HomeMy WebLinkAbout08-06-18 TC AgendaThe Regular Meeting of the Town of Westlake Town Council will begin immediately following the conclusion
of the Town Council Work Session but not prior to the posted start time.
Mission Statement
Westlake is a unique community blending preservation of our natural environment and
viewscapes, while serving our residents and businesses with superior municipal and academic
services that are accessible, efficient, cost-effective, and transparent.
Westlake, Texas – “One-of-a-kind community; natural oasis – providing
an exceptional level of service.”
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TOWN OF WESTLAKE, TEXAS
Vision Statement
An oasis of natural beauty that maintains our open spaces in balance with distinctive
development, trails, and quality of life amenities amidst an ever expanding urban landscape.
TOWN COUNCIL MEETING
AGENDA
August 6, 2018
1500 Solana Boulevard
Building 7, Suite 7100
1st Floor, Council Chamber
Westlake, TX 76262
Regular Session: 5:00 p.m.
CANCEL DUT TO LACK OF QUORUM
Page 2 of 2
Regular Session
1. CALL TO ORDER
2. CONSIDERATION OF ORDINANCE 859, UPDATING THE SOLANA PUBLIC
IMPROVEMENT DISTRICT SERVICE AND ASSESSMENT PLAN (SAP) AND
ASSESSMENT ROLL.
3. ADJOURNMENT
CERTIFICATION
I certify that the above notice was posted at the Town Hall of the Town of Westlake, 1500 Solana Blvd.,
Building 7, Suite 7100, Westlake, TX 76262, August 1, 2018, by 5:00 p.m. under the Open Meetings Act,
Chapter 551 of the Texas Government Code.
_____________________________________
Kelly Edwards, Town Secretary
If you plan to attend this public meeting and have a disability that requires special needs, please advise
the Town Secretary 48 hours in advance at 817-490-5710 and reasonable accommodations will be made
to assist you. CANCEL DUT TO LACK OF QUORUM
The Regular Meeting of the Town of Westlake Town Council will begin immediately following the conclusion
of the Town Council Work Session but not prior to the posted start time.
Mission Statement
Westlake is a unique community blending preservation of our natural environment and
viewscapes, while serving our residents and businesses with superior municipal and academic
services that are accessible, efficient, cost-effective, and transparent.
Westlake, Texas – “One-of-a-kind community; natural oasis – providing
an exceptional level of service.”
Page 1 of 2
TOWN OF WESTLAKE, TEXAS
Vision Statement
An oasis of natural beauty that maintains our open spaces in balance with distinctive
development, trails, and quality of life amenities amidst an ever expanding urban landscape.
TOWN COUNCIL MEETING
AGENDA
August 6, 2018
1500 Solana Boulevard
Building 7, Suite 7100
1st Floor, Council Chamber
Westlake, TX 76262
Regular Session: 5:00 p.m.
Page 2 of 2
Regular Session
1. CALL TO ORDER
2. CONSIDERATION OF ORDINANCE 859, UPDATING THE SOLANA PUBLIC
IMPROVEMENT DISTRICT SERVICE AND ASSESSMENT PLAN (SAP) AND
ASSESSMENT ROLL.
3. ADJOURNMENT
CERTIFICATION
I certify that the above notice was posted at the Town Hall of the Town of Westlake, 1500 Solana Blvd.,
Building 7, Suite 7100, Westlake, TX 76262, August 1, 2018, by 5:00 p.m. under the Open Meetings Act,
Chapter 551 of the Texas Government Code.
_____________________________________
Kelly Edwards, Town Secretary
If you plan to attend this public meeting and have a disability that requires special needs, please advise
the Town Secretary 48 hours in advance at 817-490-5710 and reasonable accommodations will be made
to assist you.
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estlake Town Council
TYPE OF ACTION
Regular Meeting - Action Item
Westlake Town Council Meeting
Monday, August 06, 2018
TOPIC: Consider an Ordinance to Update the Solana Public Improvement District
Service and Assessment Plan and Assessment Roll 2018.
STAFF CONTACT: Tom Brymer, Town Manager
Jarrod Greenwood, Public Works Director/Asst. to the Town Manager
Debbie Piper, Finance Director
Strategic Alignment
Vision, Value, Mission Perspective Strategic Theme & Results Outcome
Objective
Fiscal Responsibility Fiscal
Stewardship
Exemplary Service &
Governance - We set the
standard by delivering
unparalleled municipal and
educational services at the
lowest cost.
Increase
Transparency,
Accessibility &
Communications
Strategic Initiative
Outside the Scope of Identified Strategic Initiatives
Time Line - Start Date: August 6, 2018 Completion Date: August 6, 2018
Funding Amount: N/A Status - N/A Source - N/A
EXECUTIVE SUMMARY (INCLUDING APPLICABLE ORGANIZATIONAL HISTORY)
The Solana Public Improvement District (PID) for the Entrada development was created by
Resolution 14-07 by Town Council on February 24, 2014. In order to levy the assessment on
property within the PID required to service the PID bonds, Town Council adopted Ordinance No.
741 approving the Solana Pubic Improvement District Service and Assessment Plan and
Assessment Roll.
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Sections 372.013 and 372.014 of the Public Improvement District Assessment Act, Chapter 372,
Texas Local Government Code (the “PID Act”) require that Service and Assessment Plans (SAP)
and Assessment Rolls to be reviewed and updated annually which requires Council approval.
Council approved Ordinance752 that provided the first annual update to the SAP at the September
21, 2015 Regular Council meeting. The second update to this SAP was approved by the Council
via Ordinance 796 on September 19, 2016. The Council approved an SAP Update in January
2018, which, after due process and public hearing, levied the Part B Assessment related to the
Parking Garage.
This annual SAP Update will combine the Part A Assessment and the Part B Assessment in one
Annual SAP Update which is necessary prior to the issuance of the 2018 PID invoices to property
owners for PID assessments due January 2019. Upon approval from Council, the Assessment Roll
will be provided to the Tarrant County Appraisal District to be included in the 2018/2019 tax bills
which will be mailed out in October 2018.
At this time, all the site plan and building permits filed through June 30th comply with the SAP
Development Plan, and no mandatory prepayment is required.
RECOMMENDATION
Recommend approving the proposed Ordinance accepting the Service Assessment Plan as will
be presented.
ATTACHMENTS
As of the time of finalizing this agenda, the PID Administrator is still working with the TCAD
GIS department and Tarrant County Tax Office to ensure proper parcel tax IDs are record from
the parent parcels and have the appropriate assessments recorded on the proper tax bills. The
correct form of the Annual SAP Update is attached, and the only changes will be to the
Assessment Roll Tax Parcel IDs located at the end of the SAP Update to match the County
records. Updated material for this agenda item will be presented at the meeting or sent to
Council by separate cover.
Ordinance
Service and Assessment Plan
Ordinance 859
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TOWN OF WESTLAKE
ORDINANCE NO. 859
SOLANA PUBLIC IMPROVEMENT DISTRICT SUPPLEMENTAL SERVICE AND
ASSESSMENT PLAN AND ASSESSMENT ROLL.
A SUPPLEMENTAL ORDINANCE OF THE TOWN COUNCIL OF THE TOWN OF
WESTLAKE UPDATING THE SOLANA PUBLIC IMPROVEMENT DISTRICT OF
THE TOWN OF WESTLAKE SERVICE AND ASSESSMENT PLAN AND
ASSESSMENT ROLL.
