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ORD. 2021-15 - PID Service & Assessment Plan TOWN OF TROPHY CLUB ORDINANCE NO. 2021-15 AN ORDINANCE OF THE TOWN COUNCIL OF THE TOWN OF TROPHY CLUB, TEXAS ACCEPTING AND APPROVING AN UPDATE OF THE SERVICE AND ASSESSMENT PLAN AND AN UPDATED ASSESSMENT ROLL FOR THE TOWN OF TROPHY CLUB PUBLIC IMPROVEMENT DISTRICT NO. 1 ("PID") IN COMPLIANCE WITH CHAPTER 372 (AUTHORIZED IMPROVEMENT ASSESSMENT); MAKING AND ADOPTING FINDINGS; PROVIDING FOR THE INCORPORATION OF FINDINGS; ACCEPTING AND APPROVING THE ANNUAL SERVICE PLAN UPDATE AND UPDATED ASSESSMENT ROLL FOR PID ATTACHED AS EXHIBIT "A" HERETO; PROVIDING A CUMULATIVE REPEALER CLAUSE; PROVIDING SEVERABILITY, PROVIDING FOR ENGROSSMENT AND ENROLLMENT; AND PROVIDING AN EFFECTIVE DATE. WHEREAS, on May 7, 2007, after due notice, the Town Council of the Town of Trophy Club, Texas (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 Public Improvement District Assessment Act, Chapter 372, Texas Local Government Code, as amended (the `PID Act") and made the findings required by Sec. 372.009(b) of the PID Act and, by Resolution No. 2007-08 adopted by a majority of the members of the Town Council, authorized the PID in accordance with its finding as to the advisability of the public improvements and services; and WHEREAS, on November 5, 2007, after notice and a public hearing conducted in the manner required by law, the Town Council adopted Ordinance No. 2007-29, which was supplemented by Ordinance No. 2009-24 adopted by the Town Council on September 28, 2009 (as supplemented, the "Assessment Ordinance"); and WHEREAS, on December 13, 2007, the Town Council issued special assessment revenue bonds secured by the assessments levied pursuant to the Assessment Ordinance (the "2007 Bonds"); and WHEREAS, on December 22, 2015, the Town Council issued special assessment revenue refunding bonds (the "2015 Bonds"), to refund in full the 2007 Bonds, such 2015 Bonds being secured by the assessments levied pursuant to the Assessment Ordinance; and WHEREAS, Section 372.013 of the PID Act and the Service and Assessment Plan require that the Service and Assessment Plan and Assessment Roll be annually reviewed and updated; and WHEREAS, pursuant to the issuance of the 2015 Bonds, the Service and Assessment Plan should be updated to reflect the issuance of the 2015 Bonds; and WHEREAS, the Annual Service Plan Update and updated Assessment Roll attached as Exhibit "A" hereto conform the original Assessment Roll to the principal and interest payment schedule required for the 2015 Bonds, thereby reducing the amounts listed on the original Assessment Roll, and update the Assessment Roll to reflect prepayments, property divisions and changes to the budget allocation for District public improvements that occur during the year, if any; and WHEREAS, the Town Council now desires to proceed with the adoption of this Ordinance which supplements the Assessment Ordinance and approves and adopts the Annual Service Plan Update and the Updated Assessment Roll attached thereto, in conformity with the requirements of the PID Act, for the fiscal year beginning October 1, 2021, and ending September 30, 2022. NOW, THEREFORE, BE IT ORDAINED BY THE TOWN COUNCIL OF THE TOWN OF TROPHY CLUB, TEXAS: SECTION 1. INCORPORATION OF FINDINGS The findings and determinations set forth in the preambles above are incorporated herein for all purposes and are hereby adopted. SECTION 2. ANNUAL SERVICE PLAN UPDATE AND UPDATED ASSESSMENT ROLL The Annual Service Plan Update and Updated Assessment Roll attached hereto as Exhibit "A" are hereby accepted and approved and compliance with the PID Act in all matters is required. SECTION 3. CUMULATIVE REPEALER That this Ordinance shall be cumulative of all other Ordinances and shall not repeal any of the provisions of such Ordinances except for those instances where there are direct conflicts with the provisions of this Ordinance. Ordinances or parts thereof in force at the time this Ordinance shall take effect and that are inconsistent with this Ordinance are hereby repealed to the extent that they are inconsistent with this Ordinance. Provided however, that any complaint, action, claim, or lawsuit which has been initiated or has arisen under or pursuant to such Ordinance on the date of adoption of this Ordinance shall continue to be governed by the provisions of that Ordinance and for that purpose the Ordinance shall remain in full force and effect. ORD 2021-15 Page 2 of 4 SECTION 4. 