HomeMy WebLinkAboutOrd 1163-2025-08 Approving an Amended and Restated Service & Assessment Plan for Sherley Tract PID 2
SHERLEY TRACT PUBLIC IMPROVEMENT DISTRICT NO. 2
2025 AMENDED AND RESTATED SERVICE AND ASSESSMENT PLAN 0
AUSTIN, TX | NORTH RICHLAND HILLS, TX | HOUSTON, TX
Sherley Tract Public
Improvement District No. 2
2025 AMENDED AND RESTATED SERVICE AND ASSESSMENT
PLAN
AUGUST 26, 2025
SHERLEY TRACT PUBLIC IMPROVEMENT DISTRICT NO. 2
2025 AMENDED AND RESTATED SERVICE AND ASSESSMENT PLAN 1
TABLE OF CONTENTS
Table of Contents .......................................................................................................................... 1
Introduction .................................................................................................................................. 3
Section I: Definitions ..................................................................................................................... 5
Section II: The District ................................................................................................................. 13
Section III: Authorized Improvements and Bond Issuance Costs ................................................. 13
Section IV: Service Plan ............................................................................................................... 16
Section V: Assessment Plan ......................................................................................................... 16
Section VI: Terms of the Assessments ......................................................................................... 22
Section VII: Assessment Roll ....................................................................................................... 28
Section VIII: Additional Provisions ............................................................................................... 29
Section IX: Additional Information .............................................................................................. 30
Exhibits .......................................................................................................................................... 0
Appendices ................................................................................................................................... 1
Exhibit A‐1 – Map of the District ................................................................................................... 2
Exhibit A‐2 – Map of Improvement Area #1 and the Major Improvement Area ........................... 3
Exhibit B – Project Costs ................................................................................................................ 4
Exhibit C – Service Plan ................................................................................................................. 5
Exhibit D – Sources and Uses of Funds .......................................................................................... 6
Exhibit E‐1 – Improvement Area #1 Assessment Roll .................................................................... 8
Exhibit E‐2 – Improvement Area #1 Annual Installments ............................................................ 21
Exhibit F‐1 – Major Improvement Area Assessment Roll ............................................................ 22
Exhibit F‐2 – Major Improvement Area Annual Installments ...................................................... 23
Exhibit G‐1 – Maps of Improvement Area #1 Improvements ...................................................... 24
Exhibit G‐2 – Maps of Major Improvements ............................................................................... 28
Exhibit H – Maximum Assessment and Tax Rate Equivalent ....................................................... 32
Exhibit I – TIRZ No. 3 Annual Credit Amount by Lot Type ............................................................ 33
Exhibit J – Form of Notice of Assessment Termination ............................................................... 34
Exhibit K‐1 – Debt Service Schedule for the Improvement Area #1 Initial Bonds ........................ 37
Exhibit K‐2 – Debt Service Schedule for Improvement Area #1 Additional Bonds....................... 40
Exhibit K‐3 – Debt Service Schedule for the Major Improvement Area Bonds ............................ 41
SHERLEY TRACT PUBLIC IMPROVEMENT DISTRICT NO. 2
2025 AMENDED AND RESTATED SERVICE AND ASSESSMENT PLAN 2
Exhibit L‐1 – District Legal Description ........................................................................................ 44
Exhibit L‐2 – Improvement Area #1 Legal Description ................................................................ 49
Exhibit L‐3 – Major Improvement Area Legal Description ........................................................... 55
Appendix A – Engineer’s Report .................................................................................................. 66
Appendix B – Buyer Disclosures .................................................................................................. 78
SHERLEY TRACT PUBLIC IMPROVEMENT DISTRICT NO. 2
2025 AMENDED AND RESTATED SERVICE AND ASSESSMENT PLAN 3
INTRODUCTION
Capitalized terms used in this 2025 Amended and Restated Service and Assessment Plan shall
have the meanings given to them in Section I unless otherwise defined in this 2025 Amended and
Restated Service and Assessment Plan or unless the context in which a term is used clearly
requires a different meaning. Unless otherwise defined, a reference to a “Section,” an “Exhibit,”
or an “Appendix” shall be a reference to a Section of this 2025 Amended and Restated Service
and Assessment Plan or an Exhibit or Appendix attached to and made a part of this 2025
Amended and Restated Service and Assessment Plan for all purposes.
On December 8, 2020, the City Council passed and approved Resolution No. 2020‐12‐839
authorizing the establishment of Sherley Tract Public Improvement District No. 2 in accordance
with Chapter 372, Texas Local Government Code, which authorization was effective upon
publication as required by the PID Act. The purpose of the District is to finance the Actual Costs
of Authorized Improvements that confer a special benefit on approximately 289.751 acres
located within the corporate limits of the City, as described by the legal description on Exhibit L‐
1 and depicted on Exhibit A‐1.
On July 27, 2021, the City Council approved Ordinance No. 925‐2021 which approved the 2021
Service and Assessment Plan for the District and levied Assessments to finance the Authorized
Improvements to be constructed for the benefit of the Assessed Property within the District. The
2021 Service and Assessment Plan also identified the Authorized Improvements to be provided
by the District, the costs of the Authorized Improvements, the indebtedness to be incurred for
such Authorized Improvements, and the manner of assessing the property in the District for the
costs of such Authorized Improvements based on the benefit provided to the Assessed Property.
On July 26, 2022, the City Council approved the 2022 Annual Service Plan Update for the District
by Ordinance No. 986‐2022, which updated the Improvement Area #1 Assessment Roll and Major
Improvement Area Assessment Roll for 2022.
On July 11, 2023, the City Council approved the 2023 Annual Service Plan Update for the District
by Ordinance No. 1059‐2023‐07, which updated the Improvement Area #1 Assessment Roll and
Major Improvement Area Assessment Roll for 2023.
On August 27, 2024, the City Council approved the 2024 Annual Service Plan Update for the
District by Ordinance No. 1115‐2024‐08, which updated the Improvement Area #1 Assessment
Roll and the Major Improvement Area Assessment Roll for 2024.
SHERLEY TRACT PUBLIC IMPROVEMENT DISTRICT NO. 2
2025 AMENDED AND RESTATED SERVICE AND ASSESSMENT PLAN 4
This 2025 Amended and Restated Service and Assessment Plan serves to amend and restate the
2021 Service and Assessment Plan, including all previously approved Annual Service Plan
Updates, in its entirety for the purposes of (1) issuing the Improvement Area #1 Additional Bonds
to satisfy the Improvement Area #1 Reimbursement Obligation and (2) updating the Assessment
Rolls. The Improvement Area #1 Additional Bonds are being issued to refinance the Improvement
Area #1 Reimbursement Obligation, and upon the payment of the Improvement Area #1
Reimbursement Obligation, the Improvement Area #1 Reimbursement Agreement will
terminate.
The PID Act requires a service plan covering a period of at least five years and defining the annual
indebtedness and projected cost of the Authorized Improvements and including a copy of the
notice form required by Section 5.014 of the Texas Property Code, as amended. The Service Plan
is contained in Section IV and the notice form is attached as Appendix B.
The PID Act requires that the Service Plan include an Assessment Plan that assesses the Actual
Costs of the Authorized Improvements against the Assessed Property within the District based
on the special benefits conferred on such property by the Authorized Improvements. The
Assessment Plan is contained in Section V.
The PID Act requires an Assessment Roll that states the Assessment against each Parcel
determined by the method chosen by the City Council. The Assessment against each Parcel of
Assessed Property must be sufficient to pay the share of the Actual Costs of the Authorized
Improvements apportioned to such Parcel and cannot exceed the special benefit conferred on
the Parcel by such Authorized Improvements. The Assessment Roll for Improvement Area #1 is
included as Exhibit E‐1. The Assessment Roll for the Major Improvement Area is included as
Exhibit F‐1.
SHERLEY TRACT PUBLIC IMPROVEMENT DISTRICT NO. 2
2025 AMENDED AND RESTATED SERVICE AND ASSESSMENT PLAN 5
SECTION I: DEFINITIONS
“2021 Assessment Ordinance” means the Assessment Ordinance No. 925‐2021 approved and
adopted by the City Council on July 27, 2021, which levied the Assessments against Parcels of
Assessed Property within Improvement Area #1 and the Major Improvement Area and approved
the 2021 Service and Assessment Plan.
“2021 Service and Assessment Plan” means the Sherley Tract Public Improvement District No. 2
Service and Assessment Plan as approved on July 27, 2021, by the 2021 Assessment Ordinance,
which is replaced in its entirety by this 2025 Amended and Restated Service and Assessment Plan.
“2025 Amended and Restated Service and Assessment Plan” means this Sherley Tract Public
Improvement District No. 2 2025 Amended and Restated Service and Assessment Plan as
updated, amended, or supplemented from time to time.
“Actual Costs” mean with respect to Authorized Improvements, the actual costs paid or incurred
by or on behalf of the Owner, including: (1) the costs incurred by or on behalf of the Owner (either
directly or through affiliates) for the design, planning, financing, administration/management,
acquisition, installation, construction and/or implementation of such Authorized Improvements;
(2) the fees paid for obtaining permits, licenses, or other governmental approvals for such
Authorized Improvements; (3) the costs incurred by or on behalf of the Owner for external
professional costs, such as engineering, geotechnical, surveying, land planning, architectural
landscapers, appraisals, legal, accounting, and similar professional services; (4) all labor, bonds,
and materials, including equipment and fixtures, by contractors, builders, and materialmen in
connection with the acquisition, construction, or implementation of the Authorized
Improvements; (5) all related permitting and public approval expenses, architectural,
engineering, and consulting fees, and governmental fees and charges.
“Additional Interest” means the amount collected by application of the Additional Interest Rate.
“Additional Interest Rate” means the up to 0.50% additional interest rate that may be charged
on Assessments securing PID Bonds pursuant to Section 372.018 of the PID Act.
“Administrator” means the City or independent firm designated by the City who shall have the
responsibilities provided in this 2025 Amended and Restated Service and Assessment Plan, any
Indenture, or any other agreement or document approved by the City related to the duties and
responsibilities of the administration of the District. The initial Administrator is P3Works, LLC.
“Annual Collection Costs” mean the actual or budgeted costs and expenses related to the
operation of the District, including, but not limited to, costs and expenses for: (1) the
Administrator; (2) City staff; (3) legal counsel, engineers, accountants, financial advisors, and
SHERLEY TRACT PUBLIC IMPROVEMENT DISTRICT NO. 2
2025 AMENDED AND RESTATED SERVICE AND ASSESSMENT PLAN 6
other consultants engaged by the City; (4) calculating, collecting, and maintaining records with
respect to Assessments and Annual Installments; (5) preparing and maintaining records with
respect to Assessment Rolls and Annual Service Plan Updates; (6) paying and redeeming PID
Bonds; (7) investing or depositing Assessments and Annual Installments; (8) complying with this
2025 Amended and Restated Service and Assessment Plan and the PID Act with respect to the
PID Bonds, including the City’s continuing disclosure requirements; and (9) the paying
agent/registrar and Trustee in connection with PID Bonds, including their respective legal
counsel. Annual Collection Costs collected but not expended in any year shall be carried forward
and applied to reduce Annual Collection Costs for subsequent years.
“Annual Installment” means the annual installment payment of an Assessment as calculated by
the Administrator and approved by the City Council, that includes: (1) principal; (2) interest; (3)
Annual Collection Costs; and (4) Additional Interest, if applicable.
“Annual Service Plan Update” means an update to this 2025 Amended and Restated Service and
Assessment Plan prepared no less frequently than annually by the Administrator and approved
by the City Council.
“Assessed Property” means any Parcel within the District against which an Assessment is levied.
“Assessment” means an assessment levied against a Parcel of Assessed Property within the
District, and imposed pursuant to an Assessment Ordinance and the provisions herein, as shown
on an Assessment Roll, subject to reallocation upon the subdivision of such Parcel of Assessed
Property or reduction according to the provisions herein and in the PID Act.
“Assessment Ordinance” means an ordinance adopted by the City Council in accordance with
the PID Act that levies an Assessment on Assessed Property within the District, as shown on any
Assessment Roll.
“Assessment Plan” means the methodology employed to assess the Actual Costs of the
Authorized Improvements against the Assessed Property within the District based on the special
benefits conferred on such property by the Authorized Improvements, more specifically set forth
and described in Section V.
“Assessment Roll” means any assessment roll for the Assessed Property within the District,
including the Major Improvement Area Assessment Roll and the Improvement Area #1
Assessment Roll, as updated, modified or amended from time to time in accordance with the
procedures set forth herein and in the PID Act, including updates prepared in connection with
the issuance of PID Bonds or any Annual Service Plan Update.
SHERLEY TRACT PUBLIC IMPROVEMENT DISTRICT NO. 2
2025 AMENDED AND RESTATED SERVICE AND ASSESSMENT PLAN 7
“Authorized Improvements” means (1) the improvements authorized by Section 372.003 of the
PID Act, as depicted on Exhibit G‐1 and Exhibit G‐2 and described in Section III; (2) Bond Issuance
Costs, and (3) District Formation Costs.
“Bond Issuance Costs” means the costs associated with issuing PID Bonds, including but not
limited to attorney fees, financial advisory fees, consultant fees, initial trustee fee, appraisal fees,
printing costs, publication costs, capitalized interest, reserve fund requirements, underwriter’s
discount, underwriter’s counsel, fees charged by the Texas Attorney General, and any other cost
or expense, including original issue discount, incurred by the City directly associated with the
issuance of any series of PID Bonds.
“City” means the City of Anna, Texas.
“City Council” means the governing body of the City.
“County” means Collin County, Texas.
“Delinquent Collection Costs” mean costs related to the foreclosure on Assessed Property and
the costs of collection of delinquent Assessments, delinquent Annual Installments, or any other
delinquent amounts due under this 2025 Amended and Restated Service and Assessment Plan
including penalties and reasonable attorney’s fees actually paid, but excluding amounts
representing interest and penalty interest.
“Development Agreement” means the Sherley Tract Subdivision Improvement Agreement
approved by the City under Resolution No. 2020‐06‐733 as thereafter may have been amended.
“District” means Sherley Tract Public Improvement District No. 2 containing approximately
289.751 acres located within the corporate limits of the City, and more specifically described in
Exhibit L‐1 and depicted on Exhibit A‐1.
“District Formation Costs” means the costs associated with forming the District, including but
not limited to, attorney fees, and any other cost or expense incurred by the City directly
associated with the establishment of the District.
“Engineer’s Report” means a report provided by a licensed professional engineer that describes
the Authorized Improvements, including their costs, location, and benefit, and is attached hereto
as Appendix A.
“Estimated Buildout Value” means the estimated value of an Assessed Property with fully
constructed buildings, as provided by the Owner and confirmed by the City Council, by
considering such factors as density, lot size, proximity to amenities, view premiums, location,
market conditions, historical sales, builder contracts, discussions with homebuilders, reports
SHERLEY TRACT PUBLIC IMPROVEMENT DISTRICT NO. 2
2025 AMENDED AND RESTATED SERVICE AND ASSESSMENT PLAN 8
from third party consultants, or any other factors that, in the judgment of the City, may impact
value. The Estimated Buildout Value for a Lot is shown on Exhibit H.
“Improvement Area #1” means approximately 109.402 acres located within the District, more
specifically described in Exhibit L‐2 and depicted on Exhibit A‐2.
“Improvement Area #1 Additional Bonds” means those certain “City of Anna, Texas Special
Assessment Revenue Bonds, Series 2025 (Sherley Tract Public Improvement District No. 2
Improvement Area #1 Project)” that are secured by a portion of the Improvement Area #1
Assessments.
“Improvement Area #1 Annual Installment” means the Annual Installment of the Improvement
Area #1 Assessment as calculated by the Administrator and approved by the City Council, that
includes: (1) principal; (2) interest; (3) Annual Collection Costs; and (4) Additional Interest, which
amount may be reduced by the TIRZ No. 3 Annual Credit Amount.
“Improvement Area #1 Assessed Property” means any Parcel within Improvement Area #1
against which an Improvement Area #1 Assessment is levied.
“Improvement Area #1 Assessment” means an Assessment levied against a Parcel of Assessed
Property within Improvement Area #1 and imposed pursuant to the 2021 Assessment Ordinance
and the provisions herein, as shown on the Improvement Area #1 Assessment Roll, subject to
reallocation upon the subdivision of such Parcel or reduction according to the provisions herein
and in the PID Act.
“Improvement Area #1 Assessment Roll” means the Assessment Roll for the Improvement Area
#1 Assessed Property, as updated, modified or amended from time to time in accordance with
the procedures set forth herein and in the PID Act, including any updates prepared in connection
with the issuance of PID Bonds or any Annual Service Plan Updates. The Improvement Area #1
Assessment Roll is included in this 2025 Amended and Restated Service and Assessment Plan as
Exhibit E‐1.
“Improvement Area #1 Initial Bonds” means those certain “City of Anna, Texas, Special
Assessment Revenue Bonds, Series 2021 (Sherley Tract Public Improvement District No. 2
Improvement Area #1 Project)” that are secured by the Improvement Area #1 Assessments.
“Improvement Area #1 Improvements” means the Authorized Improvements which only benefit
the Improvement Area #1 Assessed Property, as further described in Section III.A and depicted
on Exhibit G‐1.
“Improvement Area #1 Initial Parcel” means all of the Improvement Area #1 Assessed Property
against which the entire Improvement Area #1 Assessment was levied at the time the City Council
approved the 2021 Assessment Ordinance.
SHERLEY TRACT PUBLIC IMPROVEMENT DISTRICT NO. 2
2025 AMENDED AND RESTATED SERVICE AND ASSESSMENT PLAN 9
“Improvement Area #1 Projects” means collectively: (1) the pro rata portion of the Major
Improvement costs allocable to Improvement Area #1; (2) the Improvement Area #1
Improvement costs; (3) the Annual Collection Costs related to the Improvement Area #1 Initial
Bonds and the Improvement Area #1 Additional Bonds; and (4) Bond Issuance Costs associated
with the issuance of the Improvement Area #1 Initial Bonds and the Improvement Area #1
Additional Bonds.
“Improvement Area #1 Reimbursement Agreement” means that certain “Sherley Tract Public
Improvement District No. 2 Improvement Area #1 Reimbursement Agreement” effective July 27,
2021, entered into by and between the City and Owner. It is expected that the Improvement Area
#1 Reimbursement Agreement will terminate following the payment of the Improvement Area
#1 Reimbursement Obligation.
“Improvement Area #1 Reimbursement Obligation” means an amount not to exceed $4,157,016
secured by Improvement Area #1 Assessments to be paid to the Owner pursuant to the
Improvement Area #1 Reimbursement Agreement. It is expected that the Improvement Area #1
Reimbursement Obligation will be paid from the proceeds of the Improvement Area #1
Additional Bonds.
“Indenture” means an Indenture of Trust entered into between the City and the Trustee in
connection with the issuance of each series of PID Bonds, as amended or supplemented from
time to time, between the City and the Trustee setting forth terms and conditions related to a
series of PID Bonds.
“Lot” means (1) for any portion of the District for which a final subdivision plat has been recorded
in the plat or official public records of the County, a tract of land described by “lot” in such
subdivision plat; and (2) for any portion of the District for which a subdivision plat has not been
recorded in the plat or official public records of the County, a tract of land anticipated to be
described as a “lot” in a final recorded subdivision plat as shown on a concept plan or a
preliminary plat. A “lot” shall not include real property owned by a government entity, even if
such property is designated as a separate described tract or lot on a recorded subdivision plat.
“Lot Type” means a classification of final building Lots with similar characteristics (e.g. lot size,
home product, Estimated Buildout Value, etc.), as determined by the Administrator and
confirmed by the City Council. In the case of single‐family residential Lots, the Lot Type shall be
further defined by classifying the residential Lots by the Estimated Buildout Value of the Lot as
shown on Exhibit H.
“Lot Type 1” means a Lot in Improvement Area #1 marketed to homebuilders as a 40’ Lot. The
buyer disclosure for Lot Type 1 is attached in Appendix B.
SHERLEY TRACT PUBLIC IMPROVEMENT DISTRICT NO. 2
2025 AMENDED AND RESTATED SERVICE AND ASSESSMENT PLAN 10
“Lot Type 2” means a Lot in Improvement Area #1 marketed to homebuilders as a 50’ Lot. The
buyer disclosure for Lot Type 2 is attached in Appendix B.
“Lot Type 3” means a Lot in Improvement Area #1 marketed to homebuilders as a 60’ Lot. The
buyer disclosure for Lot Type 3 is attached in Appendix B.
“Lot Type 4” means a Lot in Improvement Area #1 marketed to homebuilders as a Townhome
Lot. The buyer disclosure for Lot Type 4 is attached in Appendix B.
“Major Improvement Area” means approximately 180.349 acres located within the District, and
more specifically described in Exhibit L‐3 and depicted on Exhibit A‐2. The Major Improvement
Area includes all of the District save and except Improvement Area #1.
“Major Improvement Area Annual Installment” means the Annual Installment of the Major
Improvement Area Assessment as calculated by the Administrator and approved by the City
Council that includes: (1) principal; (2) interest; (3) Annual Collection Costs; and (4) Additional
Interest.
“Major Improvement Area Assessed Property” means any Parcel of Assessed Property within
the Major Improvement Area against which a Major Improvement Area Assessment is levied.
“Major Improvement Area Assessment” means an Assessment levied against the Major
Improvement Area Assessed Property and imposed pursuant to an Assessment Ordinance and
the provisions herein, as shown on the Major Improvement Area Assessment Roll, subject to
reallocation upon the subdivision of such Parcel or reduction according to the provisions herein
and in the PID Act.
“Major Improvement Area Assessment Roll” means the Assessment Roll for the Major
Improvement Area Assessed Property within the District, as updated, modified or amended from
time to time in accordance with the procedures set forth herein and in the PID Act, including any
Annual Service Plan Updates. The Major Improvement Area Assessment Roll is included in this
2025 Amended and Restated Service and Assessment Plan as Exhibit F‐1.
“Major Improvement Area Bonds” means those certain “City of Anna, Texas, Special Assessment
Revenue Bonds, Series 2021 (Sherley Tract Public Improvement District No. 2 Major
Improvement Area Project).”
“Major Improvement Area Initial Parcel” means all of the Major Improvement Area Assessed
Property against which the entire Major Improvement Area Assessment was levied at the time
the City Council approved the 2021 Assessment Ordinance.
“Major Improvement Area Projects” means collectively: (1) the pro rata portion of the Major
Improvement costs allocable to the Major Improvement Area; (2) the Annual Collection Costs
SHERLEY TRACT PUBLIC IMPROVEMENT DISTRICT NO. 2
2025 AMENDED AND RESTATED SERVICE AND ASSESSMENT PLAN 11
related to the Major Improvement Area Bonds; and (3) Bond Issuance Costs associated with the
issuance of the Major Improvement Area Bonds.
“Major Improvements” means those Authorized Improvements that confer special benefit to all
the Assessed Property within the District, and as further described in Section III.B. and depicted
on Exhibit G‐2.
“Maximum Assessment” means for each Lot, an Assessment equal to the lesser of (1) the
amount calculated pursuant to Section VI.A, or (2) for each Lot Type, the amount shown on
Exhibit H.
“Non‐Benefitted Property” means Parcels within the boundaries of the District that accrue no
special benefit from the Authorized Improvements as determined by the City Council.
“Notice of Assessment Termination” means a document that shall be recorded in the official
public records of the County evidencing the termination of an Assessment, a form of which is
attached as Exhibit J.
“Owner” means MM Anna 325, LLC and any successors or assigns thereof that intends to develop
the property in the District for the ultimate purpose of transferring title to such property to end
users.
“Parcel” or “Parcels” means a specific property within the District identified by either a tax parcel
identification number assigned by the Collin Central Appraisal District for real property tax
purposes, by legal description, or by lot and block number in a final subdivision plat recorded in
the plat or official public records of the County, or by any other means determined by the City.
“PID Act” means Chapter 372, Texas Local Government Code, as amended.
“PID Bonds” means any bonds issued by the City in one or more series and secured in whole or
in part by Assessments.
