ORD 2007-29ORDINANCE NO. 2007-29
AN ORDINANCE OF THE TOWN COUNCIL OF THE TOWN
OF TROPHY CLUB ACCEPTING AND APPROVING A
SERVICE AND ASSESSMENT PLAN AND ASSESSMENT
ROLL FOR THE TOWN OF TROPIIY CLUB PUBLIC
IMPROVEMENT DISTRICT NO. 1; MAKING A FINDING OF
SPECIAL BENEFIT TO THE PROPERTY IN THE DISTRICT;
LEVYING SPECIAL ASSESSMENTS AGAINST PROPERTY
WITHIN THE DISTRICT AND ESTABLISHING A LIEN ON
SUCH PROPERTY; PROVIDING FOR PAYMENT OF THE
ASSESSMENTS IN ACCORDANCE WITH CHAPTER 372,
TEXAS LOCAL GOVERNMENT CODE, AS AMENDED;
PROVIDING FOR THE METHOD OF ASSESSMENT AND
THE PAYMENT OF THE ASSESSMENTS, PROVIDING
PENALTIES AND INTEREST ON DELINQUENT
ASSESSMENTS, PROVIDING FOR SEVERABILITY, AND
PROVIDING AN EFFECTIVE DATE
WHEREAS, on March 16, 2007, a petition was submitted and filed with the Town
Secretary (the "Town Secretary") of the Town of Trophy Club, Texas (the "Town") pursuant to
the Public Improvement District Assessment Act, Chapter 372, Texas Local Government Code
(the "PID Act'), requesting the creation of a public improvement district over a portion of the
area of the Town to be known as The Town of Trophy Club Public Improvement District No. 1
(the "District'); and
WHEREAS, the petition contained the signatures of the owners of taxable property
representing more than fifty percent of the appraised value of taxable real property liable for
assessment within the District, as detern-imed by the then current ad valorem tax rolls of the
Denton Central Appraisal District and the signatures of property owners who own taxable real
property that constitutes more than fifty percent of the area of all taxable property that is liable
for assessment by the District; and
WHEREAS, on May 7, 2007, after due notice, the Town Council of the Town (the
"Town Council") held the public hearing in the manner required by law on the advisability of the
public improvements and services described in the petition as required by Sec. 372.009 of the
PID Act and made the findings required by Sec. 372.009(b) of the PID Act and, by Resolution
No. 2008-08, adopted by a majority of the members of the Town Council, authorized the District
in accordance with its finding as to the advisability of the public improvement and services; and
WHEREAS, on May 18, 2007, the Town published notice of its authorization of the
District in the Trophy Club Times, a newspaper of general circulation in the Town; and
WHEREAS, no written protests of the District from any owners of record of property
within the District were filed with the Town Secretary within 20 days after May 18, 2007; and
1302032v.1 TR0200/58000
WHEREAS, on May 21, 2007, the Council adopted a resolution (the "Cost Resolution")
determining the total costs of the District improvements, directing the filing of a proposed
assessment roll, and directing related action; and
WHEREAS, on October 15, 2007, the Coucil adopted a resolution accepting the
proposed Service and Assessment Plan and the proposed Assessment Roll and authorized the
publication of notice of a public hearing to consider the approval of the proposed Service and
Assessment Plan and proposed Assessment Roll, in a newspaper of general circulation in the
Town and such proposed Assessment Roll was placed on file with the Town Secretary for public
inspection; and
WHEREAS, the Town Council, pursuant to Section 372.016(b) of the PID Act,
published notice on October 19, 2007 in the Trophy Club Times of a public hearing in a
newspaper of general circulation in the Town to consider the proposed "Assessment Roll" and
the "Service and Assessment Plan" and the levy of the "Assessments" on property in the District;
and
WHEREAS, the Town Council, pursuant to Section 372.016(c) of the PID Act, by
causing the mailing of the notice of the public hearing to consider the proposed Assessment Roll
and the Service and Assessment Plan and the levy of Assessments on property in the District to
the last lmown address of the owners of the property liable for the Assessments; and
WHEREAS, the Town Council convened the hearing at 7:00 p.m. on the 5th day of
November, 2007, at which all persons who appeared, or requested to appear, in person or by their
attorney, were given the opportunity to contend for or contest the Plan, the Assessment Roll, and
each proposed assessment, and to offer testimony pertinent to any issue presented on the amount
of the Assessment, the allocation of Costs, the purposes of the Assessment, the special benefits
of the Assessment, and the penalties and interest on annual installments and on delinquent annual
installments of the Assessment; and
WHEREAS, the Town Council finds and determines that the Assessment Roll and the
Service and Assessment Plan should be approved and that the Assessments (as defined in the
Service and Assessment Plan) should be levied as provided in this Ordinance and the Service and
Assessment Plan and Assessment Roll; and
WHEREAS, the Town Council further finds that there were no written objections or
evidence submitted to the Town Secretary in opposition to the Service and Assessment Plan, the
allocation of Costs, the Assessment Roll, and the levy of Assessments; and
WHEREAS, prior to the issuance of bonds secured by the Assessments, the owners (the
"Landowners" or the "Assessed Parties") of 100% of the privately -owned and taxable property
located within the District, and who are the persons to be assessed pursuant to this Ordinance,
will have executed and presented to the Town Council for approval and acceptance a Landowner
Agreement (the "Landowner Agreement") in the form and substance acceptable to the Town, in
which the Assessed Parties approve and accept the Service and Assessment Plan, approve the
Assessment Roll, approve this Ordinance and approve the levy of the Assessments against their
property located within the District, and agree to pay the Assessments when due and payable and
1302032v.1 TR0200/58000
WHEREAS, the Town Council closed the hearing, and, after considering all written and
documentary evidence presented at the hearing, including all written comments and statements
filed with the Town, determined to proceed with the adoption of this Ordinance in conformity
with the requirements of the PID Act.
NOW, THEREFORE, BE IT ORDAINED BY THE TOWN COUNCIL OF THE TOWN
OF TROPHY CLUB, TEXAS:
Section 1. Terns.
Terms not otherwise defined herein are defined in the Service and Assessment Plan
attached hereto as Exhibit A (the "Service and Assessment Plan").
Section 2. Findings.
The findings and determinations set forth in the preambles are hereby incorporated by
reference for all purposes. The Town Council hereby finds, determines, and ordains, as follows:
(a) The apportionment of the Costs of the Authorized Improvements (as
reflected in the PID Costs in the Service and Assessment Plan, and the Annual Collection
Costs pursuant to the Service and Assessment Plan is fair and reasonable, reflects an
accurate presentation of the special benefit each property will receive from the
construction of the public improvements identified in the Service and Assessment Plan,
and is hereby approved;
(b) The Service and Assessment Plan covers a period of at least five years and
defines the aminal indebtedness and projected costs for the Improvement Project;
(c) The Service and Assessment Plan apportions the cost of a public
improvement to be assessed against property in the District and such apportionment is
made on the basis of special benefits accruing to the property because of the
improvement.
(d) All of the real property in the District which is being assessed in the
amounts shown in the Assessment Roll will be benefited by the services and
improvements proposed to be provided through the District in the Service and
Assessment Plan, and each parcel of real property will receive special benefits in each
year equal to or greater than each annual Assessment and will receive special benefits
during the term of the Assessments equal to or greater than the total amount assessed;
(e) The method of apportionment of the PID Costs and Annual Collection
Costs set forth in the Service and Assessment Plan results in imposing equal shares of the
PID Costs and Annual Collection Costs on property similarly benefited, and results in a
reasonable classification and formula for the apportionment of the Costs;
(f) The Service and Assessment Plan should be approved as the service plan
and assessment plan for the District as described in Sections 372.013 and 372.014 of the
PID Act;
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1302032v.1 TR0200/58000
(g) The Assessment Roll in the form attached as Exhibit D to the Service and
Assessment Plan (the "Assessment Roll") should be approved as the assessment roll for
the District;
(h) The provisions of the Service and Assessment Plan relating to due and
delinquency dates for the Assessments, interest on Annual Installments, interest and
penalties on delinquent Assessments and delinquent Annual Installments, and procedures
in connection with the imposition and collection of Assessments should be approved and
will expedite collection of the Assessments in a timely manner in order to provide the
services and improvements needed and required for the area within the District; and
(i) A written notice of the date, hour, place and subject of this meeting of the
Town Council was posted at a place convenient to the public for the time required by law
preceding this meeting, as required by the Open Meetings Act, Chapter 551, Texas
Government Code, as amended, and that this meeting has been open to the public as
required by law at all times during which this Ordinance and the subject matter hereof
has been discussed, considered, and formally acted upon.
Section 3. Assessment Plan
The Service and Assessment Plan is hereby accepted and approved pursuant to the PID
Act Sections 372.013 and 373.014 as the service plan and the assessment plan for the District.
Section 4. Assessment Roll.
The Assessment Roll is hereby accepted and approved pursuant to the PID Act
Section 372.016 as the assessment roll of the District.
Section 5. Levy and Payment of Special Assessments for Costs of Improvement
Project.
(a) The Town Council hereby levies an assessment on each tract of property
located within the District, as shown and described on the Service and Assessment Plan
and the Assessment Roll, in the respective amounts shown on the Assessment Roll as a
special assessment on the properties set forth in the Assessment Roll.
(b) The levy of the Assessments shall be effective on the date of execution of
this Ordinance levying assessments and strictly in accordance with the terms of the
Service and Assessment Plan.
(c) The collection of the Assessments shall be as described in the Service and
Assessment Plan.
(d) Each Assessment may be paid in a lump sum or may be paid in Annual
Installments pursuant to the terms of the Service and Assessment Plan.
(e) Each Assessment shall bear interest at the rate or rates specified in the
Service and Assessment Plan.
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1302032v.1 TR0200/58000
(f) Each Annual Installment shall be collected each year in the manner set
forth in the Service and Assessment Plan.