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 5. ENGROSSMENT AND ENROLLMENT The Town Secretary of the Town of Trophy Club is hereby directed to engross and enroll this Ordinance by filing this Ordinance in the ordinance records of the Town as required in the Town Charter. SECTION 6. EFFECTIVE DATE This Ordinance shall take effect, and the levy of the Assessments, and the provisions and terms of the Plan shall be and become effective on upon passage and execution hereof in accordance with the law. ADOPTED, PASSED, and APPROVED by the Town Council, by a vote of members voting "for", I- members voting "against", and with absentees on this 24th day of August 2021. pF TRpp a, , oy� ti� /Allcia L. Fleury, a r own of Trophy u b, Texas C EAE] 92GgRY 1 �9�'h ATTEST: AP OVED TO F M: 'Le�6a Vacek, Town Secretary J. PaVrd Dodd III, Town Attorney wn of Trophy Club, Texas T wn of Trophy Club, Texas ORD 2021-15 Page 3 of 4 Exhibit "A" Annual Service Plan Update and Updated Assessment Roll ,finance w�v�r ilct PLM, ri��PL �211 R ACE �2 aI4'( Cl'�B p4) c of �o o lF 0w '4c LU� CSU ' S p,T 'f R KIG�-t1,A � � Z4,ZQZ1 Rep°r�t���e AU ce ��nan P,a bj�c ate rtnerships Pupopn`en�,co 4m`Gs C�e c) tnergy BQr'ds Cxean ta 8117 Preston Road,Suite 300 www.FinanceDTA.com Dallas,TX 75225 TOWN OF TROPHY CLUB TOWN OF TROPHY CLUB ANNUAL SERVICE PLAN UPDATE (2021) TOWN OF TROPHY CLUB PUBLIC IMPROVEMENT DISTRICT NO. 1 (PID4) THE HIGHLANDS AT TROPHY CLUB Prepared for: The Town of Trophy Club 1 Trophy Wood Drive Trophy Club,TX 76262 138 TABLE OF CONTENTS SECTION I PLAN DESCRIPTION AND DEFINED TERMS.......1 AIntroduction.....................................................................1 II UPDATE OF THE SERVICE PLAN .........................2 A Annual Budget for the Public Improvements.................................................................2 B Annual Installments.......................................................3 C Estimated vs. Actual Costs of Authorized Improvements.................................................................4 D Description of Projects..................................................5 E Annual Budget for the Repayment of Indebtedness...................................................................6 FPrepayments....................................................................6 III UPDATE OF THE ASSESSMENT PLAN.................9 IV UPDATE OF THE ASSESSMENT ROLL...............10 APPENDICES APPENDIX A ASSESSMENT ROLL 139 SECTION I PLAN DESCRIPTION AND DEFINED dta TERMS www.FinanceDTA.com I PLAN DESCRIPTION AND DEFINED TERMS A Introduction The Town of Trophy Club Public Improvement District No. 1 (the "PID") was created pursuant to the Public Improvement District Assessment Act, Subchapter A of Chapter 372, Texas Local Government Code, as amended (the "PID Act") and a resolution of the Town Council(the "Council") on April 16, 2007 to finance certain public improvement projects for the benefit of the property in the PID.The Town of Trophy Club Public Improvement District No. 1 Special Assessment Revenue Bonds, Series 2007 (the "2007 Bonds") in the aggregate principal amount of $27,500,000 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 (the "Authorized Improvements"). Refunding of the 2007 Bonds occurred in December 2015 through the issuance of the Town of Trophy Club Public Improvement District No. 1 Special Assessment Revenue Refunding Bonds, Series 2015 (the "2015 Bonds") in the aggregate principal amount of$26,154,979. All funds have been expended for the acquisition, construction and maintenance of the Authorized Improvements, and no further expenditures are anticipated to be made for such purposes. A service and