WHEREAS, by Resolution 14-07 adopted on February 24, 2014, after notice and a
public hearing in the manner required by law, the Town Council of the Town of Westlake, Texas
approved a resolution authorizing the creation of the Solana Public Improvement District of the
Town of Westlake; and
WHEREAS, the Town Council, pursuant to Section 372.016(b) of the Public
Improvement District Assessment Act, Chapter 372, Texas Local Government Code (the “PID
Act”) PID Act, published notice of the Levy and Assessment Hearing on December 22, 2014, in
The Star-Telegram, a newspaper of general circulation in the Town; and
WHEREAS, on January 15, 2015, after notice and a public hearing conducted in the
manner required by law, the Town Council adopted Ordinance No. 741 approving the Solana
Public Improvement District Service and Assessment Plan and Assessment Roll and the levy of
assessments on property in the District; and
WHEREAS, on January 15, 2015, the Town Council convened the Levy and Assessment
Hearing and adopted Ordinance No. 743, authorizing the issuance of bonds secured by the
assessments levied pursuant to the Assessment Ordinance; and
WHEREAS, on January 28, 2018, after notice and a public hearing conducted in the
manner required by law, the Town Council adopted Ordinance No. 843 approving the Solana
Public Improvement District Service and Assessment Plan and Assessment Roll and the levy of
the Part – B Assessment pertaining to the Parking Garage on property in the District; and
WHEREAS, the Service and Assessment Plan and Assessment Roll is required to be
reviewed and updated annually as described in Sections 372.013 and 372.014 of the PID Act;
and
WHEREAS, the Town Council now desires to proceed with the adoption of this
Ordinance for the Annual Service Plan Update and the updated Assessment Roll attached
thereto, in conformity with the requirements of the PID Act; and
WHEREAS, the Town Council finds the passage of this Ordinance to be in the best
interest for the citizens of Westlake.
Ordinance 859
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NOW, THEREFORE, BE IT ORDAINED BY THE TOWN COUNCIL OF THE TOWN
OF WESTLAKE, TEXAS:
SECTION 1: That all matters stated in the preamble are found to be true and correct and
are incorporated herein as if copied in their entirety.
SECTION 2: That the Solana Annual Service Plan Update and updated Assessment
Roll attached hereto as Exhibit A are hereby accepted as provided.
SECTION 3: If any portion of this Ordinance shall, for any reason, be declared invalid
by any court of competent jurisdiction, such invalidity shall not affect the remaining provisions
hereof and the Council hereby determines that it would have adopted this Ordinance without the
invalid provision
SECTION 4: That this Ordinance shall be cumulative of all other Town Ordinances
and all other provisions of other Ordinances adopted by the Town which are inconsistent with
the terms or provisions of this Ordinance are hereby repealed.
SECTION 5: It is hereby declared to be the intention of the Town Council of the Town
of Westlake, Texas, that sections, paragraphs, clauses and phrases of this Ordinance are
severable, and if any phrase, clause, sentence, paragraph or section of this Ordinance shall be
declared legally invalid or unconstitutional by the valid judgment or decree of any court of
competent jurisdiction, such legal invalidity or unconstitutionality shall not affect any of the
remaining phrases, clauses, sentences, paragraphs or sections of this Ordinance since the same
would have been enacted by the Town Council of the Town of Westlake without the
incorporation in this Ordinance of any such legally invalid or unconstitutional, phrase, sentence,
paragraph or section.
SECTION 6: This ordinance shall take effect immediately from and after its passage as
the law in such case provides.
PASSED AND APPROVED ON THIS 6TH DAY OF AUGUST, 2018.
_____________________________
ATTEST: Laura Wheat, Mayor
____________________________ ______________________________
Kelly Edwards, Town Secretary Thomas E. Brymer, Town Manager
APPROVED AS TO FORM:
____________________________
L. Stanton Lowry, Town Attorney
SOLANA
PUBLIC IMPROVEMENT DISTRICT
2018 ANNUAL SERVICE PLAN UPDATE
WESTLAKE SOLANA PID 2018 SAP UPDATE 2
INTRODUCTION
The Town of Westlake Town Council (the “Town Council”) passed Resolution No. 14-07 approving
and authorizing the creation of the Solana Public Improvement District (the "PID"), on February
24, 2014, to finance the costs of certain public improvements for the benefit of property in the
PID, all of which is located within the corporate limits of the Town of Westlake (the “Town”). On
April 22, 2013, the property within the PID was zoned by Ordinance No. 703 (the “Zoning
Ordinance”). The Zoning Ordinance designates the type of land uses that are permitted within
the project and includes development standards for each land use type.
The Town of Westlake, Texas Special Assessment Revenue Bonds, Series 2015 (Solana Public
Improvement District Project, ’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
– Part A in the aggregate principal amount of $3,400,000 are secured by special Assessments.
Pursuant to the Service and Assessment Plan (the “SAP”), each Assessment shall bear interest at
the rate on the Bonds commencing with the issuance of the Bonds. The effective interest rate on
the Series 2015 Bonds is 6.15 percent and the interest rate per the Reimbursement Agreement
– Part A is 6.43 percent per annum, per the Reimbursement Agreement adopted with Resolution
_______.
On December 11, 2017, the Town Council adopted Resolution No. 17-45 determining total costs
of certain authorized public improvements, approving a preliminary service plan update,
including proposed assessment rolls, and directing the publication and mailing of notice of a
public hearing to consider an ordinance levying assessments (the “Part B Assessments") on
certain benefited property within the District. The Town Secretary 1.) filed the proposed Part B
Assessment Rolls and made the same available for public inspection, 2.) mailed the notice of the
Assessment Hearing to the last known address of the owners of the property liable for the Part
B Assessments, and 3.) and published notice of the Assessment Hearing on January 12, 2018 in
the Fort Worth Star Telegram, a newspaper of general circulation in the Town. On January 29,
2018, the Town Council, after conducting the Assessment Hearing, passed Ordinance No. 843
approving an annual service plan update and Assessment Roll for Assessment Part B for the
Reimbursement Agreement (the “Reimbursement Agreement – Part B”) in the aggregate
principal amount of $2,425,000 secured by special Assessments. Each Assessment Part B shall be
paid with interest based on an interest rate of 6.43 percent per annum from September 1, 2018
through January 28, 2033, and 5. 855% per annum from January 29, 2023 through the Maturity
Date as defined in the Reimbursement Agreement – Part B, per the Reimbursement Agreement
adopted with Resolution _______.
WESTLAKE SOLANA PID 2018 SAP UPDATE 3
The SAP identifies the public improvements (the “Authorized Improvements”) to be provided by
the PID, the costs of the Authorized Improvements (the “Authorized Improvement Costs”), 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 SAP must be reviewed and updated annually. This document is the
annual update of the SAP for 2018 (the “Annual Service Plan Update”), which includes both
Assessment Part A and Assessment Part B.
The Town also adopted an assessment roll (the “Assessment Roll”) identifying the assessments
(the “Assessments”) on each Lot within the PID, based on the method of assessment identified
in the SAP. This Annual Service Plan Update also updates the Assessment Roll for 2018.
Capitalized terms used in this Annual Service Plan Update shall have the meanings set forth in
the SAP.