(g) The Annual Collection Costs for Assessed Properties shall be calculated
pursuant to the terms of the Service and Assessment Plan.
Section 6. Method of Assessment.
The method of apportioning the Costs is as set forth in the Service and Assessment Plan.
Section 7. Penalties and Interest on Delinquent Assessments.
Delinquent Assessments shall be subject to the penalties, interest, procedures, and
foreclosure sales set forth in the Service and Assessment Plan. The Assessments shall have lien
priority as specified in the PID Act and the Service and Assessment Plan.
Section S. Prepayments of Assessments.
(a) As provided in subsection 372.018(b) of the PID Act and in Section VI(E) of the
Service and Assessment Plan, the owner of any Assessed Property may prepay the the
Assessments levied by this Ordinance.
Section 9. Lien Priority.
As provided in the Landowner Agreement, the Town Council and the Landowners intend
for the obligations, covenants and burdens on the Landowners of Assessed Properties, including
without limitation such Landowners' obligations related to payment of the Assessments and the
Annual Installments, to constitute a covenant running with the land. The Assessments and the
Annual Installments levied hereby shall be binding upon the Assessed Parties, as the Landowners
of Assessed Properties, and their respective transferees, legal representatives, heirs, devisees,
successors and assigns in the same manner and for the same period as such parties would be
personally liable for the payment of ad valorem taxes under applicable law. Assessments shall
have lien priority as specified in the Service and Assessment Plan and the PID Act.
Section 10. Appointment of Administrator and Collector of Assessments.
(a) Appointment of Administrator.
MuniCap, Inc., of Columbia, Maryland, is hereby appointed and designated as the initial
Administrator of the Service and Assessment Plan and of the Assessments levied by this
Ordinance. The Administrator shall perform the duties of the Administrator described in the
Service and Assessment Plan and in this Ordinance. The Administrator's fees, charges and
expenses for providing such service shall constitute an Annual Collection Cost.
(b) Appointment of Temporary Collector.
Salcura Dedrilc, Finance Director of the Town, is hereby appointed as the temporary
collector of the Assessments (the "Collector"). The Collector shall serve in such capacity until
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1302032v.1 TR0200/58000
such time as the Town shall arrange for the Collector's duties to be performed by the Denton
County Tax Assessor and Collector or another qualified collection agent selected by the Town.
Section 11. Applicability Of Tax Code.
To the extent not inconsistent with this Ordinance, and not inconsistent with the PID Act
or the other laws governing public improvement districts, the provisions of the Texas Tax Code
shall be applicable to the imposition and collection of Assessments by the Town.
Section 12. Severability.
If any provision, section, subsection, sentence, clause, or phrase of this Ordinance, or the
application of same to 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 Ordinance or the
application to other persons or sets of circumstances shall not be affected thereby, it being the
intent of the Town Council that no portion hereof, or provision or regulation contained herein
shall become inoperative or fail by reason of any unconstitutionality, voidness, or invalidity of
any other portion hereof, and all provisions of this Ordinance are declared to be severable for
that purpose.
Section 13. Effective Date.
This Ordinance shall take effect, and the levy of the Assessments, and the provisions and terms
of the Service and Assessment Plan shall be and become effective on upon passage and
execution hereof. However, the Service and Assessment Plan and this Ordinance shall
automatically terminate if bonds secured by the Assessments are not issued by the Town on or
before September 31, 2008.
[Remainder of page left blank intentionally]
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ADOPTED, PASSED, and APPROVED by the Town Council, by a vote of --7-
, members voting
"for" and O members voting "against' and with D absentees, on this 5th day of November,
2007.
Attest:
Town Secretary
Approved as to Form:
�h����i7 �����✓. !moi
Town Attorney
-7-
1302032v.1 TR0200/58000
Town of Trophy Club
Mayor
h
f
EXHIBIT A
SERVICE AND ASSESSMENT PLAN
A-1
1302032v.1 TRO200/58000
THE TOWN of TROPHY CLUB
PUBLIC I,MPROVEMENT DISTRICT NO. 1
(TBE HIGRLAN➢s AT TROPRY CLUB)
SERVICE AND ASSESSMENT PLAN
Table of Contents
Section I Plan Description and Defined Terms
Section U
Property Included in die PID
5
Section Ul
Description of Authorized Improvements
6
Section P/
Service Plan
g
Section V
Assessment Plan
I I
Section VI
Tetras of the Assessment
16
Section VlI
Assessment Roll
20
Section V1B
Miscellaneous Provisions
21
List of Exhibits
Exldbit A The PID iMap
Exhibit B-1 Estimated PID Costs
Exhibit B-2 Allocation of Costs to the PID
Exhibit C Diagrams of the Authorized Improvements
Exhibit D Assessment Roll
192
costs or anticipated costs of., (i) issuing, refunding or refinancing bonds, (ii]l computing, levying,
collecting and transmitting die Assessments (whether by the Town, the Administrator or
otherwise), (iii) remitting the Assessments to the Trustee, (iv) the Town, the Administrator and
Trustee (including legal counsel) in the discharge of their duties, (v) complying with arbitrage
rebate requirements, (vi) complying with securities disclosure requirements, and (vii) the Tot"
in any way related to the collection of the Assessments in installments, including, without
limitation, the administration of the PID, maintaining the record of installments payments and
reallocations and/or cancellations of Assessments, and the repayment of the Bonds, including,
without limitation, any associated legal expenses, the reasonable costs of other consultants and
advisors and contingencies and reserves for such costs as deemed appropriate by the Tot"
Council. Annual Collection Costs collected and not expended for actual Annual Collection
Costs shall be carried forward and applied to reduce Annual Collection Costs in subsequent years
to avoid the over-collection of Annual Collection Costs.
"Annual Installment" means, with respect to each Parcel, each annual payment of the
Assessment, as shown on the Assessment Roll attached hereto as ExhibitD or an Annual Service
Plan Update, and calculated as provided in Section N of this Service and Assessment Platt.
"Annual Service Plan Update" Ins the meaning set forth in the fust paragraph of Section IV of
this Service and Assessment Plan.
"Assessed Property" means, for any year, Parcels within the PID otter than Non-Benefited
Property.
"Assessment" means the assessment levied against a Parcel imposed pursuant to the Assessment
Ordinance and the provisions herein, as shown on the Assessment Roll, subject to reallocation
upon the subdivision of such Parcel created by such subdivision or reduction according to tie
provisions herein and the PID Act.
"Assessment Ordinance" means the Assessment Ordinance approved by the Tot" Council to
approve the imposition of the Assessments.
"Assessment Revenues" mean the revenues actually received by the Tot" ftnm Assessments.
"Assessment Roll" means the document included in this Service mid Assessment Plan as
Exltibit D, ns updated, modified or amended from time to time in accordance with tie
procedures set forth herein and in the PID Act.
"Authorized Improvements" mean trose public improvements described in Edtibir B-1 of this
Service and Assessment Plan and Section 372.003 of the I'ID Act.
"Bond Indenture" means the indenture, ordinance or similar document setting forth the terms
mid other provisions relating to the Bonds, as modified, amended, and/or supplemented from
time to time.
"Bonds" mean any bonds secured by Assessment Revenues issued by the Town in one or more
series.
"Costs" mean the actual or budgeted costs, as applicable, of all or any portion of the Authorized
Improvements, as described in F_xhibif B-1 of this Service and Assessment Plan.
"Delinquent Collection Costs" mean interest, penalties and expenses incurred or imposed with
respect to any delinquent installments ofan Assessment in accordance with §372.018(6) of the
194
"Owner Association Property" means property within the boundaries of the PID dint is owned
by or irrevocably offered for dedication to, wlredter in fee simple or through an exclusive use
casement, a property owners' association.
"Parcel" meats a parcel identified by either a tax map identification number assigned by the
Denton Central Appraisal District for mal property tax purposes or by lot and block number in a
final subdivision plat recorded in the real property records of Denton County.
"PID Act" means Texas Local Government Code Chapter 372, improvement Districts in
Municipalities and Counties, Subchapter A, Public Improvement Districts, as amended.
"PID" has the meaning set forth in Section LA of this Service and Assessment Plan.
"PID Costs" mean the actual or budgeted costs, as applicable, of all or any portion of the
Authorized Improvements that provide a special benefit to the Assessed Property and are
allocated to the PID, as shover in Table III-B.
"Planned Development Ordinance" has the meaning set forth in Section IA of this Service
and Assessment Plan.
"Prepayment Casts" mean interest and expenses reasonably expected to be incurred by or
imposed upon the Towar as a result of any prepayment of an Assessment
"Public Property" meats property within the boundaries of the PID that is awned by or
irrevocably offered for dedication to the federal government, the State of Texas, the Tom, a
school district, a public utility provider or any other public agency, whether in fee simple 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.
"Town" means the Town of Trophy Chub, Texas.
"Town Council" means the duly elected governing body of the Town.
"Trustee" means the fiscal agent or trustee as specified in die Bond Indenture, including a
substitute fiscal agent or trustee.
196
Section III
DESCRIPTION OF THE AUTHORIZED IMPROVEMENTS
Section 372.003 of the PID Act defines the Authorized Improvements that may be undertaken by
a municipality or comity through the establishment of a public improvement district, us follows:
372.003. Authorized Improvements
(a) If the governing body of a municipality or county finds that i1 promotes the interests of
did municipality at county, tile governing body may undertake an improvement project
that confer, a starlet 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:
O 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 afar[;
(vi) acquisition, construction, or improvement nftibmries;
(vil) acquisition, construction, or improvement ofoff-sireel parking fmilities;
(viii) acquisition, construction, improvement, or rerouting of moss transportation
facilities;
(ix) acquisition, construction, or improvement of water- wastewater, at drainage
facilities or improvements;
(s) Ilse establishment or improvement or parks;
(xi) projects similar to those listed in Subdivisions (i) -(x):
(xii) acquisition, by purchase or otherwise- often] property in connection with all
oudwri7rd improve ncal;
(xiii) special supplemental services for improvement and promotion of the district,
including services relating to advertising, promotion, health and sanitation,
water and wastewater, public surely, security, business recruitment,
development, recrenlion, and cultural enhancement; and
(xiv) payment ofexpenses incurred in the establishment, administration and
operation of the district.