“Prepayment” means the payment of all or a portion of an Assessment before the due date of
the final Annual Installment thereof. Amounts received at the time of a Prepayment which
represent a payment of principal, interest, or penalties on a delinquent installment of an
Assessment are not to be considered a Prepayment, but rather are to be treated as the payment
of the regularly scheduled Annual Installment.
“Prepayment Costs” means interest, including Additional Interest and Annual Collection Costs to
the date of Prepayment.
“Service Plan” covers a period of at least five years and defines the annual indebtedness and
projected costs of the Authorized Improvements, more specifically described in Section IV.
"TIRZ No. 3" means the Tax Increment Reinvestment Zone Number Three, City of Anna, Texas.
SHERLEY TRACT PUBLIC IMPROVEMENT DISTRICT NO. 2
2025 AMENDED AND RESTATED SERVICE AND ASSESSMENT PLAN 12
"TIRZ No. 3 Agreement" means the Tax Increment Reinvestment Zone No. 3, effective as of July
27, 2021.
"TIRZ No. 3 Annual Credit Amount" is defined in Section V.F, which amount shall not annually
exceed the TIRZ No. 3 Maximum Annual Credit Amount, and which shall be transferred from the
TIRZ No. 3 Fund to the applicable pledged revenue fund pursuant to the TIRZ No. 3 Agreement.
“TIRZ No. 3 PID Account” means an account of the TIRZ No. 3 Fund where the TIRZ No. 3
Revenues are deposited.
"TIRZ No. 3 Project Plan" means the Tax Increment Reinvestment Zone Number Three, City of
Anna, Texas Project and Financing Plan, dated July 27, 2021.
"TIRZ No. 3 Fund" means the tax increment fund created pursuant to the TIRZ No. 3 Ordinance
where TIRZ No. 3 Revenues are deposited annually.
“TIRZ No. 3 Maximum Annual Credit Amount” means for each Lot Type in Improvement Area
#1, the amount of TIRZ No. 3 Revenues that results in an equivalent tax rate of $0.7786 per $100
of assessed value for such Lot Type taking into consideration the tax rates of all applicable
overlapping taxing units at the time PID Bonds are sold for Improvement Area #1, and the
equivalent tax rate of the Improvement Area #1 Annual Installment, based on assumed buildout
at the time the City Council approves the Assessment Ordinance levying the Improvement Area
#1 Assessments. The assumed buildout values per projected Lot Type within Improvement Area
#1 are shown on Exhibit I. The target tax rate equivalent for Lots within Improvement Area #1 is
$0.7786 per $100 of assessed value. Based on the pricing of the Improvement Area #1 Initial
Bonds and the Improvement Area #1 Additional Bonds, the tax rate equivalent is approximately
$0.7604 per $100 of assessed value which is less than the target tax rate. Therefore, the TIRZ No.
3 Maximum Annual Credit Amount per Unit for Lots within Improvement Area #1 is calculated at
$0.00.
"TIRZ No. 3 Ordinance" means Ordinance No. 926‐2021 adopted by the City Council approving
the TIRZ No. 3 Project Plan and authorizing the use of TIRZ No. 3 Revenues for project costs under
the Chapter 311, Texas Tax Code as amended, and related to certain public improvements as
provided for in the TIRZ No. 3 Project Plan.
"TIRZ No. 3 Revenues" mean, for each year, the amounts which are deposited in the TIRZ No. 3
Fund pursuant to the TIRZ No. 3 Ordinance, TIRZ No. 3 Project Plan, and TIRZ No. 3 Agreement.
“Trustee” means the trustee or successor trustee under an Indenture.
SHERLEY TRACT PUBLIC IMPROVEMENT DISTRICT NO. 2
2025 AMENDED AND RESTATED SERVICE AND ASSESSMENT PLAN 13
SECTION II: THE DISTRICT
The District includes approximately 289.751 contiguous acres located within the corporate limits
of the City, the boundaries of which are more particularly described by the legal description on
Exhibit L‐1 and depicted on Exhibit A‐1. Development of the District is anticipated to include
approximately 911 Lots developed with single‐family homes.
Improvement Area #1 includes approximately 109.402 contiguous acres, the boundaries of which
are more particularly described by the legal description on Exhibit L‐2 and depicted on Exhibit A‐
2. Development of Improvement Area #1 includes 499 Lots developed with single‐family homes
(69 single‐family homes that are Lot Type 1, 340 single‐family homes that are Lot Type 2, 18
single‐family homes that are Lot Type 3, and 72 single‐family homes that are Lot Type 4.)
The Major Improvement Area includes approximately 180.349 contiguous acres, the boundaries
of which are more particularly described by the legal description on Exhibit L‐3 and depicted on
Exhibit A‐2. Development of the Major Improvement Area is anticipated to include
approximately 412 Lots developed with single‐family homes.
SECTION III: AUTHORIZED IMPROVEMENTS AND BOND ISSUANCE COSTS
The City, based on information provided by the Owner and its engineer and reviewed by the City
staff and by third‐party consultants retained by the City, has determined that the Authorized
Improvements confer a special benefit on the Assessed Property. Authorized Improvements will
be designed and constructed in accordance with the City’s standards and specifications and will
be owned and operated by the City. The budget for the Authorized Improvements is shown on
Exhibit B.
A. Improvement Area #1 Improvements
Water
Improvements including trench excavation and embedment, trench safety, PVC piping,
manholes, service connections, testing, related earthwork, excavation, erosion control,
and all necessary appurtenances required to provide water service to all Lots within
Improvement Area #1.
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2025 AMENDED AND RESTATED SERVICE AND ASSESSMENT PLAN 14
Sanitary Sewer
Improvements including trench excavation and embedment, trench safety, PVC piping,
ductile iron encasement, boring, manholes, service connections, testing, related
earthwork, excavation, erosion control and all necessary appurtenances required to
provide wastewater service to all Lots within Improvement Area #1.
Storm Drainage
Improvements including earthen channels, swales, curb and drop inlets, RCP piping and
boxes, headwalls, concrete flumes, rock rip rap, concrete outfalls, and testing as well as
all related earthwork, excavation, erosion control and all necessary appurtenances
required to provide storm drainage for all Lots within Improvement Area #1.
Street
Improvements including subgrade stabilization, concrete and reinforcing steel for
roadways, testing, and barrier‐free ramps. All related earthwork, excavation, erosion
control, retaining walls, intersections, and re‐vegetation of all disturbed areas within the
right‐of‐way are included. The street improvements will provide benefit to each Lot within
Improvement Area #1.
Soft Costs
Costs related to designing, constructing, and installing the Improvement Area #1
Improvements including land planning and design, City fees, engineering, soil testing,
survey, construction management, contingency, District Formation Costs, legal costs,
consultants, and costs associated with financing the Improvement Area #1
Improvements.
B. Major Improvements
Water
Improvements including trench excavation and embedment, trench safety, PVC piping,
manholes, service connections, testing, related earthwork, excavation, erosion control
and all necessary appurtenances required to provide water service to all Lots within the
District.
Sanitary Sewer
Improvements including trench excavation and embedment, trench safety, PVC piping,
ductile iron encasement, boring, manholes, service connections, testing, related
earthwork, excavation, erosion control and all necessary appurtenances required to
provide wastewater service to all Lots within the District.
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2025 AMENDED AND RESTATED SERVICE AND ASSESSMENT PLAN 15
Storm Drainage
Improvements including earthen channels, swales, curb and drop inlets, RCP piping and
boxes, headwalls, concrete flumes, rock rip rap, concrete outfalls, and testing as well as
all related earthwork, excavation, erosion control and all necessary appurtenances
required to provide storm drainage for all Lots within the District.
Street
Improvements including subgrade stabilization, concrete and reinforcing steel for
roadways, testing, and barrier‐free ramps. All related earthwork, excavation, erosion
control, retaining walls, intersections, and re‐vegetation of all disturbed areas within the
right‐of‐way are included. The street improvements will provide benefit to each Lot within
the District. (to be confirmed by the developer)
Soft Costs
Costs related to designing, constructing, and installing the Major Improvements including
land planning and design, City fees, engineering, soil testing, survey, construction
management, contingency, District Formation Costs, legal fees, consultants, and costs
associated with financing the Major Improvements. (to be confirmed by the developer)
C. Bond Issuance Costs
Debt Service Reserve Fund
Equals the amount to be deposited in a debt service reserve fund under an applicable
Indenture in connection with the issuance of PID Bonds.
Capitalized Interest
Equals the amount required to be deposited for the purpose of paying capitalized interest
under an applicable Indenture in connection with the issuance of PID Bonds.
Underwriter’s Discount
Equals a percentage of the par amount of a particular series of PID Bonds related to the
costs of underwriting such PID Bonds.
Underwriter’s Counsel
Equals a percentage of the par amount of a particular series of PID Bonds reserved for the
underwriter’s attorney fees.
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2025 AMENDED AND RESTATED SERVICE AND ASSESSMENT PLAN 16
Cost of Issuance
Includes costs of issuing a particular series of PID Bonds, including but not limited to issuer
fees, attorney fees, financial advisory fees, consultant fees, appraisal fees, printing costs,
publication costs, City costs, fees charged by the Texas Attorney General, and any other
cost or expense directly associated with the issuance of PID Bonds.
D. Other Costs
Deposit to Administrative Fund
Equals the amount necessary to fund the first year’s Annual Collection Costs for a
particular series of PID Bonds.
SECTION IV: SERVICE PLAN
The PID Act requires the Service Plan to cover a period of at least five years. The Service Plan is
required to define the annual projected costs and indebtedness for the Authorized
Improvements undertaken within the District during the five‐year period. The Service Plan must
be reviewed and updated in each Annual Service Plan Update. Exhibit C summarizes the Service
Plan for the District. The buyer disclosure notice form required by Section 5.014 of the Texas
Property Code, as amended, is attached hereto as Appendix B, and shall be included in any future
Annual Service Plan Updates.
Exhibit D summarizes the sources and uses of funds required to construct the Authorized
Improvements, issue the PID Bonds, and fund the first year’s Annual Collection Costs. The
sources and uses of funds shown on Exhibit D shall be updated in the Annual Service Plan Update.
SECTION V: ASSESSMENT PLAN
The PID Act allows the City Council to apportion the costs of the Authorized Improvements to the
Assessed Property based on the special benefit received from the Authorized Improvements. The
PID Act provides that such costs may be apportioned: (1) equally per front foot or square foot;
(2) according to the value of property as determined by the City, with or without regard to
improvements constructed on the property; or (3) in any other manner approved by the City that
results in imposing equal shares of such costs on property similarly benefited. The PID Act further
provides that the governing body may establish by ordinance or order reasonable classifications
and formulas for the apportionment of the cost between the City and the area to be assessed
and the methods of assessing the special benefits for various classes of improvements.
This section of this 2025 Amended and Restated Service and Assessment Plan describes the
special benefit received by each Parcel within the District as a result of the Authorized
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2025 AMENDED AND RESTATED SERVICE AND ASSESSMENT PLAN 17
Improvements and provides the basis and justification for the determination that this special
benefit equals or exceeds the amount of the Assessments levied on the Assessed Property for
such Authorized Improvements.
The determination by the City Council of the assessment methodologies set forth below is the
result of the discretionary exercise by the City Council of its legislative authority and
governmental powers and is conclusive and binding on the Owner and all future Owners and
developers of the Assessed Property.
A. Assessment Methodology
The City Council, acting in its legislative capacity and based on information provided by the Owner
and its engineer and reviewed by the City staff and by third‐party consultants retained by the
City, has determined that the costs related to the Authorized Improvements shall be allocated as
follows:
The costs of the Major Improvement Area Projects were allocated 100% to the Major
Improvement Area Assessed Property based on the ratio of the Estimated Buildout Value
of each Parcel designated within the Major Improvement Area Assessed Property to the
Estimated Buildout Value of all Major Improvement Area Assessed Property at the time
the 2021 Service and Assessment Plan was approved.
The costs of the Improvement Area #1 Projects were allocated 100% to Improvement
Area #1 Assessed Property based on the ratio of the Estimated Buildout Value of each
Parcel designated as Improvement Area #1 Assessed Property to the Estimated Buildout
Value of all Improvement Area #1 Assessed Property at the time the 2021 Service and
Assessment Plan was approved.
B. Assessments
Assessments are levied on the Assessed Property according to the Improvement Area #1
Assessment Roll, attached hereto as Exhibit E‐1, and the Major Improvement Area Assessment
Roll, attached hereto as Exhibit F‐1. The projected Annual Installments for Improvement Area #1
are shown on Exhibit E‐2, and the projected Annual Installments for the Major Improvement Area
are shown on Exhibit F‐2. Upon division or subdivision of an Initial Parcel, the Assessment will be
reallocated pursuant to Section VI.
The Maximum Assessment for each Lot Type within Improvement Area #1 is shown on Exhibit H.
In no case will the Assessment for Lots classified as Lot Type 1, Lot Type 2, Lot Type 3, and Lot
Type 4 respectively, exceed the corresponding Maximum Assessment for each Lot classification.
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2025 AMENDED AND RESTATED SERVICE AND ASSESSMENT PLAN 18
C. Findings of Special Benefit
The City Council, acting in its legislative capacity and based on information provided by the Owner
and its engineer and reviewed by the City staff and by third‐party consultants retained by the
City, has found and determined:
Improvement Area #1
The costs of the Improvement Area #1 Projects equal $14,197,836
as shown on Exhibit B; and
The Improvement Area #1 Assessed Property receives special benefit from the
Improvement Area #1 Projects equal to or greater than the Actual Cost of the
Improvement Area #1 Projects; and
At the time the City Council approved the 2021 Service and Assessment Plan, the
Improvement Area #1 Initial Parcel was allocated 100% of the Improvement Area
#1 Assessment levied for the Improvement Area #1 Projects, which equaled
$13,557,016, of which $9,400,000 initially secured the Improvement Area #1
Initial Bonds as shown on Exhibit K‐1 and $4,157,016 initially secured the
Improvement Area #1 Reimbursement Obligation. The Improvement Area #1
Initial Parcel has since been subdivided and the Improvement Area #1 Assessment
is allocated on the subdivided parcels per Section IV. The Improvement Area #1
Assessment, is outstanding in the amount of $12,444,000 as shown on the
Improvement Area #1 Assessment Roll attached hereto as Exhibit E‐1 of which
$8,845,000 secures the Improvement Area #1 Initial Bonds and $3,599,000
secures the Improvement Area #1 Additional Bonds, as further described in
Section IX.D; and
The special benefit ( $14,197,836) and the special benefit expected at the time
the City Council approved the 2021 Service and Assessment Plan ( $13,557,016),
inclusive of the original issue discount, received by the Improvement Area #1
Assessed Property from the Improvement Area #1 Projects is equal to or greater
than the amount of the Improvement Area #1 Assessment ($13,557,016) initially
levied on the Improvement Area #1 Initial Parcel for the Improvement Area #1
Projects; and
At the time the City Council approved the 2021 Service and Assessment Plan, the
Owner owned 100% of the Improvement Area #1 Initial Parcel. The Owner
acknowledged that the Improvement Area #1 Projects confer a special benefit on
the Improvement Area #1 Initial Parcel and consented to the imposition of the
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2025 AMENDED AND RESTATED SERVICE AND ASSESSMENT PLAN 19
Improvement Area #1 Assessment to pay for the Actual Costs associated
therewith. The Owner ratified, confirmed, accepted, agreed to, and approved: (1)
the determinations and findings by the City Council as to the special benefits
described herein and the applicable Assessment Ordinance; (2) the 2021 Service
and Assessment Plan and the 2021 Assessment Ordinance; and (3) the levying of
the Improvement Area #1 Assessment on the Improvement Area #1 Initial Parcel.
Major Improvement Area
The costs of the Major Improvement Area Projects equal $3,069,081, as shown on
Exhibit B;
The Major Improvement Area Assessed Property receives special benefit from the
Major Improvement Area Projects equal to or greater than the Actual Cost of the
Major Improvement Area Projects;
At the time the City Council approved the 2021 Service and Assessment Plan, the
Major Improvement Area Initial Parcel was allocated 100% of the Major
Improvement Area Assessment levied for the Major Improvement Area Projects;
outstanding in the amount of $2,782,000 as shown on the Major Improvement
Area Assessment Roll attached hereto as Exhibit F‐1;
The special benefit ( $3,069,081) received by the Major Improvement Area Initial
Parcel from the Major Improvement Area Projects is greater than or equal to the
amount of the Major Improvement Area Assessment ($2,896,000) initially levied
on the Major Improvement Area Initial Parcel for the Major Improvement Area
Projects; and
At the time the City Council approved the 2021 Service and Assessment Plan, the
Owner owned 100% of the Major Improvement Area Initial Parcel. The Owner
acknowledged that the Major Improvement Area Projects confer a special benefit
on the Major Improvement Area Initial Parcel and consented to the imposition of
the Major Improvement Area Assessments to pay for the Actual Costs associated
therewith. The Owner has ratified, confirmed, accepted, agreed to, and approved:
(1) the determinations and findings by the City Council as to the special benefits
described herein and the applicable Assessment Ordinance; (2) the 2021 Service
and Assessment Plan and the 2021 Assessment Ordinance; and (3) the levying of
Major Improvement Area Assessment on the Major Improvement Area Initial
Parcel.
D. Annual Collection Costs
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2025 AMENDED AND RESTATED SERVICE AND ASSESSMENT PLAN 20
The Annual Collection Costs shall be paid for annually by the owner of each Parcel pro rata based
on the ratio of the amount of outstanding Assessment remaining on the Parcel to the total
outstanding Assessment. The Annual Collection Costs shall be collected as part of and in the
same manner as Annual Installments in the amounts shown on the Assessment Roll, which may
be revised based on Actual Costs incurred in Annual Service Plan Updates.
SHERLEY TRACT PUBLIC IMPROVEMENT DISTRICT NO. 2
2025 AMENDED AND RESTATED SERVICE AND ASSESSMENT PLAN 21
E. Additional Interest
The interest rate on Assessments securing PID Bonds may exceed the interest rate on the PID
Bonds by the Additional Interest Rate. To the extent required by any Indenture, Additional
Interest shall be collected as part of each Annual Installment and shall be deposited pursuant to
the applicable Indenture.
F. TIRZ No. 3 Annual Credit Amount
The City Council, in accordance with the TIRZ No. 3 Agreement, has agreed to use a portion of
TIRZ No. 3 Revenues generated (the “TIRZ No. 3 Annual Credit Amount”) from each Assessed
Property to offset a portion of such property’s Improvement Area #1 Assessment, as applicable.
1. The Improvement Area #1 Annual Installment for an Assessed Property shall receive a TIRZ
No. 3 Annual Credit Amount equal to the TIRZ No. 3 Revenue generated by the Assessed
Property for the previous Tax Year (e.g. TIRZ No. 3 Revenue collected from the Assessed
Property for Tax Year 2021 shall be applied as the TIRZ No. 3 Annual Credit Amount applicable
to the Assessed Property’s Improvement Area #1 Annual Installment to be collected in Tax
Year 2022), but in no event shall the TIRZ No. 3 Annual Credit Amount exceed the TIRZ No. 3
Maximum Annual Credit Amount shown in Section V.F.2 as calculated on Exhibit I for each
Assessed Property.
2. The TIRZ No. 3 Maximum Annual Credit Amount available to reduce the principal and interest
of the Improvement Area #1 Annual Installment for an Assessed Property is calculated for
each Lot Type, as shown on Exhibit I. The TIRZ No. 3 Maximum Annual Credit Amount is
calculated so that the average Improvement Area #1 Annual Installment minus the TIRZ No.
3 Maximum Annual Credit Amount for each Lot Type does not produce an equivalent tax rate
for such Lot Type which exceeds the competitive, composite equivalent ad valorem tax rate
($3.09 per $100 of assessed value) taking into consideration the 2020 tax rates of all
applicable overlapping taxing units and the equivalent tax rate of the Improvement Area #1
Annual Installments based on assumed buildout values at the time the 2021 Assessment
Ordinance is approved. The resulting maximum TIRZ No. 3 Annual Credit Amount for each Lot
Type is shown below:
i. Lot Type 1: $0.00
ii. Lot Type 2: $0.00
iii. Lot Type 3: $0.00
iv. Lot Type 4: $0.00
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2025 AMENDED AND RESTATED SERVICE AND ASSESSMENT PLAN 22
The target tax rate equivalent for Lots within Improvement Area #1 is $0.7786 per $100 of
assessed value. Based on the pricing of the bonds, the tax rate equivalent is approximately
$0.7640 per $100 of assessed value which is less than the target tax rate. Therefore, the TIRZ No.
3 Maximum Annual Credit Amount per Unit for Lots within Improvement Area #1 is calculated at
$0.00.
3. After the TIRZ No. 3 Annual Credit Amount is applied to provide a credit towards the principal
and interest portion of the Improvement Area #1 Annual Installment for the Assessed Property
in Improvement Area #1, any excess TIRZ No. 3 Revenues available from the TIRZ No. 3 PID
Account shall be held in a segregated account by the City and shall be used in accordance with
the TIRZ No. 3 Final Plan and the TIRZ No. 3 Agreement.
SECTION VI: TERMS OF THE ASSESSMENTS
Any reallocation of Assessments as described in this Section VI shall be considered an
administrative action of the City and will not be subject to the notice of public hearing
requirements under the PID Act.
A. Reallocation of Assessments
1. Upon Division Prior to Recording of Subdivision Plat
Upon the division of any Assessed Property (without the recording of subdivision plat),
the Administrator shall reallocate the Assessment for the Assessed Property prior to the
division among the newly divided Assessed Properties according to the following formula:
A = B x (C ÷ D)
Where the terms have the following meanings:
A = the Assessment for the newly divided Assessed Property
B = the Assessment for the Assessed Property prior to division
C = the Estimated Buildout Value of the newly divided Assessed Property
D = the sum of the Estimated Buildout Value for all of the newly divided Assessed
Properties
The calculation of the Assessment of an Assessed Property shall be performed by the
Administrator and shall be based on the Estimated Buildout Value of that Assessed
Property, relying on information from homebuilders, market studies, appraisals, official
public records of the County, and any other relevant information regarding the Assessed
Property, as provided by the Owner. The Estimated Buildout Value for Lot Type 1, Lot
Type 2, Lot Type 3, and Lot Type 4 are shown on Exhibit H and will not changes in future
SHERLEY TRACT PUBLIC IMPROVEMENT DISTRICT NO. 2
2025 AMENDED AND RESTATED SERVICE AND ASSESSMENT PLAN 23
Annual Service Plan Updates. The calculation as confirmed by the City Council shall be
conclusive.
The sum of the Assessments for all newly divided Assessed Properties shall equal the
Assessment for the Assessed Property prior to subdivision. The calculation shall be made
separately for each newly divided Assessed Property. The reallocation of an Assessment
for an Assessed Property 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 the next Annual Service Plan Update and approved by the City Council.
2. Upon Subdivision by a Recorded Subdivision Plat
Upon the subdivision of any Assessed Property based on a recorded subdivision plat, the
Administrator shall reallocate the Assessment for the Assessed Property prior to the
subdivision among the new subdivided Lots based on Estimated Buildout Value according
to the following formula:
A = [B x (C ÷ D)]/E
Where the terms have the following meanings:
A = the Assessment for the newly subdivided Lot
B = the Assessment for the Parcel prior to subdivision
C = the sum of the Estimated Buildout Value of all newly subdivided Lots with same
Lot Type
D = the sum of the Estimated Buildout Value for all of the newly subdivided Lots
excluding Non‐Benefitted Property
E= the number of newly subdivided Lots with same Lot Type
Prior to the recording of a subdivision plat, the Owner shall provide the City an Estimated
Buildout Value for each Lot to be create after recording the subdivision plat as of the date
of the subdivision plat is anticipated to be recorded. The calculation of the Assessment
for a Lot shall be performed by the Administrator and confirmed by the City Council based
on Estimated Buildout Value information provided by the Owner, homebuilders, third
party consultants, and/or the official public records of the County regarding the Lot. The
Estimated Buildout Value for Lot Type 1, Lot Type 2, Lot Type 3, and Lot Type 4 are shown
on Exhibit H and will not changes in future Annual Service Plan Updates.