EQUIVALENT UNITS
The SAP uses Equivalent Units to apportion assessment based on Land Use Class. The chart
attached hereto as Exhibit A summarizes the original planned number of units broken down by
Land Use Class and Improvement Area, assigns the Equivalent Unit factor to each Land Use Class
as was originally calculated in the SAP, and determines the total number of Equivalent Units for
each Land Use Class in Improvement Area #1, Improvement Area #2, and Improvement Area #3.
Equivalent Unit Factors are then multiplied by total Equivalent Units in each Land Use Class to
determine Assessment per Unit for each Land Use Class for both Assessment Part A and
Assessment Part B.
In the 2017 Annual Service Plan Update approved by Ordinance No. 838 on November 21, 2017
(the “2017 Annual Service Plan Update”) Appendix A-3 was attached that allocated Equivalent
Units and their Assessment to 33 pods (attached hereto as Exhibit C) and their 2017 tax parcel
IDs assigned by the County. For the purpose of calculating or reallocating of Assessments and any
corresponding prepayments of Assessments, all subsequent annual service plan updates,
including this Annual Service Plan Update, is to use the information set forth in Exhibit B, which
is updated to include allocation of Assessment Part B.
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 outstanding Assessment Part A and outstanding Assessment
Part B in each Improvement Area is reallocated to the newly platted Parcels based on the
corresponding approved development plans and projected development plan for each Parcel
provided by the Developer. The detailed projected land use by pod and Parcels are provided by
the Developer and the corresponding Equivalent Unit calculations are shown in Exhibit B.
WESTLAKE SOLANA PID 2018 SAP UPDATE 4
OWNERSHIP STATUS
According to the 2018 Quarter 2 Developer Continuing Disclosure, Maguire Partners owns 0
percent, MRW Investors, LLC owns 80 percent and has sold off property (small lots), and Hokey
Land has sold all of its holdings as well. MRW Investors, LLC is the Job Creation Entity (JCE) for
the EB-5 Loan with a July 2023 maturity date. This entity is owned 80 percent by Mehrdad
Moayedi and is controlled by Mehrdad Moayedi. This entity purchased approximately 79 acres
from Maguire Partners - Solana Land LP as part of the closing of the $150,000,000 EB-5 loan. This
entity has assumed all of the Master Developer roles and responsibilities on the Entrada Project,
including the POA (Property Owner’s Association) and other items.
STATUS OF AUTHORIZED IMPROVEMENTS
Improvement Project A
According to the 2018 Quarter 2 Developer Continuing Disclosure, Authorized Improvements for
Improvement Area #1 and Improvement Area #2 are significantly complete, with remaining items
being the completion of TRA Sanitary Sewer Metering Station, the Pedestrian Bridge and
installation of iron benches. The TRA Sanitary Sewer Metering Station, which is partially
reimbursed from the Series 2015 Bonds, and the Pedestrian Bridge are forecasted to be
completed in Quarter 3 of 2018, and iron benches are awaiting input and direction from the
Town. Improvement Area #3 Authorized Improvements only have the retaining walls, having not
yet begun construction on the remaining infrastructure. Maps depicting the Authorized
Improvements are attached hereto as Exhibit D.
Improvement Project B
According to the 2018 Quarter 1 and Quarter 2 Developer Continuing Disclosure, engineering
design, site plan approval, and building permit approval are complete. However, construction of
the parking garage, funded by the Reimbursement Agreement – Part B, has not begun. Maps
depicting the Authorized Improvements are attached hereto as Exhibit D.
BUDGET FOR CONSTRUCTION OF AUTHORIZED IMPROVEMENTS
Improvement Project A
According to the 2018 Quarter 2 Developer Continuing Disclosure, all Improvement Area #1 and
Improvement Area #2 Authorized Improvements in Improvement Project A are being funded by
Series 2015 Bond funds. The balance in the "Improvement Fund 229464006" with US Bank is
$154,000 as of June 30, 2018. According to the Developer, available remaining funds are currently
projected to be sufficient to complete the Authorized Improvement for Improvement Project A
in Improvement Area #1 and Improvement Area #2 as described within the SAP.
WESTLAKE SOLANA PID 2018 SAP UPDATE 5
Improvement Area #3 Authorized Improvements, with the exception of retaining walls, are not
constructed and such estimated costs of $3,400,000 are anticipated to be funded by the
Developer and subject to the Reimbursement Agreement – Part A. See the table below for details
about the Improvement Project A budget.
Improvement Project B
According to the 2018 Quarter 2 Developer Continuing Disclosure, Improvement Project B (the
public parking garage) improvements are not constructed and such estimated costs of
$6,160,000 are anticipated to be funded by the Developer, of which $2,450,000 are subject to
Reimbursement Agreement – Part B, and for which Assessments were levied by the Town in
January 2018. See the table below for details about the Improvement Project B budget.
Original Budget
(1) Revisions
Budget as of
7/11/18 (2)
Original
Budget (1) Revisions
Budget as of
7/11/18 (2)
Authorized Improvements
Road improvements 3,767,430$ 1,083,177$ 4,850,607$ 622,470$ -$ 622,470$
Water distribution system improvements 890,040$ (668,035)$ 222,005$ 171,680$ -$ 171,680$
Sanitary sewer improvements 1,531,196$ (1,298,927)$ 232,269$ 350,100$ -$ 350,100$
Storm drainage improvements 1,154,306$ (1,154,306)$ -$ 579,566$ -$ 579,566$
Landscaping improvements 1,830,501$ (661,929)$ 1,168,572$ -$ -$ -$
Duct bank improvements 640,304$ (142,838)$ 497,466$ 93,650$ -$ 93,650$
Other costs (3) 8,120,860$ (1,131,154)$ 6,989,706$ 573,896$ -$ 573,896$
Parking facility improvement -$ -$ -$ -$ -$ -$
Consolidated Wet Utilities Contract -$ 3,974,012$ 3,974,012$
Subtotal 17,934,637$ (1)$ 17,934,637$ 2,391,362$ -$ 2,391,362$
Bond issue costs
Capitalized interest 3,216,750$ -$ 3,216,750$ 218,620$ -$ 218,620$
Debt service reserve 2,074,313$ -$ 2,074,313$ 340,000$ -$ 340,000$
Other Bond issuance related costs 2,949,301$ -$ 2,949,301$ 450,018$ -$ 450,018$
Subtotal 8,240,364$ -$ 8,240,364$ 1,008,638$ -$ 1,008,638$
Total Uses 26,175,001$ (1)$ 26,175,001$ 3,400,000$ -$ 3,400,000$
Notes:
1) Budget as shown in the SAP.
2) The budget for the Authorized Improvements is adjusted in the 2018 Annual Service Plan Update as the Authorized Improvements are constructed and
the Actual Costs of the Authorized Improvements are determined, per draw 38 provided by the Developer.
3) See Appendix B of the SAP for details.
Series 2015 Bonds Reimbursement Agreement - Part A
Original vs. Revised Budget - Improvement Project A
WESTLAKE SOLANA PID 2018 SAP UPDATE 6
LOT SALES & HOME SALES UPDATE
Residential
Of the expected 322 residential units in the SAP, no residential units have completed
construction. According to the 2018 Quarter 2 Developer Continuing Disclosure, a total of 26
homes are under construction. Calais Homes is currently constructing 6 homes with an estimated
completion date of November 2018; Vespa Homes is constructing 12 homes with an estimated
completion date of January 2019; and Crescent Homes through MRW Investors, LLC is
constructing 8 homes with the first homes estimated to be complete in September 2018. Another
12 residential Lots are in the process of being sold to Veranda Designer Homes, with an average
lot price of $220,000. An initial closing of 3 Lots is expected to occur within 30 days, with all 12
Lots to be closed within 18 months of the initial closing.