M.
Table M -B
I'D) Costs
Authorized Improvements
PID Costs
Northwest Parkway improvements, intersection improvements,
$3,046,144
and Trophy Club Drive Improvements south of Northwest
$50,000
Parkway
Trophy Club Drive improvements other than south of
$9,794,484
Northwest Parkway
Water distribution system (not including elevated water tank)
$1,148,100
Elevated water lank
$960,000
Wastewater collection system
$796,050
Trail system and open space
$1,011,039
"lhoroughfare strectscape, median landscaping, sidewalks,
irrigation and irrigation well.
$I 916 746
Screening walls and neighborhood entry features
$700,000
Northeast and Northwest part's
$4,914,916
Park drainage improvements
$925,049
Constmctinn adminism tion and management
$50,000
There are a number of options lar improving the parks, including the following: playgrounds,
pavilions. restrooms. soccer Gelds. baseball fields. recreation pool, and ree center. ]]he
improvements to be provided by the PID will nice[ the additional recreational needs of the Town
related to the increase in population from [he nev housing units to be constructed within the MD.
A discussion of the bonded indebtedness expected to be incurred to fund the PID Costs set forth
in Table Ill -B is included in Section IV of this Service and Assessment Plait.
The costs shohm in ]'able III -Bare estimates and may be revised in Annual Service Plan
Updates. Savings from one line item may be applied to a cost increase in another line item.
These transfers, however, are limited to the portion of the savings related to the PID's share of
the costs, and these savings mny be applied only to the PID's share of the increase in the costs of
another line item.
200
The annual projected costs and annual projected indebtedness is shown by *]'able 1V -B. The
annual projected costs and indebtedness is subject to revision and shall be updated each in the
Annual Somce Phan Update to rellect any changes in the costs or indebtedness expected for cacti
year.
Table IV -B
Anaual Protected Costs and Indebtedness
Year
Annual
Annual
Projected
Projected
Costs
Indebtedness
2007 -
$27,500,000
$27,500,000
2008
so
$0
2009
$0
$o
2010
$0
$0
2011
$0
$0
Total
$27,500,000
$27,500,000
M,
202
ilia wrount of the Assessments. This conclusion is based on and supported by the evidence,
information, and testimony provided to the Town Council,
C. Allocation of Costs to the PID
The Authorized Improvements will provide a special benefit to the property inside and Outside
Ute PID. Accordingly, the Costs of the Authorized Improvements most be allocated between die
property inside the PID and outside of the PID (i.e., to the Town). The Developer has agreed to
pay all costs of the Authorized Improvements allocated In the Town.
The allocation of these costs is shmhm in Appendix B-2 and summarized as follows:
Thorounhl'are improvements — A portion of the Umroughfine improvements provides access to
property outside ilia P1D, therefore Ute costs of these improvements me allocated on the basis of
estimated trips from property inside and outside Ute PID. The trips from the property in the PID
are estimated to represent 80% of die total trips. Accordingly, 80% of the costs of these
improvements we allocated to the PID with Ute balance allocated to the Town.
A portion of the thoroughfare improvements to Trophy Club Drive provide access only to
property in the PID; therefore, Ute improvements are allocated entirely to the PID.
Wnter distribution system —The costs of the water distribution system are allocated on the basis
of gallons per day of estimated use by property inside and outside the PID. This allocation
results in 89% of the costs of the water distribution system being allocated to the PID with the
balance being allocated to Uhe Town (note: conunercial property in the development uses less
water compared to trips generated, which results in the higher nllomfion of water impmvemcnts
compared to thoroughfare improvements).
Elevated water tank — The costs of the elevated water tank are allocated on the basis of the
estimated storage requirements, including storage requirements for average daily use and fire
protection, for property inside the PFD and other property not in the PID but served by the
elevated water tank. This allocation results in 80%of these costs being allocated to the PID with
the balance being ullmened to the Town.
Wastewater collection system — The costs of the wastewater collection system are allocated on
Ilia basis of the total estimated sewage generated from property inside the PID and otter properly
not in the PID but served by these improvements. This allocation results in 87% of these costs
being allocated to the PID with die bolunce allocated to the Town.
Thorouehfam lundsuminu— The costs ofthe thoroughfare landscaping arc allocated on the basis
or the estimated linear feet of roadway inside the PID compared to the estimated total linear
footage on ilia roadway to be built. This allocation results in Sd % or the costs of the
improvements being allocated to the PID with the balance allocated to the Town.
Screening Walls and Neiahbnrhood Monuments --The screening walls are along roads that are
entirely within lire PID and semen property within the PID from the road. Additionally, the road
screened by the screening walls primarily provides access to property within the YID.
12
M
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
lots. For exmnple, die Arizona Department of Transportation conducted a study (described in
Development and Application of Trip Generation Rates) on the relationship between property
values and trip generation totes of residential property. This study examined residential
communities in Delaware, Wisconsin, Dido, and several other slates. The study demonstrated a
relationship between property value and trip generation rates, with more expensive homes having
higher trip generation rates than less expensive homes.
3. Having taken into consideration the matters described above, the Town Council has
determined that allocating the PID Costs anhong Parcels based on value after constructing the
Authorized Improvements is best accomplished (and most easily illustrated) by creating
classificatons of benefited Parcels bused on the "Lot Types" defined in Section LB of this
Service and Assessment Plan. These classifications (from Lot Type I representing the highest
value to Lot Type 5 representing the lowest value) is set forth in Table V-A below. This table
illustrates that the Town Council has determined that a Lot Type 1 dwelling unit receives the
greatest benefit from the Authorized Improvements, whicb benefit is given an `Equivalent Unit"
value of 1.0 per dwelling unit The Town Council has determined that a Lot Type 2 dwelling
unit receives a smaller benefit; namely, 76% of the benefit received by a Type I Lot dwelling
unit (hence the Equivalent Uni[ value of 0.76 per dwelling unit). This table illustrates that the
Town Council has determined that a Lot Type 3 dwelling unit receives an even smaller benefit;
namely, 62% of the benefit received by a Type 1 dwelling unit (hence the Equivalent Unit value
of 0.62 per dwelling unit). The table further illustrates that the Town Council has made similar
determinations with respect to all of the Lot Types.
TAnLE V-A
)equivalent Unit Factors
Lot Type
Average
Estimated Unit
Vane
Equivalent Unit
Value
Lai Type 1 (single -(hardly
S425,000
1.00 per dwelling
residential)
Lot Type 2 (single-family
S325,000
0.76 per dwelling
tesidemial)
unit
Lot Type 3 (single-family
5265,000
0.62 per dwelling
residential)
unit
Lm Type 4(5ingle4artily
SI25,000
0.530crdwclling
residential)
unit
Lot Type 5(ntaahetl
5165,000
0.44 per dwelling
residential)
unit
14
r�•
Section VI
TERMS OR TITC ASSESSMENTS
A_ Amount of Assessments
The Assessment for each Parcel is shown on the Assessment Roll, and no Assessment shall be
changed except as authorized by this Service and Assessment Plan or the PID Act. The
Assessments shall not exceed the mount required to repay the principal amount of the Bonds
and shall be collected with interest and Annual Collection Costs in an amount to pay principal
and interest on the Bonds and to cover Annual Collection Costs of the PID.
B. Reallocation of Assessments
1. Upon Subdivision
Upon the subdivision of any Parcel, the Administrator sball reallocate the Assessment for the
Parcel prior to the subdivision among the new subdivided Parcels according to the following
Formula;
A=B x(C+D)
Where the terms have The following meanings:
A = the Assessment for cath new subdivided Parcel.
B = the Assessment for the Parcel prior to subdivision.
C = die Equivalent Units allocated to each newly subdivided Parcel
D = the sum of tic Equivalent Units for all of the new subdivided Parcels
The calculation of die Equivalent Units as to a Parcel shall be perforated by die Administrator
and confirmed by flit Town Council based on die information available regarding the use of the
Paucel. The estimate as cunGmrcd shall be conclusive. The number of units to be built an a
Parcel may be estimated by net land area and reasonable density ratios. Lot type shall be
determined by the description that is most similar to the lots being classified.
The sum of the Assessments for all newly subdivided Parcels shall equal die Assessment for die
Price] prior to subdivision. The calculation shall be made separately for each newly subdivided
Parcel. The reallocation of an Assessment for a Parcel that is a honiestmil under Texas low may
not exceed the Assessment prior to tic reallocation. Any reallocation pursuant to this section
shall bt reflected man update to this Service and Assessment Plan approved by the Town
Council.
2. Upon Consolidation
Upon the consolidation of two or more Parcels; the rLssessment Iar the consolidated Parcel shall
be the sum of the Assessments for the Parcels prior to consolidation. The reallocation of an
Assessment rain Parcel that is o homestead under Texas low may not exceed the Assessment
lb
WL
amount shall be reduced by the amount, if any, of interest through the dale of redemption of
Bonds and reserve funds applied to the redemption under the Bond Indenture, net of any other
costs applicable to die 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 mrd payable and shall be credited against the payment -in -full
amount.
(c) Upon payment in full of an Assessment and all Prepayment Costs, tie Town shall deposit
the payment in accordance with the Bond Indenture; whereupon, the Assessment shall be
reduced to zero, and the owner's obligation to pay die Assessment and Annual Installments
thereof shall automatically terminate.