The sum of the Assessments for all newly subdivided Lots shall not exceed the Assessment
for the portion of the Assessed Property subdivided prior to subdivision. The calculation
shall be made separately for each newly subdivided Assessed Property. The reallocation
of an Assessment for an Assessed Property that is a homestead under Texas law may not
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2025 AMENDED AND RESTATED SERVICE AND ASSESSMENT PLAN 24
exceed the Assessment prior to the reallocation. Any reallocation pursuant to this section
shall be reflected in the next Annual Service Plan Update and approved by the City
Council.
3. Upon Consolidation
If two or more Lots or Parcels are consolidated into a single Parcel or Lot, the
Administrator shall allocate the Assessments against the Lots or Parcels before the
consolidation to the consolidated Lot or Parcel, which allocation shall be reflected in the
next Annual Service Plan Update and approved by the City Council. The Assessment for
any resulting Lot may not exceed the Maximum Assessment for the applicable Lot Type
and compliance may require a mandatory Prepayment of Assessments pursuant to
Section VI.C.
B. Mandatory Prepayment of Assessments
If an Assessed Property or a portion thereof is conveyed to a party that is exempt from payment
of the Assessment under applicable law, or the owner causes a Lot, Parcel or portion thereof to
become Non‐Benefitted Property, the owner of such Lot, Parcel or portion there of shall pay to
the City the full amount of the Assessment, plus all Prepayment Costs and Delinquent Collection
Costs for such Assessed Property, prior to any such conveyance or act. Following payment of the
foregoing costs in full, the City shall provide the owner with a recordable “Notice of Assessment
Termination,” a form of which is attached hereto as Exhibit J.
C. True‐Up of Assessments if Maximum Assessment Exceeded at Plat
Prior to the City approving a final subdivision plat, the Administrator will certify that such plat
will not result in the Assessment per Lot for any Lot Type to exceed the Maximum Assessment. If
the Administrator determines that the resulting Assessment per Lot for any Lot Type will exceed
the Maximum Assessment for that Lot Type, then (1) the Assessment applicable to each Lot Type
shall each be reduced to the Maximum Assessment, and (2) the person or entity filing the plat
shall pay to the City the amount the Assessment was reduced, plus Prepayment Costs and
Delinquent Collection Costs, if any, prior to the City approving the final plat. The City’s approval
of a plat without payment of such amounts does not eliminate the obligation of the person or
entity filing the plat to pay such amounts.
D. Reduction of Assessments
If as a result of cost savings or the failure to construct all or a portion of an Authorized
Improvement, the Actual Costs of completed Authorized Improvements are less than the
Assessments, (i) in the event PID Bonds are not issued, the City Council shall reduce each
Assessment on a pro rata basis such that the sum of the resulting reduced Assessments for all
SHERLEY TRACT PUBLIC IMPROVEMENT DISTRICT NO. 2
2025 AMENDED AND RESTATED SERVICE AND ASSESSMENT PLAN 25
Assessed Property equals the reduced Actual Costs that were expended, or (ii) in the event that
PID Bonds are issued, the Trustee shall apply amounts on deposit in the applicable account of the
Project Fund, relating to the PID Bonds, that are not expected to be used for purposes of the
Project Fund to redeem outstanding PID Bonds, unless otherwise directed by the applicable
Indenture, and the TIRZ No. 3 Annual Credit Amount will be reduced in the same proportion as
the Assessments. Excess PID Bond proceeds shall be applied to redeem outstanding PID Bonds.
The Assessments shall not, however, be reduced to an amount less than the amount required to
pay all debt service requirements on all outstanding PID Bonds.
The Administrator shall update (and submit to the City Council for review and approval as part of
the next Annual Service Plan Update) the Assessment Roll and corresponding Annual Installments
to reflect the reduced Assessments.
E. Prepayment of Assessments
The owner of any Assessed Property may pay, at any time, all or any part of an Assessment in
accordance with the PID Act. Prepayment Costs, if any, may be paid from a reserve established
under the applicable Indenture. If an Annual Installment has been billed, or the Annual Service
Plan Update has been approved by the City Council prior to the Prepayment, the Annual
Installment shall be due and payable and shall be credited against the Prepayment. If an
Assessment on an Assessed Property is prepaid in full, with Prepayment Costs, (1) the
Administrator shall cause the Assessment to be reduced to zero on said Assessed Property and
the Assessment Roll to be revised accordingly; (2) the Administrator shall prepare the revised
Assessment Roll and submit such revised Assessment Roll to the City Council for review and
approval as part of the next Annual Service Plan Update; (3) the obligation to pay the Assessment
and corresponding Annual Installments shall terminate with respect to said Assessed Property;
and (4) the City shall provide the owner with a recordable “Notice of Assessment Termination.”
If an Assessment on an Assessed Property is prepaid in part, with Prepayment Costs: (1) the
Administrator shall cause the Assessment to be reduced on said Assessed Property and the
Assessment Roll revised accordingly; (2) the Administrator shall prepare the revised Assessment
Roll and submit to the City Council for review and approval as part of the next Annual Service
Plan Update; and (3) the obligation to pay the Assessment will be reduced to the extent of the
Prepayment made.
For purposes of Prepayments, Improvement Area #1 Additional Bonds will be on parity with the
Improvement Area #1 Initial Bonds.
F. Payment of Assessment in Annual Installments
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2025 AMENDED AND RESTATED SERVICE AND ASSESSMENT PLAN 26
Assessments that are not paid in full shall be due and payable in Annual Installments. Exhibit E‐2
shows the estimated Improvement Area #1 Annual Installments, and Exhibit F‐2 shows the
estimated Major Improvement Area Annual Installments. Annual Installments are subject to
adjustment in each Annual Service Plan Update.
Prior to the recording of a final subdivision plat, if any Parcel shown on the Assessment Roll is
assigned multiple tax parcel identification numbers for billing and collection purposes, the Annual
Installment shall be allocated pro rata based on the acreage of the property not including any
Non‐Benefitted Property or non‐assessed property, as shown by the Collin Central Appraisal
District for each tax parcel identification number.
The Administrator shall prepare and submit to the City Council for its review and approval an
Annual Service Plan Update to allow for the billing and collection of Annual Installments. Each
Annual Service Plan Update shall include updated Assessment Rolls and updated calculations of
Annual Installments. The Annual Collection Costs for a given Assessment shall be paid by the
owner of each Parcel pro rata based on the ratio of the amount of outstanding Assessment
remaining on the Parcel to the total outstanding Assessment. Annual Installments shall be
reduced by any credits applied under an applicable Indenture, such as capitalized interest,
interest earnings on account balances, and any other funds available to the Trustee for such
purposes. Annual Installments shall be collected by the City in the same manner and at the same
time as ad valorem taxes. Annual Installments shall be subject to the penalties, procedures, and
foreclosure sale in case of delinquencies as set forth in the PID Act and in the same manner as ad
valorem taxes due and owing to the City. The City Council may provide for other means of
collecting Annual Installments. Assessments shall have the lien priority specified in the PID Act.
Sales of the Assessed Property for nonpayment of Annual Installments shall be subject to the lien
for the remaining unpaid Annual Installments against the Assessed Property, and the Assessed
Property may again be sold at a judicial foreclosure sale if the purchaser fails to timely pay any of
the remaining unpaid Annual Installments as they become due and payable.
The City reserves the right to refund PID Bonds in accordance with applicable law, including the
PID Act. In the event of a refunding, the City’s Financial Advisor shall recalculate the principal
and interest on such PID Bonds so that total Annual Installments will be sufficient to pay the
refunding bonds, and the refunding bonds shall constitute “PID Bonds.”
Each Annual Installment of an Assessment, including interest on the unpaid principal of the
Assessment, shall be updated annually. Each Annual Installment shall be due when billed and
shall be delinquent if not paid prior to February 1 of the following year. The initial Annual
Installments were due when billed and delinquent if not paid prior to February 1, 2022.
SHERLEY TRACT PUBLIC IMPROVEMENT DISTRICT NO. 2
2025 AMENDED AND RESTATED SERVICE AND ASSESSMENT PLAN 27
Failure of an owner of an Assessed Property to receive an invoice for an Annual Installment on
the property tax bill shall not relieve said owner of the responsibility for payment of the
Assessment. Assessments, or Annual Installments thereof, that are delinquent shall incur
Delinquent Collection Costs. The City may provide for other means of collecting the Annual
Installments to the extent permitted by the PID Act, or other applicable law.
G. Prepayment as a Result of an Eminent Domain Proceeding or Taking
Subject to applicable law, if any portion of any Parcel of Assessed Property is taken from an owner
as a result of eminent domain proceedings or if a transfer of any portion of any Parcel of Assessed
Property is made to an entity with the authority to condemn all or a portion of the Assessed
Property in lieu of or as a part of an eminent domain proceeding (a “Taking”), the portion of the
Assessed Property that was taken or transferred (the “Taken Property”) shall be reclassified as
Non‐Benefitted Property.
For the Assessed Property that is subject to the Taking as described in the preceding paragraph,
the Assessment that was levied against the Assessed Property (when it was included in the Taken
Property) prior to the Taking shall remain in force against the remaining Assessed Property (the
Assessed Property less the Taken Property) (the “Remaining Property”), following the
reclassification of the Taken Property as Non‐Benefitted Property, subject to an adjustment of
the Assessment applicable to the Remaining Property after any required Prepayment as set forth
below. The owner of the Remaining Property will remain liable to pay in Annual Installments, or
payable as otherwise provided by this 2025 Amended and Restated Service and Assessment Plan,
as updated, or the PID Act, the Assessment that remains due on the Remaining Property, subject
to an adjustment in the Assessment applicable to the Remaining Property after any required
Prepayment as set forth below. Notwithstanding the foregoing, if the Assessment that remains
due on the Remaining Property exceeds the applicable Maximum Assessment, the owner of the
Remaining Property will be required to make a Prepayment in an amount necessary to ensure
that the Assessment against the Remaining Property does not exceed such Maximum
Assessment, in which case the Assessment applicable to the Remaining Property will be reduced
by the amount of the partial Prepayment. If the City receives all or a portion of the eminent
domain proceeds (or payment made in an agreed sale in lieu of condemnation), such amount
shall be credited against the amount of prepayment, with any remainder credited against the
assessment on the Remainder Property.
In all instances the Assessment remaining on the Remaining Property shall not exceed the
applicable Maximum Assessment.
By way of illustration, if an owner owns 100 acres of Assessed Property subject to a $100
Assessment and 10 acres is taken through a Taking, the 10 acres of Taken Property shall be
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2025 AMENDED AND RESTATED SERVICE AND ASSESSMENT PLAN 28
reclassified as Non‐Benefitted Property and the remaining 90 acres of Remaining Property shall
be subject to the $100 Assessment (provided that this $100 Assessment does not exceed the
Maximum Assessment on the Remaining Property). If the Administrator determines that the
$100 Assessment reallocated to the Remaining Property would exceed the Maximum
Assessment, as applicable, on the Remaining Property by $10, then the owner shall be required
to pay $10 as a Prepayment of the Assessment against the Remaining Property and the
Assessment on the Remaining Property shall be adjusted to be $90.
Notwithstanding the previous paragraphs in this subsection, if the owner of the Taken Property
notifies the City and the Administrator that the Taking prevents the Remaining Property from
being developed for any use which could support the Estimated Buildout Value requirement, the
owner shall, upon receipt of the compensation for the Taken Property, be required to prepay the
amount of the Assessment required to buy down the outstanding Assessment to the applicable
Maximum Assessment on the Remaining Property to support the Estimated Buildout Value
requirement. Said owner will remain liable to pay the Annual Installments on both the Taken
Property and the Remaining Property until such time that such Assessment has been prepaid in
full.
Notwithstanding the previous paragraphs in this subsection, the Assessments shall never be
reduced to an amount less than the amount required to pay all outstanding debt service
requirements on all outstanding PID Bonds.
SECTION VII: ASSESSMENT ROLL
The Improvement Area #1 Assessment Roll is attached as Exhibit E‐1. The Administrator shall
prepare and submit to the City Council for review and approval proposed revisions to the
Improvement Area #1 Assessment Roll and Improvement Area #1 Annual Installments for each
Parcel as part of each Annual Service Plan Update.
The Major Improvement Area Assessment Roll is attached as Exhibit F‐1. The Administrator shall
prepare and submit to the City Council for review and approval proposed revisions to the Major
Improvement Area Assessment Roll and Major Improvement Area Annual Installments for each
Parcel as part of each Annual Service Plan Update.
SHERLEY TRACT PUBLIC IMPROVEMENT DISTRICT NO. 2
2025 AMENDED AND RESTATED SERVICE AND ASSESSMENT PLAN 29
SECTION VIII: ADDITIONAL PROVISIONS
A. Calculation Errors
If the owner of a Parcel claims that an error has been made in any calculation required by this
2025 Amended and Restated Service and Assessment Plan, including, but not limited to, any
calculation made as part of any Annual Service Plan Update, said owner’s sole and exclusive
remedy shall be to submit a written notice of error to the Administrator by December 1st of the
year following City Council’s approval of the calculation. Otherwise, said owner shall be deemed
to have unconditionally approved and accepted the calculation. The Administrator shall provide
a written response to the City Council and the owner not later than 30 days of such receipt of a
written notice of error by the Administrator. The City Council shall consider the owner’s notice
of error and the Administrator’s response at a public meeting, and not later than 30 days after
closing such meeting, the City Council shall make a final determination as to whether an error
has been made. If the City Council determines that an error has been made, the City Council take
such corrective action as is authorized by the PID Act, this 2025 Amended and Restated Service
and Assessment Plan, the applicable Assessment Ordinance, the applicable Indenture, or as
otherwise authorized by the discretionary power of the City Council. The determination by the
City Council as to whether an error has been made, and any corrective action taken by the City
Council, shall be final and binding on the owner and the Administrator.
B. Amendments
Amendments to this 2025 Amended and Restated Service and Assessment Plan must be made
by the City Council in accordance with the PID Act. To the extent permitted by the PID Act, this
2025 Amended and Restated Service and Assessment Plan may be amended without notice to
owners of the Assessed Property: (1) to correct mistakes and clerical errors; (2) to clarify
ambiguities; and (3) to provide procedures to collect Assessments, Annual Installments, and
other charges imposed by this 2025 Amended and Restated Service and Assessment Plan.
C. Administration and Interpretation
The Administrator shall: (1) perform the obligations of the Administrator as set forth in this 2025
Amended and Restated Service and Assessment Plan; (2) administer the District for and on behalf
of and at the direction of the City Council; and (3) interpret the provisions of this 2025 Amended
and Restated Service and Assessment Plan. Interpretations of this 2025 Amended and Restated
Service and Assessment Plan by the Administrator shall be in writing and shall be appealable to
the City Council by owners of Assessed Property adversely affected by the interpretation.
Appeals shall be decided by the City Council after holding a public meeting at which all interested
SHERLEY TRACT PUBLIC IMPROVEMENT DISTRICT NO. 2
2025 AMENDED AND RESTATED SERVICE AND ASSESSMENT PLAN 30
parties have an opportunity to be heard. Decisions by the City Council shall be final and binding
on the owners of Assessed Property and developers and their successors and assigns.
D. Form of Buyer Disclosure; Filing Requirements
Per Section 5.014 of the Texas Property Code, as amended, this 2025 A&R Service and
Assessment Plan, and any future Annual Service Plan Updates, shall include a form of the buyer
disclosures for the district. The buyer disclosures are attached hereto as Appendix B. Within
seven days of approval by the City Council, the City shall file and record in the real property
records of the County the executed ordinance of this 2025 A&R Service and Assessment Plan, or
any future Annual Service Plan Updates. The executed ordinance, including any attachments,
approving this Service an Assessment Plan or any future Annual Service Plan Updates shall be
filed and recorded in their entirety.
E. Severability
If any provision of this 2025 Amended and Restated Service and Assessment Plan is determined
by a governmental agency or court to be unenforceable, the unenforceable provision shall be
deleted and, to the maximum extent possible, shall be rewritten to be enforceable. Every effort
shall be made to enforce the remaining provisions.
SECTION IX: ADDITIONAL INFORMATION
The following information shall serve as the Annual Service Plan Update for Improvement Area
#1 and the Major Improvement Area.
A. Parcel Subdivision
Improvement Area #1
The final plat of The Villages of Hurricane Creek – North, Phase 1 was filed and recorded
with the County on April 20, 2023, and consists of 344 residential Lots and 12 Lots of Non‐
Benefited Property.
The final plat of The Villages of Hurricane Creek – North, Phase 1A was filed and recorded
with the County on April 20, 2023, and consists of 155 residential Lots and 9 Lots of Non‐
Benefited Property.
See the completed Lot Type classification summary within Improvement Area #1 below:
SHERLEY TRACT PUBLIC IMPROVEMENT DISTRICT NO. 2
2025 AMENDED AND RESTATED SERVICE AND ASSESSMENT PLAN 31
Major Improvement Area
No plats have been filed in the Major Improvement Area.
See the anticipated Lot Type classification summary within the Major Improvement Area below:
See Exhibit A‐1 for the map of the District showing Lot Type classifications.
B. Lot and Home Sales
Per the Quarterly Report dated March 31, 2025, the Lot ownership composition is provided
below:
Improvement Area #1
Developer Owned:
o Lot Type 1: 12 Lots
o Lot Type 2: 31 Lots
o Lot Type 3: 0 Lots
o Lot Type 4: 14 Lots
Homebuilder Owned:
o Lot Type 1: 34 Lots
Lot Type Number of Lots
Lot Type 1 69
Lot Type 2 340
Lot Type 3 18
Lot Type 4 72
Total 499
Improvement Area #1
Lot Type Number of Lots
40' 72
50' 4
60' 115
70' 55
80' 26
Townhome 113
Senior Living 27
Total 412
Major Improvement Area
SHERLEY TRACT PUBLIC IMPROVEMENT DISTRICT NO. 2
2025 AMENDED AND RESTATED SERVICE AND ASSESSMENT PLAN 32
o Lot Type 2: 92 Lots
o Lot Type 3: 12 Lots
o Lot Type 4: 45 Lots
End‐User Owned:
o Lot Type 1: 23 Lots
o Lot Type 2: 217 Lots
o Lot Type 3: 6 Lots
o Lot Type 4: 13 Lots
Major Improvement Area
Developer Owned:
o Lot Type 40’: 72 Lots
o Lot Type 50’: 4 Lots
o Lot Type 60’: 115 Lots
o Lot Type 70’: 55 Lots
o Lot Type 80’: 26 Lots
o Townhome: 113 Lots
o Senior Living: 27 Lots
Homebuilder Owned:
o Lot Type 40’: 0 Lots
o Lot Type 50’: 0 Lots
o Lot Type 60’: 0 Lots
o Lot Type 70’: 0 Lots
o Lot Type 80’: 0 Lots
o Townhome: 0 Lots
o Senior Living: 0 Lots
End‐User Owned:
o Lot Type 40’: 0 Lots
o Lot Type 50’: 0 Lots
o Lot Type 60’: 0 Lots
o Lot Type 70’: 0 Lots
o Lot Type 80’: 0 Lots
o Townhome: 0 Lots
o Senior Living: 0 Lots
See Appendix B for the buyer disclosures.
SHERLEY TRACT PUBLIC IMPROVEMENT DISTRICT NO. 2
2025 AMENDED AND RESTATED SERVICE AND ASSESSMENT PLAN 33
C. Authorized Improvements
Improvement Area #1
The Developer has completed the Authorized Improvements listed in the 2021 Service and
Assessment Plan and they were dedicated to the City.
Major Improvement Area
The Developer has completed the Authorized Improvements listed in the 2021 Service and
Assessment Plan and they were dedicated to the City.
Private Costs
The Developer has completed the Private Improvements listed in the 2021 Service and
Assessment Plan and they were dedicated to the City.
D. Outstanding Assessments
Improvement Area #1
Net of the principal bond payment due September 15, Improvement Area #1 has an outstanding
Assessment of $12,444,000, of which $8,845,000 is attributable to the Improvement Area #1
Initial Bonds and $3,599,000 is attributable to the Improvement Area #1 Additional Bonds.
Major Improvement Area
Net of the principal bond payment due September 15, the Major Improvement Area has an
outstanding Assessment of $2,782,000.00.
E. TIRZ No. 3 Annual Credit
Improvement Area #1
The City Council, in accordance with the TIRZ No. 3 TIRZ Agreement, has agreed to use a portion
of TIRZ No. 3 TIRZ Revenues generated to reduce the Improvement Area #1 Annual Installment
for all Improvement Area #1 Assessed Property so that the Improvement Area #1 Annual
Installment minus the TIRZ No. 3 Annual Credit Amount for each Lot Type does not produce an
equivalent tax rate which exceeds the competitive composite ad valorem equivalent tax rate
taking into consideration the tax rates of all applicable taxing units and the equivalent tax rate of
the Improvement Area #1 Annual Installments. The resulting Maximum TIRZ No. 3 Annual Credit
Amount for each Lot Type is shown below.
SHERLEY TRACT PUBLIC IMPROVEMENT DISTRICT NO. 2
2025 AMENDED AND RESTATED SERVICE AND ASSESSMENT PLAN 34
Major Improvement Area
As further described in Section V.F, TIRZ No. 3 Revenues shall not be used to reduce the Major
Improvement Area Annual Installment
F. Annual Installment Due 1/31/2026
Improvement Area #1
Improvement Area #1 Initial Bond – Principal and Interest – The total principal and
interest required for the Annual Installment related to the Improvement Area #1 Initial
Bond is $557,977.50.
Improvement Area #1 Additional Bond – Principal and Interest – The total principal and
interest required for the Annual Installment related to the Improvement Area #1
Additional Bond is $260,937.02.
Additional Interest – Additional Interest is collected to fund the Additional Interest
Reserve Account. The Additional Interest Reserve Requirement, as defined in the
Indenture related to the Improvement Area #1 Initial bonds, is equal to $340,532.50 and
has not been met. As such, the Additional Interest Reserve Account will be funded with
Additional Interest on the outstanding Assessment, resulting in an Additional Interest for
Improvement Area #1 of $62,220.00.
Annual Collection Costs – The cost of administering the District and collecting the Annual
Installments shall be paid for on a pro rata basis by each Parcel based on the amount of
outstanding Assessment remaining on the Parcel. The total Annual Collection Costs
budgeted for the Annual Installment for Improvement Area #1 is $58,818.28.
Lot Type
TIRZ No. 3 Maximum
Annual Credit Amount
per Unit
Improvement Area #1
Lot Type 1 (40') $0.00
Lot Type 2 (50') $0.00
Lot Type 3 (60') $0.00
Lot Type 4 (Townhomes) $0.00
SHERLEY TRACT PUBLIC IMPROVEMENT DISTRICT NO. 2
2025 AMENDED AND RESTATED SERVICE AND ASSESSMENT PLAN 35
Major Improvement Area
Principal and Interest – The total principal and interest required for the Annual
Installment for the Major Improvement Area is $198,100.00.
Additional Interest – Additional Interest is collected to fund the Additional Interest
Reserve Account. The Additional Interest Reserve Requirement, as defined in the Major
Improvement Area Indenture is equal to $87,633.00 and has not been met. As such, the
Additional Interest Reserve Account will be funded with Additional Interest on the
outstanding Assessment, resulting in an Additional Interest for the Major Improvement
Area of $13,910.00.
P3Works Administration 40,081.26$
City Auditor 2,057.16$
City Administration 3,000.00$
Filing Fees 822.86$
County Collection 2,057.00$
PID Trustee Fees 8,000.00$
Dissemination Agent 3,000.00$
Draw Request Review 3,800.00$
CDA Review 3,500.00$
Collection Cost Maintenance Balance 10,000.00$
CCMB Credit (20,000.00)$
Arbitrage Calculation 2,500.00$
Total Annual Collection Costs 58,818.28$
Annual Collection Costs Breakdown
Improvement Area #1
Improvement Area #1 Initial Bond
Principal 197,000.00$
Interest 360,977.50$
Additional Interest 44,225.00$
602,202.50$
Improvement Area #1 Additional Bond
Principal 71,000.00$
Interest 245,204.00$
Additional Interest 20,780.00$
336,984.00$
Annual Collection Costs 58,818.28$
Total Annual Installment 998,004.78$
Improvement Area #1
Due January 31, 2026
SHERLEY TRACT PUBLIC IMPROVEMENT DISTRICT NO. 2
2025 AMENDED AND RESTATED SERVICE AND ASSESSMENT PLAN 36
Annual Collection Costs – The cost of administering the District and collecting the Annual
Installments shall be paid for on a pro rata basis by each Parcel based on the amount of
outstanding Assessment remaining on the Parcel. The total Annual Collection Costs
budgeted for the Annual Installment for the Major Improvement Area is 16,569.17.