Commercial
Of the expected 1,158,299 square feet of commercial space described in the SAP, 29,175 square
feet of commercial development has been constructed, with another 40,342 square feet
permitted, and 29,313 square feet currently under review. According to the 2018 Quarter 2
Developer Continuing Disclosure, Block P, Lots 1 & 2 are under contract for a mixed-use,
commercial development within the PID. The closing date is scheduled for July 25, 2018 with a
Original Budget (1)Revisions Budget as of 7/11/18 (2)
Authorized Improvements
Road improvements -$ -$ -$
Water distribution system improvements -$ -$ -$
Sanitary sewer improvements -$ -$ -$
Storm drainage improvements -$ -$ -$
Landscaping improvements -$ -$ -$
Duct bank improvements -$ -$ -$
Other costs (3)-$ -$ -$
Parking facility improvement 6,160,000$ -$ 6,160,000$
Subtotal 6,160,000$ -$ 6,160,000$
Bond issue costs
Capitalized interest 170,000$ -$ 170,000$
Debt service reserve 242,500$ -$ 242,500$
Other Bond issuance related costs 242,500$ -$ 242,500$
Subtotal 655,000$ -$ 655,000$
Total Uses 6,815,000$ -$ 6,815,000$
Notes:
Original vs. Revised Budget - Improvement Project B
1) Budget as shown in the SAP.
2) The budget for the Authorized Improvements is adjusted in this Annual Service Plan Update as the Authorized Improvements
are constructed and the Actual Costs of the Authorized Improvements are determined.
3) See Appendix B of SAP for details.
Reimbursement Agreement - Part B (Parking Garage)
WESTLAKE SOLANA PID 2018 SAP UPDATE 7
purchase price of $2,100,000.
PARCEL SUBDIVISION
XX (number of) parcels were sub divided, and XX plats were filed and recorded in 2018. See
Exhibit E for plats approved in the 2018. Plats approved in 2018 will be reflected in the 2019
annual service plan update.
OUTSTANDING ASSESSMENT AND INSTALLMENT DUE 1/31/19
Improvement Area #1
The total outstanding Assessment for Improvement Area #1, comprised of both Assessment Part
A and Assessment Part B, is $22,389,383.26, as shown on the table below. The total Annual
Installment for Improvement Area #1 is $1,832,783.20, as shown on the table below, and will be
delinquent if not received by January 31, 2019. The Assessment Roll for Improvement Area #1,
Improvement Area #2, and Improvement Area #3 is attached as Exhibit G.
Improvement Area #2
The total outstanding Assessment for Improvement Area #2, comprised of only Assessment Part
A, is $5,458,627.98, as shown on the table below. The total Annual Installment for Improvement
Area #2, is $447,546.32, as shown on the table below, and will be delinquent if not received by
January 31, 2019. The Assessment Roll for Improvement Area #1, Improvement Area #2, and
Improvement Area #3 is attached as Exhibit G.
Assessment Part B
Series 2015 Bond
Reimbursement
Agreement -
Part A
Reimbursement
Agreement -
Part B Total
Outstanding Assessment
Series 2015 Bond 17,619,290.27$ -$ -$ 17,619,290.27$
Reimbursement Agreement - Part A -$ 2,345,092.99$ -$ 2,345,092.99$
Reimbursement Agreement - Part B -$ -$ 2,425,000.00$ 2,425,000.00$
17,619,290.27$ 2,345,092.99$ 2,425,000.00$ 22,389,383.26$
Annual Installment Due 1/31/2019
Principal 259,107.21$ 6,218.57$ 40,000.00$ 305,325.78$
Interest 1,085,659.21$ 150,789.48$ 155,927.50$ 1,392,376.19$
Delinquency & Prepayment Reserve 88,096.45$ -$ -$ 88,096.45$
Administration Expenses 46,984.77$ -$ -$ 46,984.77$
1,479,847.64$ 157,008.05$ 195,927.50$ 1,832,783.20$
Notes:
Outstanding Assessment and Annual Installments
Improvement Area #1
Assuming no outstanding delinquencies at the time of this Annual Service Plan Update.
Assessment Part A
WESTLAKE SOLANA PID 2018 SAP UPDATE 8
Improvement Area #3
The total outstanding Assessment for Improvement Area #3, comprised of only Assessment Part
A, is $3,470,988.77, as shown on the table below. The total Annual Installment for Improvement
Area #3 is $284,582.18, as shown on the table below, and will be delinquent if not received by
January 31, 2019. The Assessment Roll for Improvement Area #1, Improvement Area #2, and
Improvement Area #3 is attached as Exhibit G.
Assessment Part B
Series 2015 Bond
Reimbursement
Agreement -
Part A
Reimbursement
Agreement -
Part B Total
Outstanding Assessment
Series 2015 Bond 4,817,436.61$ -$ -$ 4,817,436.61$
Reimbursement Agreement - Part A -$ 641,191.37$ -$ 641,191.37$
Reimbursement Agreement - Part B -$ -$ -$ -$
4,817,436.61$ 641,191.37$ -$ 5,458,627.98$
Annual Installment Due 1/31/2019
Principal 70,844.66$ 1,700.27$ -$ 72,544.93$
Interest 296,839.11$ 41,228.60$ -$ 338,067.71$
Delinquency & Prepayment Reserve 24,087.18$ -$ -$ 24,087.18$
Administration Expenses 12,846.50$ -$ -$ 12,846.50$
404,617.45$ 42,928.88$ -$ 447,546.32$
Notes:
Outstanding Assessment and Annual Installments
Assuming no outstanding delinquencies at the time of this Annual Service Plan Update.
Improvement Area #2
Assessment Part A
Assessment Part B
Series 2015 Bond
Reimbursement
Agreement -
Part A
Reimbursement
Agreement -
Part B Total
Outstanding Assessment
Series 2015 Bond 3,063,273.12$ -$ -$ 3,063,273.12$
Reimbursement Agreement - Part A -$ 407,715.65$ -$ 407,715.65$
Reimbursement Agreement - Part B -$ -$ -$ -$
3,063,273.12$ 407,715.65$ -$ 3,470,988.77$
Annual Installment Due 1/31/2019
Principal 45,048.13$ 1,081.16$ -$ 46,129.29$
Interest 188,751.68$ 26,216.12$ -$ 214,967.80$
Delinquency & Prepayment Reserve 15,316.37$ -$ -$ 15,316.37$
Administration Expenses 8,168.73$ -$ -$ 8,168.73$
257,284.91$ 27,297.27$ -$ 284,582.18$
Notes:
Outstanding Assessment and Annual Installments
Improvement Area #3
Assuming no outstanding delinquencies at the time of this Annual Service Plan Update.
Assessment Part A
WESTLAKE SOLANA PID 2018 SAP UPDATE 9
ELECTIVE PREPAYMENT OF ASSESSMENTS IN FULL
The outstanding Assessment imposed on any Parcel may be prepaid in full at any time. To date,
no prepayments of Assessments in full have been received.
Please see Exhibit F for all lien releases filed within in the PID.