assessment plan (the "Service and Assessment Plan") was prepared at the direction of the Town identifying the Authorized Improvements to be provided by the PID, the costs of the Authorized Improvements, the indebtedness to be incurred for the Authorized Improvements,and the manner of assessing the property in the PID for the costs of the Authorized Improvements. Pursuant to Sections 372.013, 372.014, and 372.015 of the PID Act, the Service and Assessment Plan is to be reviewed and updated annually. The update of the Service and Assessment Plan (the "Annual Service and Assessment Plan Update")for 2021 includes the 2021 assessment roll (the"2021 Assessment Roll")identifying the assessments on each parcel,based on the method of assessment set forth in the Service and Assessment Plan,as amended,and pursuant to this Annual Service Plan Update.Section 372.015 of the PID Act states that the governing body of the municipality shall apportion the cost of an improvement to be assessed against property in an improvement district,and the apportionment shall be made on the basis of special benefits accruing to the property because of the improvement. The method of assessing the costs of the Authorized Improvements to the property in the PID is summarized in Section III of this Annual Service and Assessment Plan Update. 140 Town of Trophy Club,Trophy Club PID No.1(PID4) August 24,2021 Annual Service Plan Update(2021) 1 SECTION II tctUPDATE OF THE SERVICE PLAN www.FinanceDTA.com II UPDATE OF THE SERVICE PLAN A Annual Budget for the Public Improvements Table II-1 below shows the sources and uses of funds for the 2015 Bonds. As also shown in Table U-1, the current PID indebtedness is the $26,154,979 par amount of the 2015 Bonds, which are to be repaid from Assessments. Pursuant to the PID Act, a service plan must cover a period Of at least five years (Sec. 372.013(b)). The projected Assessment Installments and annual debt service related to the Authorized Improvements are shown in Table II-2 on the following page. Table 1I-1: Sources and Uses of Funds SOURM OF FUNDS Par Amount of Bonds $26,154,979.00 Reoffering Premium $4,482,842.45 Transfer from Lawfully Available Funds $2,781,503.81 TOTAL SOURCES OF FUNDS $33,419.325.26 USE OF FUNDS Total Underwriter's Discount $179,005.53 Costs of Issuance $550,000.00 Gross Bond Insurance Premium $413,130.74 Deposit to Debt Service Reserve Fund $2,200,000.00 Deposit to Net Cash Escrow Fund $29,734,499.88 Prepayment/Delinquency Fund $250,000.00 Collection Costs Fund' $90,000.00 Deposit to Bond Fund $2,689.11 TOTAL USES OF FUNDS $33,419,325.26 1"Collection Costs Fund"refers to the Administrative Fund as defined in the Indenture. 141 Town of Trophy Club,Trophy Club PID No.1(PID4) August 24,2021 Annual Service Plan Update(2021) 2 SECTION II tctUPDATE OF THE SERVICE PLAN www.Finar.ceDTA.com Table II-2: Cash Flow Projections Description Total Tax Year Revenues Assessment Installments(Debt $11,471,153 $2,232,423 $2,261,888 $2,296,618 $2318,843 $2,361,383 Service) Collection Costs $247,211 $47,981 $48,701 $49,431 $50,173 $50,925 Total Revenue $$11,718,363 $2.280.4031 $2,310,5881 $2,346,049 $2,369,015 $2,412,308 Expendtures Interest $3,698,153 $832,423 $792,888 $747,618 $691,843 $6.33,383 Principal $7,773,000 $1A00,000 $1A69,000 $1,549,000 $1,627,000 $1728,000 Collection Costs $247,211 $47,981 $48101 $49A31 $50,173 $50,925 Total Expeneitures $11,718,363 $2,280403 $2,310,588 $2,346,049 $2,369,015 $2,412,308 Less Credits Due to $317:561 $63,512 $63:512 $63:512 $63:512 $63:512 Refunding Total Net of Rehmdnq $11.400.602 $2216.691 $2,247.076 $2.262.536 $2,30S.SC3 $2.348.796 Note: *May not sum due to rounding. B Annual Installments The Assessment imposed on any parcel may be paid in full at any time. If not paid in full, the Assessments are payable in annual installments of principal and interest (the"Annual Installments")the last of which is scheduled for the 2032 tax year. Pursuant to the Service and Assessment Plan, each Assessment bears interest at the rate of interest borne by the 2015 Bonds. The 2021 Annual Installments shall be billed