G. Prepayment of Assessment in Full
Improvement Area #1
No full prepayments have occurred within Improvement Area #1.
Major Improvement Area
No full prepayments have occurred within the Major Improvement Area.
P3Works Administration 8,628.19$
City Auditor 442.84$
City Administration 3,000.00$
Filing Fees 177.14$
County Collection 521.00$
PID Trustee Fees 4,000.00$
Dissemination Agent 1,500.00$
Draw Request Review 3,800.00$
CDA Review 3,500.00$
Collection Cost Maintenance Balance 10,000.00$
CCMB Credit (20,000.00)$
Arbitrage Calculation 1,000.00$
Total Annual Collection Costs 16,569.17$
Annual Collection Costs Breakdown
Major Improvement Area
Major Improvement Area Bond
Principal 61,000.00$
Interest 137,100.00$
Additional Interest 13,910.00$
212,010.00$
Annual Collection Costs 16,569.17$
Total Annual Installment 228,579.17$
Major Improvement Area
Due January 31, 2026
SHERLEY TRACT PUBLIC IMPROVEMENT DISTRICT NO. 2
2025 AMENDED AND RESTATED SERVICE AND ASSESSMENT PLAN 37
H. Partial Prepayment of Assessments
Improvement Area #1
No partial prepayments have occurred within Improvement Area #1.
Major Improvement Area
No partial prepayments have occurred within the Major Improvement Area.
SHERLEY TRACT PUBLIC IMPROVEMENT DISTRICT NO. 2
2025 AMENDED AND RESTATED SERVICE AND ASSESSMENT PLAN 0
EXHIBITS
The following Exhibits are attached to and made a part of this 2025 Amended and Restated
Service and Assessment Plan for all purposes:
Exhibit A‐1 Map of the District
Exhibit A‐2 Map of Improvement Area #1 and the Major Improvement Area
Exhibit B Project Costs
Exhibit C Service Plan
Exhibit D Sources and Uses of Funds
Exhibit E‐1 Improvement Area #1 Assessment Roll
Exhibit E‐2 Improvement Area #1 Annual Installments
Exhibit F‐1 Major Improvement Area Assessment Roll
Exhibit F‐2 Major Improvement Area Annual Installments
Exhibit G‐1 Maps of Improvement Area #1 Improvements
Exhibit G‐2 Maps of Major Improvements
Exhibit H Maximum Assessment and Tax Rate Equivalent
Exhibit I TIRZ No. 3 Annual Credit Amount by Lot Type
Exhibit J Form of Notice of Assessment Termination
Exhibit K‐1 Debt Service Schedules for Improvement Area #1 Initial Bonds
Exhibit K‐2 Debt Service Schedules for Improvement Area #1 Additional Bonds
Exhibit K‐3 Debt Service Schedule for Major Improvement Area Bonds
Exhibit L‐1 District Legal Description
Exhibit L‐2 Improvement Area #1 Legal Description
Exhibit L‐3 Major Improvement Area Legal Description
SHERLEY TRACT PUBLIC IMPROVEMENT DISTRICT NO. 2
2025 AMENDED AND RESTATED SERVICE AND ASSESSMENT PLAN 1
APPENDICES
The following Appendices are attached to and made a part of this 2025 Amended and Restated
Service and Assessment Plan for all purposes:
Appendix A Engineer’s Report
Appendix B Buyer Disclosures
SHERLEY TRACT PUBLIC IMPROVEMENT DISTRICT NO. 2
2025 AMENDED AND RESTATED SERVICE AND ASSESSMENT PLAN 2
EXHIBIT A‐1 – MAP OF THE DISTRICT
SHERLEY TRACT PUBLIC IMPROVEMENT DISTRICT NO. 2
2025 AMENDED AND RESTATED SERVICE AND ASSESSMENT PLAN 3
EXHIBIT A‐2 – MAP OF IMPROVEMENT AREA #1 AND THE MAJOR IMPROVEMENT AREA
SHERLEY TRACT PUBLIC IMPROVEMENT DISTRICT NO. 2
2025 AMENDED AND RESTATED SERVICE AND ASSESSMENT PLAN 4
EXHIBIT B – PROJECT COSTS
% Cost % Cost
Improvement Area #1 Improvements
Water 1,130,975$ 1,130,975$ ‐$ 100.00% 1,130,975$ 0.00%‐$
Sanitary Sewer 1,515,886 1,515,886 ‐ 100.00% 1,515,886 0.00%‐
Storm Drainage 928,453 928,453 ‐ 100.00% 928,453 0.00%‐
Street 4,120,809 4,120,809 ‐ 100.00% 4,120,809 0.00%‐
Soft Costs[c]1,431,205 1,431,205 ‐ 100.00% 1,431,205 0.00%‐
Contingency 188,896 188,896 ‐ 100.00% 188,896 0.00%‐
9,316,223$ 9,316,223$ ‐$ 9,316,223$ ‐$
Major Improvements[d]
Water 621,765$ 621,765$ ‐$ 50.96% 316,872$ 49.04% 304,893$
Sanitary Sewer 281,025 281,025 ‐ 50.96% 143,220 49.04% 137,805
Storm Drainage 653,700 653,700 ‐ 50.96% 333,147 49.04% 320,553
Street 1,673,701 1,673,701 ‐ 50.96% 852,974 49.04% 820,727
Soft Costs[c]1,264,720 1,264,720 ‐ 50.96% 644,544 49.04% 620,176
Contingency 113,172 113,172 ‐ 50.96% 57,676 49.04% 55,496
4,608,083$ 4,608,083$ ‐$ 2,348,433$ 2,259,650$
Private Costs
Earthwork 586,134$ 1,000,000$ 1,000,000$ 0.00%‐$ 0.00%‐$
Retaining Walls 803,340 800,000 800,000 0.00%‐ 0.00%‐
Screen Walls and Entry Monument 486,550 500,000 500,000 0.00%‐ 0.00%‐
Landscaping and Irrigation 807,180 800,000 800,000 0.00%‐ 0.00%‐
Miscellaneous[c]281,895 1,443,640 1,443,640 0.00%‐ 0.00%‐
2,965,099$ 4,543,640$ 4,543,640$ ‐$ ‐$
Bond Issuance Costs ‐ IA#1 Initial Bonds and MIA Bonds
Debt Service Reserve Fund 773,690$ 773,690$ ‐$ 575,460$ 198,230$
Capitalized Interest 705,464 705,464 ‐ 409,547 295,917
Underwriter's Discount 245,920 245,920 ‐ 188,000 57,920
Underwriter's Counsel 122,960 122,960 ‐ 94,000 28,960
Cost of Issuance 763,286 763,286 ‐ 569,883 193,404
2,611,321$ 2,611,321$ ‐$ 1,836,890$ 774,431$
Bond Issuance Costs ‐ IA#1 Additional Bonds
Debt Service Reserve Fund ‐$ 278,412$ ‐$ 278,412$ ‐$
Underwriter's Discount ‐ 107,970 ‐ 107,970 ‐
Cost of Issuance ‐ 262,618 ‐ 262,618 ‐
PID Administration Bond Preparation ‐ 12,290 ‐ 12,290 ‐
‐$ 661,290$ ‐$ 661,290$ ‐$
Other Costs
Deposit to Administrative Fund 70,000$ 70,000$ ‐$ 35,000$ 35,000$
70,000$ 70,000$ ‐$ 35,000$ 35,000$
Total 19,570,726$ 21,810,558$ 4,543,640$ 14,197,836$ 3,069,081$
Footnotes:
[a] Per the 2021 Service and Assessment Plan.
[b] As provided in the Quarterly Reports for Improvement Area #1 and the Major Improvement Area dated March 31, 2025.
[c] Miscellaneous costs and soft costs include entitlements, development agreement, district creation, engineering & surveying, SWPPP, preliminary platting fee, final platting
fee, maintenance bond, engineering review fee, inspection fee, and geotechnical testing.
[d] The Major Improvements are allocated between Improvement Area #1 and the Major Improvement Area based on the ratio of Estimated Buildout Value of each area to the
Estimated Buildout Value of the District. The Estimated Buildout Value of Improvement Area #1 is $131,748,000, the Estimated Buildout Value of the District is $258,515,250, so
Improvement Area #1 is allocated 50.96% of the Major Improvements (131,748,000/258,515,250 = 50.96%). The Estimated Buildout Value of the Major Improvement Area is
$126,767,250, the Estimated Buildout Value of the District is $258,515,250, so the Major Improvement Area is allocated 49.04% of the Major Improvements
(126,767,250/258,515,250 = 49.04%).
Original Total
Costs[a]Private Costs
Improvement Area #1
Projects
Major Improvement
Area ProjectsUpdated
Total Costs[b]
SHERLEY TRACT PUBLIC IMPROVEMENT DISTRICT NO. 2
2025 AMENDED AND RESTATED SERVICE AND ASSESSMENT PLAN 5
EXHIBIT C – SERVICE PLAN
Annual Installment Due 1/31/2026 1/31/2027 1/31/2028 1/31/2029 1/31/2030
Improvement Area #1 Initial Bonds
Principal $ 197,000.00 $ 204,000.00 $ 212,000.00 $ 220,000.00 $ 228,000.00
Interest 360,977.50 354,575.00 346,925.00 338,975.00 330,725.00
Additional Interest 44,225.00 43,240.00 42,220.00 41,160.00 40,060.00
(1) $ 602,202.50 $ 601,815.00 $ 601,145.00 $ 600,135.00 $ 598,785.00
Improvement Area #1 Additional Bonds
Principal $ 70,000.00 $ 69,000.00 $ 73,000.00 $ 76,000.00 $ 80,000.00
Interest 190,937.02 192,217.50 189,202.20 186,012.10 182,690.90
Additional Interest 17,995.00 17,645.00 17,300.00 16,935.00 16,555.00
(2) 278,932.02 278,862.50 279,502.20 278,947.10 279,245.90
Annual Collection Costs (3) $ 58,818.28 $ 67,644.65 $ 68,997.54 $ 70,377.49 $ 71,785.04
Total Annual Installment (4) = (1) + (2) + (3) $ 939,952.80 $ 948,322.15 $ 949,644.74 $ 949,459.59 $ 949,815.94
Annual Installment Due 1/31/2026 1/31/2027 1/31/2028 1/31/2029 1/31/2030
Principal $ 61,000.00 $ 63,000.00 $ 65,000.00 $ 68,000.00 $ 70,000.00
Interest 137,100.00 134,355.00 131,520.00 128,595.00 125,535.00
(1) $ 198,100.00 $ 197,355.00 $ 196,520.00 $ 196,595.00 $ 195,535.00
Additional Interest (2) $ 13,910.00 $ 13,605.00 $ 13,290.00 $ 12,965.00 $ 12,625.00
Annual Collection Costs (3) $ 16,569.17 $ 26,080.55 $ 26,602.16 $ 27,134.21 $ 27,676.89
Total Annual Installment (4) = (1) + (2) + (3) $ 228,579.17 $ 237,040.55 $ 236,412.16 $ 236,694.21 $ 235,836.89
Improvement Area #1
Major Improvement Area
SHERLEY TRACT PUBLIC IMPROVEMENT DISTRICT NO. 2
2025 AMENDED AND RESTATED SERVICE AND ASSESSMENT PLAN 6
EXHIBIT D‐1 – SOURCES AND USES OF FUNDS
Privately Funded Improvement Area #1 Major Improvement Area Total
Improvement Area #1 Initial Bond ‐$ 9,400,000$ ‐$ 9,400,000$
Improvement Area #1 Bond Original Issue Discount ‐ (20,470) ‐ (20,470)
Improvement Area #1 Reimbursement Obligation[a]‐ 1,016 ‐ 1,016
Improvement Area #1 Additional Bonds[a]‐ 3,599,000 ‐ 3,599,000
Major Improvement Area Bond ‐ ‐ 2,896,000 2,896,000
Developer Contribution[b]‐ 1,218,291 173,081 1,391,372
Developer Contribution ‐ Private Costs[c]4,543,640 ‐ ‐ 4,543,640
Total Sources 4,543,640$ 14,197,836$ 3,069,081$ 21,810,558$
Improvement Area #1 Improvements ‐$ 9,316,223$ ‐$ 9,316,223$
Major Improvements ‐ 2,348,433 2,259,650 4,608,083
Private Costs[d]4,543,640 ‐ ‐ 4,543,640
4,543,640$ 11,664,656$ 2,259,650$ 18,467,946$
Bond Issuance Costs ‐ IA#1 Initial Bonds and MIA Bonds
Debt Service Reserve Fund 575,460$ 198,230$ 773,690$
Capitalized Interest 409,547 295,917 705,464
Underwriter's Discount 188,000 57,920 245,920
Underwriter's Counsel 94,000 28,960 122,960
Costs of Issuance 569,883 193,404 763,286
‐$ 1,836,890$ 774,431$ 2,611,321$
Bond Issuance Costs ‐ IA#1 Additional Bonds
Debt Service Reserve Fund 278,412$ ‐$ 278,412$
Underwriter's Discount 107,970 ‐ 107,970
Costs of Issuance 262,618 ‐ 262,618
PID Administration Bond Preparation 12,290 ‐ 12,290
‐$ 661,290$ ‐$ 661,290$
Other Costs
Deposit to Administrative Fund 35,000$ 35,000$ 70,000$
‐$ 35,000$ 35,000$ 70,000$
Total Uses 4,543,640$ 14,197,836$ 3,069,081$ 21,810,558$
Footnotes:
Sources of Funds
Uses of Funds
[a] See Exhibit D‐2 for reduction to the Improvement Area #1 Reimbursement Obligation.
[b] Not to be reimbursed to the Developer through proceeds from the Assessments. To be funded privately.
[c] Not PID eligible. To be privately funded by the Developer.
[d] Allocated between Improvement Area #1 and the Major Improvement Area based on Estimated Buildout Value.
SHERLEY TRACT PUBLIC IMPROVEMENT DISTRICT NO. 2
2025 AMENDED AND RESTATED SERVICE AND ASSESSMENT PLAN 7
EXHIBIT D‐2 – IMPROVEMENT AREA #1 ASSESSMENT REDUCTION
Original Improvement Area #1 Reimbursement Obligation (1) 4,157,016.00$
Principal paid 1/31/2022 (2)‐
Principal paid 1/31/2023 (3) 57.28
Principal paid 1/31/2024 (4) 61.13
Principal paid 1/31/2025 (5) 65.25
Net Outstanding Reimbursement Obligation (6) = (1) ‐ (2) ‐ (3) ‐ (4) ‐ (5) 4,156,832.34$
Principal Reduction[a] (7) 557,000.00
To be forgiven for rounding (8) 832.34
Improvement Area #1 Additional Bonds (9) = (6) ‐ (7) ‐ (8) 3,599,000.00$
Footnotes:
Improvement Area #1 Reimbursement Obligation Reduction
[a] Reflects a reduction in principal of the Assessment in order to maintain a level average Improvement Area #1 Annual Installment
as required under the applicable indenture. The Assessment reduction will not be reimbursed to the Developer for the Authorized
Improvements.
SHERLEY TRACT PUBLIC IMPROVEMENT DISTRICT NO. 2
2025 AMENDED AND RESTATED SERVICE AND ASSESSMENT PLAN 8
EXHIBIT E‐1 – IMPROVEMENT AREA #1 ASSESSMENT ROLL
Property
ID[a]Lot Type
Outstanding
Assessment
Annual Installment
Due 1/31/2026[b]
2881022 Lot Type 2 25,856.52$ 1,953.06$
2881023 Lot Type 2 25,856.52$ 1,953.06$
2881027 Lot Type 2 25,856.52$ 1,953.06$
2881035 Lot Type 2 25,856.52$ 1,953.06$
2881038 Lot Type 2 25,856.52$ 1,953.06$
2881040 Lot Type 2 25,856.52$ 1,953.06$
2881041 Lot Type 2 25,856.52$ 1,953.06$
2881056 Lot Type 2 25,856.52$ 1,953.06$
2881067 Lot Type 2 25,856.52$ 1,953.06$
2881091 Lot Type 2 25,856.52$ 1,953.06$
2881102 Lot Type 2 25,856.52$ 1,953.06$
2881110 Lot Type 2 25,856.52$ 1,953.06$
2881205 Lot Type 2 25,856.52$ 1,953.06$
2881206 Lot Type 2 25,856.52$ 1,953.06$
2881207 Lot Type 2 25,856.52$ 1,953.06$
2881045 Lot Type 2 25,856.52$ 1,953.06$
2881090 Lot Type 2 25,856.52$ 1,953.06$
2881146 Lot Type 2 25,856.52$ 1,953.06$
2880879 Lot Type 4 21,251.94$ 1,605.26$
2880880 Lot Type 4 21,251.94$ 1,605.26$
2880881 Lot Type 4 21,251.94$ 1,605.26$
2880882 Lot Type 4 21,251.94$ 1,605.26$
2880883 Lot Type 4 21,251.94$ 1,605.26$
2880884 Lot Type 4 21,251.94$ 1,605.26$
2880885 Lot Type 4 21,251.94$ 1,605.26$
2880886 Lot Type 4 21,251.94$ 1,605.26$
2880890 Lot Type 4 21,251.94$ 1,605.26$
2880888 Lot Type 4 21,251.94$ 1,605.26$
2880889 Lot Type 4 21,251.94$ 1,605.26$
2880891 Lot Type 4 21,251.94$ 1,605.26$
2880892 Lot Type 4 21,251.94$ 1,605.26$
2880893 Lot Type 4 21,251.94$ 1,605.26$
2880962 Lot Type 4 21,251.94$ 1,605.26$
2880894 Lot Type 4 21,251.94$ 1,605.26$
2880963 Lot Type 4 21,251.94$ 1,605.26$
2880895 Lot Type 4 21,251.94$ 1,605.26$
2880896 Lot Type 4 21,251.94$ 1,605.26$
2880897 Lot Type 4 21,251.94$ 1,605.26$
2880898 Lot Type 4 21,251.94$ 1,605.26$
2880899 Lot Type 4 21,251.94$ 1,605.26$
Improvement Area #1
SHERLEY TRACT PUBLIC IMPROVEMENT DISTRICT NO. 2
2025 AMENDED AND RESTATED SERVICE AND ASSESSMENT PLAN 9
Property
ID[a]Lot Type
Outstanding
Assessment
Annual Installment
Due 1/31/2026[b]
2880900 Lot Type 4 21,251.94$ 1,605.26$
2880901 Lot Type 4 21,251.94$ 1,605.26$
2880902 Lot Type 4 21,251.94$ 1,605.26$
2880965 Lot Type 4 21,251.94$ 1,605.26$
2880966 Lot Type 4 21,251.94$ 1,605.26$
2880967 Lot Type 4 21,251.94$ 1,605.26$
2880968 Lot Type 4 21,251.94$ 1,605.26$
2880969 Lot Type 4 21,251.94$ 1,605.26$
2880970 Lot Type 4 21,251.94$ 1,605.26$
2880971 Lot Type 4 21,251.94$ 1,605.26$
2880972 Lot Type 4 21,251.94$ 1,605.26$
2880872 Lot Type 4 21,251.94$ 1,605.26$
2880873 Lot Type 4 21,251.94$ 1,605.26$
2880874 Lot Type 4 21,251.94$ 1,605.26$
2880875 Lot Type 4 21,251.94$ 1,605.26$
2880916 Lot Type 1 22,668.73$ 1,712.27$
2880917 Lot Type 1 22,668.73$ 1,712.27$
2880918 Lot Type 1 22,668.73$ 1,712.27$
2880876 Lot Type 4 21,251.94$ 1,605.26$
2880877 Lot Type 4 21,251.94$ 1,605.26$
2880878 Lot Type 4 21,251.94$ 1,605.26$
2880946 Lot Type 4 21,251.94$ 1,605.26$
2880948 Lot Type 4 21,251.94$ 1,605.26$
2880950 Lot Type 4 21,251.94$ 1,605.26$
2880951 Lot Type 4 21,251.94$ 1,605.26$
2880953 Lot Type 4 21,251.94$ 1,605.26$
2880913 Lot Type 1 22,668.73$ 1,712.27$
2880928 Lot Type 1 22,668.73$ 1,712.27$
2880929 Lot Type 1 22,668.73$ 1,712.27$
2880914 Lot Type 1 22,668.73$ 1,712.27$
2880920 Lot Type 1 22,668.73$ 1,712.27$
2880921 Lot Type 1 22,668.73$ 1,712.27$
2880922 Lot Type 1 22,668.73$ 1,712.27$
2880923 Lot Type 1 22,668.73$ 1,712.27$
2880924 Lot Type 1 22,668.73$ 1,712.27$
2880936 Lot Type 1 22,668.73$ 1,712.27$
2880937 Lot Type 1 22,668.73$ 1,712.27$
2880925 Lot Type 1 22,668.73$ 1,712.27$
2880926 Lot Type 1 22,668.73$ 1,712.27$
2880940 Lot Type 1 22,668.73$ 1,712.27$
Improvement Area #1
SHERLEY TRACT PUBLIC IMPROVEMENT DISTRICT NO. 2
2025 AMENDED AND RESTATED SERVICE AND ASSESSMENT PLAN 10
Property
ID[a]Lot Type
Outstanding
Assessment
Annual Installment
Due 1/31/2026[b]
2880927 Lot Type 1 22,668.73$ 1,712.27$
2880942 Lot Type 1 22,668.73$ 1,712.27$
2880930 Lot Type 1 22,668.73$ 1,712.27$
2880931 Lot Type 1 22,668.73$ 1,712.27$
2880945 Lot Type 4 21,251.94$ 1,605.26$
2880932 Lot Type 1 22,668.73$ 1,712.27$
2880947 Lot Type 4 21,251.94$ 1,605.26$
2880933 Lot Type 1 22,668.73$ 1,712.27$
2880949 Lot Type 4 21,251.94$ 1,605.26$
2880938 Lot Type 1 22,668.73$ 1,712.27$
2880943 Lot Type 1 22,668.73$ 1,712.27$
2880952 Lot Type 4 21,251.94$ 1,605.26$
2880982 Lot Type 1 22,668.73$ 1,712.27$
2880954 Lot Type 4 21,251.94$ 1,605.26$
2880955 Lot Type 4 21,251.94$ 1,605.26$
2880956 Lot Type 4 21,251.94$ 1,605.26$
2880957 Lot Type 4 21,251.94$ 1,605.26$
2880958 Lot Type 4 21,251.94$ 1,605.26$
2880959 Lot Type 4 21,251.94$ 1,605.26$
2880960 Lot Type 4 21,251.94$ 1,605.26$
2880961 Lot Type 4 21,251.94$ 1,605.26$
2880987 Lot Type 1 22,668.73$ 1,712.27$
2880990 Lot Type 1 22,668.73$ 1,712.27$
2880964 Lot Type 4 21,251.94$ 1,605.26$
2880991 Lot Type 1 22,668.73$ 1,712.27$
2880992 Lot Type 1 22,668.73$ 1,712.27$
2880994 Lot Type 1 22,668.73$ 1,712.27$
2880997 Lot Type 1 22,668.73$ 1,712.27$
2881004 Lot Type 1 22,668.73$ 1,712.27$
2881007 Lot Type 1 22,668.73$ 1,712.27$
2881008 Lot Type 1 22,668.73$ 1,712.27$
2881025 Lot Type 2 25,856.52$ 1,953.06$
2881101 Lot Type 2 25,856.52$ 1,953.06$
2880934 Lot Type 1 22,668.73$ 1,712.27$
2880939 Lot Type 1 22,668.73$ 1,712.27$
2880941 Lot Type 1 22,668.73$ 1,712.27$
2880944 Lot Type 1 22,668.73$ 1,712.27$
2880988 Lot Type 1 22,668.73$ 1,712.27$
2880998 Lot Type 1 22,668.73$ 1,712.27$
2881006 Lot Type 1 22,668.73$ 1,712.27$
Improvement Area #1
SHERLEY TRACT PUBLIC IMPROVEMENT DISTRICT NO. 2
2025 AMENDED AND RESTATED SERVICE AND ASSESSMENT PLAN 11
Property
ID[a]Lot Type
Outstanding
Assessment
Annual Installment
Due 1/31/2026[b]
2881275 Lot Type 2 25,856.52$ 1,953.06$
2881276 Lot Type 2 25,856.52$ 1,953.06$
2880984 Lot Type 1 22,668.73$ 1,712.27$
2881277 Lot Type 2 25,856.52$ 1,953.06$
2880986 Lot Type 1 22,668.73$ 1,712.27$
2881278 Lot Type 2 25,856.52$ 1,953.06$
2881280 Lot Type 2 25,856.52$ 1,953.06$
2880989 Lot Type 1 22,668.73$ 1,712.27$
2881294 Lot Type 2 25,856.52$ 1,953.06$
2881307 Lot Type 2 25,856.52$ 1,953.06$
2881308 Lot Type 2 25,856.52$ 1,953.06$
2880993 Lot Type 1 22,668.73$ 1,712.27$
2881358 Lot Type 2 25,856.52$ 1,953.06$
2880995 Lot Type 1 22,668.73$ 1,712.27$
2880996 Lot Type 1 22,668.73$ 1,712.27$
2881246 Lot Type 2 25,856.52$ 1,953.06$