ELECTIVE PARTIAL PREPAYMENTS OF ASSESSMENTS
Partial prepayments are applied to reduce the outstanding principal of the Assessments. Lots will
continue to make the same Annual Installment as other Lots; however, the Assessment will be
paid off earlier as a result of the partial prepayment. To date, no partial payments of Assessments
have been received.
MANDATORY PREPAYMENTS OF ASSESSMENTS
According to Section VI.C of the SAP:
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 party 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
WESTLAKE SOLANA PID 2018 SAP UPDATE 10
Assessment Plan, including the same lien priority, penalties, procedures, and
foreclosure specified by the Act.
The Administrator completed analysis of all building permits approved to date since January 1,
2018 and determined that no mandatory prepayments are required by the Developer at this time
based on the revised allocation of Assessments provided in the 2017 Annual Service Plan Update.
MATERIAL DISCLOSURES
There have been material disclosures for the Issuer or Developer in the previous year. Below is a
list of all material Disclosures:
2017
o Mandatory partial sinking fund redemption called in the amount of $325,000
BOND FUND
P3Works has reviewed the following bond accounts related to the PID as of June 30, 2018, and
each account contains the amount shown below:
Improvement Project A
Bond Account 5/31/2018
Balance
6/30/2018
Balance Change
Bond Fund Principal and
Interest Account $101.43 $101.57 $0.14
Interest Income
Reserve Account $2,101,519.09 $2,104,400.43 $2,881.34
Interest Income
Prepayment Reserve Account $76,896.26 $77,001.69 $105.43
Interest Income
Delinquency Reserve Account $115,344.37 $115,502.52 $158.15
Interest Income
Bond Pledged Revenue
Account $2,139,181.14 $2,142,114.12 $2,932.98
Interest Income
Developer Reimbursement
Pledged Revenue Account $0.00 $0.00 $0.00
Improvement Project A
Improvement Account $204,056.51 $204,688.35 $631.84
Interest Income
WESTLAKE SOLANA PID 2018 SAP UPDATE 11
Developer Improvement
Account $0.00 $0.00 $0.00
Redemption Fund $0.00 $0.00 $0.00
Rebate Fund $0.00 $0.00 $0.00
Administrative Fund $68,233.91 $68,327.46 $93.55
Interest Income
Reimbursement Fund $0.00 $0.00 $0.00
Developer Property Tax
Reserve Fund $108.18 $108.33 $0.15
Interest Income
Capitalized Interest Account $0.00 $0.00 $0.00
Notes: Per conversation with the Trustee, 2017 Assessments have not been allocated due to lack of information
from previous PID Administrator.
Improvement Project B
Account 5/31/2018
Balance
6/30/2018
Balance Change
Reimbursement Agreement –
Part B Fund $0.00 $0.00 $0.00
PRINCIPAL & INTEREST, PREPAYMENT AND DELINQUENCY RESERVE, &
ADMINISTRATION COSTS
Improvement Area #1
Principal and Interest - The total principal and interest required for the Annual
Installment due January 31, 2019 is $1,697,701.97 in Improvement Area #1, which
consists of $1,344,766.42 in principal and interest for the Series 2015 Bonds, $157,008.05
in principal and interest for the Reimbursement Agreement – Part A, and $195,927.50 in
principal and interest for the Reimbursement Agreement – Part B.
Prepayment Reserve - The Prepayment Reserve Requirement, as defined in the
Indenture, is equal to 1.5% of the principal amount of the then Outstanding Bonds and
has not yet been met. As such, the Prepayment Reserve will be funded with 40% of the
additional 0.5% interest on the Series 2015 Bonds outstanding Assessment, resulting in a
Prepayment Reserve amount due of $35,238.58 in Improvement Area #1.
Delinquency Reserve - The Delinquency Reserve Requirement, as defined in the
Indenture, is equal to 4% of the principal amount of the then Outstanding Bonds and has
WESTLAKE SOLANA PID 2018 SAP UPDATE 12
not yet been met. As such, the Delinquency Reserve will be funded with 60% of the
additional 0.5% interest on the Series 2015 Bonds outstanding Assessment, resulting in a
Delinquency Reserve amount due of $52,857.87 in Improvement Area #1.
Administration Expenses - The cost of administering the PID, collecting the Annual
Installments, Dissemination Agent fees, audit fees, and Trustee fees shall be paid for on a
pro rata basis by each Parcel based on the amount of outstanding Assessment remaining
on the Parcel. The total Administration Expenses budgeted for the Annual Installment
due January 31, 2019 is $46,984.77 in Improvement Area #1.
Improvement Area #2
Principal and Interest - The total principal and interest required for the Annual
Installment due January 31, 2019 is $410,612.64 in Improvement Area #2, which consists
of $367,683.76 in principal and interest for the Series 2015 Bonds, and $42,928.88 in
principal and interest for the Reimbursement Agreement – Part A. Improvement Area #2
is not responsible for principal and interest payments for the Reimbursement Agreement
– Part B.
Prepayment Reserve - The Prepayment Reserve Requirement, as defined in the
Indenture, is equal to 1.5% of the principal amount of the then Outstanding Bonds and
has not yet been met. As such, the Prepayment Reserve will be funded with 40% of the
additional 0.5% interest on the Series 2015 Bonds outstanding Assessment, resulting in a
Prepayment Reserve amount due of $9,634.87 in Improvement Area #2.
Delinquency Reserve - The Delinquency Reserve Requirement, as defined in the
Indenture, is equal to 4% of the principal amount of the then Outstanding Bonds and has
not yet been met. As such, the Delinquency Reserve will be funded with 60% of the
additional 0.5% interest on the Series 2015 Bonds outstanding Assessment, resulting in a
Delinquency Reserve amount due of $14,452.31 in Improvement Area #2.
Administration Expenses - The cost of administering the PID, collecting the Annual
Installments, Dissemination Agent fees, audit fees, and Trustee fees shall be paid for on a
pro rata basis by each Parcel based on the amount of outstanding Assessment remaining
on the Parcel. The total Administration Expenses budgeted for the Annual Installment
due January 31, 2019 is $12,846.50 in Improvement Area #2.
Principal 305,325.78$
Interest 1,392,376.19$
Delinquency & Prepayment Reserve 88,096.45$
Administration Expenses 46,984.77$
Total Annual Installment 1,832,783.20$
Due January 31, 2019
WESTLAKE SOLANA PID 2018 SAP UPDATE 13
Improvement Area #3
Principal and Interest - The total principal and interest required for the Annual
Installment due January 31, 2019 is $261,097.09 in Improvement Area #3, which consists
of $233,799.82 in principal and interest for the Series 2015 Bonds, and $27,297.27 in
principal and interest for the Reimbursement Agreement – Part A. Improvement Area #3
is not responsible for principal and interest payments for the Reimbursement Agreement
– Part B.
Prepayment Reserve - The Prepayment Reserve Requirement, as defined in the
Indenture, is equal to 1.5% of the principal amount of the then Outstanding Bonds and
has not yet been met. As such, the Prepayment Reserve will be funded with 40% of the
additional 0.5% interest on the Series 2015 Bonds outstanding Assessment, resulting in a
Prepayment Reserve amount due of $6,126.55 in Improvement Area #3.
Delinquency Reserve - The Delinquency Reserve Requirement, as defined in the
Indenture, is equal to 4% of the principal amount of the then Outstanding Bonds and has
not yet been met. As such, the Delinquency Reserve will be funded with 60% of the
additional 0.5% interest on the Series 2015 Bonds outstanding Assessment, resulting in a
Delinquency Reserve amount due of $9,189.82 in Improvement Area #3.