(d) At the option of the owner, die Assessment on any Parcel plus Prepayment Costs may
be paid in part in an amount sufficient to allow far a convenient redemption of Bonds as
determined by the Administrator. Upon the payment of such amounts for a Parcel, the
Assessment for the Parcel shall be reduced, the Assessment Roll shall be updated to reflect
such partial payment, and the obligation to pay the Annual Installment for such Parcel shall be
reduced to the extent the partial payment is made.
2. Payment in Annual Installments
The Act provides that an Assessment for a Parcel may be paid in fill] at any time. If not paid in
full, the Act authorizes die Town to collect interest and collection costs on the outstanding
Assessment. An Assessment for a Parcel that is not paid in full will be collected in Annual
hhstallments each year in the amounts shown in the Assessment Roll, which include interest on
the outstanding Assessments and Annual Collection Costs. Payment or the Annuu] Installments
shall commence with tax bills mailed in 2008, unless this Service and Assessment Plan and the
Assessment Rall have terminated.
Each Assessment shall bear interest of no more than the lesser of (i) the actual interest rate paid
on the Bonds and (ii) seven percent per annum. The Assessment Roll sets forth for each year the
Annual Installment for each Parcel based on an estimated interest rate of 6.25%. The actual
interest on the Bonds may be different than the interest rate estimated in the Assessment Roll,
but may not exceed 7.0%. Purihemrme, the Annual Installments may not exceed the amounts
shown on the Assessment Roll. The Assessment Roll shall be updated once the interest rate is
known on the Bunds to reflect the actual interest rate. Since the Annual Installments shown on
the Assessment Roll may oat be exceeded, an interest rale on the Bonds higher than 6.25% will
require the Assessments to be reduced to an amount Ihnt may be repaid from tie Annual
Installments shown on the Assessment Roll and the actual interest rate to be paid on the Bonds.
The Annual Installments shall be reduced to equal the actual costs of repaying the Bonds and
nctual Annual Collection Costs (as provided for in the definition of such temr), laking into
consideration any other available funds for these costs. such as interest income on account
balances.
T. Collection of Annual Installments
No less frequently than annually, the Administrator shall prepare, and die Town Council shall
approve, on Annual Service Plan Update to allow for the billing and collection of Annual
18
210
Section VII
TEL ASSESSMENT ROLL
Each Parcel has been evaluated by the Town Council (based on the Planned Development
Ordinance, developable area, proposed Owner Association Property and Public Property, the
Authorized Improvements, best and highest use or land, and other development factors deemed
relevant by the Town Council) to determine, by Lot Type. the number of dwelling units thud are
anticipated to be developed within the Parcel. Each dwelling unit is then multiplied by the
applicable amount per dwelling unit set forth in last column of Table V -B of tris Service and
Assessment Plan, and die total of such amounts for all dwelling units within the Parcel shall
constitute the "Assessment" for the Parcel set forth on the Assessment Roll. The Assessment
Rall shall be updated upon the preparation of each Annual Service Plan Update to milcct, for
each Parcel, subdivisions, consolidations, prepayments, and reductions authorized by this Service
and Assessment Plan.
The Administrator shall prepare, and the Town Council shall review and approve, annual updates
to the Assessment Roll 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 ench Parcel; (ii) the Assessment for each Parcel,
including any adjustments authorized by this Service and Assessment Plan or in the Act; (iii) the
Annual Installment for the Parcel for the year (if the Assessment is payable in installments); and
(iv) payments of the Assessment, if any, as provided by Section VLC of this Service and
Assessment Plan.
Once Bonds are issued, the Assessment Roll shall be updated, which update may be done in tie
next Annual Service Plan Update, to reflect any changes resulting from the issuance of the
Bonds. This update shall reflect the actual interest on the Bands at which the Annual
Installments shall he paid, env reduction in the Assessments, changes to the Maximum
Assessments, and any revisions in the Costs to be funded by the Bonds and Developer funds.
20
212
E. Severnbility
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'rown Council in adopting Us 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 Serviec and Assessment Plan are declared to be severable for
that purpose.
If any provision of Ibis 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 die extent possible, be rewritten to be enforceable
and to give effect to the intent of the Town.
22
214
Ezbibit B -I
ESTMATED PID COSTS
216
Exhibit C
DIAGRAM OF THE AUTHORIZED IMPROVEMENTS
218
Assessment Roll
The llighlands of Trophy Club Public Improvement District
Town of Trophy Club, Texas
Tnx Parcel
Assessment
R305643
$1,646,614.00
R73937
$1,150,817.00
R133131
$21,193.00
R171502
$31,193.00
R312617
$254,312.00
8312619
$932,478.00
R312675
$197, 137.00
R313701
$21,19300
R313702
$0.00
R313706
$63,578.00
R313711
$84,771.00
R313720
$63,578.00
R68393
$0.00
R171480
$722,783.00
R171482
$0.00
R171484
$0.00
R171503
$1,206,867.00
8312605
$ t,370,831.00
R312606
$645,819.00
8312607
$0.00
884843
$55,770.00
R99641
$713,858.00
12171483
$665,896.00
R67687
$O.Ou
898639
$3,796,833.00
R307362
$3,902,003.00
R307365
$3,647,928.00
R171478
$7,31460.00
R313722
$0.00
R313723
$0.00
Total
$27,500,000.00
OW�i
Assessment Roll
The Highlands at Trophy Club Public Improvement District
Town of Trophy Club, Terns
Tax Parcel 8305643
Assesmenl S 1,696,614.00
Annual Installment Per Lot
Assessment Roll
222
Principal
Collection
Year
and Interest
Casts
Total
1
$106.178.71
52,395.07
$108,573.79
2
$107,771.39
S2,431.00
S110203.39
3
5109.387.96
52.467.46
$111,855.42
4
SI 11,038.78
S2,504.47
S113,533.25
5
5113,694:! 1
52._542.04
$115,23625
6
5114.384.63
$2580.17
$116,964.80
7
$116.100.110
52,618.87
5118.71927
8
5117,841.90
S2,658.16
5130,500.06
9
$119,609.53
S2,698M
$122,307.56
10
5131,403.67
53,738.50
5124,14217
11
S123,224.73
52,779.58
5126,004.30
12
5135.073.10
52,83127
5137,894.37
13
$126,949.20
$2,863.59
$139,813.78
14
5138,853.43
- —S2;90654
5131,759.98
1.5
5130.78623
52,950.14
5133,736.38
16
$133.748.03
53,994.39
5135,742.42
17
$134,739.25
53,039.31
$137,77856
IS
$136,760.34
53,081.90
S139,845_34
19
$138,811.74
53,131.17
5141,94291
20
$140.893.93
53,178.14
5144,073.06
21
5143.007.33
53225.81
SI46.233.14
22
51.15.152.44
53.37420
5148,436.64
23
5147.339.72
53223.31
5150,653.04
24
$749.539.67
53.373.16
5153.91'_.83
25
5151.783.76
53,423.16
5155 206.52
36
$154.059.51
53,475.13
5157,534.63
27
5156.370.40
53537.24
5159,897.64
2II
5158.715.95
53,5S0.15
$163,296.11
39
$161.096.69
53,633.85
5164,730.55
30
$163513.14
53.688.36
5167,20151
Tom]
53,985.808.76
SS9907.77
54,075,716.54
Assessment Roll
222
Town nrTrnphy Club, Texas
Tux Parcel
Assessment
12133131
$21.193.00
Assessment Roll
Tle Highlands at Trophy Club Public Improvement District
Town nr'l'ropbp Club, Texas
224
Annual Installment Per Lot
Annual
Principal
Collection
Year
and Interest
Costs
Total
1
$1,366.59
$30.83
$1,397.42
2
$1387.09
$3129
$1,418.38
3
$1,407.90
$31.76
51,439.66
4
S1,429.01
53224
51;161.25
5
$1,450.45
532.72
51,483.17
6
$1.47221
$3321
$1,505.42