2881279 Lot Type 2 25,856.52$ 1,953.06$
2880999 Lot Type 1 22,668.73$ 1,712.27$
2881000 Lot Type 1 22,668.73$ 1,712.27$
2881001 Lot Type 1 22,668.73$ 1,712.27$
2881002 Lot Type 1 22,668.73$ 1,712.27$
2881003 Lot Type 1 22,668.73$ 1,712.27$
2881281 Lot Type 2 25,856.52$ 1,953.06$
2881005 Lot Type 1 22,668.73$ 1,712.27$
2881289 Lot Type 2 25,856.52$ 1,953.06$
2881015 Lot Type 2 25,856.52$ 1,953.06$
2881016 Lot Type 2 25,856.52$ 1,953.06$
2881009 Lot Type 1 22,668.73$ 1,712.27$
2881017 Lot Type 2 25,856.52$ 1,953.06$
2881012 Lot Type 2 25,856.52$ 1,953.06$
2881013 Lot Type 2 25,856.52$ 1,953.06$
2881014 Lot Type 2 25,856.52$ 1,953.06$
2881026 Lot Type 2 25,856.52$ 1,953.06$
2881030 Lot Type 2 25,856.52$ 1,953.06$
2881031 Lot Type 2 25,856.52$ 1,953.06$
2881018 Lot Type 2 25,856.52$ 1,953.06$
2881019 Lot Type 2 25,856.52$ 1,953.06$
2881020 Lot Type 2 25,856.52$ 1,953.06$
2881021 Lot Type 2 25,856.52$ 1,953.06$
2881032 Lot Type 2 25,856.52$ 1,953.06$
Improvement Area #1
SHERLEY TRACT PUBLIC IMPROVEMENT DISTRICT NO. 2
2025 AMENDED AND RESTATED SERVICE AND ASSESSMENT PLAN 12
Property
ID[a]Lot Type
Outstanding
Assessment
Annual Installment
Due 1/31/2026[b]
2881046 Lot Type 2 25,856.52$ 1,953.06$
2881047 Lot Type 2 25,856.52$ 1,953.06$
2881061 Lot Type 2 25,856.52$ 1,953.06$
2881070 Lot Type 2 25,856.52$ 1,953.06$
2881082 Lot Type 2 25,856.52$ 1,953.06$
2881083 Lot Type 2 25,856.52$ 1,953.06$
2881087 Lot Type 2 25,856.52$ 1,953.06$
2881088 Lot Type 2 25,856.52$ 1,953.06$
2881089 Lot Type 2 25,856.52$ 1,953.06$
2881094 Lot Type 2 25,856.52$ 1,953.06$
2881033 Lot Type 2 25,856.52$ 1,953.06$
2881034 Lot Type 2 25,856.52$ 1,953.06$
2881108 Lot Type 2 25,856.52$ 1,953.06$
2881036 Lot Type 2 25,856.52$ 1,953.06$
2881037 Lot Type 2 25,856.52$ 1,953.06$
2881109 Lot Type 2 25,856.52$ 1,953.06$
2881039 Lot Type 2 25,856.52$ 1,953.06$
2881135 Lot Type 2 25,856.52$ 1,953.06$
2881136 Lot Type 2 25,856.52$ 1,953.06$
2881042 Lot Type 2 25,856.52$ 1,953.06$
2881044 Lot Type 2 25,856.52$ 1,953.06$
2881156 Lot Type 2 25,856.52$ 1,953.06$
2881170 Lot Type 2 25,856.52$ 1,953.06$
2881172 Lot Type 2 25,856.52$ 1,953.06$
2881048 Lot Type 2 25,856.52$ 1,953.06$
2881049 Lot Type 2 25,856.52$ 1,953.06$
2881050 Lot Type 2 25,856.52$ 1,953.06$
2881051 Lot Type 2 25,856.52$ 1,953.06$
2881052 Lot Type 2 25,856.52$ 1,953.06$
2881053 Lot Type 2 25,856.52$ 1,953.06$
2881054 Lot Type 2 25,856.52$ 1,953.06$
2881055 Lot Type 2 25,856.52$ 1,953.06$
2881181 Lot Type 2 25,856.52$ 1,953.06$
2881057 Lot Type 2 25,856.52$ 1,953.06$
2881060 Lot Type 2 25,856.52$ 1,953.06$
2881183 Lot Type 2 25,856.52$ 1,953.06$
2881062 Lot Type 2 25,856.52$ 1,953.06$
2881063 Lot Type 2 25,856.52$ 1,953.06$
2881064 Lot Type 2 25,856.52$ 1,953.06$
2881065 Lot Type 2 25,856.52$ 1,953.06$
Improvement Area #1
SHERLEY TRACT PUBLIC IMPROVEMENT DISTRICT NO. 2
2025 AMENDED AND RESTATED SERVICE AND ASSESSMENT PLAN 13
Property
ID[a]Lot Type
Outstanding
Assessment
Annual Installment
Due 1/31/2026[b]
2881066 Lot Type 2 25,856.52$ 1,953.06$
2881192 Lot Type 2 25,856.52$ 1,953.06$
2881068 Lot Type 2 25,856.52$ 1,953.06$
2881069 Lot Type 2 25,856.52$ 1,953.06$
2881193 Lot Type 2 25,856.52$ 1,953.06$
2881071 Lot Type 2 25,856.52$ 1,953.06$
2881072 Lot Type 2 25,856.52$ 1,953.06$
2881077 Lot Type 2 25,856.52$ 1,953.06$
2881078 Lot Type 2 25,856.52$ 1,953.06$
2881079 Lot Type 2 25,856.52$ 1,953.06$
2881080 Lot Type 2 25,856.52$ 1,953.06$
2881081 Lot Type 2 25,856.52$ 1,953.06$
2881194 Lot Type 2 25,856.52$ 1,953.06$
2881208 Lot Type 2 25,856.52$ 1,953.06$
2881084 Lot Type 2 25,856.52$ 1,953.06$
2881085 Lot Type 2 25,856.52$ 1,953.06$
2881086 Lot Type 2 25,856.52$ 1,953.06$
2881220 Lot Type 2 25,856.52$ 1,953.06$
2881221 Lot Type 2 25,856.52$ 1,953.06$
2881222 Lot Type 2 25,856.52$ 1,953.06$
2881225 Lot Type 2 25,856.52$ 1,953.06$
2881233 Lot Type 2 25,856.52$ 1,953.06$
2881092 Lot Type 2 25,856.52$ 1,953.06$
2881093 Lot Type 2 25,856.52$ 1,953.06$
2881350 Lot Type 2 25,856.52$ 1,953.06$
2881095 Lot Type 2 25,856.52$ 1,953.06$
2881096 Lot Type 2 25,856.52$ 1,953.06$
2881097 Lot Type 2 25,856.52$ 1,953.06$
2881098 Lot Type 2 25,856.52$ 1,953.06$
2881099 Lot Type 2 25,856.52$ 1,953.06$
2881100 Lot Type 2 25,856.52$ 1,953.06$
2881352 Lot Type 2 25,856.52$ 1,953.06$
2881376 Lot Type 2 25,856.52$ 1,953.06$
2881103 Lot Type 2 25,856.52$ 1,953.06$
2881104 Lot Type 2 25,856.52$ 1,953.06$
2881105 Lot Type 2 25,856.52$ 1,953.06$
2881106 Lot Type 2 25,856.52$ 1,953.06$
2881107 Lot Type 2 25,856.52$ 1,953.06$
2881377 Lot Type 2 25,856.52$ 1,953.06$
2881378 Lot Type 2 25,856.52$ 1,953.06$
Improvement Area #1
SHERLEY TRACT PUBLIC IMPROVEMENT DISTRICT NO. 2
2025 AMENDED AND RESTATED SERVICE AND ASSESSMENT PLAN 14
Property
ID[a]Lot Type
Outstanding
Assessment
Annual Installment
Due 1/31/2026[b]
2881379 Lot Type 2 25,856.52$ 1,953.06$
2881111 Lot Type 2 25,856.52$ 1,953.06$
2881112 Lot Type 2 25,856.52$ 1,953.06$
2881380 Lot Type 2 25,856.52$ 1,953.06$
2881114 Lot Type 2 25,856.52$ 1,953.06$
2881115 Lot Type 2 25,856.52$ 1,953.06$
2881116 Lot Type 2 25,856.52$ 1,953.06$
2881117 Lot Type 2 25,856.52$ 1,953.06$
2881118 Lot Type 2 25,856.52$ 1,953.06$
2881119 Lot Type 2 25,856.52$ 1,953.06$
2881120 Lot Type 2 25,856.52$ 1,953.06$
2881121 Lot Type 2 25,856.52$ 1,953.06$
2881122 Lot Type 2 25,856.52$ 1,953.06$
2881123 Lot Type 2 25,856.52$ 1,953.06$
2881124 Lot Type 2 25,856.52$ 1,953.06$
2881126 Lot Type 2 25,856.52$ 1,953.06$
2881127 Lot Type 2 25,856.52$ 1,953.06$
2881128 Lot Type 2 25,856.52$ 1,953.06$
2881130 Lot Type 2 25,856.52$ 1,953.06$
2881131 Lot Type 2 25,856.52$ 1,953.06$
2881132 Lot Type 2 25,856.52$ 1,953.06$
2881133 Lot Type 2 25,856.52$ 1,953.06$
2881134 Lot Type 2 25,856.52$ 1,953.06$
2881381 Lot Type 2 25,856.52$ 1,953.06$
2881382 Lot Type 2 25,856.52$ 1,953.06$
2881137 Lot Type 2 25,856.52$ 1,953.06$
2881138 Lot Type 2 25,856.52$ 1,953.06$
2881139 Lot Type 2 25,856.52$ 1,953.06$
2881140 Lot Type 2 25,856.52$ 1,953.06$
2881141 Lot Type 2 25,856.52$ 1,953.06$
2881142 Lot Type 2 25,856.52$ 1,953.06$
2881144 Lot Type 2 25,856.52$ 1,953.06$
2881145 Lot Type 2 25,856.52$ 1,953.06$
2881383 Lot Type 2 25,856.52$ 1,953.06$
2881147 Lot Type 2 25,856.52$ 1,953.06$
2881148 Lot Type 2 25,856.52$ 1,953.06$
2881384 Lot Type 2 25,856.52$ 1,953.06$
2881150 Lot Type 2 25,856.52$ 1,953.06$
2881152 Lot Type 2 25,856.52$ 1,953.06$
2881153 Lot Type 2 25,856.52$ 1,953.06$
Improvement Area #1
SHERLEY TRACT PUBLIC IMPROVEMENT DISTRICT NO. 2
2025 AMENDED AND RESTATED SERVICE AND ASSESSMENT PLAN 15
Property
ID[a]Lot Type
Outstanding
Assessment
Annual Installment
Due 1/31/2026[b]
2881154 Lot Type 2 25,856.52$ 1,953.06$
2881387 Lot Type 2 25,856.52$ 1,953.06$
2881157 Lot Type 2 25,856.52$ 1,953.06$
2881158 Lot Type 2 25,856.52$ 1,953.06$
2881159 Lot Type 2 25,856.52$ 1,953.06$
2881160 Lot Type 2 25,856.52$ 1,953.06$
2881161 Lot Type 2 25,856.52$ 1,953.06$
2880935 Lot Type 1 22,668.73$ 1,712.27$
2881163 Lot Type 2 25,856.52$ 1,953.06$
2881164 Lot Type 2 25,856.52$ 1,953.06$
2881165 Lot Type 2 25,856.52$ 1,953.06$
2881167 Lot Type 2 25,856.52$ 1,953.06$
2881168 Lot Type 2 25,856.52$ 1,953.06$
2881169 Lot Type 2 25,856.52$ 1,953.06$
2880985 Lot Type 1 22,668.73$ 1,712.27$
2881171 Lot Type 2 25,856.52$ 1,953.06$
2917982 Lot Type 2 25,856.52$ 1,953.06$
2881173 Lot Type 2 25,856.52$ 1,953.06$
2881174 Lot Type 2 25,856.52$ 1,953.06$
2881175 Lot Type 2 25,856.52$ 1,953.06$
2881176 Lot Type 2 25,856.52$ 1,953.06$
2881177 Lot Type 2 25,856.52$ 1,953.06$
2881178 Lot Type 2 25,856.52$ 1,953.06$
2881179 Lot Type 2 25,856.52$ 1,953.06$
2881180 Lot Type 2 25,856.52$ 1,953.06$
2917983 Lot Type 2 25,856.52$ 1,953.06$
2881182 Lot Type 2 25,856.52$ 1,953.06$
2917985 Lot Type 2 25,856.52$ 1,953.06$
2881184 Lot Type 2 25,856.52$ 1,953.06$
2881185 Lot Type 2 25,856.52$ 1,953.06$
2881186 Lot Type 2 25,856.52$ 1,953.06$
2881187 Lot Type 2 25,856.52$ 1,953.06$
2881188 Lot Type 2 25,856.52$ 1,953.06$
2881189 Lot Type 2 25,856.52$ 1,953.06$
2881190 Lot Type 2 25,856.52$ 1,953.06$
2881191 Lot Type 2 25,856.52$ 1,953.06$
2917986 Lot Type 2 25,856.52$ 1,953.06$
2917987 Lot Type 2 25,856.52$ 1,953.06$
2917988 Lot Type 2 25,856.52$ 1,953.06$
2881195 Lot Type 2 25,856.52$ 1,953.06$
Improvement Area #1
SHERLEY TRACT PUBLIC IMPROVEMENT DISTRICT NO. 2
2025 AMENDED AND RESTATED SERVICE AND ASSESSMENT PLAN 16
Property
ID[a]Lot Type
Outstanding
Assessment
Annual Installment
Due 1/31/2026[b]
2881196 Lot Type 2 25,856.52$ 1,953.06$
2881197 Lot Type 2 25,856.52$ 1,953.06$
2881198 Lot Type 2 25,856.52$ 1,953.06$
2881199 Lot Type 2 25,856.52$ 1,953.06$
2881200 Lot Type 2 25,856.52$ 1,953.06$
2881201 Lot Type 2 25,856.52$ 1,953.06$
2881202 Lot Type 2 25,856.52$ 1,953.06$
2881203 Lot Type 2 25,856.52$ 1,953.06$
2917989 Lot Type 2 25,856.52$ 1,953.06$
2856586 Non‐Benefited Property ‐$ ‐$
2856586 Non‐Benefited Property ‐$ ‐$
2880862 Lot Type 4 21,251.94$ 1,605.26$
2880864 Lot Type 4 21,251.94$ 1,605.26$
2881210 Lot Type 2 25,856.52$ 1,953.06$
2881211 Lot Type 2 25,856.52$ 1,953.06$
2881212 Lot Type 2 25,856.52$ 1,953.06$
2881213 Lot Type 2 25,856.52$ 1,953.06$
2881214 Lot Type 2 25,856.52$ 1,953.06$
2880865 Lot Type 4 21,251.94$ 1,605.26$
2881216 Lot Type 2 25,856.52$ 1,953.06$
2881217 Lot Type 2 25,856.52$ 1,953.06$
2881218 Lot Type 2 25,856.52$ 1,953.06$
2880866 Lot Type 4 21,251.94$ 1,605.26$
2880867 Lot Type 4 21,251.94$ 1,605.26$
2880868 Lot Type 4 21,251.94$ 1,605.26$
2880869 Lot Type 4 21,251.94$ 1,605.26$
2881223 Lot Type 2 25,856.52$ 1,953.06$
2881224 Lot Type 2 25,856.52$ 1,953.06$
2880870 Lot Type 4 21,251.94$ 1,605.26$
2881226 Lot Type 2 25,856.52$ 1,953.06$
2881227 Lot Type 2 25,856.52$ 1,953.06$
2881228 Lot Type 2 25,856.52$ 1,953.06$
2880903 Lot Type 4 21,251.94$ 1,605.26$
2881230 Lot Type 2 25,856.52$ 1,953.06$
2881231 Lot Type 2 25,856.52$ 1,953.06$
2881232 Lot Type 2 25,856.52$ 1,953.06$
2880904 Lot Type 4 21,251.94$ 1,605.26$
2880905 Lot Type 4 21,251.94$ 1,605.26$
2880906 Lot Type 4 21,251.94$ 1,605.26$
2880907 Lot Type 4 21,251.94$ 1,605.26$
Improvement Area #1
SHERLEY TRACT PUBLIC IMPROVEMENT DISTRICT NO. 2
2025 AMENDED AND RESTATED SERVICE AND ASSESSMENT PLAN 17
Property
ID[a]Lot Type
Outstanding
Assessment
Annual Installment
Due 1/31/2026[b]
2881239 Lot Type 2 25,856.52$ 1,953.06$
2881240 Lot Type 2 25,856.52$ 1,953.06$
2881241 Lot Type 2 25,856.52$ 1,953.06$
2881242 Lot Type 2 25,856.52$ 1,953.06$
2881243 Lot Type 2 25,856.52$ 1,953.06$
2881244 Lot Type 2 25,856.52$ 1,953.06$
2881245 Lot Type 2 25,856.52$ 1,953.06$
2880908 Lot Type 4 21,251.94$ 1,605.26$
2881247 Lot Type 2 25,856.52$ 1,953.06$
2881248 Lot Type 2 25,856.52$ 1,953.06$
2881249 Lot Type 3 31,027.83$ 2,343.68$
2881250 Lot Type 3 31,027.83$ 2,343.68$
2881251 Lot Type 3 31,027.83$ 2,343.68$
2881252 Lot Type 3 31,027.83$ 2,343.68$
2881253 Lot Type 3 31,027.83$ 2,343.68$
2881254 Lot Type 3 31,027.83$ 2,343.68$
2881255 Lot Type 3 31,027.83$ 2,343.68$
2881256 Lot Type 3 31,027.83$ 2,343.68$
2881257 Lot Type 3 31,027.83$ 2,343.68$
2881258 Lot Type 3 31,027.83$ 2,343.68$
2881259 Lot Type 3 31,027.83$ 2,343.68$
2881260 Lot Type 3 31,027.83$ 2,343.68$
2881261 Lot Type 3 31,027.83$ 2,343.68$
2881262 Lot Type 3 31,027.83$ 2,343.68$
2881263 Lot Type 3 31,027.83$ 2,343.68$
2881264 Lot Type 3 31,027.83$ 2,343.68$
2881265 Lot Type 3 31,027.83$ 2,343.68$
2881266 Lot Type 3 31,027.83$ 2,343.68$
2880910 Lot Type 1 22,668.73$ 1,712.27$
2880911 Lot Type 1 22,668.73$ 1,712.27$
2880912 Lot Type 1 22,668.73$ 1,712.27$
2880915 Lot Type 1 22,668.73$ 1,712.27$
2880919 Lot Type 1 22,668.73$ 1,712.27$
2880975 Lot Type 1 22,668.73$ 1,712.27$
2880976 Lot Type 1 22,668.73$ 1,712.27$
2880977 Lot Type 1 22,668.73$ 1,712.27$
2880978 Lot Type 1 22,668.73$ 1,712.27$
2880979 Lot Type 1 22,668.73$ 1,712.27$
2880980 Lot Type 1 22,668.73$ 1,712.27$
2880981 Lot Type 1 22,668.73$ 1,712.27$
Improvement Area #1
SHERLEY TRACT PUBLIC IMPROVEMENT DISTRICT NO. 2
2025 AMENDED AND RESTATED SERVICE AND ASSESSMENT PLAN 18
Property
ID[a]Lot Type
Outstanding
Assessment
Annual Installment
Due 1/31/2026[b]
2881024 Lot Type 2 25,856.52$ 1,953.06$
2881028 Lot Type 2 25,856.52$ 1,953.06$
2881282 Lot Type 2 25,856.52$ 1,953.06$
2881283 Lot Type 2 25,856.52$ 1,953.06$
2881284 Lot Type 2 25,856.52$ 1,953.06$
2881285 Lot Type 2 25,856.52$ 1,953.06$
2881286 Lot Type 2 25,856.52$ 1,953.06$
2881287 Lot Type 2 25,856.52$ 1,953.06$
2881288 Lot Type 2 25,856.52$ 1,953.06$
2881236 Lot Type 2 25,856.52$ 1,953.06$
2881290 Lot Type 2 25,856.52$ 1,953.06$
2881291 Lot Type 2 25,856.52$ 1,953.06$
2881292 Lot Type 2 25,856.52$ 1,953.06$
2881237 Lot Type 2 25,856.52$ 1,953.06$
2881238 Lot Type 2 25,856.52$ 1,953.06$
2881295 Lot Type 2 25,856.52$ 1,953.06$
2881296 Lot Type 2 25,856.52$ 1,953.06$
2881297 Lot Type 2 25,856.52$ 1,953.06$
2881298 Lot Type 2 25,856.52$ 1,953.06$
2881299 Lot Type 2 25,856.52$ 1,953.06$
2881300 Lot Type 2 25,856.52$ 1,953.06$
2881301 Lot Type 2 25,856.52$ 1,953.06$
2881302 Lot Type 2 25,856.52$ 1,953.06$
2881303 Lot Type 2 25,856.52$ 1,953.06$
2881304 Lot Type 2 25,856.52$ 1,953.06$
2881305 Lot Type 2 25,856.52$ 1,953.06$
2881306 Lot Type 2 25,856.52$ 1,953.06$
2881270 Lot Type 2 25,856.52$ 1,953.06$
2881271 Lot Type 2 25,856.52$ 1,953.06$
2881272 Lot Type 2 25,856.52$ 1,953.06$
2881273 Lot Type 2 25,856.52$ 1,953.06$
2881274 Lot Type 2 25,856.52$ 1,953.06$
2881309 Lot Type 2 25,856.52$ 1,953.06$
2881310 Lot Type 2 25,856.52$ 1,953.06$
2881314 Lot Type 2 25,856.52$ 1,953.06$
2881315 Lot Type 2 25,856.52$ 1,953.06$
2881316 Lot Type 2 25,856.52$ 1,953.06$
2881317 Lot Type 2 25,856.52$ 1,953.06$
2881318 Lot Type 2 25,856.52$ 1,953.06$
2881319 Lot Type 2 25,856.52$ 1,953.06$
Improvement Area #1
SHERLEY TRACT PUBLIC IMPROVEMENT DISTRICT NO. 2
2025 AMENDED AND RESTATED SERVICE AND ASSESSMENT PLAN 19
Property
ID[a]Lot Type
Outstanding
Assessment
Annual Installment
Due 1/31/2026[b]
2881320 Lot Type 2 25,856.52$ 1,953.06$
2881321 Lot Type 2 25,856.52$ 1,953.06$
2881322 Lot Type 2 25,856.52$ 1,953.06$
2881323 Lot Type 2 25,856.52$ 1,953.06$
2881324 Lot Type 2 25,856.52$ 1,953.06$
2881325 Lot Type 2 25,856.52$ 1,953.06$
2881326 Lot Type 2 25,856.52$ 1,953.06$
2881327 Lot Type 2 25,856.52$ 1,953.06$
2881328 Lot Type 2 25,856.52$ 1,953.06$
2881329 Lot Type 2 25,856.52$ 1,953.06$
2881330 Lot Type 2 25,856.52$ 1,953.06$
2881331 Lot Type 2 25,856.52$ 1,953.06$
2881332 Lot Type 2 25,856.52$ 1,953.06$
2881333 Lot Type 2 25,856.52$ 1,953.06$
2881334 Lot Type 2 25,856.52$ 1,953.06$
2881335 Lot Type 2 25,856.52$ 1,953.06$
2881336 Lot Type 2 25,856.52$ 1,953.06$
2881311 Lot Type 2 25,856.52$ 1,953.06$
2881312 Lot Type 2 25,856.52$ 1,953.06$
2881313 Lot Type 2 25,856.52$ 1,953.06$
2881337 Lot Type 2 25,856.52$ 1,953.06$
2881341 Lot Type 2 25,856.52$ 1,953.06$
2881338 Lot Type 2 25,856.52$ 1,953.06$
2881339 Lot Type 2 25,856.52$ 1,953.06$
2881340 Lot Type 2 25,856.52$ 1,953.06$
2881345 Lot Type 2 25,856.52$ 1,953.06$
2881346 Lot Type 2 25,856.52$ 1,953.06$
2881347 Lot Type 2 25,856.52$ 1,953.06$
2881348 Lot Type 2 25,856.52$ 1,953.06$
2881342 Lot Type 2 25,856.52$ 1,953.06$
2881343 Lot Type 2 25,856.52$ 1,953.06$
2881344 Lot Type 2 25,856.52$ 1,953.06$
2881353 Lot Type 2 25,856.52$ 1,953.06$
2881354 Lot Type 2 25,856.52$ 1,953.06$
2881355 Lot Type 2 25,856.52$ 1,953.06$
2881356 Lot Type 2 25,856.52$ 1,953.06$
2881357 Lot Type 2 25,856.52$ 1,953.06$
2881399 Non‐Benefited Property ‐$ ‐$
2881359 Lot Type 2 25,856.52$ 1,953.06$
2881360 Lot Type 2 25,856.52$ 1,953.06$
Improvement Area #1
SHERLEY TRACT PUBLIC IMPROVEMENT DISTRICT NO. 2
2025 AMENDED AND RESTATED SERVICE AND ASSESSMENT PLAN 20
Property
ID[a]Lot Type
Outstanding
Assessment
Annual Installment
Due 1/31/2026[b]
2881361 Lot Type 2 25,856.52$ 1,953.06$
2881362 Lot Type 2 25,856.52$ 1,953.06$
2881363 Lot Type 2 25,856.52$ 1,953.06$
2881364 Lot Type 2 25,856.52$ 1,953.06$
2881365 Lot Type 2 25,856.52$ 1,953.06$
2881366 Lot Type 2 25,856.52$ 1,953.06$
2881367 Lot Type 2 25,856.52$ 1,953.06$
2881368 Lot Type 2 25,856.52$ 1,953.06$
2881369 Lot Type 2 25,856.52$ 1,953.06$
2881370 Lot Type 2 25,856.52$ 1,953.06$
2881371 Lot Type 2 25,856.52$ 1,953.06$
2881372 Lot Type 2 25,856.52$ 1,953.06$
2881373 Lot Type 2 25,856.52$ 1,953.06$
2881374 Lot Type 2 25,856.52$ 1,953.06$
2881375 Lot Type 2 25,856.52$ 1,953.06$
2917979 Lot Type 2 25,856.52$ 1,953.06$
2881229 Lot Type 2 25,856.52$ 1,953.06$
2881162 Lot Type 2 25,856.52$ 1,953.06$
2881219 Lot Type 2 25,856.52$ 1,953.06$
2880871 Non‐Benefited Property ‐$ ‐$
2880887 Non‐Benefited Property ‐$ ‐$
2880909 Non‐Benefited Property ‐$ ‐$
2880973 Non‐Benefited Property ‐$ ‐$
2880974 Non‐Benefited Property ‐$ ‐$
2881011 Non‐Benefited Property ‐$ ‐$
2881396 Lot Type 2 25,856.52$ 1,953.06$
2881397 Lot Type 2 25,856.52$ 1,953.06$
2881398 Lot Type 2 25,856.52$ 1,953.06$
2881029 Non‐Benefited Property ‐$ ‐$
2881113 Non‐Benefited Property ‐$ ‐$
2881149 Non‐Benefited Property ‐$ ‐$
2881204 Non‐Benefited Property ‐$ ‐$
2881215 Non‐Benefited Property ‐$ ‐$
2881267 Non‐Benefited Property ‐$ ‐$
2881268 Non‐Benefited Property ‐$ ‐$
2881293 Non‐Benefited Property ‐$ ‐$
2881349 Non‐Benefited Property ‐$ ‐$
2881401 Non‐Benefited Property ‐$ ‐$
2881402 Non‐Benefited Property ‐$ ‐$
2917981 Non‐Benefited Property ‐$ ‐$
Total 12,444,000.00$ 939,951.99$
Notes:
Improvement Area #1
[a] The Property IDs shown in the Assessment Roll are subject to change based on the
final certified rolls provided by the County prior billing.