Administration Expenses - The cost of administering the PID, collecting the Annual
Installments, Dissemination Agent fees, audit fees, and Trustee fees shall be paid for on a
pro rata basis by each Parcel based on the amount of outstanding Assessment remaining
on the Parcel. The total Administration Expenses budgeted for the Annual Installment
due January 31, 2019 is $8,168.73 in Improvement Area #3.
Principal 72,544.93$
Interest 338,067.71$
Delinquency & Prepayment Reserve 24,087.18$
Administration Expenses 12,846.50$
Total Annual Installment 447,546.32$
Due January 31, 2019
Principal 46,129.29$
Interest 214,967.80$
Delinquency & Prepayment Reserve 15,316.37$
Administration Expenses 8,168.73$
Total Annual Installment 284,582.18$
Due January 31, 2019
WESTLAKE SOLANA PID 2018 SAP UPDATE 14
FIVE YEAR BUDGET FORECAST
The Act requires the annual indebtedness and projected costs for the improvements to be
reviewed and updated in the Annual Service Plan Update, and the projection shall cover a period
of not less than five years.
WESTLAKE SOLANA PID 2018 SAP UPDATE 15
Installments Due 1/31/2019 1/31/2020 1/31/2021 1/31/2022 1/31/2023
Principal $ 305,325.78 $ 325,363.41 $ 346,091.98 $ 371,820.56 $ 398,240.09
Interest $ 1,392,376.19 $ 1,375,153.44 $ 1,356,802.91 $ 1,337,280.19 $ 1,308,611.15
Total Debt Service (1) $ 1,697,701.97 $ 1,700,516.84 $ 1,702,894.90 $ 1,709,100.75 $ 1,706,851.24
Delinquency & Prepayment Reserve (2) $ 88,096.45 $ 86,800.92 $ 85,419.01 $ 83,950.74 $ 82,396.09
Administrative Expenses (3) $ 46,984.77 $ 47,924.47 $ 48,882.96 $ 49,860.62 $ 50,857.83
Total Installment (4) = (1) + (2) + (3) $ 1,832,783.20 $ 1,835,242.23 $ 1,837,196.87 $ 1,842,912.10 $ 1,840,105.17
Installments Due 1/31/2019 1/31/2020 1/31/2021 1/31/2022 1/31/2023
Principal $ 72,544.93 $ 78,023.58 $ 83,691.15 $ 89,358.73 $ 95,215.22
Interest $ 338,067.71 $ 334,061.93 $ 329,747.79 $ 325,113.15 $ 320,158.01
Total Debt Service (1) $ 410,612.64 $ 412,085.51 $ 413,438.95 $ 414,471.88 $ 415,373.23
Delinquency & Prepayment Reserve (2) $ 24,087.18 $ 23,732.96 $ 23,355.12 $ 22,953.67 $ 22,528.60
Administrative Expenses (3) $ 12,846.50 $ 13,103.43 $ 13,365.50 $ 13,632.81 $ 13,905.46
Total Installment (4) = (1) + (2) + (3) $ 447,546.32 $ 448,921.90 $ 450,159.56 $ 451,058.36 $ 451,807.30
Installments Due 1/31/2019 1/31/2020 1/31/2021 1/31/2022 1/31/2023
Principal $ 46,129.29 $ 49,613.01 $ 53,216.86 $ 56,820.71 $ 60,544.69
Interest $ 214,967.80 $ 212,420.63 $ 209,677.39 $ 206,730.36 $ 203,579.52
Total Debt Service (1) $ 261,097.09 $ 262,033.64 $ 262,894.26 $ 263,551.07 $ 264,124.21
Delinquency & Prepayment Reserve (2) $ 15,316.37 $ 15,091.12 $ 14,850.87 $ 14,595.60 $ 14,325.31
Administrative Expenses (3) $ 8,168.73 $ 8,332.10 $ 8,498.74 $ 8,668.72 $ 8,842.09
Total Installment (4) = (1) + (2) + (3) $ 284,582.18 $ 285,456.87 $ 286,243.87 $ 286,815.38 $ 287,291.61
Improvement Area #1
Improvement Area #2
Improvement Area #3
Five Year Budget Projection
WESTLAKE SOLANA PID 2018 SAP UPDATE 16
UPDATE OF THE ASSESSMENT ROLL
The list of Lots within the PID as of 1/1/2018, the corresponding outstanding Assessments, and
Annual Installment due 1/31/019 are shown on the Assessment Roll attached hereto as Exhibit
G. The Parcels shown on the Assessment Roll will receive the installment amount in the Annual
Tarrant County Tax Bill for the 2018 Annual Installments which will be delinquent if not paid by
January 31, 2019.
WESTLAKE SOLANA PID 2018 SAP UPDATE 17
EXHIBIT A – ASSESSMENT ALLOCATION BY EQUIVALENT UNITS
Type
Planned No. of
Units
EU
Factor Total EU
Assessment Part A
per EU
Assessment Part A
per Unit
Total Assessment
Part A
Assessment Part B
per EU
Assessment Part B
per Unit
Total Assessment
Part B
Total Assessment -
Part A & B
Land Use Class 1 38.00 1.00 38.00 58,797.94$ 58,797.94$ 2,234,321.65$ 7,470.02$ 7,470.02$ 283,860.95$ 2,518,182.60$
Land Use Class 2 71.00 0.62 44.02 58,797.94$ 36,454.72$ 2,588,285.24$ 7,470.02$ 4,631.42$ 328,830.49$ 2,917,115.73$
Land Use Class 3 6.00 0.60 3.60 58,797.94$ 35,278.76$ 211,672.58$ 7,470.02$ 4,482.01$ 26,892.09$ 238,564.67$
Land Use Class 10 372.10 0.22 81.86 58,797.94$ 12,935.55$ 4,813,303.88$ 7,470.02$ 1,643.41$ 611,509.53$ 5,424,813.41$
Land Use Class 11 266.10 0.20 53.22 58,797.94$ 11,759.59$ 3,129,226.27$ 7,470.02$ 1,494.00$ 397,554.72$ 3,526,781.00$
Land Use Class 12 255.50 0.21 53.66 58,797.94$ 12,347.57$ 3,154,803.37$ 7,470.02$ 1,568.71$ 400,804.18$ 3,555,607.56$
Land Use Class 13 264.60 0.19 50.27 58,797.94$ 11,171.61$ 2,956,007.55$ 7,470.02$ 1,419.30$ 375,548.03$ 3,331,555.58$
324.63 Subtotal: IA #1 19,087,620.54$ 2,425,000.00$ 21,512,620.54$
Type
Planned No. of
Units
EU
Factor Total EU
Assessment Part A
per EU
Assessment Part A
per Unit
Total Assessment
Part A
Assessment Part B
per EU
Assessment Part B
per Unit
Total Assessment
Part B
Total Assessment -
Part A & B
Land Use Class 4 42.00 1.00 42.00 63,349.00$ 63,349.00$ 2,660,658.15$ -$ -$ -$ 2,660,658.15$
Land Use Class 5 16.00 0.68 10.88 63,349.00$ 43,077.32$ 689,237.16$ -$ -$ -$ 689,237.16$
Land Use Class 6 69.00 0.52 35.88 63,349.00$ 32,941.48$ 2,272,962.25$ -$ -$ -$ 2,272,962.25$
88.76 Subtotal: IA #2 5,622,857.55$ -$ 5,622,857.55$
Type
Planned No. of
Units
EU
Factor Total EU
Assessment Part A
per EU
Assessment Part A
per Unit
Total Assessment
Part A
Assessment Part B
per EU
Assessment Part B
per Unit
Total Assessment
Part B
Total Assessment -
Part A & B
Land Use Class 7 21.00 1.00 21.00 86,189.26$ 86,189.26$ 1,809,974.49$ -$ -$ -$ 1,809,974.49$
Land Use Class 8 23.00 0.68 15.64 86,189.26$ 58,608.70$ 1,348,000.05$ -$ -$ -$ 1,348,000.05$
Land Use Class 9 36.00 0.55 19.80 86,189.26$ 47,404.09$ 1,706,547.37$ -$ -$ -$ 1,706,547.37$
56.44 Subtotal: IA #3 4,864,521.90$ -$ 4,864,521.90$
Total - All Areas: 469.83 29,575,000.00$ 2,425,000.00$ 32,000,000.00$
Improvement Area #1
Equivalent Units
Assessment Part A
Assessment Part A
Assessment Part A
Assessment Part B
Assessment Part B
Assessment Part B
Improvement Area #2
Improvement Area #3
Equivalent Units
Equivalent Units
WESTLAKE SOLANA PID 2018 SAP UPDATE 18
EXHIBIT B
Still to be updated with 2018 tax parcels
WESTLAKE SOLANA PID 2018 SAP UPDATE 19
2017 Tax ID
POD No.