7
$1,49429
.$33.71
$1,528.00
8
51,516.70
53422
$1,550.92
9
S1,539A5
$34.73
$1,574.18
10
51.56235
535.25
51,597.80
11
51.595.98
$35.78
$1,621-76
12
51,60277
$36.32
51,646.09
13
$1,633.92
$36.86
$1,670.78
14
$1,658.43
$37.41
51,695.84
15
5IM3.31
537.98
S1,72128
16
$1,708.55
538.54
$1,747-10
17
51,734.18
$39.12
$1,773.31
18
51.760.20
$39.71
51,799.91
19
S1,786.60
.$40-31
$1,826.90
20
S1,813.40
.510.91
51,854.31
21
S1,840.60
541-52
51.882.12
22
51,868.21
542.15
51,910.35
23
51,896.23
$42-78
$1,939.01
24
51,924.67
$43.42
$1,968.09
25
$1,953.54
$411.07
51,997.62
26
51,982.85
SIH.73
52.027.58
27
52,012.59
$45.40
52,057.99
28
52,042.78
546.08
.52,088.86
29
52,07342
546.73
52,12020
30
52,104.52
547.48
$2,152.00
Twat
S511299.99
St.157.32
552,457.30
Assessment Roll
Tle Highlands at Trophy Club Public Improvement District
Town nr'l'ropbp Club, Texas
224
Tax Parcel 8112617
Assessment S254,312.00
.Assessment hall
The Highlands at Trophy Club Public Improvement District
Town of Trophy Club, Terns
Tax Parcel
12312619
226
Annual Installment Per Lou
Annual
Principal
Collection
Year
and Interest
Casts
Total
1
$16398.82
$369.91
$16.768]2
2
$16.644.50
5375.46
$17,02026
3
516,594.47
5381.09
517,275.56
4
$17,147.89
5386.81
517,534.70
5
$17,405.11
5392.61
S17,797J2
6
$17,666.19
S398.50
$18,064.65
7
517,931.18
$404A5
$18335.65
8
518100.15
$41054
$18,610.69
9
515,473.15
5416.70
$18.889.85
10
$18,75025
5422.95
$19.17320
11
$19,031.50
5429.30
$19,460.80
12
$19,31(;.97
5435.74
$19.757.71
13
,$19,60613
544227
520.049.00
14
$19,900.83
$448.91
$10,349.73
15
520.199.34
$455.64
$20.654.98
16
$20,502-33
$462.47
$20,964.80
17
$20,809.87
5469.41
$2127925
18
521,122.01
5476.45
$21.598.47
19
521;438.84
5483.60
$21,922.44
20
521,760.43
5490.85
52225128
21
S21080.83
$4952
522,585.05
22
$22.418.111
$505.69
522,923.82
23
$22,754.41
.$51327
523267.65
24
$23,095.72
$520.97
S23,616.70
25
523,442.16
5528.79
523,970.95
26
523,793.79
$536.72
524.330.51
27
$24,150.70
$514.77
$24,695.47
25
$24,51196
555294
$25,065.90
29
$24,850.65
556124
525,441.89
30
525,253.86
S569.65
525.82352
Total
$615,590.08
$13,585.93
$629,476.00
.Assessment hall
The Highlands at Trophy Club Public Improvement District
Town of Trophy Club, Terns
Tax Parcel
12312619
226
Assessntont 5197;437.00
Assessment Roll
Tht Ilighlands in Trophy Club Public Improrcmeni District
Town of Trophy Club, Texas
Tai Parcel
Assessment
8313701
$21.193.00
228
Annual Installment Per Lot
Annual
Principal
Collection
Year
and Interest
Costs
Total
1
512.730.70
S287.17
513,017.86
2
.S12,921.66
5291.48
513.213.14
3
513,115.49
$295.85
513,411.34
4
$13,31222
530029
313.61251
5
$13,51190
5304.79
S13,816.69
6
$13,714,58
$309.36
S14,023.94
7
$13,920.30
$314.00
314.234.30
8
314,129.10
$318.71
$14,447.82
9
$14,341.04
5323.49
$14,66453
l0
$14,556.15
$328.35
$14,984.50
11
514,774.50
5333.27
$15.107.77
12
$14.996.11
533827
%15,334.39
13
$15_21.06
5343.35
$15,564.40
14
$15,449.37
5348.50
515,797.87
15
$15,681.11
$353.72
516,034.89
16
$15,916.33
5359.03
$16,275.36
17
$16.15507
$364.41
516,519.49
IS
116,397.40
$369.88
516,767.26
19
116,643.36
$375.43
517,018.79
20
516,893.01
$381.06
$17,274.07
21
$17,146.41
$386.76
517,533.18
70
S17,403.60
539258
517,796.18
23
517.664.66
$398.47
518,063.12
24
S17,929.63
5404.44
$1R 134.07
25
$18.198.57
$410.51
$16,609.06
26
$16,471.55
$416.67
$18,888.22
27
$18,746.62
$422.92
519.171.54
28
$19,029.85
$429.26
519.459.11
29
$19.315.30
$435.70
519.751.00
30
$19,605.03
5442.24
520.047.27
Total
$477,693.69
$10,779.98
5488,673.66
Assessment Roll
Tht Ilighlands in Trophy Club Public Improrcmeni District
Town of Trophy Club, Texas
Tai Parcel
Assessment
8313701
$21.193.00
228
Annual lnstnilment Per Lot
Tax Parccl
Assessment
Assessnent Roll
The Highlands at Trophy Club Public Impruvemunl District
Town of Trophy Club, Texas
Annual Installment Per Lot
Rtl37ub
$63,579.00
230
Principal
Cullecuun
Year
and Interest
Costs
Total
1
50.00
$0.00
30.00
2
$0.00
$0.00
$0.011
3
$0.00
$0.00
$0.00
4
S0.00
50.00
$0.00
s
$0.00
50.00
$0.00
b
$0.00
$0.00
$0.00
7
$0.00
30.00
$0.00
s
50.00
$0.00
$0.00
9
$0.00
$0.00
$0.00
10
$0.00
$0.00
$0.00
II
$0.00
$0.00
$0.00
12
$0.00
sa.a0
$0.00
13
60.00
$090
$0.00
Id
50.00
50.00
$0.00
15
50.00
50.00
$0.00
16
S0.00
50.00
$0.00
17
Sam
50.00
50.00
is
50.IID
50.00
30.00
19
$0.00
50.00
$0.00
20
$0.00
$0.00
$0.00
21
$O.W
511.00
50.00
22
$0.00
$0.00
$0.00
23
$0.00
50.00
$0.00
24
30.00
$0.00
$090
25
50.00
SO90
$0.00
26
50.00
30.00
$0.00
27
$0.00
30.00
$0.00
28
$0.00
50.00
$0.00
29
S0.00
$0.00
$0.00
70
50.00
$0.00
$0.00
Total
50-00
$0.00
$0.00
Tax Parccl
Assessment
Assessnent Roll
The Highlands at Trophy Club Public Impruvemunl District
Town of Trophy Club, Texas
Annual Installment Per Lot
Rtl37ub
$63,579.00
230
AmmsmcnL Roll
The Highlands at Trophy Club Public Improvement District
Toren of Trophy Club, Texas
Tax Parcel
Assessment
R313711
$84,771.00
Assessment Roll
232
Annual Installment Per Lot
Annual
Principal
Collection
Year
and Interest
Costs
Total
I
S5A66.29
512330
$5589.60
2
$5.548.28
S125.15
55,673.43
3
$5,631.51
5127.03
$5,758.54
4
$5,715.96
5128.93
55,844.91
5
$5,801.72
$130.87
$5.932.59
6
S5.896.75
$132.83
56.02158
7
$5,977.08
5134.82
$6,111.90
8
S6,066.73
$136.811
.$6,203.56
9
$6,157.74
$138.90
$6,296.63
10
56:250,10
$140.98
$6,391.08
11
S6,343.65
$143.09
$6,486.95
12
S6,439.01
$145.24
S6584.25
13
S6,535.60
.$147.42
56,683.02
14
56,633.63
5149.63
56,763.36
15
$6,733.13
S15 LBB
56365.01
16
$6,834.13
S154.15
56,988.28
17
$6,936.64
S156.47
57,093.11
18
S7,040.69
5158.81
57.199.51
19
$7,14630
$161:20
$7,307.50
20
$7,253.50
$163.61
$7,417.11
21
57,36230
$166.07
$7,528.37
22
.57,472.73
$168.56
$7,64129
23
57584.63
5171.09
57,755.91
24
$7.698.60
$173.65
$7,872.25
25
$7,814.08
$176.26
$7,990.33
26
S57,931.29
5176.90
$6,110.19
27
$9,050.26
5181.59
S8.23 1. 84
28
56,171.01
5164.31
$8,355.32
29
$8,293.56
S187.07
.58.480.65
30
$8:11796
$189.88
58,607.86
Total
$205,197.32
54,628.52
$209.825.65
Assessment Roll
232
Town nfTrophy Club, Tey:u
Tay Par cul 1165393
Assessment 50.00
Annual Installment Per Lot
Annual
Assessment Roll
The Ili; Wands it Trophy Club Public Imprnremenl District
Town of Trophy Club, Texas
234
Principal
Collection
Year
and lntemst
Costs
Total
I
50.00
SO.00
5090
2
$0.00
50.00
SO.00
3
$0.00
50.00
S13.1313
4
50.00
$0.00
50.00
5
$0.00
50.00
$0.00
6
$0.00
50.00
$0.00
7
50.00
SOLO
$0.00
5
SO.00
$0.00
$0.00
9
S0L0
$0.00
$0.00
10
$0.00
50.00
$0.00
I
50.00
$0.00
50.00
12
SO.00
$0.00
$0.00
13
SOLO
$0.00
SO.00
14
S0.00
$0.00
$0.00
15
50.00
SOLO
$0.00
16
SO.00
.$13.00
$0.00
17
$0.00
$0.00
50.00
1S
$0.00
50.00
$0.00
L9
$0.00
50.00
50.00
20
$0.00
50.00
513.130
21
$0.00
SO.00
50.00
22
$0.00
50.00
$0.00
23
50.00
50.00
60.00
24
50.00
50.00
50.00
25
SOM
SO.00
SOM
26
50.00
$0.00
$090
27
SOAO
$0.00
SO.00
25
50.00
$0.00
$0.00
29
50.00
$0.00
$0.00
30
$0.00
SOLO
$0.00
Total
50.00
$0.00
50,00
Assessment Roll
The Ili; Wands it Trophy Club Public Imprnremenl District
Town of Trophy Club, Texas
234
Tax Parcel R171482
Assessment Soma
Assessment Roll
The Highlands of Trophy Club Public Lnprm'ement District
Town or Trophy Club,'1'exas
Tac Parcel
236
Annual installment Per Lot
Annual
Principal
Colleedon
Year
and Interest
Costs
Total
1
Soto
Soto
Soto
2
SOLO
Soto
50.00
3
SOLO
Soto
Soto
4
SOLO
Sato
Soto
5
SOLO
SOLO
Soto
6
soma
$0.00
50.00
7
Soto
Soto
SOLD
8
Soto
stop
Soto
9
Foto
$010
$400
to
Soto
$O.Oo
SOLO
I1
Soto
$Too
Soto
12
$010
Soto
Soto
13
Soto
Soto
Soto
14
Soto
Soto
Soto
15
soma
sato
SOLD
16
soma
Soto
Saba
17
$OLO
SOLO
Soto
18
Soto
Soto
soma
19
$010
Soon
SOLO
20
$oto
$Oto
$0.00
21
Soto
soma
SOLO
12
SOLO
SOLO
Soto
23