by the Town in 2021 and will be delinquent on February 1, 2022. Pursuant to the Service and Assessment Plan, the Annual Service Plan Update shall show the remaining balance of the Assessments, the Annual Installment and the Annual Collection Costs to be collected from each Parcel2. Annual Collection Costs shall be allocated to each Parcel pro rata based upon the amount the Annual Installment on a Parcel bears to the amount of Annual Installments in the PID as a whole that are payable at the time of such allocation. Each Annual Installment shall be reduced by any credits applied under the Indenture. z Parcel shall be as defined in the Service and Assessment Plan. 142 Town of Trophy Club,Trophy Club PID No.1(PID4) August 24,2021 Annual Service Plan Update(2021) 3 SECTION II tcLUPDATE OF THE SERVICE PLAN www.FinanceDTA.com C Estimated vs. Actual Costs of Authorized Improvements The original estimated cost of the Authorized Improvements as set forth in the Service and Assessment Plan, including contingency, was $22,438,977, with $20,449,965 allocated to the PID as shown in Table II-3 on the following page. The 2016 Annual Service and Assessment Plan Update revised the cost for the Authorized Improvements to $22,704,189 which reflects actual costs to-date, with $20,703,427 allocated to the PID. As stated above in the Introduction to this Annual Service and Assessment Plan Update, all funds have been expended for the acquisition, construction and maintenance of the Authorized Improvements and no further expenditures are anticipated to be made for such purposes. Table II-3: Actual v. Estimated Costs of the Project COSTSACTUAL ORIGINAL PROJECT ExPENDED PID COST STATUS LARD COSTS THOROUGHFARE h4PROVEMENTS Thoroughfare Improvements South of NW Pk $2,976,933 $3,046,144 100% Thoroughfare Improvements not South of NW Pk $5,197,124 $3,794,484 100% WATER PROJECTS Water Distribution System $1,064,797 $1,148,100 100% Elevated Water Tank $1,032,838 $960,000 100% Wastewater Collection System $941,591 $796,050 100% TRAILS, LANDSCAPING/IRRIGATION, b SCREENING WALLS Trail System and Open Space $922,863 $1,011,039 100% Thoroughfare Landscaping and Irrigation $1,393,452 $1,916,746 100% Screening Walls and Neighborhood Entry $1,201,681 $700,000 100% Features MONUMENT Development Signature Monument $0 $0 100% PARKS Public Parks $4,914,806 $4,914,916 100% Park Drainage Improvements $1,048,799 $925,049 100% TOTAL HARD COSTS $20,694,884 $19,212,528 100% SOFT COSTS Construction Administration/Management $8,543 $50,000 100% Contin enc 3 $1,187,437 100% GRAND TOTAL $20,703,427 $20,449,965 100% 3 Contingency funds have been expended and are reflected in the actual costs expended for each improvement category above. 143 Town of Trophy Club,Trophy Club PID No.1(PID4) August 24,2021 Annual Service Plan Update(2021) /4 SECTION II tctUPDATE OF THE SERVICE PLAN www.FinanceDTA.com D Description of Projects The PID consists of approximately 1,409 residential units, two parks, entry monuments, and associated rights-of-way, landscaping, and infrastructure necessary to provide roadways, drainage and utilities to the PID. A brief description of the Authorized Improvement projects follows below. 1. Thoroughfare Improvements Northwest Parkway, Trophy Club Drive South of Northwest Parkway, and Intersection Improvements. 2. Thoroughfare Improvements Trophy Club Drive other than South of Northwest Parkway, Trophy Club Park Drive. 3. Water Distribution System 12"/16" water line; 12" water lines in Trophy Club Drive, along Marshall Creek Road West, and in School Site Oversizing. 4. Elevated Water Tank S. Wastewater Collection System Sanitary sewer line within Trophy Club Drive and sewer line to existing system. 6. Trail System and Open Space Improvements to the trail system include the construction of new access paths (including paving) to the Town's existing parks and green space. 7. Thoroughfare Landscaping and Irrigation Thoroughfare streetscape, median landscaping, sidewalks, irrigation ponds, and irrigation wells. 