(1) Proposed Use
Units/ Sq.
Ft.
Land Use
Class
EU
Factor Total EU
Assessment - Part
A
Assessment - Part
B Total Assessment
1 Commercial - Retail 2,200.00 10 0.22 0.48 28,458.20$ 3,615.49$ 32,073.69$
29 Commercial - Retail 1,200.00 10 0.22 0.26 15,522.66$ 1,972.09$ 17,494.74$
30 Commercial - Office 24,000.00 11 0.20 4.80 282,230.10$ 35,856.12$ 318,086.22$
Subtota 5.55 326,210.96$ 41,443.70$ 367,654.66$
Commercial - Retail 7,000.00 10 0.22 1.54 90,548.82$ 11,503.84$ 102,052.66$
Condo (2,500 sq. ft. to 3,600 sq. ft.)3.00 2 0.62 1.86 109,364.17$ 13,894.25$ 123,258.41$
Condo (Under 2,500 sq. ft.) 6.00 3 0.60 3.60 211,672.58$ 26,892.09$ 238,564.67$
Subtota 7.00 411,585.57$ 52,290.17$ 463,875.74$
42230002 26 Commercial - Retail 3,460.00 10 0.22 0.76 44,756.99$ 5,686.18$ 50,443.17$
42230011 27 Commercial - Retail 14,770.00 10 0.22 3.25 191,058.02$ 24,273.10$ 215,331.12$
42230029 27 Commercial - Office 3,100.00 11 0.20 0.62 36,454.72$ 4,631.42$ 41,086.14$
42230037 27 Commercial - Office 2,300.00 11 0.20 0.46 27,047.05$ 3,436.21$ 30,483.26$
42229977 28 Commercial - Retail 12,100.00 10 0.22 2.66 156,520.11$ 19,885.21$ 176,405.32$
42229985 28 Commercial - Retail 3,600.00 10 0.22 0.79 46,567.97$ 5,916.26$ 52,484.23$
2 Commercial - Office 117,000.00 11 0.20 23.40 1,375,871.75$ 174,798.58$ 1,550,670.34$
3 Commercial - Retail 56,740.00 10 0.22 12.48 733,962.90$ 93,246.83$ 827,209.73$
4 Commercial - Retail 47,200.00 10 0.22 10.38 610,557.79$ 77,568.74$ 688,126.53$
5 Commercial - Office 44,700.00 11 0.20 8.94 525,653.57$ 66,782.02$ 592,435.59$
6 Commercial - Office 14,000.00 11 0.20 2.80 164,634.23$ 20,916.07$ 185,550.30$
7 Public - - - -$ -$ -$
8 Commercial - Retail 51,530.00 10 0.22 11.34 666,568.71$ 84,684.68$ 751,253.39$
9 Commercial - Retail 20,200.00 10 0.22 4.44 261,298.04$ 33,196.79$ 294,494.83$
10 Commercial - Hospitality 61,500.00 12 0.21 12.92 759,375.37$ 96,475.37$ 855,850.74$
11 Public - - - -$ -$ -$
12 Commercial - Retail 5,800.00 10 0.22 1.28 75,026.17$ 9,531.75$ 84,557.92$
13 Commercial - Retail 29,800.00 10 0.22 6.56 385,479.28$ 48,973.48$ 434,452.77$
14 Commercial - Retail 21,900.00 10 0.22 4.82 283,288.47$ 35,990.58$ 319,279.05$
Commercial - Retail 5,000.00 10 0.22 1.10 64,677.73$ 8,217.03$ 72,894.76$
Condo (More than 3,600 sq. ft.)6.00 1 1.00 6.00 352,787.63$ 44,820.15$ 397,607.78$
Condo (2,500 sq. ft. to 3,600 sq. ft.)6.00 2 0.62 3.72 218,728.33$ 27,788.49$ 246,516.82$
16 Commercial - Institutional 33,000.00 13 0.19 6.27 368,663.07$ 46,837.06$ 415,500.13$
17 Commercial - Office 22,000.00 11 0.20 4.40 258,710.93$ 32,868.11$ 291,579.04$
Commercial - Retail 37,800.00 10 0.22 8.32 488,963.65$ 62,120.73$ 551,084.38$
Condo (More than 3,600 sq. ft.)20.00 1 1.00 20.00 1,175,958.76$ 149,400.50$ 1,325,359.26$
Condo (2,500 sq. ft. to 3,600 sq. ft.)39.00 2 0.62 24.18 1,421,734.15$ 180,625.20$ 1,602,359.35$
Commercial - Retail 46,800.00 10 0.22 10.30 605,383.57$ 76,911.38$ 682,294.95$
Condo (More than 3,600 sq. ft.)6.00 1 1.00 6.00 352,787.63$ 44,820.15$ 397,607.78$
Condo (2,500 sq. ft. to 3,600 sq. ft.)8.00 2 0.62 4.96 291,637.77$ 37,051.32$ 328,689.10$
20 Commercial - Hospitality 97,000.00 12 0.21 20.37 1,197,714.00$ 152,164.41$ 1,349,878.41$
21 Commercial - Hospitality 97,000.00 12 0.21 20.37 1,197,714.00$ 152,164.41$ 1,349,878.41$
Commercial - Retail 5,000.00 10 0.22 1.10 64,677.73$ 8,217.03$ 72,894.76$
Condo (More than 3,600 sq. ft.)6.00 1 1.00 6.00 352,787.63$ 44,820.15$ 397,607.78$
Condo (2,500 sq. ft. to 3,600 sq. ft.)15.00 2 0.62 9.30 546,820.83$ 69,471.23$ 616,292.06$
23 Commercial - Institutional 231,600.00 13 0.19 44.00 2,587,344.47$ 328,710.97$ 2,916,055.45$
24 Commercial - Office 3,000.00 11 0.20 0.60 35,278.76$ 4,482.01$ 39,760.78$
31 Commercial - Office 36,000.00 11 0.20 7.20 423,345.16$ 53,784.18$ 477,129.33$
Subtota 303.54 17,847,432.09$ 2,267,439.40$ 20,114,871.48$
Total - IA #1:324.63 19,087,633.48$ 2,425,001.64$ 21,512,635.12$
New Parcel
ID
POD No.