Soto
Soto
$0.00
24
Soto
$000
30.00
25
$010
$010
$100
26
Soto
Soto
50.00
27
Soto
$OLO
50.00
28
Soto
Soto
50.00
29
Soto
Soto
S0.00
30
Soma
Sato
Soto
Total
SOTO
50.00
30.00
Assessment Roll
The Highlands of Trophy Club Public Lnprm'ement District
Town or Trophy Club,'1'exas
Tac Parcel
236
Assessment $1;206,867.00
Assessment Rall
The Highlands it Trophy Club Public Improvement District
Town of Trophy Club, Texas
Tax Parcel R312605
Asscasmenl $1,370,831.00
238
Annuni Installment Per Lot
Annual
Principnl
Collection
Year
and Interest
C05B
Total
1
S77,82248
51.755.44
$79.577.92
2
$78.989.82
51.781.77
$90,771.59
3
560.174.66
51.608.50
$91,983.16
4
$81.377.28
$1,635.63
583,112.91
5
$82.597.94
$1,663.16
564.461.10
6
$83.836.91
$1,891.11
$85.728.02
7
565,094.47
$1.919-47
387.013.94
8
$96.370.88
51,948.27
568,319.15
9
S87,66GA5
SI.977.49
$89,643.94
10
$88,9111.14
52.007.15
$90,986.60
11
$90,316.17
52,037.26
$92,353.42
12
891,670.91
$2.067.82
$93,738.73
13
$93,045.97
S2,098.84
395,144.61
14
S94,441.66
52,13032
596,571.96
15
$95,856.39
52,16227
596,020.56
16
397,296.16
$2,194.71
599,490.87
17
$96,755.60
52227.63
S100,98323
16
W0236.94
$2261.04
5102,49798
19
$101.740.49
52,294.96
$104,035.45
20
5103.266.60
52,329.38
5105,595.98
21
5104,815.60
.52,364.32
$107,179.93
22
5106,387.83
.$2399.79
$106,787.62
23
5107,98365
52,435.78
5110,419:13
24
5109,603.40
$2,47232
5112,075.72
25
5111,247.45
S2i09A1
$113,756.66
26
5112,916.17
$2,547.05
$115,46321
27
5114,60991
S158525
5717,195.16
26
$116,329.06
52,624.03
$116,953.09
29
$118,073.99
$166339
5120.737.39
30
$119,845.10
52,703.34
S122i48.45
Total
52,921.353.28
$65,896.90
$2,967,250.16
Assessment Rall
The Highlands it Trophy Club Public Improvement District
Town of Trophy Club, Texas
Tax Parcel R312605
Asscasmenl $1,370,831.00
238
Assessment Rall
The 111ghlnn is at Trophy Club Public Improvement District
Town ourropby Club, Tcans
'rax Parcel 13312607
Assessment 50.00
Annual hstanment Per Lot
240
Annual Installment Per Lot
Annual
Principal
Collection
Year
and Interest
Costs
Total
1
$41,64439
$939.37
542,583.76
2
$42,269.06
$953.46
543,22252
3
542,903.09
$967.76
543,870.85
4
543,546.64
$982.28
544,528.92
5
544,199.84
$997.01
545,196.85
6
S44,862.84
$1,011.97
$45,874.80
7
S45,535.78
51,027.15
546,562.93
8
546,218.81
51,042.56
$47,261.37
9
S46,912.10
$1,058.19
$47,970.29
10
$47,615.78
$1.074.07
$48,689.84
11
$48,330.01
51,090.18
$49,420.19
12
$49.054.96
51,10653
550,161.49
13
$+9,790.79
51,123.13
550,913.92
14
$50-137.65
51,139.97
551,677.63
l5
$51,295.72
51,157.07
.152,452.79
16
S52,065.15
$1.174.43
$53,239.58
17
552,946.13
$t, 192.05
554.038.18
18
$53,638.82
51209.93
$54,848.75
19
$54,443.40
51,228.08
555.671.48
20
$55,260.05
S1246.50
$56,506.55
21
556,088.96
51 _65.20
$57,354.15
S56,930.29
51284.17
$58,214.46
23
557.784.24
51,303.44
559,087.68
24
558,651.01
51,322.99
559,973.99
25
$59,530.77
51,342.83
560,873.60
26
$60,423.73
$1,362.97
S61.786.71
27
$61,330.09
$1383.42
562,71351
28
$620.04
$1.404.17
563,654.21
29
$63,183.79
$1,425.23
$64,609-03
30
$64,13155
$1,446.61
565,573.16
Total
51,563275.49
S35,262.7t
SI.598,533.20
Assessment Rall
The 111ghlnn is at Trophy Club Public Improvement District
Town ourropby Club, Tcans
'rax Parcel 13312607
Assessment 50.00
Annual hstanment Per Lot
240
Assmauent Bull
The highlands sit Trophy Club Public Improvement District
Town of Trophy Club, Terns
Tax Parcd
Asscssmcnt
RS4843
$55,770.00
Assessment Roll
242
Amoral Installment Per Lot
.�"mual
Principal
Collecliun
Year
and lntemsl
Cons
Total
I
53,596.227
561.12
33,677.34
2
$3,650.16
$8234
$3.73150
3
$3,704.92
563.57
53.788.49
4
$3,760.49
$64.83
53,845,31
5
$3,816.90
$66.10
53,902.99
6
$3,674.15
$6739
53,96154
7
53)3226
.588.70
S4,020.96
8
53.99125
$90.03
S4.08128
9
54,051.12
$9138
$4,14250
10
$4.111.88
592.75
54,104.63
11
$4,173.56
$94.1'1
$4,267.70
12
54.136.16
$95.56
$4,331.72
13
S4,299.71
$9699
$4,396.69
14
$4,364.20
$96.44
$4,46264
15
34,429.66
$99.92
:1,52958
16
54.496.11
5101,12
54,597.53
17
$4,563.55
$102.94
S4,666.49
I8
S4,632.00
5104:18
54,736.49
19
54,701.48
3106.05
54,807.51
2D
$4,772.01
$107.6-1
54,879.65
21
$4,843.59
$10126
54,952.64
22
S4,91624
5110.90
S5,D27.14
23
$4,96996
511256
$5,102.54
24
55,064.83
$114.25
$5.179.08
25
$5,140.81
S115.96
$5,256.77
26
$5.217.92
5117.70
55,335.62
27
.5.5,296.19
5119.47
$5,415.65
28
$5975.63
$121.26
$5,496.89
29
55,456.26
$123.06
$5.579.34
30
$5,538.11
5124.93
$5.663.03
Total
5134,997,36
$3,045.11
$138,04249
Assessment Roll
242
Town of Trophy Cluh, Tczas
Tac Parcel
Assmment
R171483
S665,89b.00
Assessment Boll
The Highlands at Trophy Club Public Improvement District
Town of Trophy Club, Texas
`m,
Annual Installment Per Lot
Annual
Principal
Collection
Year
and Intcresl
Costs
Total
1
542,939.01
$968.58
543,907.59
2
$43,5B3.10
$981.11
$44.56620
3
544236.84
5997.86
545,234.70
4
54490039
51,012.82
S45,91322
5
545,573.90
51,028.02
546,601.92
6
$46,257.51
51,043.44
S47,300.94
7
$46,95137
51,059.09
5,18,010A6
8
547,655.64
51.074.97
$48.730.62
9
$98,370.48
51,091.10
$49,461.57
10
549.096.03
$1.107.46
$50203.50
II
549,832.47
51,124.48
$50,956.55
12
550,579.96
SI.140.94
551,720.90
13
551,338.66
51.158.05
554496.71
14
$52.108.74
$1,175.42
S3 284.16
15
$52,890.37
$1,193.05
554,083.43
16
$53.683.73
51210.95
$54,894.68
17
554,488.98
$1229.11
$55,718.10
l8
$55,306.32
81,247.55
S56,553.87
19
$56,135.91
5126626
S57.402.18
20
556.977.95
SI =85.26
$58,26321
21
557,632.62
51304.54
$59,137.16
21
$58.700.11
$1.324.10
$60,024.21
23
559,580.61
51,343.97
$60,924.58
24
$60,47432
51,364.13
$61,838.45
25
$61.381.44
$1,384.59
$62,766.02
26
S0,302.16
$1.405.36
$63,707.51
27
S63,236.69
S1,426.44
564,663.13
28
564,18524
$1,447.83
565.633.07
29
565,148.02
S1,469.55
566.617.57
30
$66,17524
$1.491.59
$67.616.83
Tmal
51.611,873.81
5M059.22
S1,640,233.03
Assessment Boll
The Highlands at Trophy Club Public Improvement District
Town of Trophy Club, Texas
`m,
Tax Parcel R98639
Assessment 53,796.833.00
Annual Installment Per Lot
Asscsvncnl Roll
The highlands or Trophy Club Putrlic Improvement District
Town or Trophv Cluh, Texas
Tox Parcel
8307362
246
Principal
Collection
Year
and Interest
Costs
Total
1
$244,831.41
$5,522.67
S250,354.08
2
S248503.88
55,605.51
5254,109.39
3
S252231.44
.$5,689.59
5257,921.03
4
$236.014.91
55,774.94
5261,789.85
5
5239.855.13
55,861.56
$265,716.70
6
5263,752.96
55.949.46
S269,702.45
7
S267,709.26
S6,038.73
5273,747.98
S
$271,724.89
56,129.31
$277.854.20
9
5275.800.77
56,221125
5262.022.02
10
5279.937.76
56,314.57
S286,252.35
II
S284,136.85
$6,409.28
5290,546.13
12
$288398.90
56,505.42
5294.904.32
13
5292.724.86
$6,603.00
5299,327.89
14
5297,115.76
56,702.05
5303,817.81
l5
S301572.49
$6,802.58
5308.375.07
16
5306.096.06
$6,904.62
5313,000.70
17
5310.687.52
57,008.19
S317,695.71
18
$315,347.83
57,113.31
S322,461.14
0
5320.078.05
57,220.01
5327,298.06
20
S324.879.22
57,328.31
5332,20753
21
$329.752.41
S7,438.211
$337.190.65
22
$334,698.70
37,549.81
.5342248.51
23
S339,719.18
57,663.06
$347,36223
24
$344.814.96
S7,778.00
.$352,592.97
25
$349,987.19
57,894.67
.$357,881.86
26
S355,237.00
58.013.09
$363250.09
27
5360,565.55
58,133.29
5368,696.64
28
$365,974.04
58,255.29
5374,229.32
29
$'371,463.65
58,379.12
$379,842.76
30
$377,035.60
58,504.80
S385540.40
Total
59.190,64829
$207313.75
59.397,962.04
Asscsvncnl Roll
The highlands or Trophy Club Putrlic Improvement District
Town or Trophv Cluh, Texas
Tox Parcel
8307362
246
Assesmient $3,647,928.00
Assessment Roll
The highlands at Trophy Club Public hnprnvement District
Town of Trophy Club, Taus
Tax Parcel
Assessment
R 171478
S7.314 260.00
an.