8. Screening Walls and Neighborhood Entry Features Trophy Club Drive decorative masonry screening walls, Marshall Creek Road East thin screening wall, and neighborhood entry features. 9. Development Signature Monument (Tower) 10. Public Parks Improvements to the Northeast and Northwest parks including playgrounds,pavilions,restrooms,soccer fields,baseball fields,and aquatic facility. 144 Town of Trophy Club,Trophy Club PID No.1(PID4) August 24,2021 Annual Service Plan Update(2021) 5 SECTION II tctUPDATE OF THE SERVICE PLAN www.FinanceDTA.com 11. Park Drainage Improvements The park drainage improvements consist of burying drainage improvements to the land on which the improvements are located so that the recovered land can be used for a park and commercial development. 12. Construction Administration/Management E Annual Budget for the Repayment of Indebtedness PID budgeted revenues and expenditures as well as a year-end cash flow analysis are shown by Table II-4. The 2021 Annual Installments equal $2,216,891.25 and reflect a credit resulting from the refunding of the 2007 Bonds in December 2015. Table 11-4: 2021 Budget for Annual Installments �1l11! i Annual Instalments to be Collected(Debt Service) $2,168,910.31 Annual Installments to be Collected (Collection Costs) $47,980.94 Total Annual Installments to be Collected $2216,891.25 Add: Credit Due to Refunding $63,512.19 Subtotal Revenues $2,280,403.44 Interest Payment on June 1, 2022 ($424,961.25) Interest Payment.on December 1, 2022 ($407,461.25) Principal Payment on June 1, 2022 ($1,400,000.00) Subtotal Debt Service ($2232,422.50) Budgeted Collection Costs ($47,980.94) Subtotal Expenditures ($2280,403.44) F Prepayments Debt service on the 2015 Bonds reflects the redemption of bonds from Assessment prepayments and/or from funds transferred to the Redemption Fund. Table II-6 lists the parcels for which prepayment was received in 2016 through 2019. Prior to 2016, assessments were prepaid for parcels 533293, 533259, 533337, 583659, 583498, 470263, 470265, 470249, 534877, 470253, 469327, 465559, 534876, 498935, 533413, 567359, 558503, 558502, 558370, 583378, 469281, 557674, 465572, and 558448. In addition, mandatory Assessment prepayments were made in connection with the reduction of one unit within Phase 3C Neighborhood 7 and the reclassification of Phases I, IIA, and IIB of the Neighborhood 8 parcels in 2010, 2012, and 2013,respectively. 145 Town of Trophy Club,Trophy Club PID No.1(PID4) August 24,2021 Annual Service Plan Update(2021) SECTION( II dtaUPDATE OF THE SERVICE PLAN www.FinanceDTA.com Table II-5: Principal Redeemed from Prepayments REDEMPTION DATE BONDs REDEEMED May 31, 2016 $16,000.00 September 2, 2016 $49,000.00 March 15, 2017 $33,000.00 June 30, 2017 $34,000.00 February 28, 2018 $43,000.00 TOTAL AMOUNT REDEEMED $175,000.00 Table II-6: 2016-2021 Prepaid Parcels PRINCIPALPARCEL NUMBER 635087 $16,974.15 583521 $20,807.03 533318 $27,377.67 635079 $16,727.35 635149 $16,727.35 558342 $16,727.35 635113 $16,727.35 469290 $26,568.79 635088 $16,572.69 470252 $20,232.28 583484 $16,518.51 557655 $13,416.69 583586 $18,174.35 TOTAL PRINCIPAL PREPAID $243,551.60 According to the Service and Assessment Plan, 1,474 units were estimated to be built within the PID, representing a total of 986.19 Equivalent Units. Note, however, that Phases I, IIA, and IIB of the Preliminary Plat of The Highlands at Trophy Club Neighborhood 8 and corresponding to the amended Service and Assessment Plan Update approved by the Town on September 27, 2010, resulted in a reduction of Equivalents Units and a corresponding Assessment prepayment. The current totals are shown in Table II-7 below. 