(1) Proposed Use
Units/ Sq.
Ft.
Land Use
Class
EU
Factor Total EU
Assessment - Part
A
Assessment - Part
B Total Assessment
42229969 33 Villa - West Residential (Under 2,500 sq. ft.)24.00 6 0.52 12.48 790,595.56$ -$ 790,595.56$
33 Villa - West Residential (More than 3,600 sq. ft.)42.00 4 1.00 42.00 2,660,658.15$ -$ 2,660,658.15$
33 Villa - West Residential (2,500 sq. ft. to 3,600 sq. ft.)16.00 5 0.68 10.88 689,237.16$ -$ 689,237.16$
33 Villa - West Residential (Under 2,500 sq. ft.) 45.00 6 0.52 23.40 1,482,366.68$ -$ 1,482,366.68$
127.00 Total - IA #2: 88.76 5,622,857.55$ -$ 5,622,857.55$
New Parcel
ID
POD No.
(1) Proposed Use
Units/ Sq.
Ft.
Land Use
Class
EU
Factor Total EU
Assessment - Part
A
Assessment - Part
B Total Assessment
32 Villa - East Residential (More than 3,600 sq. ft.)21.00 7 1.00 21.00 1,809,974.49$ -$ 1,809,974.49$
32 Villa - East Residential (2,500 sq. ft. to 3,600 sq. ft.) 23.00 8 0.68 15.64 1,348,000.05$ -$ 1,348,000.05$
32 Villa - East Residential (Under 2,500 sq. ft.) 36.00 9 0.55 19.80 1,706,547.37$ -$ 1,706,547.37$
80.00 Total - IA #3: 56.44 4,864,521.90$ -$ 4,864,521.90$
Total - All Areas: 469.83 29,575,012.94$ 2,425,001.64$ 32,000,014.58$
Note: The proposed uses for each Parcel and pod are provided by the Developer.
(1) Shown as “PID” number on the attached map in Exhibit C.
Improvement Area #1
Improvement Area #2
Improvement Area #3
42229845
42229993
42229853
25
15
18
19
22
Summary of Land Use and Equivalendt Units by Parcels and POD
42229853
42229853
WESTLAKE SOLANA PID 2018 SAP UPDATE 20
EXHIBIT C – POD MAP
WESTLAKE SOLANA PID 2018 SAP UPDATE 21
WESTLAKE SOLANA PID 2018 SAP UPDATE 22
WESTLAKE SOLANA PID 2018 SAP UPDATE 23
WESTLAKE SOLANA PID 2018 SAP UPDATE 24
WESTLAKE SOLANA PID 2018 SAP UPDATE 25
EXHIBITS TO FOLLOW ARE IMPROVEMENT AREAS 1 AND 2 CONSTRUCTION UPDATES
WESTLAKE SOLANA PID 2018 SAP UPDATE 26
EXHIBIT D – MAPS DEPICTING AUTHORIZED IMPROVMENTS
Assessment Part A
CONSTRUCTION UPDATE: complete, with the exception of the Pedestrian Bridge, location highlighted in red above
WESTLAKE SOLANA PID 2018 SAP UPDATE 27
CONSTRUCTION UPDATE: complete
WESTLAKE SOLANA PID 2018 SAP UPDATE 28
CONSTRUCTION UPDATE: not complete
WESTLAKE SOLANA PID 2018 SAP UPDATE 29
CONSTRUCTION UPDATE: complete, with the exception of the landscaping within Improvement Area #3 and along Highway 114
WESTLAKE SOLANA PID 2018 SAP UPDATE 30
CONSTRUCTION UPDATE: complete, with the exception of the Authorized Improvements in Improvement Area #3
WESTLAKE SOLANA PID 2018 SAP UPDATE 31
CONSTRUCTION UPDATE: complete
WESTLAKE SOLANA PID 2018 SAP UPDATE 32
CONSTRUCTION UPDATE: complete
WESTLAKE SOLANA PID 2018 SAP UPDATE 33
CONSTRUCTION UPDATE: complete
WESTLAKE SOLANA PID 2018 SAP UPDATE 34
CONSTRUCTION UPDATE: complete
WESTLAKE SOLANA PID 2018 SAP UPDATE 35
CONSTRUCTION UPDATE: complete
WESTLAKE SOLANA PID 2018 SAP UPDATE 36
Construction Update: complete
WESTLAKE SOLANA PID 2018 SAP UPDATE 37
CONSTRUCTION UPDATE: complete
WESTLAKE SOLANA PID 2018 SAP UPDATE 38
CONSTRUCTION UPDATE: complete
WESTLAKE SOLANA PID 2018 SAP UPDATE 39
CONSTRUCTION UPDATE: complete
WESTLAKE SOLANA PID 2018 SAP UPDATE 40
CONSTRUCTION UPDATE: complete
WESTLAKE SOLANA PID 2018 SAP UPDATE 41
EXHIBITS TO FOLLOW ARE IMPROVEMENT AREA #3 CONSTRUCTION UPDATES
WESTLAKE SOLANA PID 2018 SAP UPDATE 42
CONSTRUCTION UPDATE: not complete
WESTLAKE SOLANA PID 2018 SAP UPDATE 43
CONSTRUCTION UPDATE: not complete
WESTLAKE SOLANA PID 2018 SAP UPDATE 44
CONSTRUCTION UPDATE: not complete
WESTLAKE SOLANA PID 2018 SAP UPDATE 45
CONSTRUCTION UPDATE: not complete
WESTLAKE SOLANA PID 2018 SAP UPDATE 46
CONSTRUCTION UPDATE: not complete
WESTLAKE SOLANA PID 2018 SAP UPDATE 47
Assessment Part B
CONSTRUCTION UPDATE: not started
WESTLAKE SOLANA PID 2018 SAP UPDATE 48
CONSTRUCTION UPDATE: not started
WESTLAKE SOLANA PID 2018 SAP UPDATE 49
CONSTRUCTION UPDATE: not started
WESTLAKE SOLANA PID 2018 SAP UPDATE 50
CONSTRUCTION UPDATE: not started
WESTLAKE SOLANA PID 2018 SAP UPDATE 51
EXHIBIT E – NEW APPROVED PLATS
WESTLAKE SOLANA PID 2018 SAP UPDATE 52
WESTLAKE SOLANA PID 2018 SAP UPDATE 53
WESTLAKE SOLANA PID 2018 SAP UPDATE 54
WESTLAKE SOLANA PID 2018 SAP UPDATE 55
WESTLAKE SOLANA PID 2018 SAP UPDATE 56
WESTLAKE SOLANA PID 2018 SAP UPDATE 57
WESTLAKE SOLANA PID 2018 SAP UPDATE 58
WESTLAKE SOLANA PID 2018 SAP UPDATE 59
EXHIBIT F – LIEN RELEASES
To date, no prepayments of Assessments in full have been received.
WESTLAKE SOLANA PID 2018 SAP UPDATE 60
EXHIBIT G - ASSESSMENT ROLL
To be updated when 2018 Tax ID Allocation of Equivalent Units is updated.
Town Council
Item # 3 – Adjournment
Regular Session