[b] Annual Installment due may not match Service Plan or Annual Installment
schedule due to rounding.
SHERLEY TRACT PUBLIC IMPROVEMENT DISTRICT NO. 2
2025 AMENDED AND RESTATED SERVICE AND ASSESSMENT PLAN 21
EXHIBIT E‐2 – IMPROVEMENT AREA #1 ANNUAL INSTALLMENTS
Principal Interest[a]Principal Interest[b]
2026 197,000.00$ 360,977.50$ 70,000.00$ 190,937.02$ 62,220.00$ 58,818.28$ 939,952.80$
2027 204,000.00$ 354,575.00$ 69,000.00$ 192,217.50$ 60,885.00$ 67,644.65$ 948,322.15$
2028 212,000.00$ 346,925.00$ 73,000.00$ 189,202.20$ 59,520.00$ 68,997.54$ 949,644.74$
2029 220,000.00$ 338,975.00$ 76,000.00$ 186,012.10$ 58,095.00$ 70,377.49$ 949,459.59$
2030 228,000.00$ 330,725.00$ 80,000.00$ 182,690.90$ 56,615.00$ 71,785.04$ 949,815.94$
2031 237,000.00$ 322,175.00$ 84,000.00$ 179,194.90$ 55,075.00$ 73,220.74$ 950,665.64$
2032 247,000.00$ 313,287.50$ 88,000.00$ 175,524.10$ 53,470.00$ 74,685.15$ 951,966.75$
2033 257,000.00$ 303,407.50$ 92,000.00$ 171,678.50$ 51,795.00$ 76,178.86$ 952,059.86$
2034 268,000.00$ 293,127.50$ 97,000.00$ 167,658.10$ 50,050.00$ 77,702.43$ 953,538.03$
2035 279,000.00$ 282,407.50$ 102,000.00$ 163,419.20$ 48,225.00$ 79,256.48$ 954,308.18$
2036 290,000.00$ 271,247.50$ 106,000.00$ 158,961.80$ 46,320.00$ 80,841.61$ 953,370.91$
2037 302,000.00$ 259,647.50$ 113,000.00$ 152,994.00$ 44,340.00$ 82,458.45$ 954,439.95$
2038 315,000.00$ 247,567.50$ 120,000.00$ 146,632.10$ 42,265.00$ 84,107.61$ 955,572.21$
2039 328,000.00$ 234,967.50$ 127,000.00$ 139,876.10$ 40,090.00$ 85,789.77$ 955,723.37$
2040 342,000.00$ 221,847.50$ 135,000.00$ 132,726.00$ 37,815.00$ 87,505.56$ 956,894.06$
2041 356,000.00$ 208,167.50$ 143,000.00$ 125,125.50$ 35,430.00$ 89,255.67$ 956,978.67$
2042 372,000.00$ 193,927.50$ 152,000.00$ 117,074.60$ 32,935.00$ 91,040.79$ 958,977.89$
2043 388,000.00$ 178,117.50$ 161,000.00$ 108,517.00$ 30,315.00$ 92,861.60$ 958,811.10$
2044 405,000.00$ 161,627.50$ 171,000.00$ 99,452.70$ 27,570.00$ 94,718.83$ 959,369.03$
2045 424,000.00$ 144,415.00$ 182,000.00$ 89,825.40$ 24,690.00$ 96,613.21$ 961,543.61$
2046 443,000.00$ 126,395.00$ 193,000.00$ 79,578.80$ 21,660.00$ 98,545.48$ 962,179.28$
2047 463,000.00$ 107,567.50$ 205,000.00$ 68,269.00$ 18,480.00$ 100,516.38$ 962,832.88$
2048 483,000.00$ 87,890.00$ 218,000.00$ 56,256.00$ 15,140.00$ 102,526.71$ 962,812.71$
2049 505,000.00$ 67,362.50$ 232,000.00$ 43,481.20$ 11,635.00$ 104,577.25$ 964,055.95$
2050 528,000.00$ 45,900.00$ 247,000.00$ 29,886.00$ 7,950.00$ 106,668.79$ 965,404.79$
2051 552,000.00$ 23,460.00$ 263,000.00$ 15,411.80$ 4,075.00$ 108,802.17$ 966,748.97$
Total 8,845,000.00$ 5,826,690.00$ 3,599,000.00$ 3,362,602.52$ 996,660.00$ 2,225,496.55$ 24,855,449.07$
Notes:
[a] Interest on the Improvement Area #1 Bonds is calculated at 3.250%, 3.750%, 4.000%, and 4.250% rate for term bonds due 2026, 2031, 2041,
and 2051 respectively.
[b] Interest on the Improvement Area #1 Additional Bonds is calculated at 4.370%, 5.630%, and 5.860% rate for term bonds due 2035, 2045, and
2051 respectively, per the City's Financial Advisor and is subject to change upon final pricing.
[c] The figures shown above are estimates only and subject to change in Annual Service Plan Updates. Changes in Collection Costs, reserve fund
requirements, interest earnings, or other available offsets could increase or decrease the amounts shown.
Improvement Area #1 Additional
BondsImprovement Area #1 Initial BondsInstallment
Due 1/31
Total Additional
Interest
Annual Collection
Costs
Total Installment
Due[c]
SHERLEY TRACT PUBLIC IMPROVEMENT DISTRICT NO. 2
2025 AMENDED AND RESTATED SERVICE AND ASSESSMENT PLAN 22
EXHIBIT F‐1 – MAJOR IMPROVEMENT AREA ASSESSMENT ROLL
Property ID[a]Lot Type Outstanding
Assessment
Annual Installment Due
1/31/2026[b]
1007216 Major Improvement Area Initial Parcel 475,131.66$ 39,038.53$
2797552 Major Improvement Area Initial Parcel 939,189.31$ 77,167.19$
2797418 Major Improvement Area Initial Parcel 453,839.01$ 37,289.05$
2797551 Major Improvement Area Initial Parcel 642,609.58$ 52,799.12$
2797548 Major Improvement Area Initial Parcel 271,230.44$ 22,285.27$
2881010 Non‐Benefited Property ‐$ ‐$
2881269 Non‐Benefited Property ‐$ ‐$
2,782,000.00$ 228,579.16$
Notes:
Total
[a] The entire Major Improvement Area Initial Parcel is contained within Property IDs 1007216, 2797552,
2797418, 2797551, and 2797548. For billing purposes, the Annual Installment due 1/31/2026 shall be
allocated pro rata based on acreage and are subject to change based on the final certified rolls provided
by the County prior to billing.
[b] Annual Installment due may not match Service Plan or Annual Installment schedule due to rounding.
SHERLEY TRACT PUBLIC IMPROVEMENT DISTRICT NO. 2
2025 AMENDED AND RESTATED SERVICE AND ASSESSMENT PLAN 23
EXHIBIT F‐2 – MAJOR IMPROVEMENT AREA ANNUAL INSTALLMENTS
Installment Due
1/31 Principal Interest[a]Additional
Interest
Debt Service
Reserve Release
Annual Collection
Costs
Total Installment
Due[b]
2026 61,000.00$ 137,100.00$ 13,910.00$ ‐$ 16,569.17$ 228,579.17$
2027 63,000.00$ 134,355.00$ 13,605.00$ ‐$ 26,080.55$ 237,040.55$
2028 65,000.00$ 131,520.00$ 13,290.00$ ‐$ 26,602.16$ 236,412.16$
2029 68,000.00$ 128,595.00$ 12,965.00$ ‐$ 27,134.21$ 236,694.21$
2030 70,000.00$ 125,535.00$ 12,625.00$ ‐$ 27,676.89$ 235,836.89$
2031 73,000.00$ 122,385.00$ 12,275.00$ ‐$ 28,230.43$ 235,890.43$
2032 76,000.00$ 119,100.00$ 11,910.00$ ‐$ 28,795.04$ 235,805.04$
2033 79,000.00$ 115,300.00$ 11,530.00$ ‐$ 29,370.94$ 235,200.94$
2034 83,000.00$ 111,350.00$ 11,135.00$ ‐$ 29,958.36$ 235,443.36$
2035 86,000.00$ 107,200.00$ 10,720.00$ ‐$ 30,557.53$ 234,477.53$
2036 90,000.00$ 102,900.00$ 10,290.00$ ‐$ 31,168.68$ 234,358.68$
2037 94,000.00$ 98,400.00$ 9,840.00$ ‐$ 31,792.05$ 234,032.05$
2038 98,000.00$ 93,700.00$ 9,370.00$ ‐$ 32,427.89$ 233,497.89$
2039 103,000.00$ 88,800.00$ 8,880.00$ ‐$ 33,076.45$ 233,756.45$
2040 107,000.00$ 83,650.00$ 8,365.00$ ‐$ 33,737.98$ 232,752.98$
2041 112,000.00$ 78,300.00$ 7,830.00$ ‐$ 34,412.74$ 232,542.74$
2042 117,000.00$ 72,700.00$ 7,270.00$ ‐$ 35,100.99$ 232,070.99$
2043 123,000.00$ 66,850.00$ 6,685.00$ ‐$ 35,803.01$ 232,338.01$
2044 129,000.00$ 60,700.00$ 6,070.00$ ‐$ 36,519.07$ 232,289.07$
2045 135,000.00$ 54,250.00$ 5,425.00$ ‐$ 37,249.45$ 231,924.45$
2046 141,000.00$ 47,500.00$ 4,750.00$ ‐$ 37,994.44$ 231,244.44$
2047 147,000.00$ 40,450.00$ 4,045.00$ ‐$ 38,754.33$ 230,249.33$
2048 154,000.00$ 33,100.00$ 3,310.00$ ‐$ 39,529.42$ 229,939.42$
2049 162,000.00$ 25,400.00$ 2,540.00$ ‐$ 40,320.01$ 230,260.01$
2050 169,000.00$ 17,300.00$ 1,730.00$ ‐$ 41,126.41$ 229,156.41$
2051 177,000.00$ 8,850.00$ 885.00$ (198,230.00)$ 41,948.93$ 30,453.93$
Total 2,782,000.00$ 2,205,290.00$ 221,250.00$ (198,230.00)$ 851,937.11$ 5,862,247.11$
Notes:
[a] Interest is calculated at a 4.500% rate for term bonds due 2031, and at a 5.000% rate for term bonds due 2051.
[b] The figures shown above are estimates only and subject to change in Annual Service Plan Updates. Changes in Annual
Collection Costs, reserve fund requirements, interest earnings, or other available offsets could increase or decrease the
amounts shown.
SHERLEY TRACT PUBLIC IMPROVEMENT DISTRICT NO. 2
2025 AMENDED AND RESTATED SERVICE AND ASSESSMENT PLAN 24
EXHIBIT G‐1 – MAPS OF IMPROVEMENT AREA #1 IMPROVEMENTS
SHERLEY TRACT PUBLIC IMPROVEMENT DISTRICT NO. 2
2025 AMENDED AND RESTATED SERVICE AND ASSESSMENT PLAN 25
SHERLEY TRACT PUBLIC IMPROVEMENT DISTRICT NO. 2
2025 AMENDED AND RESTATED SERVICE AND ASSESSMENT PLAN 26
SHERLEY TRACT PUBLIC IMPROVEMENT DISTRICT NO. 2
2025 AMENDED AND RESTATED SERVICE AND ASSESSMENT PLAN 27
SHERLEY TRACT PUBLIC IMPROVEMENT DISTRICT NO. 2
2025 AMENDED AND RESTATED SERVICE AND ASSESSMENT PLAN 28
EXHIBIT G‐2 – MAPS OF MAJOR IMPROVEMENTS
SHERLEY TRACT PUBLIC IMPROVEMENT DISTRICT NO. 2
2025 AMENDED AND RESTATED SERVICE AND ASSESSMENT PLAN 29
SHERLEY TRACT PUBLIC IMPROVEMENT DISTRICT NO. 2
2025 AMENDED AND RESTATED SERVICE AND ASSESSMENT PLAN 30
SHERLEY TRACT PUBLIC IMPROVEMENT DISTRICT NO. 2
2025 AMENDED AND RESTATED SERVICE AND ASSESSMENT PLAN 31
SHERLEY TRACT PUBLIC IMPROVEMENT DISTRICT NO. 2
2025 AMENDED AND RESTATED SERVICE AND ASSESSMENT PLAN 32
EXHIBIT H – MAXIMUM ASSESSMENT AND TAX RATE EQUIVALENT
Per Unit Total Per Unit Total Per Unit Total
Improvement Area #1
Lot Type 1 69 240,000$ 16,560,000$ 23,683$ 1,634,154$ 1,834$ 126,522$ 0.7640$
Lot Type 2 340 273,750$ 93,075,000$ 27,014$ 9,184,717$ 2,092$ 711,111$ 0.7640$
Lot Type 3 18 328,500$ 5,913,000$ 32,417$ 583,500$ 2,510$ 45,176$ 0.7640$
Lot Type 4 72 225,000$ 16,200,000$ 22,203$ 1,598,629$ 1,719$ 123,771$ 0.7640$
Improvement Area #1 Total 499 131,748,000$ 13,001,000$ 1,006,580$
Major Improvement Area Total 412 126,767,250$ 2,896,000$ 233,272$
Total 911 258,515,250$ 15,897,000$ 1,239,852$
Notes:
[a] Estimated Buildout Value as determined at the time the City Council approved the applicable Assessment Ordinance.
Estimated Buildout Value[a]Assessment Average Annual InstallmentLot Type Units PID TRE
SHERLEY TRACT PUBLIC IMPROVEMENT DISTRICT NO. 2
2025 AMENDED AND RESTATED SERVICE AND ASSESSMENT PLAN 33
EXHIBIT I – TIRZ NO. 3 ANNUAL CREDIT AMOUNT BY LOT TYPE
Lot Type
Estimated
Buildout Value
per Unit
Assessment
per Unit
Average Annual
Installment per
Unit
Equivalent
PID Tax Rate
Equivalent
Total Tax
Rate[a]
TIRZ No. 3 Maximum
Annual Credit Amount
per Unit
Net Annual
Installment
per Unit
Net
Equivalent
PID Tax Rate
Net Equivalent
Total Tax Rate[b]
Improvement Area #1
Lot Type 1 (40') 240,000$ 22,669$ 1,741$ 0.7253$ 2.7182$ ‐$ 1,741$ 0.7253$ 2.7182$
Lot Type 2 (50') 273,750$ 25,857$ 1,985$ 0.7253$ 2.7182$ ‐$ 1,985$ 0.7253$ 2.7182$
Lot Type 3 (60') 328,500$ 31,028$ 2,383$ 0.7253$ 2.7182$ ‐$ 2,383$ 0.7253$ 2.7182$
Lot Type 4 (Townhomes) 225,000$ 21,252$ 1,632$ 0.7253$ 2.7182$ ‐$ 1,632$ 0.7253$ 2.7182$
Notes:
[a] Including the following taxing jurisdictions: The City of Anna, Collin County, CCC College, and Anna ISD.
[b] The target tax rate equivalent for Lots within Improvement Area #1 is $0.7786 per $100 of assessed value. Based on the pricing of the Improvement Area #1 Initial Bonds and the preliminary
pricing of the Improvement Area #1 Additional Bonds, the tax rate equivalent is approximately $0.7253 per $100 of assessed value which is less than the target tax rate. Therefore, the TIRZ No. 3
Maximum Annual Credit Amount per Unit for Lots within Improvement Area #1 is calculated at $0.00.
EXHIBIT J – FORM OF NOTICE OF ASSESSMENT TERMINATION
P3Works, LLC
9284 Huntington Square, Suite 100
North Richland Hills, TX 76182
______________________________________________________________________________
[Date]
Collin County Clerk’s Office
Honorable [County Clerk]
Collin County Administration Building
2300 Bloomdale Rd, Suite 2106
McKinney, TX 75071
Re: City of Anna Lien Release documents for filing
Dear Ms./Mr. [County Clerk]
Enclosed is a lien release that the City of Anna is requesting to be filed in your office. Lien
release for [insert legal description]. Recording Numbers: [Plat]. Please forward copies of the
filed documents to my attention:
City of Anna
Attn: City Secretary
101 S Powell Pkwy
Anna, TX 75409
Please contact me if you have any questions or need additional information.
Sincerely,
[Signature]
P3Works, LLC
(817) 393-0353
Admin@P3-Works.com
www.P3-Works.com
AFTER RECORDING RETURN TO:
[City Secretary Name]
101 S Powell Pkwy
Anna, TX 75409
NOTICE OF CONFIDENTIALITY RIGHTS: IF YOU ARE A NATURAL PERSON, YOU
MAY REMOVE OR STRIKE ANY OR ALL OF THE FOLLOWING INFORMATION
FROM ANY INSTRUMENT THAT TRANSFERS AN INTEREST IN REAL PROPERTY
BEFORE IT IS FILED FOR RECORD IN THE PUBLIC RECORDS: YOUR SOCIAL
SECURITY NUMBER OR YOUR DRIVER'S LICENSE NUMBER.
FULL RELEASE OF PUBLIC IMPROVEMENT DISTRICT LIEN
STATE OF TEXAS §
§ KNOW ALL MEN BY THESE PRESENTS:
COUNTY OF COLLIN §
THIS FULL RELEASE OF PUBLIC IMPROVEMENT DISTRICT LIEN (this "Full
Release") is executed and delivered as of the Effective Date by the City of Anna, Texas, a Texas
home rule municipality (the “City”).
RECITALS
WHEREAS, the governing body (hereinafter referred to as the "City Council") of the City,
Texas is authorized by Chapter 372, Texas Local Government Code, as amended (hereinafter
referred to as the "Act"), to create public improvement districts within the corporate limits and the
extraterritorial jurisdiction of the City; and
WHEREAS, on December 8, 2020 the City Council of the City approved Resolution No.
2020-12-839 creating the Sherley Tract Public Improvement District No. 2 (the “District”); and
WHEREAS, the District consists of approximately 289.751 contiguous acres within the
extraterritorial jurisdiction of the City; and
WHEREAS, on ____________, the City Council, approved Ordinance No. __________,
(hereinafter referred to as the "Assessment Ordinance") approving a service and assessment plan and
assessment roll for the real property located with the District, the Assessment Ordinance being
recorded on _____________, as Instrument No. ________ in the Official Public Records of Collin
County, TX; and
WHEREAS, the Assessment Ordinance imposed an assessment in the amount of [amount]
(hereinafter referred to as the "Lien Amount") and further imposed a lien to secure the payment of
the Lien Amount (the “Lien”) against the following property located within the District, to wit:
[legal description], an addition to the City of [City], [County], Texas, according to
the map or plat thereof recorded as Instrument No. ________ in the Map Records of
Collin County, Texas (the "Property");
and
WHEREAS, the Lien Amount has been paid in full.