Annual Installment Per Lot
Annual
Principal
Collection
Year
and Interest
Costs
Total
1
5235,229.56
S5,306.08
$240,535.64
2
$238,758.00
$5,385.67
$244,143.67
3
5242,339.37
$5,466.46
$247,805.63
4
$245,974.46
$5,548.45
$251,522.92
5
$249,664.06
$5,631.68
S255.295-76
6
$253,409.04
55,716,16
$259,125.20
7
$257,210.18
S3,801.90
5263,012.08
8
5261,068.33
S5,888.93
5266,95726
9
5264,964.36
55,977 26
$270,961.62
10
5268,959.12
$6,066.92
5275,026.04
11
S272,993.51
56,157.92
$279,151.43
12
S277,088.41
56.250.29
5263,338.70
13
S281244.74
56,344.05
$287,566.76
14
5265.463.41
$6,439.21
5291,902.6t
15
5269,745.36
$6,535.79
$296,261.15
16
5294,091.54
56,633.83
$300,725.37
17
S298,502.91
S6,733.34
$305,23625
18
S302,980.46
56,83434
5309,814.79
19
5307,525.16
56,936.85
5314,462.02
20
S312,138.04
57,040.91
5319,179.95
21
$316.820.11
57,146.52
$323,966.63
22
$321,572.41
S7,253.77
$326.826.13
23
5126396.00
57,362.52
$333,758.52
24
S331,291.94
57,472.96
5338,764.90
25
5336,261.32
$7,565.96
5343.846.37
26
534.1,305.24
$-7,698.63
5349,004.07
27
$346,4.24.82
57,814.31
$354,239.13
28
$351,621.19
$7,931.53
535955272
29
$356,895.51
$6,050.50
$364,946.01
30
.5362,246.94
58,17136
$370,420.20
Total
56,830307.50
$199,183.25
$9,029.390.75
Assessment Roll
The highlands at Trophy Club Public hnprnvement District
Town of Trophy Club, Taus
Tax Parcel
Assessment
R 171478
S7.314 260.00
an.
Assessment Rall
The Highlands at Trophy Club Public Improvement District
,town of Trnphy Club, Texas
Tux Parcel 8313723
Assessment 50.00
Annual Installment Par Let
250
Annual Installment Per Lot
Annual
Principal
Collection
Year
and Interest
Costs
Total
1
$0.00
$0.00
SO.00
2
$0.00
$0.00
$0.00
3
SO.00
.$0.00
$0.00
4
$0.00
50.00
$0.00
5
$0.00
50.00
$0.00
6
50.00
$0.00
50.00
7
50.00
50.00
50.00
0
50.00
$0.00
50.00
9
$0.00
$0.00
10
SOLO
$0.00
$0.00
11
$0.00
$0.00
.$0.00
12
50.00
$0.00
$0.00
13
SOM
$0.00
50.00
1.1
$0.00
$0.00
50.00
is
SO.00
$0.00
50.00
16
$0.00
SOHO
$0.00
17
$0.00
SOLD
$0.00
10
50.00
50.00
$0.00
19
50.00
50.00
$0.00
20
$0.00
50.00
$0.00
21
50.00
50.00
$0.00
22
SO.00
S0.00
$0.00
23
$0.00
$0.00
$0.00
24
50.00
$0.00
SOM
25
50.00
50.00
50.00
26
50.00
$0.00
S0.00
27
50.00
$0.00
$0.00
25
50.00
SO.Ou
$0.00
29
$0.00
$0.00
MOO
30
$0.00
$0.00
$0.00
Total
$0.00
SOHO
50.00
Assessment Rall
The Highlands at Trophy Club Public Improvement District
,town of Trnphy Club, Texas
Tux Parcel 8313723
Assessment 50.00
Annual Installment Par Let
250
Section II
PROPERTY INCLUDED IN THE PID
The Highlands of Trophy Club is located in the Town of Trophy Club, Texas, within
Denton County, Texas. This planned development contains approximately 697 acres,
of which approximately 610 acres is within the PID. The acreage within the planned
development but not within the PID consist of approximately 49 acres of the
development within Trophy Club Municipal District No.1 (MUD 1) and Trophy Club
Municipal District No. 2 (MUD 2), approximately 14 acres of commercial uses, 21 acres
used for gas well operations, and two acres within rights of way. A map of the property
within the PID is shown on ExhibitAto this Service and Assessment Plan.
At completion, the PID is expected to consist of approximately 1,474 residential units,
two parks, entry monuments, and associated rights-of-way, landscaping, and
infrastructure necessary to provide roadways, drainage, and utilities to the PID.
For purposes of allocating the Assessments, the Assessed Property has been classified
in one of five lot types. The following table shows the proposed residential lot types:
The
Table II -A
Proposed Residential Lot Types
Lot Type
I Minimum Lot Area
Number of Units
Lot Type 1
12,000 SF
163
Lot Type 2
10,000 SF
508
Lot Type 3
8,400 SF
377
Lot Type 4
7,200 SF
177
Lot Type 5
3,000 SF
249
Total
1,474
estimated
number of lots and
the classification of each lot are based upon the Planned Development Ordinance and
the Developer's estimated highest and best use of the property within the PID.
252
health and sanitation, water and wastewater, public safety,
security, business recruitment, development, recreation, and
cultural enhancement; and
(xiv) payment of expenses incurred in the establishment,
administration and operation of the district.
After analyzing the public improvement projects authorized by the PID Act, the Town
has determined that the Authorized Improvements should be undertaken by the Town.
The estimated total Costs to construct the Authorized Improvements are shown by
Table III -A (and more fully shown in Appendix B-1).
Table 111-A
Estimated Costs to Construct
the Authorized Improvements
I Authorized Improvements Estimated Cost
Northwest Parkway improvements, intersection $3,808,516.41
improvements, and Trophy Club Drive improvements
south of Northwest Parkway
Trophy Club Drive improvements other than south of $3,794,483.59
Northwest Parkway
Water distribution system (not including elevated $
water tank) 1,290,000
Elevated water tank $1,200,000
Wastewater collection system $915,000
Trail system and open space $1,064,540
Thoroughfare streetscape, median landscaping, $2,280,000
sidewalks, irrigation and irrigation well.
Screening walls and neighborhood entry features $700,000
Northeast and Northwest parks $5,175,000
Park drainage improvements $974,000
Construction administration and management $50,000
ontingency $1,187,437
Total estimated cost of Authorized Improvements $22,438,977
The Authorized Improvements benefit property inside and outside the PID. Accordingly,
the Costs of these improvements must be allocated between property inside the PID
254
Table 111-B
PID Costs
Northwest Parkway improvements, intersection
$3,046,144
improvements, and Trophy Club Drive improvements
south of Northwest Parkway
Trophy Club Drive improvements other than south of
$3,794,484
Northwest Parkway
Water distribution system (not including elevated
water tank)
$1,148,100
Elevated water tank
$960,000
Wastewater collection system
$796,050
Trail system and open space
$1,011,039
Thoroughfare streetscape, median landscaping,
sidewalks, irrigation and irrigation well.
$1,916,746
Screening walls and neighborhood entry features
$700,000
Northeast and Northwest parks $4,914,916
Park drainage improvements $925,049
Construction administration and management $50,000
:)ntingency $1,187,437
Estimated PID Costs $20,449,965
A discussion of the bonded indebtedness expected to be incurred to fund the PID Costs
set forth in Table III -B is included in Section IV of this Service and Assessment Plan.
The costs shown in Table III -B are estimates and may be revised in Annual Service
Plan Updates. Savings from one line item may be applied to a cost increase in another
line item. These transfers, however, are limited to the portion of the savings related to
the PID's share of the costs, and these savings may be applied only to the PID's share
of the increase in the costs of another line item.
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Authorized Improvements if the amounts specified above are not sufficient to complete
such improvements.
The annual projected costs and annual projected indebtedness is shown by Table IV -B.
The annual projected costs and indebtedness is subject to revision and shall be
updated each in the Annual Service Plan Update to reflect any changes in the costs or
indebtedness expected for each year.
Table IV -B
Annual Proiected Costs and Indebtedness
Year
Annual
Annual
Projected
Projected
Costs
Indebtednes
s
2007
$27,500,000
$27,500,000
2008
$0
$0
2009
$0
$0
2010
$0
$0
2011
$0
$0
Total
$27,500,000
$27,500,000
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Property as described in this Service and Assessment Plan and as required by the
Planned Development Ordinance will require that Authorized Improvements be
acquired, constructed, installed, and improved. Funding the PID Costs through the PID
is determined to be the most beneficial means of doing so. As a result, 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.
C. Allocation of Costs to the PID
The Authorized Improvements will provide a special benefit to the property inside and
outside the PID. Accordingly, the Costs of the Authorized Improvements must be
allocated between the property inside the PID and outside of the PID (i.e., to the Town).
