annual Installment Part B
C- 1 - 9
v2.1
Parcel 42229853
Assessment Part B $2,267,438
Total Equivalent Units 303.54
Administrative Expenses2
2018 $145,796 $28,051 $173,847
2019 $183,197 $28,612 $211,810
2020 $180,792 $29,184 $209,978
2021 $178,388 $29,768 $208,158
2022 $180,658 $30,363 $211,025
2023 $170,477 $30,970 $201,452
2024 $167,739 $31,590 $199,335
2025 $169,677 $32,222 $201,905
2026 $166,666 $32,866 $199,540
2027 $168,330 $33,523 $201,862
2028 $169,721 $34,194 $203,924
2029 $170,837 $34,878 $205,725
2030 $167,005 $35,575 $202,592
2031 $167,848 $36,287 $204,147
2032 $168,417 $37,012 $205,443
2033 $168,713 $37,753 $206,479
2034 $168,735 $38,508 $207,257
2035 $168,483 $39,278 $207,776
2036 $172,632 $40,063 $212,712
2037 $171,559 $40,865 $212,441
2038 $170,212 $41,682 $211,913
2039 $168,591 $42,516 $211,127
2040 $171,372 $43,366 $214,759
2041 $173,605 $44,233 $217,860
2042 $170,616 $45,118 $215,756
2043 $172,028 $46,020 $218,072
2044 $172,893 $46,941 $219,858
2045 $173,210 $47,879 $221,115
2046 $0 $0 $26
2047 $0 $0 $27
2048 $0 $0 $28
2049 $0 $0 $0
2050 $0 $0 $0
2051 $0 $0 $0
Total $4,778,198 $1,039,315 $5,817,949
(1) The principal and interest on the Reimbursement Agreement - Part B are calculated using 6.43% per annual for years 1 through 5
and 5.855% per annum thereafter.
(2) The Administrative Expense amounts are estimated and will be updated each year as part of the Annual Service Plan Update.
Assessment Roll - Part B
Improvement Area #1
Year Principal and Interest
1 Annual Installment Part B
C- 1 - 10
10
Appendix D-1
Summary fo Land Use and Equivalent Units by Parcel and POD
Improvement Area #1
12
Appendix A-3
Summary of Land Use and Equivalent Units by Parcels and POD
Improvement Area #1
New Parcel ID
POD
No. (1) Proposed Use
Units/
Sq. Ft.
Land Use
Class
EU
Factor
Total
EU
42229845
1 Commercial - Retail 2,200 10 0.22 0.48
29 Commercial - Retail 1,200 10 0.22 0.26
30 Commercial - Office 24,000 11 0.20 4.80
subtotal 5.55
42229993 25
Commercial - Retail 7,000 10 0.22 1.54
Condo (2,500 sq. ft. to 3,600 sq. ft.) 3 2 0.62 1.86
Condo (Under 2,500 sq. ft.) 6 3 0.60 3.6
subtotal 7.00
42230002 26 Commercial - Retail 3,460 10 0.22 0.76
42230011 27 Commercial - Retail 14,770 10 0.22 3.25
42230029 27 Commercial - Office 3,100 11 0.20 0.62
42230037 27 Commercial - Office 2,300 11 0.20 0.46
42229977 28 Commercial - Retail 12,100 10 0.22 2.66
42229985 28 Commercial - Retail 3,600 10 0.22 0.79
42229853
2 Commercial - Office 117,000 11 0.20 23.40
3 Commercial - Retail 56,740 10 0.22 12.48
4 Commercial - Retail 47,200 10 0.22 10.38
5 Commercial - Office 44,700 11 0.20 8.94
6 Commercial - Office 14,000 11 0.20 2.80
7 Public 0 0 0.00 0
8 Commercial - Retail 51,530 10 0.22 11.34
9 Commercial - Retail 20,200 10 0.22 4.44
10 Commercial - Hospitality 61,500 12 0.21 12.92
11 Public 0 0 0.00 0
12 Commercial - Retail 5,800 10 0.22 1.28
13 Commercial - Retail 29,800 10 0.22 6.56
14 Commercial - Retail 21,900 10 0.22 4.82
15
Commercial - Retail 5,000 10 0.22 1.10
Condo (More than 3,600 sq. ft.) 6 1 1.00 6.00
Condo (2,500 sq. ft. to 3,600 sq. ft.) 6 2 0.62 3.72
16 Commercial - Institutional 33,000 13 0.19 6.27
17 Commercial - Office 22,000 11 0.20 4.40
18
Commercial - Retail 37,800 10 0.22 8.32
Condo (More than 3,600 sq. ft.) 20 1 1.00 20.00
Condo (2,500 sq. ft. to 3,600 sq. ft.) 39 2 0.62 24.18
19
Commercial - Retail 46,800 10 0.22 10.30
Condo (More than 3,600 sq. ft.) 6 1 1.00 6.00
Condo (2,500 sq. ft. to 3,600 sq. ft.) 8 2 0.62 4.96
20 Commercial - Hospitality 97,000 12 0.21 20.37
21 Commercial - Hospitality 97,000 12 0.21 20.37
22
Commercial - Retail 5,000 10 0.22 1.10
Condo (More than 3,600 sq. ft.) 6 1 1.00 6.00
Condo (2,500 sq. ft. to 3,600 sq. ft.) 15 2 0.62 9.30
23 Commercial - Institutional 231,600 13 0.19 44.00
24 Commercial - Office 3,000 11 0.20 0.60
31 Commercial - Office 36,000 11 0.20 7.20
Subtotal 303.54
Grand Total - Improvement Area #1 324.63
Note: The proposed uses for each Parcel and pod are provided by the Developer.