RELEASE
NOW THEREFORE, for and in consideration of the full payment of the Lien Amount, the
City/County hereby releases and discharges, and by these presents does hereby release and discharge,
the Lien to the extent that is affects and encumbers the Property.
EXECUTED to be EFFECTIVE this the _____ day of _________, 20__.
CITY OF ANNA, TEXAS,
A Texas home rule municipality,
By: _______________________________
[Manager Name], City Manager
ATTEST:
_______________________________
[Secretary Name], City Secretary
STATE OF TEXAS §
§
COUNTY OF COLLIN §
This instrument was acknowledged before me on the ____ day of ________, 20__, by [City
Manager], City Manager for the City of Anna, Texas, a Texas home rule municipality, on behalf of
said municipality.
_______________________________
Notary Public, State of Texas
EXHIBIT K‐1 – DEBT SERVICE SCHEDULE FOR THE IMPROVEMENT AREA #1
INITIAL BONDS
EXHIBIT K‐2 – DEBT SERVICE SCHEDULE FOR IMPROVEMENT AREA #1
ADDITIONAL BONDS
[To Be Provided at Bond Pricing.]
EXHIBIT K‐3 – DEBT SERVICE SCHEDULE FOR THE MAJOR IMPROVEMENT AREA
BONDS
EXHIBIT L‐1 – DISTRICT LEGAL DESCRIPTION
EXHIBIT L‐2 – IMPROVEMENT AREA #1 LEGAL DESCRIPTION
TRACT 1 (65.070 ACRES)
BEING THAT CERTAIN TRACT OF LAND SITUATED IN THE J. KINCADE SURVEY, ABSTRACT NUMBER 509, THE J. BOYLE
SURVEY, ABSTRACT NUMBER 105, THE J. ROBERTS SURVEY, ABSTRACT NUMBER 760, THE J. ELLET SURVEY,
ABSTRACT NUMBER 296, AND THE W. RATTAN SURVEY, ABSTRACT NUMBER 752, COLLIN COUNTY, TEXAS, BEING A
PORTION OF THAT TRACT OF LAND DESCRIBED IN DEED TO MM ANNA 325, LLC TRACT 1 RECORDED IN
INSTRUMENT NUMBER 20190411000386110 OF THE OFFICIAL PUBLIC RECORDS OF COLLIN COUNTY, TEXAS
(O.P.R.C.C.T.) AND BEING MORE PARTICULARLY DESCRIBED BY METES AND BOUNDS AS FOLLOWS:
BEGINNING AT THE MOST SOUTHERLY SOUTHWEST CORNER OF SAID TRACT OF LAND TO MM ANNA 325, LLC
BEING IN THE NORTH LINE OF THAT TRACT OF LAND DESCRIBED BY DEED TO CADG HURRICANE CREEK, LLC
RECORDED IN INSTRUMENT NUMBER 201505290000631020 OF SAID O.P.R.C.C.T.;
THENCE N 00° 42' 12" W, 287.34 FEET WITH THE COMMON LINE OF SAID CADG TRACT AND SAID MM ANNA 325
TRACT;
N 89° 17' 48" E, 110.00 FEET;
N 00° 42' 12" W, 31.43 FEET TO THE BEGINNING OF A CURVE TO THE RIGHT;
WITH SAID CURVE TO THE RIGHT, AN ARC DISTANCE OF 302.23 FEET, THROUGH A CENTRAL ANGLE OF 32°
59' 01", HAVING A RADIUS OF 525.00 FEET, AND A LONG CHORD WHICH BEARS N 15° 47' 19" E, 298.07
FEET;
N 32° 16' 49" E, 45.65 FEET TO THE BEGINNING OF A CURVE TO THE RIGHT;
WITH SAID CURVE TO THE RIGHT, AN ARC DISTANCE OF 7.44 FEET, THROUGH A CENTRAL ANGLE OF 00°
30' 48", HAVING A RADIUS OF 830.00 FEET, AND A LONG CHORD WHICH BEARS N 57° 58' 35" W, 7.44
FEET;
N 57° 43' 11" W, 162.85 FEET;
S 32° 16' 50" W, 605.17 FEET;
THENCE S 88° 18' 50" W, 111.81 FEET TO THE NORTH LINE OF SAID CADG TRACT;
THENCE DEPARTING SAID NORTH LINE OVER AND ACROSS SAID MM ANNA 325 TRACT THE FOLLOWING BEARINGS
AND DISTANCES:
N 45° 08' 58" W, 366.07 FEET TO THE BEGINNING OF A CURVE TO THE LEFT;
WITH SAID CURVE TO THE LEFT, AN ARC DISTANCE OF 520.46 FEET, THROUGH A CENTRAL ANGLE OF 22°
45' 50", HAVING A RADIUS OF 1309.97 FEET, AND A LONG CHORD WHICH BEARS N 40° 23' 55" E, 517.04
FEET;
N 60° 58' 59" W, 120.00 FEET TO THE BEGINNING OF A CURVE TO THE RIGHT;
WITH SAID CURVE TO THE RIGHT, AN ARC DISTANCE OF 923.67 FEET, THROUGH A CENTRAL ANGLE OF 44°
28' 21", HAVING A RADIUS OF 1190.00 FEET, AND A LONG CHORD WHICH BEARS S 51° 15' 12" W, 900.66
FEET;
S 16° 30' 37" E, 120.00 FEET TO THE BEGINNING OF A CURVE TO THE RIGHT;
WITH SAID CURVE TO THE RIGHT, AN ARC DISTANCE OF 27.21 FEET, THROUGH A CENTRAL ANGLE OF 01°
11' 24", HAVING A RADIUS OF 1310.00 FEET, AND A LONG CHORD WHICH BEARS S 74° 05' 05" W, 27.21
FEET;
S 31° 32' 06" W, 43.31 FEET;
S 12° 15' 52" E, 4.77 FEET TO THE NORTH LINE OF SAID CADG TRACT;
THENCE S 89° 05' 29" W, 95.27 FEET;
THENCE DEPARTING SAID NORTH LINE OVER AND ACROSS SAID TRACT OF LAND TO MM ANNA 325, LLC THE
FOLLOWING BEARINGS AND DISTANCES:
N 56° 03' 28" W, 23.94 FEET TO THE BEGINNING OF A CURVE TO THE RIGHT;
WITH SAID CURVE TO THE RIGHT, AN ARC DISTANCE OF 27.22 FEET, THROUGH A CENTRAL ANGLE OF 01°
11' 26", HAVING A RADIUS OF 1310.00 FEET, AND A LONG CHORD WHICH BEARS S 81° 23' 55" W, 27.22
FEET TO A POINT OF INTERSECTION WITH A NON‐TANGENTIAL LINE.
N 08° 00' 22" W, 120.00 FEET TO THE BEGINNING OF A CURVE TO THE RIGHT;
WITH SAID CURVE TO THE RIGHT, AN ARC DISTANCE OF 147.41 FEET, THROUGH A CENTRAL ANGLE OF 07°
05' 51", HAVING A RADIUS OF 1190.00 FEET, AND A LONG CHORD WHICH BEARS S 85° 32' 34" W, 147.31
FEET;
S 89° 05' 29" W, 1,229.11 FEET;
N 45° 54' 31" W, 42.43 FEET;
N 00° 54' 31" W, 48.75 FEET TO THE BEGINNING OF A CURVE TO THE RIGHT;
WITH SAID CURVE TO THE RIGHT, AN ARC DISTANCE OF 139.73 FEET, THROUGH A CENTRAL ANGLE OF 12°
07' 49", HAVING A RADIUS OF 660.00 FEET, AND A LONG CHORD WHICH BEARS N 05° 09' 24" E, 139.47
FEET;
N 11° 13' 18" E, 45.96 FEET TO THE BEGINNING OF A CURVE TO THE RIGHT;
WITH SAID CURVE TO THE RIGHT, AN ARC DISTANCE OF 101.09 FEET, THROUGH A CENTRAL ANGLE OF 07°
14' 23", HAVING A RADIUS OF 800.00 FEET, AND A LONG CHORD WHICH BEARS N 14° 50' 30" E, 101.02
FEET;
N 20° 08' 12" E, 50.00 FEET;
N 21° 08' 00" E, 138.53 FEET TO THE BEGINNING OF A CURVE TO THE LEFT;
WITH SAID CURVE TO THE LEFT, AN ARC DISTANCE OF 304.73 FEET, THROUGH A CENTRAL ANGLE OF 27°
42' 51", HAVING A RADIUS OF 630.00 FEET, AND A LONG CHORD WHICH BEARS N 07° 16' 34" E, 301.77
FEET;
N 83° 25' 09" E, 130.00 FEET TO THE BEGINNING OF A CURVE TO THE LEFT;
WITH SAID CURVE TO THE LEFT, AN ARC DISTANCE OF 32.75 FEET, THROUGH A CENTRAL ANGLE OF 02°
28' 08", HAVING A RADIUS OF 760.00 FEET, AND A LONG CHORD WHICH BEARS N 07° 48' 55" W, 32.75
FEET;
N 80° 57' 01" E, 50.00 FEET TO THE BEGINNING OF A CURVE TO THE RIGHT;
WITH SAID CURVE TO THE RIGHT, AN ARC DISTANCE OF 20.00 FEET, THROUGH A CENTRAL ANGLE OF 01°
24' 53", HAVING A RADIUS OF 810.00 FEET, AND A LONG CHORD WHICH BEARS S 08° 20' 32" E, 20.00
FEET;
N 83° 35' 40" E, 67.70 FEET;
S 87° 45' 57" E, 468.26 FEET;
S 87° 55' 48" E, 10.60 FEET;
N 01° 44' 03" E, 20.00 FEET;
S 88° 15' 57" E, 50.00 FEET;
S 01° 44' 03" W, 23.48 FEET;
N 89° 15' 16" E, 160.00 FEET;
N 84° 17' 59" E, 91.31 FEET;
N 81° 10' 42" E, 54.72 FEET;
N 75° 20' 06" E, 60.71 FEET;
N 70° 47' 30" E, 41.34 FEET;
N 66° 36' 18" E, 49.56 FEET;
N 61° 16' 50" E, 59.24 FEET;
N 56° 58' 45" E, 50.71 FEET;
N 55° 47' 22" E, 49.81 FEET;
N 58° 06' 52" E, 47.94 FEET;
N 57° 16' 20" E, 66.93 FEET TO THE BEGINNING OF A CURVE TO THE RIGHT;
WITH SAID CURVE TO THE RIGHT, AN ARC DISTANCE OF 32.90 FEET, THROUGH A CENTRAL ANGLE OF 01°
34' 15", HAVING A RADIUS OF 1200.00 FEET, AND A LONG CHORD WHICH BEARS N 28° 47' 28" W, 32.90
FEET TO A POINT OF INTERSECTION WITH A NON‐TANGENTIAL LINE.
N 61° 59' 39" E, 50.00 FEET TO THE BEGINNING OF A CURVE TO THE LEFT;
WITH SAID CURVE TO THE LEFT, AN ARC DISTANCE OF 45.85 FEET, THROUGH A CENTRAL ANGLE OF 02°
17' 04", HAVING A RADIUS OF 1150.00 FEET, AND A LONG CHORD WHICH BEARS S 29° 08' 53" E, 45.85
FEET;
N 59° 42' 35" E, 120.15 FEET TO THE BEGINNING OF A CURVE TO THE LEFT;
WITH SAID CURVE TO THE LEFT, AN ARC DISTANCE OF 434.10 FEET, THROUGH A CENTRAL ANGLE OF 24°
08' 52", HAVING A RADIUS OF 1,030.00 FEET, AND A LONG CHORD WHICH BEARS S 42° 21' 09" E, 430.90
FEET;
S 54° 25' 35" E, 89.54 FEET;
N 24° 51' 49" E, 70.52 FEET;
S 64° 05' 47" E, 100.01 FEET;
S 65° 13' 30" E, 75.00 FEET;
N 69° 45' 54" E, 42.43 FEET;
N 24° 45' 54" E, 22.77 FEET;
S 65° 14' 06" E, 120.00 FEET;
S 24° 45' 54" W, 23.65 FEET;
S 19° 10' 53" E, 43.20 FEET TO THE BEGINNING OF A CURVE TO THE RIGHT;
WITH SAID CURVE TO THE RIGHT, AN ARC DISTANCE OF 96.46 FEET, THROUGH A CENTRAL ANGLE OF 05°
31' 37", HAVING A RADIUS OF 1000.00 FEET, AND A LONG CHORD WHICH BEARS S 59° 58' 35" E, 96.43
FEET;
N 24° 45' 54" E, 31.64 FEET;
S 58° 13' 31" E, 50.38 FEET;
S 24° 45' 54" W, 33.83 FEET;
S 55° 20' 20" E, 104.47 FEET;
S 57° 43' 11" E, 272.85 FEET TO THE BEGINNING OF A CURVE TO THE LEFT;
WITH SAID CURVE TO THE LEFT, THROUGH 33° 03' 57", 444.37 FEET HAVING A RADIUS OF 770.00 FEET,
AND A LONG CHORD WHICH BEARS S 74° 15' 09" E, 438.23 FEET TO THE BEGINNING OF A CURVE TO THE
RIGHT;
WITH SAID CURVE TO THE RIGHT, AN ARC DISTANCE OF 49.91 FEET, THROUGH A CENTRAL ANGLE OF 07°
37' 35", HAVING A RADIUS OF 375.00 FEET, AND A LONG CHORD WHICH BEARS N 07° 38' 20" E, 49.88
FEET;
S 78° 32' 52" E, 50.00 FEET TO THE BEGINNING OF A CURVE TO THE LEFT;
WITH SAID CURVE TO THE LEFT, THROUGH 06° 37' 24", 37.57 FEET HAVING A RADIUS OF 325.00 FEET,
AND A LONG CHORD WHICH BEARS S 08° 08' 26" W, 37.55 FEET TO THE BEGINNING OF A CURVE TO THE
LEFT;
WITH SAID CURVE TO THE LEFT, AN ARC DISTANCE OF 71.20 FEET, THROUGH A CENTRAL ANGLE OF 05°
17' 53", HAVING A RADIUS OF 770.00 FEET, AND A LONG CHORD WHICH BEARS N 82° 48' 59" E, 71.18
FEET;
N 80° 10' 03" E, 330.53 FEET TO THE BEGINNING OF A CURVE TO THE RIGHT;
WITH SAID CURVE TO THE RIGHT, AN ARC DISTANCE OF 56.36 FEET, THROUGH A CENTRAL ANGLE OF 03°
06' 19", HAVING A RADIUS OF 1,040.00 FEET, AND A LONG CHORD WHICH BEARS N 04° 30' 13" W, 56.36
FEET TO A POINT OF INTERSECTION WITH A NON‐TANGENTIAL LINE.
N 87° 02' 56" E, 80.00 FEET TO THE BEGINNING OF A CURVE TO THE LEFT;
WITH SAID CURVE TO THE LEFT, AN ARC DISTANCE OF 191.58 FEET, THROUGH A CENTRAL ANGLE OF 11°
26' 03", HAVING A RADIUS OF 960.00 FEET, AND A LONG CHORD WHICH BEARS S 08° 40' 05" E, 191.26
FEET;
S 14° 23' 07" E, 121.17 FEET TO THE BEGINNING OF A CURVE TO THE RIGHT;
WITH SAID CURVE TO THE RIGHT, AN ARC DISTANCE OF 100.60 FEET, THROUGH A CENTRAL ANGLE OF 12°
23' 42", HAVING A RADIUS OF 465.00 FEET, AND A LONG CHORD WHICH BEARS S 08° 11' 16" E, 100.40
FEET;
S 01° 59' 25" E, 283.25 FEET;
THENCE S 89° 04' 42" W, 1264.39 FEET TO THE POINT OF BEGINNING AND CONTAINING 2,834,457 SQUARE FEET
OR 65.070 ACRES MORE OR LESS;
TRACT 2 (44.332 ACRES)
BEING THAT CERTAIN TRACT OF LAND SITUATED IN THE J. KINCADE SURVEY, ABSTRACT NUMBER 509, THE J. BOYLE
SURVEY, ABSTRACT NUMBER 105, THE J. ROBERTS SURVEY, ABSTRACT NUMBER 760, THE J. ELLET SURVEY,
ABSTRACT NUMBER 296, AND THE W. RATTAN SURVEY, ABSTRACT NUMBER 752, COLLIN COUNTY, TEXAS, BEING A
PORTION OF THAT TRACT OF LAND DESCRIBED IN DEED TO MM ANNA 325, LLC TRACT 1 RECORDED IN
INSTRUMENT NUMBER 20190411000386110 OF THE OFFICIAL PUBLIC RECORDS OF COLLIN COUNTY, TEXAS
(O.P.R.C.C.T.) AND BEING MORE PARTICULARLY DESCRIBED BY METES AND BOUNDS AS FOLLOWS:
BEGINNING AT THE MOST SOUTHERLY SOUTHWEST CORNER IN PLAT TO URBAN CROSSING RECORDED IN
INSTURMENT NUMBER 20131227010003710 OF THE PLAT RECORDS OF COLLIN COUNTY, TEXAS (P.R.C.C.T.) AND
BEING IN THE NORTH LINE OF SAID MM ANNA 325 TRACT;
THENCE FOLLOWING THE SOUTH LINE OF SAID URBAN CROSSING TRACT AND THE NORTH LINE OF SAID MM ANNA
325 TRACT THE FOLLOWING BEARINGS AND DISTANCES:
S 89° 47' 13" E, 602.59 FEET;
N 88° 59' 00" E, 461.54 FEET;
THENCE DEPARTING SAID COMMON LINE OVER AND ACROSS SAID MM ANNA 325 TRACT THE FOLLOWING
BEARINGS AND DISTANCES:
S 01° 10' 22" E, 231.65 FEET TO THE BEGINNING OF A CURVE TO THE LEFT;
WITH SAID CURVE TO THE LEFT, AN ARC DISTANCE OF 1,023.35 FEET, THROUGH A CENTRAL ANGLE OF 31°
31' 24", HAVING A RADIUS OF 1860.00 FEET, AND A LONG CHORD WHICH BEARS S 40° 31' 36" W, 1010.49
FEET;
S 24° 45' 54" W, 220.34 FEET;
S 24° 45' 54" W, 22.77 FEET;
S 69° 45' 54" W, 42.43 FEET;
N 65° 13' 30" W, 75.00 FEET;
N 64° 05' 47" W, 100.01 FEET;
S 24° 51' 49" W, 70.52 FEET;
N 54° 25' 35" W , 89.54 FEET TO THE BEGINNING OF A CURVE TO THE RIGHT;
WITH SAID CURVE TO THE RIGHT, AN ARC DISTANCE OF 434.10 FEET, THROUGH A CENTRAL ANGLE OF 24°
08' 52", HAVING A RADIUS OF 1030.00 FEET, AND A LONG CHORD WHICH BEARS N 42° 21' 09" W, 430.90
FEET;
S 59° 42' 35" W, 120.15 FEET TO THE BEGINNING OF A CURVFE TO THE RIGHT;
WITH SAID CURVE TO THE RIGHT, AN ARC DISTANCE OF 45.85 FEET, THROUGH A CENTRAL ANGLE OF 02°
17' 04", HAVING A RADIUS OF 1150.00 FEET, AND A LONG CHORD WHICH BEARS N 29° 08' 53" W, 45.85
FEET;
S 61° 59' 39" W, 50.00 FEET TO THE BEGINNING OF A CURVE TO THE LEFT;
WITH SAID CURVE TO THE LEFT, AN ARC DISTANCE OF 32.90 FEET, THROUGH A CENTRAL ANGLE OF 01°
34' 15", HAVING A RADIUS OF 1200.00 FEET, AND A LONG CHORD WHICH BEARS S 28° 47' 28" E, 32.90
FEET;
S 57° 16' 20" W, 66.93 FEET;
S 58° 06' 52" W, 47.94 FEET;
S 55° 47' 22" W, 49.81 FEET;
S 56° 58' 45" W, 50.71 FEET;
S 61° 16' 50" W, 59.24 FEET;
S 66° 36' 18" W, 49.56 FEET;
S 70° 47' 30" W, 41.34 FEET;
S 75° 20' 06" W, 60.71 FEET;
S 81° 10' 42" W, 54.72 FEET;
S 84° 17' 59" W, 91.31 FEET;
S 89° 15' 16" W, 160.00 FEET;
N 01° 44' 03" E, 23.48 FEET;
N 01° 44' 03" E, 104.07 FEET;
S 88° 15' 57" E, 10.50 FEET;
N 01° 44' 03" E, 50.00 FEET;
N 88° 15' 57" W, 109.33 FEET;
N 01° 44' 03" E, 130.00 FEET;
N 00° 53' 08" E, 401.03 FEET;
N 68° 31' 37" E, 311.47 FEET;
N 27° 44' 36" E, 271.58 FEET;
N 78° 55' 21" E, 359.52 FEET;
N 89° 19' 48" E, 60.00 FEET;
N 89° 19' 48" E, 369.75 FEET TO THE WEST LINE OF SAID URBAN CROSSING;
THENCE S 00° 05' 05" E, 5.70 FEET TO THE POINT OF BEGINNING AND CONTAINING 1,931,085 SQUARE FEET OR
44.332 ACRES MORE OR LESS
EXHIBIT L‐3 – MAJOR IMPROVEMENT AREA LEGAL DESCRIPTION
Save and except:
TRACT 1 (65.070 ACRES)
BEING THAT CERTAIN TRACT OF LAND SITUATED IN THE J. KINCADE SURVEY, ABSTRACT NUMBER 509, THE J. BOYLE
SURVEY, ABSTRACT NUMBER 105, THE J. ROBERTS SURVEY, ABSTRACT NUMBER 760, THE J. ELLET SURVEY,
ABSTRACT NUMBER 296, AND THE W. RATTAN SURVEY, ABSTRACT NUMBER 752, COLLIN COUNTY, TEXAS, BEING A
PORTION OF THAT TRACT OF LAND DESCRIBED IN DEED TO MM ANNA 325, LLC TRACT 1 RECORDED IN
INSTRUMENT NUMBER 20190411000386110 OF THE OFFICIAL PUBLIC RECORDS OF COLLIN COUNTY, TEXAS
(O.P.R.C.C.T.) AND BEING MORE PARTICULARLY DESCRIBED BY METES AND BOUNDS AS FOLLOWS:
BEGINNING AT THE MOST SOUTHERLY SOUTHWEST CORNER OF SAID TRACT OF LAND TO MM ANNA 325, LLC
BEING IN THE NORTH LINE OF THAT TRACT OF LAND DESCRIBED BY DEED TO CADG HURRICANE CREEK, LLC
RECORDED IN INSTRUMENT NUMBER 201505290000631020 OF SAID O.P.R.C.C.T.;
THENCE N 00° 42' 12" W, 287.34 FEET WITH THE COMMON LINE OF SAID CADG TRACT AND SAID MM ANNA 325
TRACT;
N 89° 17' 48" E, 110.00 FEET;
N 00° 42' 12" W, 31.43 FEET TO THE BEGINNING OF A CURVE TO THE RIGHT;
WITH SAID CURVE TO THE RIGHT, AN ARC DISTANCE OF 302.23 FEET, THROUGH A CENTRAL ANGLE OF 32°
59' 01", HAVING A RADIUS OF 525.00 FEET, AND A LONG CHORD WHICH BEARS N 15° 47' 19" E, 298.07
FEET;
N 32° 16' 49" E, 45.65 FEET TO THE BEGINNING OF A CURVE TO THE RIGHT;
WITH SAID CURVE TO THE RIGHT, AN ARC DISTANCE OF 7.44 FEET, THROUGH A CENTRAL ANGLE OF 00°
30' 48", HAVING A RADIUS OF 830.00 FEET, AND A LONG CHORD WHICH BEARS N 57° 58' 35" W, 7.44
FEET;
N 57° 43' 11" W, 162.85 FEET;
S 32° 16' 50" W, 605.17 FEET;
THENCE S 88° 18' 50" W, 111.81 FEET TO THE NORTH LINE OF SAID CADG TRACT;
THENCE DEPARTING SAID NORTH LINE OVER AND ACROSS SAID MM ANNA 325 TRACT THE FOLLOWING BEARINGS
AND DISTANCES:
N 45° 08' 58" W, 366.07 FEET TO THE BEGINNING OF A CURVE TO THE LEFT;
WITH SAID CURVE TO THE LEFT, AN ARC DISTANCE OF 520.46 FEET, THROUGH A CENTRAL ANGLE OF 22°
45' 50", HAVING A RADIUS OF 1309.97 FEET, AND A LONG CHORD WHICH BEARS N 40° 23' 55" E, 517.04
FEET;
N 60° 58' 59" W, 120.00 FEET TO THE BEGINNING OF A CURVE TO THE RIGHT;
WITH SAID CURVE TO THE RIGHT, AN ARC DISTANCE OF 923.67 FEET, THROUGH A CENTRAL ANGLE OF 44°
28' 21", HAVING A RADIUS OF 1190.00 FEET, AND A LONG CHORD WHICH BEARS S 51° 15' 12" W, 900.66
FEET;
S 16° 30' 37" E, 120.00 FEET TO THE BEGINNING OF A CURVE TO THE RIGHT;
WITH SAID CURVE TO THE RIGHT, AN ARC DISTANCE OF 27.21 FEET, THROUGH A CENTRAL ANGLE OF 01°
11' 24", HAVING A RADIUS OF 1310.00 FEET, AND A LONG CHORD WHICH BEARS S 74° 05' 05" W, 27.21
FEET;
S 31° 32' 06" W, 43.31 FEET;
S 12° 15' 52" E, 4.77 FEET TO THE NORTH LINE OF SAID CADG TRACT;
THENCE S 89° 05' 29" W, 95.27 FEET;
THENCE DEPARTING SAID NORTH LINE OVER AND ACROSS SAID TRACT OF LAND TO MM ANNA 325, LLC THE
FOLLOWING BEARINGS AND DISTANCES:
N 56° 03' 28" W, 23.94 FEET TO THE BEGINNING OF A CURVE TO THE RIGHT;
WITH SAID CURVE TO THE RIGHT, AN ARC DISTANCE OF 27.22 FEET, THROUGH A CENTRAL ANGLE OF 01°
11' 26", HAVING A RADIUS OF 1310.00 FEET, AND A LONG CHORD WHICH BEARS S 81° 23' 55" W, 27.22
FEET TO A POINT OF INTERSECTION WITH A NON‐TANGENTIAL LINE.