The Developer has agreed to pay all costs of the Authorized Improvements allocated to
the Town.
The allocation of these costs is shown in Appendix B-2 and summarized as follows:
Thoroughfare improvements — A portion of the thoroughfare improvements provides
access to property outside the PID, therefore the costs of these improvements are
allocated on the basis of estimated trips from property inside and outside the PID. The
trips from the property in the PID are estimated to represent 80% of the total trips.
Accordingly, 80% of the costs of these improvements are allocated to the PID with the
balance allocated to the Town.
A portion of the thoroughfare improvements to Trophy Club Drive provide access only to
property in the PID; therefore, the improvements are allocated entirely to the PID.
Water distribution system — The costs of the water distribution system are allocated on
the basis of gallons per day of estimated use by property inside and outside the PID.
This allocation results in 89% of the costs of the water distribution system being
allocated to the PID with the balance being allocated to the Town (note: commercial
property in the development uses less water compared to trips generated, which results
in the higher allocation of water improvements compared to thoroughfare
improvements).
Elevated water tank — The costs of the elevated water tank are allocated on the basis of
the estimated storage requirements, including storage requirements for average daily
use and fire protection, for property inside the PID and other property not in the PID but
served by the elevated water tank. This allocation results in 80% of these costs being
allocated to the PID with the balance being allocated to the Town.
Wastewater collection system — The costs of the wastewater collection system are
allocated on the basis of the total estimated sewage generated from property inside the
PID and other property not in the PID but served by these improvements. This
allocation results in 87% of these costs being allocated to the PID with the balance
allocated to the Town.
.0
assessed using any methodology that results in the imposition of equal shares of the
PID Costs on Assessed Property similarly benefited.
2. For purposes of this Service and Assessment Plan, the Town Council has
determined that the PID Costs shall be allocated to the Assessed Property on the basis
of the relative value of Parcels after undertaking the Authorized Improvements and that
such method of allocation will result in the imposition of equal shares of the PID Costs
on Parcels similarly benefited. In determining the relative value of Parcels, the Town
Council has taken into consideration (i) the type of residential development (i.e., single-
family, duplex, or multi -family); (ii) single-family lot size and the size of homes likely to
be built on lots of different size; (iii) current and projected home prices; (iv) the
Authorized Improvements to be provided and the PID Costs, and (v) the ability of
different property types to utilize and benefit from the improvements. In determining the
ability of different property types to utilize and benefit from the improvements, the Town
Council has taken into consideration independent studies supporting the conclusion 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 lots. For example, the Arizona Department of
Transportation conducted a study (described in Development and Application of Trip
Generation Rates) on the relationship between property values and trip generation rates
of residential property. This study examined residential communities in Delaware,
Wisconsin, Ohio, and several other states. The study demonstrated a relationship
between property value and trip generation rates, with more expensive homes having
higher trip generation rates than less expensive homes.
3. Having taken into consideration the matters described above, the Town Council
has determined that allocating the PID Costs among Parcels based on value after
constructing the Authorized Improvements is best accomplished (and most easily
illustrated) by creating classifications of benefited Parcels based on the "Lot Types'
defined in Section LB of this Service and Assessment Plan. These classifications (from
Lot Type 1 representing the highest value to Lot Type 5 representing the lowest value)
is set forth in Table V-A below. This table illustrates that the Town Council has
determined that a Lot Type 1 dwelling unit receives the greatest benefit from the
Authorized Improvements, which benefit is given an "Equivalent Unit' value of 1.0 per
dwelling unit. The Town Council has determined that a Lot Type 2 dwelling unit
receives a smaller benefit; namely, 76% of the benefit received by a Type 1 Lot dwelling
unit (hence the Equivalent Unit value of 0.76 per dwelling unit). This table illustrates
that the Town Council has determined that a Lot Type 3 dwelling unit receives an even
smaller benefit; namely, 62% of the benefit received by a Type 1 dwelling unit (hence
the Equivalent Unit value of 0.62 per dwelling unit). The table further illustrates that the
Town Council has made similar determinations with respect to all of the Lot Types.
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4. The following table (Table V -B) shows the calculation of the Assessment per
Equivalent Unit. There are a total of 986.19 Equivalent Units in the PID. The total
Assessments are equal to $27,500,000, resulting in an Assessment per Equivalent Unit
of $27,885.08.
TABLE V -B
Assessment Per Equivalent Unit
Lot Type
Equivalent Units
Total Number of
Dwelling Units
Total Equivalent
Units
Lot Type 1
1.00 per
163 dwelling units
163.00
dwelling
Lot Type 2
0.76 per
508 dwelling units
386.08
dwelling unit
Lot Type 3
0.62 per
377 dwelling
233.74
dwelling unit
units
Lot Type 4
0.53 per
177 dwelling
93.81
dwelling unit
units
Lot Type 5
0.44 per
249 dwelling units
109.56
dwelling unit
Total Equivalent
986.19
Units
Total Assessments
$27,500,000
Assessment Per
$27,885.08
Equivalent Unit
5. The Assessment per dwelling unit is calculated as the product of (i) $27,885.08
multiplied by (ii) the applicable Equivalent Unit value for each Lot Type. For example,
the Assessment for a Lot Type 1 dwelling unit is $27,885.08 ($27,885.08 x 1.0). The
Assessment for a Lot Type 2 dwelling unit is $21,192.68 ($27,885.08 x 0.76). Table V-
C sets forth the Assessment per dwelling unit for each of the five Lot Types.
264
B = the Assessment for the Parcel prior to subdivision.
C = the Equivalent Units allocated to each newly subdivided Parcel
D = the sum of the Equivalent Units for all of the new subdivided Parcels
The calculation of the Equivalent Units as to 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. Lot type shall be determined by the description that is most
similar to the lots being classified.
The sum of the Assessments for all newly subdivided Parcels shall equal the
Assessment for the Parcel prior to subdivision. The calculation shall be made
separately for each newly subdivided Parcel. The reallocation of an Assessment for a
Parcel that is a homestead under Texas law may not exceed the Assessment prior to
the reallocation. Any reallocation pursuant to this section shall be reflected in an update
to this Service and Assessment Plan approved by the Town Council.
2. Upon Consolidation
Upon the consolidation of two or more Parcels, the Assessment for the consolidated
Parcel shall be the sum of the Assessments for the Parcels prior to consolidation. The
reallocation of an Assessment for a Parcel that is a homestead under Texas law may
not exceed the Assessment prior to the reallocation. Any reallocation pursuant to this
section shall be calculated by the Administrator and reflected in an update to this
Service and Assessment Plan approved by the Town Council.
C. Mandatory Prepayment of Assessments
1. If at any time the Assessment on a Parcel exceeds the Maximum Assessment
calculated for the Parcel as a result of any reallocation of an 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 for the
Parcel exceeds the Maximum Assessment for the Parcel. 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 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 or portion thereof is transferred to a party that is exempt from the
payment of the Assessment under applicable law, or if an owner causes a Parcel or
portion thereof to become Non -Benefited Property, the owner of such Parcel or portion
266
Parcel, the Assessment for the Parcel shall be reduced, the Assessment Roll shall be
updated to reflect such partial payment, and the obligation to pay the Annual Installment
for such Parcel shall be reduced to the extent the partial payment is made.
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 and collection costs on the
outstanding Assessment. 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
Roll, which include interest on the outstanding Assessments and Annual Collection
Costs. Payment of the Annual Installments shall commence with tax bills mailed in
2008, unless this Service and Assessment Plan and the Assessment Roll have
terminated.
Each Assessment shall bear interest of no more than the lesser of (i) the actual interest
rate paid on the Bonds and (ii) seven percent per annum. The Assessment Roll sets
forth for each year the Annual Installment for each Parcel based on an estimated
interest rate of 6.25%. The actual interest on the Bonds may be different than the
interest rate estimated in the Assessment Roll, but may not exceed 7.0%. Furthermore,
the Annual Installments may not exceed the amounts shown on the Assessment Roll.
The Assessment Roll shall be updated once the interest rate is known on the Bonds to
reflect the actual interest rate. Since the Annual Installments shown on the Assessment
Roll may not be exceeded, an interest rate on the Bonds higher than 6.25% will require
the Assessments to be reduced to an amount that may be repaid from the Annual
Installments shown on the Assessment Roll and the actual interest rate to be paid on
the Bonds.
The Annual Installments shall be reduced to equal the actual costs of repaying the
Bonds and actual Annual Collection Costs (as provided for in the definition of such
term), taking into consideration any other available funds for these costs, such as
interest income on account balances.
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. Each Annual Service Plan Update shall include an updated
Assessment Roll and a calculation of the Annual Installment for each Parcel. Annual
Collection Costs shall be allocated among Parcels in proportion to the amount of the
Annual Installments for the Parcels. Each Annual Installment shall be reduced by any
credits applied under the applicable Bond 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 shall be collected by the Town in the same manner and at the same time
as ad 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
r
Section VII
THE ASSESSMENT ROLL
Public Property, the Authorized Improvements. best and highest use of land, and other
development factors deemed relevant by the Town Council) to determine. by Lot Type.
Parcel set forth on the Assessment Roll. The Assessment Roll shall be updated
the preparation of each Annual Service Plan Update to reflect, for each Parcel,
subdivisions. consolidations. prepayments. and reductions authorized by this Service
and Assessment Plan.
Administrator or the Town and permitted by the Act: (i) the identification of each Parcel,
(ii) the Assessment for each Parcel, including any adjustments authorized by this
issuance of the Bonds. This update shall reflect the actual interest on the Bonds at
which the Annual Installments shall be p d. anyreduction in the Assessments. changes
270
E. Severabilitv
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.
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Exhibit B-1
ESTIMATED PID COSTS
274
Exhibit C
DIAGRAM OF THE AUTHORIZED IMPROVEMENTS
276