146 Town of Trophy Club,Trophy Club PID No.1(PID4) August 24,2021 Annual Service Plan Update(2021) 7 SECTION II tctUPDATE OF THE SERVICE PLAN www.FinanceDTA.com The Annual Installment for each Lot Type is calculated by multiplying the Annual Installment for one Equivalent Unit by the equivalent unit factor for each Lot Type. The Annual Installment to be collected from each of the remaining Lot Types is calculated and shown in Table II-7 below. Table II-7: Annual Installment per Lot Type Total EstimatedLot Total Per PbIPeT Collection Type ru Installment Units (EU) Unit Eli Costs Y Mer EU ! er Unit, Type 1 156 1.00 156 $2,292.26 $50.71 $2,342.97 $2342.97 1365,502.74 Type 2 493 0,76 374.7 $2,292.26 $50.71 $2,342.97 $1,780.65 $877,862.60 Type 3 365 0.62 226.3 $2,292.26 $.50.71 $2,342.97 $1,452.64 $530,213.27 Type 4 1 357 1 0.53 189.2 $2,292.261 $50.71 $2,342.97 $1,241.77 $443,312.65 Type 5¢ 0 0.44 0 $2,292.26 $50.71 $2,342.97 $1,030.91 $0.00 Total 1.371 NIA 946.2 NIA N1A NIA NIA $2216,891.25 147 Town of Trophy Club,Trophy Club PID No.1 WIN) August 24,2021 Annual Service Plan Update(2021) 8 SECTION III UPDATE OF THE ASSESSMENT dta PLAN www.FinanceDTA.com III UPDATE OF THE ASSESSMENT PLAN The Service and Assessment Plan, as amended by the Town pursuant to ordinance 2010- 24 adopted September 27, 2010,provides for the "Assessed Property"to be classified into one of five categories for purpose of allocating the Assessments, as follows: i. Lot Type 1 (12,000 square foot minimum lots), ii. Lot Type 2 (10,000 square foot minimum lots), iii. Lot Type 3 (8,400 square foot minimum lots), iv. Lot Type 4 (5,250 square foot minimum lots), and V. Lot Type S (3,000 square foot minimum lots). The Service and Assessment Plan identified Equivalent Units for each Lot Type as follows: Lot Type 1 Lots 1.00 per dwelling unit Lot Type 2 Lots 0.76 per dwelling unit Lot Type 3 Lots 0.62 per dwelling unit Lot Type 4 Lots 0.53 per dwelling unit Lot Type S Lots 0.44 per dwelling unit The equivalent unit values are the ratio of the Assessments as allocated to each lot in each property class and are based on the average estimated unit value for each class. 148 Town of Trophy Club,Trophy Club PID No.1(PID4) August 24,2021 Annual Service Plan Update(2021) 9 SECTION III UPDATE OF THE ASSESSMENT t(I ROLL www.FinanceDTA.com IV UPDATE OF THE ASSESSMENT ROLL The Assessment Roll is to be updated each year to reflect: The identification of each Assessed Parcel in the PID (including, if available, the tax parcel identification number for such Parcel), (ii) the Assessments, including any adjustments as provided for in the Service and Assessment Plan or in the Act; (iii) the Annual Installment for the relevant year (if such Assessment is payable) for each Parcel; (iv)prepayments of the Assessments as provided for in this Service and Assessment Plan and (B) any other changes helpful to the administration of the PID and permitted by law. The 2021 Assessment Roll is shown in Appendix A. Each Parcel is identified, along with the Assessment on each Parcel and the Annual Installment to be collected for 2021. Assessments are to be reallocated for the subdivision of any Parcels.According to the Service and Assessment Plan, upon the subdivision of any Parcel, the Administrator shall reallocate the Assessment for the Parcel prior to the subdivision among the new subdivided Parcels according to the following formula: A = Bx (C - D) Where the terms have the following meanings: A = the Assessment for each new subdivided Parcel. B = the Assessment for the Parcel prior to subdivision. C = the Equivalent Units allocated to each newly subdivided Parcel D = the sum or 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. There have been no parcel subdivisions since the last update of the Assessment Plan in 2017. The list of current parcels within the PID, the anticipated land use, the estimated number of units by lot type to be developed on the current residential parcels, the corresponding total assessments and current annual installment are shown in the 2021 Assessment Roll attached hereto as Appendix A. The complete 2021 Assessment Roll is also available at the Town of Trophy Club, 1 Trophy Wood Drive, Trophy Club, Texas, 76262. 149 Town of Trophy Club,Trophy Club PID No.1(PID4) August 24,2021 Annual Service Plan Update(2021) 10 APPENDIX A Town of Trophy Club Annual Service Plan Update (2021) Trophy Club Public Improvement District No. 1 (PID4) ASSESSMENT ROLL 1371 PAGES,AVAILABLE UPON REQUEST AT TOWN HALL 150 ,Ace ID .8"17 DALE kb()O) gr 09-ADate 'Tp' pubic Fi.�a�Ps Pat IAO cs t tc ovxds evexo vAe"