N 08° 00' 22" W, 120.00 FEET TO THE BEGINNING OF A CURVE TO THE RIGHT;
WITH SAID CURVE TO THE RIGHT, AN ARC DISTANCE OF 147.41 FEET, THROUGH A CENTRAL ANGLE OF 07°
05' 51", HAVING A RADIUS OF 1190.00 FEET, AND A LONG CHORD WHICH BEARS S 85° 32' 34" W, 147.31
FEET;
S 89° 05' 29" W, 1,229.11 FEET;
N 45° 54' 31" W, 42.43 FEET;
N 00° 54' 31" W, 48.75 FEET TO THE BEGINNING OF A CURVE TO THE RIGHT;
WITH SAID CURVE TO THE RIGHT, AN ARC DISTANCE OF 139.73 FEET, THROUGH A CENTRAL ANGLE OF 12°
07' 49", HAVING A RADIUS OF 660.00 FEET, AND A LONG CHORD WHICH BEARS N 05° 09' 24" E, 139.47
FEET;
N 11° 13' 18" E, 45.96 FEET TO THE BEGINNING OF A CURVE TO THE RIGHT;
WITH SAID CURVE TO THE RIGHT, AN ARC DISTANCE OF 101.09 FEET, THROUGH A CENTRAL ANGLE OF 07°
14' 23", HAVING A RADIUS OF 800.00 FEET, AND A LONG CHORD WHICH BEARS N 14° 50' 30" E, 101.02
FEET;
N 20° 08' 12" E, 50.00 FEET;
N 21° 08' 00" E, 138.53 FEET TO THE BEGINNING OF A CURVE TO THE LEFT;
WITH SAID CURVE TO THE LEFT, AN ARC DISTANCE OF 304.73 FEET, THROUGH A CENTRAL ANGLE OF 27°
42' 51", HAVING A RADIUS OF 630.00 FEET, AND A LONG CHORD WHICH BEARS N 07° 16' 34" E, 301.77
FEET;
N 83° 25' 09" E, 130.00 FEET TO THE BEGINNING OF A CURVE TO THE LEFT;
WITH SAID CURVE TO THE LEFT, AN ARC DISTANCE OF 32.75 FEET, THROUGH A CENTRAL ANGLE OF 02°
28' 08", HAVING A RADIUS OF 760.00 FEET, AND A LONG CHORD WHICH BEARS N 07° 48' 55" W, 32.75
FEET;
N 80° 57' 01" E, 50.00 FEET TO THE BEGINNING OF A CURVE TO THE RIGHT;
WITH SAID CURVE TO THE RIGHT, AN ARC DISTANCE OF 20.00 FEET, THROUGH A CENTRAL ANGLE OF 01°
24' 53", HAVING A RADIUS OF 810.00 FEET, AND A LONG CHORD WHICH BEARS S 08° 20' 32" E, 20.00
FEET;
N 83° 35' 40" E, 67.70 FEET;
S 87° 45' 57" E, 468.26 FEET;
S 87° 55' 48" E, 10.60 FEET;
N 01° 44' 03" E, 20.00 FEET;
S 88° 15' 57" E, 50.00 FEET;
S 01° 44' 03" W, 23.48 FEET;
N 89° 15' 16" E, 160.00 FEET;
N 84° 17' 59" E, 91.31 FEET;
N 81° 10' 42" E, 54.72 FEET;
N 75° 20' 06" E, 60.71 FEET;
N 70° 47' 30" E, 41.34 FEET;
N 66° 36' 18" E, 49.56 FEET;
N 61° 16' 50" E, 59.24 FEET;
N 56° 58' 45" E, 50.71 FEET;
N 55° 47' 22" E, 49.81 FEET;
N 58° 06' 52" E, 47.94 FEET;
N 57° 16' 20" E, 66.93 FEET TO THE BEGINNING OF A CURVE TO THE RIGHT;
WITH SAID CURVE TO THE RIGHT, AN ARC DISTANCE OF 32.90 FEET, THROUGH A CENTRAL ANGLE OF 01°
34' 15", HAVING A RADIUS OF 1200.00 FEET, AND A LONG CHORD WHICH BEARS N 28° 47' 28" W, 32.90
FEET TO A POINT OF INTERSECTION WITH A NON‐TANGENTIAL LINE.
N 61° 59' 39" E, 50.00 FEET TO THE BEGINNING OF A CURVE TO THE LEFT;
WITH SAID CURVE TO THE LEFT, AN ARC DISTANCE OF 45.85 FEET, THROUGH A CENTRAL ANGLE OF 02°
17' 04", HAVING A RADIUS OF 1150.00 FEET, AND A LONG CHORD WHICH BEARS S 29° 08' 53" E, 45.85
FEET;
N 59° 42' 35" E, 120.15 FEET TO THE BEGINNING OF A CURVE TO THE LEFT;
WITH SAID CURVE TO THE LEFT, AN ARC DISTANCE OF 434.10 FEET, THROUGH A CENTRAL ANGLE OF 24°
08' 52", HAVING A RADIUS OF 1,030.00 FEET, AND A LONG CHORD WHICH BEARS S 42° 21' 09" E, 430.90
FEET;
S 54° 25' 35" E, 89.54 FEET;
N 24° 51' 49" E, 70.52 FEET;
S 64° 05' 47" E, 100.01 FEET;
S 65° 13' 30" E, 75.00 FEET;
N 69° 45' 54" E, 42.43 FEET;
N 24° 45' 54" E, 22.77 FEET;
S 65° 14' 06" E, 120.00 FEET;
S 24° 45' 54" W, 23.65 FEET;
S 19° 10' 53" E, 43.20 FEET TO THE BEGINNING OF A CURVE TO THE RIGHT;
WITH SAID CURVE TO THE RIGHT, AN ARC DISTANCE OF 96.46 FEET, THROUGH A CENTRAL ANGLE OF 05°
31' 37", HAVING A RADIUS OF 1000.00 FEET, AND A LONG CHORD WHICH BEARS S 59° 58' 35" E, 96.43
FEET;
N 24° 45' 54" E, 31.64 FEET;
S 58° 13' 31" E, 50.38 FEET;
S 24° 45' 54" W, 33.83 FEET;
S 55° 20' 20" E, 104.47 FEET;
S 57° 43' 11" E, 272.85 FEET TO THE BEGINNING OF A CURVE TO THE LEFT;
WITH SAID CURVE TO THE LEFT, THROUGH 33° 03' 57", 444.37 FEET HAVING A RADIUS OF 770.00 FEET,
AND A LONG CHORD WHICH BEARS S 74° 15' 09" E, 438.23 FEET TO THE BEGINNING OF A CURVE TO THE
RIGHT;
WITH SAID CURVE TO THE RIGHT, AN ARC DISTANCE OF 49.91 FEET, THROUGH A CENTRAL ANGLE OF 07°
37' 35", HAVING A RADIUS OF 375.00 FEET, AND A LONG CHORD WHICH BEARS N 07° 38' 20" E, 49.88
FEET;
S 78° 32' 52" E, 50.00 FEET TO THE BEGINNING OF A CURVE TO THE LEFT;
WITH SAID CURVE TO THE LEFT, THROUGH 06° 37' 24", 37.57 FEET HAVING A RADIUS OF 325.00 FEET,
AND A LONG CHORD WHICH BEARS S 08° 08' 26" W, 37.55 FEET TO THE BEGINNING OF A CURVE TO THE
LEFT;
WITH SAID CURVE TO THE LEFT, AN ARC DISTANCE OF 71.20 FEET, THROUGH A CENTRAL ANGLE OF 05°
17' 53", HAVING A RADIUS OF 770.00 FEET, AND A LONG CHORD WHICH BEARS N 82° 48' 59" E, 71.18
FEET;
N 80° 10' 03" E, 330.53 FEET TO THE BEGINNING OF A CURVE TO THE RIGHT;
WITH SAID CURVE TO THE RIGHT, AN ARC DISTANCE OF 56.36 FEET, THROUGH A CENTRAL ANGLE OF 03°
06' 19", HAVING A RADIUS OF 1,040.00 FEET, AND A LONG CHORD WHICH BEARS N 04° 30' 13" W, 56.36
FEET TO A POINT OF INTERSECTION WITH A NON‐TANGENTIAL LINE.
N 87° 02' 56" E, 80.00 FEET TO THE BEGINNING OF A CURVE TO THE LEFT;
WITH SAID CURVE TO THE LEFT, AN ARC DISTANCE OF 191.58 FEET, THROUGH A CENTRAL ANGLE OF 11°
26' 03", HAVING A RADIUS OF 960.00 FEET, AND A LONG CHORD WHICH BEARS S 08° 40' 05" E, 191.26
FEET;
S 14° 23' 07" E, 121.17 FEET TO THE BEGINNING OF A CURVE TO THE RIGHT;
WITH SAID CURVE TO THE RIGHT, AN ARC DISTANCE OF 100.60 FEET, THROUGH A CENTRAL ANGLE OF 12°
23' 42", HAVING A RADIUS OF 465.00 FEET, AND A LONG CHORD WHICH BEARS S 08° 11' 16" E, 100.40
FEET;
S 01° 59' 25" E, 283.25 FEET;
THENCE S 89° 04' 42" W, 1264.39 FEET TO THE POINT OF BEGINNING AND CONTAINING 2,834,457 SQUARE FEET
OR 65.070 ACRES MORE OR LESS;
TRACT 2 (44.332 ACRES)
BEING THAT CERTAIN TRACT OF LAND SITUATED IN THE J. KINCADE SURVEY, ABSTRACT NUMBER 509, THE J. BOYLE
SURVEY, ABSTRACT NUMBER 105, THE J. ROBERTS SURVEY, ABSTRACT NUMBER 760, THE J. ELLET SURVEY,
ABSTRACT NUMBER 296, AND THE W. RATTAN SURVEY, ABSTRACT NUMBER 752, COLLIN COUNTY, TEXAS, BEING A
PORTION OF THAT TRACT OF LAND DESCRIBED IN DEED TO MM ANNA 325, LLC TRACT 1 RECORDED IN
INSTRUMENT NUMBER 20190411000386110 OF THE OFFICIAL PUBLIC RECORDS OF COLLIN COUNTY, TEXAS
(O.P.R.C.C.T.) AND BEING MORE PARTICULARLY DESCRIBED BY METES AND BOUNDS AS FOLLOWS:
BEGINNING AT THE MOST SOUTHERLY SOUTHWEST CORNER IN PLAT TO URBAN CROSSING RECORDED IN
INSTURMENT NUMBER 20131227010003710 OF THE PLAT RECORDS OF COLLIN COUNTY, TEXAS (P.R.C.C.T.) AND
BEING IN THE NORTH LINE OF SAID MM ANNA 325 TRACT;
THENCE FOLLOWING THE SOUTH LINE OF SAID URBAN CROSSING TRACT AND THE NORTH LINE OF SAID MM ANNA
325 TRACT THE FOLLOWING BEARINGS AND DISTANCES:
S 89° 47' 13" E, 602.59 FEET;
N 88° 59' 00" E, 461.54 FEET;
THENCE DEPARTING SAID COMMON LINE OVER AND ACROSS SAID MM ANNA 325 TRACT THE FOLLOWING
BEARINGS AND DISTANCES:
S 01° 10' 22" E, 231.65 FEET TO THE BEGINNING OF A CURVE TO THE LEFT;
WITH SAID CURVE TO THE LEFT, AN ARC DISTANCE OF 1,023.35 FEET, THROUGH A CENTRAL ANGLE OF 31°
31' 24", HAVING A RADIUS OF 1860.00 FEET, AND A LONG CHORD WHICH BEARS S 40° 31' 36" W, 1010.49
FEET;
S 24° 45' 54" W, 220.34 FEET;
S 24° 45' 54" W, 22.77 FEET;
S 69° 45' 54" W, 42.43 FEET;
N 65° 13' 30" W, 75.00 FEET;
N 64° 05' 47" W, 100.01 FEET;
S 24° 51' 49" W, 70.52 FEET;
N 54° 25' 35" W , 89.54 FEET TO THE BEGINNING OF A CURVE TO THE RIGHT;
WITH SAID CURVE TO THE RIGHT, AN ARC DISTANCE OF 434.10 FEET, THROUGH A CENTRAL ANGLE OF 24°
08' 52", HAVING A RADIUS OF 1030.00 FEET, AND A LONG CHORD WHICH BEARS N 42° 21' 09" W, 430.90
FEET;
S 59° 42' 35" W, 120.15 FEET TO THE BEGINNING OF A CURVFE TO THE RIGHT;
WITH SAID CURVE TO THE RIGHT, AN ARC DISTANCE OF 45.85 FEET, THROUGH A CENTRAL ANGLE OF 02°
17' 04", HAVING A RADIUS OF 1150.00 FEET, AND A LONG CHORD WHICH BEARS N 29° 08' 53" W, 45.85
FEET;
S 61° 59' 39" W, 50.00 FEET TO THE BEGINNING OF A CURVE TO THE LEFT;
WITH SAID CURVE TO THE LEFT, AN ARC DISTANCE OF 32.90 FEET, THROUGH A CENTRAL ANGLE OF 01°
34' 15", HAVING A RADIUS OF 1200.00 FEET, AND A LONG CHORD WHICH BEARS S 28° 47' 28" E, 32.90
FEET;
S 57° 16' 20" W, 66.93 FEET;
S 58° 06' 52" W, 47.94 FEET;
S 55° 47' 22" W, 49.81 FEET;
S 56° 58' 45" W, 50.71 FEET;
S 61° 16' 50" W, 59.24 FEET;
S 66° 36' 18" W, 49.56 FEET;
S 70° 47' 30" W, 41.34 FEET;
S 75° 20' 06" W, 60.71 FEET;
S 81° 10' 42" W, 54.72 FEET;
S 84° 17' 59" W, 91.31 FEET;
S 89° 15' 16" W, 160.00 FEET;
N 01° 44' 03" E, 23.48 FEET;
N 01° 44' 03" E, 104.07 FEET;
S 88° 15' 57" E, 10.50 FEET;
N 01° 44' 03" E, 50.00 FEET;
N 88° 15' 57" W, 109.33 FEET;
N 01° 44' 03" E, 130.00 FEET;
N 00° 53' 08" E, 401.03 FEET;
N 68° 31' 37" E, 311.47 FEET;
N 27° 44' 36" E, 271.58 FEET;
N 78° 55' 21" E, 359.52 FEET;
N 89° 19' 48" E, 60.00 FEET;
N 89° 19' 48" E, 369.75 FEET TO THE WEST LINE OF SAID URBAN CROSSING;
THENCE S 00° 05' 05" E, 5.70 FEET TO THE POINT OF BEGINNING AND CONTAINING 1,931,085 SQUARE FEET OR
44.332 ACRES MORE OR LESS
APPENDIX A – ENGINEER’S REPORT
[Remainder of page left intentionally blank.]
FRISCO OFFICE
11000 Frisco St.
Suite 400
Frisco, Texas 75033
469.213.1800
TBPLS 10194468
May 19, 2021
Engineer’s Report Sherley Tract PID #2
The Villages of Hurricane Creek - North
SW Corner of US 75 & Rosamond Parkway
City of Anna/Anna ETJ
Introduction: The Sherley Tract PID #2 (Villages of Hurricane Creek – North) is a mixed-
use development consisting of approximately 911 single-family residential lots (992 total
units), 530 multi-family units, 27.8 acres of commercial, and an estimated 38.8 acres of
dedicated open space as depicted on Exhibit A. The parcel is located at the southwest
corner of US Highway 75 and future Rosamond Parkway; it is directly north of the existing
Hurricane Creek project. This Engineer’s Report includes the documents requested by
the City of Anna for the formation of the Public Improvement District (PID) and the
issuance of bonds by the City. Bonds are anticipated to be used to finance public
infrastructure projects vital for the development within the PID.
Development Costs: An Engineer’s Opinion of Probable Cost has been prepared for all
on-site and off-site infrastructure (Exhibit B).
Development Improvements: Development Improvements have been classified as
Master Infrastructure, PID Improvements, and Private Costs. Master Improvements and
PID Improvement items will be included in the PID.
PID Improvements for Improvement Area #1 (Phase 1 of the development) are shown
on Exhibits C through G; Master Improvements are shown on Exhibits H through J.
Development Schedule: Entitlements are in place for the project; Phase 1 construction
plans are under review by the City. We anticipate starting construction of the utilities to
serve IA #1 in July 2021 with final acceptance in February 2022.
APPENDIX B – BUYER DISCLOSURES
Forms of the buyer disclosures for the following Lot Types are found in this appendix:
Improvement Area #1
Lot Type 1
Lot Type 2
Lot Type 3
Lot Type 4
Major Improvement Area
Major Improvement Area Initial Parcel
[Remainder of page left intentionally blank.]
SHERLEY TRACT PUBLIC IMPROVEMENT DISTRICT NO. 2 BUYER DISCLOSURE
IMPROVEMENT AREA #1 – LOT TYPE 1
NOTICE OF OBLIGATIONS RELATED TO PUBLIC IMPROVEMENT DISTRICT
A person who proposes to sell or otherwise convey real property that is located in a public
improvement district established under Subchapter A, Chapter 372, Local Government Code
(except for public improvement districts described under Section 372.005), or Chapter 382,
Local Government Code, shall first give to the purchaser of the property this written notice,
signed by the seller.
For the purposes of this notice, a contract for the purchase and sale of real property having a
performance period of less than six months is considered a sale requiring the notice set forth below.
This notice requirement does not apply to a transfer:
1) under a court order or foreclosure sale;
2) by a trustee in bankruptcy;
3) to a mortgagee by a mortgagor or successor in interest or to a beneficiary
of a deed of trust by a trustor or successor in interest;
4) by a mortgagee or a beneficiary under a deed of trust who has acquired the
land at a sale conducted under a power of sale under a deed of trust or a sale
under a court-ordered foreclosure or has acquired the land by a deed in lieu of
foreclosure;
5) by a fiduciary in the course of the administration of a decedent's
estate, guardianship, conservatorship, or trust;
6) from one co-owner to another co-owner of an undivided interest in the
real property;
7) to a spouse or a person in the lineal line of consanguinity of the seller;
8) to or from a governmental entity; or
9) of only a mineral interest, leasehold interest, or security interest
The following notice shall be given to a prospective purchaser before the execution of a binding
contract of purchase and sale, either separately or as an addendum or paragraph of a purchase
contract. In the event a contract of purchase and sale is entered into without the seller having
provided the required notice, the purchaser, subject to certain exceptions, is entitled to terminate
the contract.
A separate copy of this notice shall be executed by the seller and the purchaser and must be
filed in the real property records of the county in which the property is located at the closing of
the purchase and sale of the property.
AFTER RECORDING11 RETURN TO:
____________________
____________________
____________________
____________________
____________________
NOTICE OF OBLIGATION TO PAY IMPROVEMENT DISTRICT ASSESSMENT TO
CITY OF ANNA, TEXAS
CONCERNING THE FOLLOWING PROPERTY
__________________________________________
PROPERTY ADDRESS
IMPROVEMENT AREA #1 LOT TYPE 1 PRINCIPAL ASSESSMENT: $22,668.73
As the purchaser of the real property described above, you are obligated to pay
assessments to the City of Anna, Texas, for the costs of a portion of a public improvement or
services project (the "Authorized Improvements") undertaken for the benefit of the property
within Sherley Tract Public Improvement District No. 2 (the "District") created under
Subchapter A, Chapter 372, Local Government Code.
AN ASSESSMENT HAS BEEN LEVIED AGAINST YOUR PROPERTY FOR THE
AUTHORIZED IMPROVEMENTS, WHICH MAY BE PAID IN FULL AT ANY TIME. IF
THE ASSESSMENT IS NOT PAID IN FULL, IT WILL BE DUE AND PAYABLE IN
ANNUAL INSTALLMENTS THAT WILL VARY FROM YEAR TO YEAR DEPENDING
ON THE AMOUNT OF INTEREST PAID, COLLECTION COSTS, ADMINISTRATIVE
COSTS, AND DELINQUENCY COSTS.
The exact amount of the assessment may be obtained from the City of Anna. The exact
amount of each annual installment will be approved each year by the Anna City Council in the
annual service plan update for the district. More information about the assessments, including
the amounts and due dates, may be obtained from the City of Anna.
Your failure to pay any assessment or any annual installment may result in penalties and
interest being added to what you owe or in a lien on and the foreclosure of your property.
1 To be included in separate copy of the notice required by Section 5.0143, Tex. Prop. Code, to be executed at the
closing of the purchase and sale and to be recorded in the deed records of Collin County when updating for the Current
Information of Obligation to Pay Improvement District Assessment
Signature Page to Initial Notice
of Obligation to Pay Improvement District Assessment
[The undersigned purchaser acknowledges receipt of this notice before the effective date of
a binding contract for the purchase of the real property at the address described above.
DATE: DATE:
SIGNATURE OF PURCHASER SIGNATURE OF PURCHASER
The undersigned seller acknowledges providing this notice to the potential purchaser before
the effective date of a binding contract for the purchase of the real property at the address described
above.
DATE: DATE:
SIGNATURE OF SELLER SIGNATURE OF SELLER]22
2 To be included in copy of the notice required by Section 5.014, Tex. Prop. Code, to be executed by seller in accordance
with Section 5.014(a-1), Tex. Prop. Code.
Purchaser Signature Page to Final Notice with Current Information
of Obligation to Pay Improvement District Assessment
[The undersigned purchaser acknowledges receipt of this notice before the effective date of
a binding contract for the purchase of the real property at the address described above. The
undersigned purchaser acknowledged the receipt of this notice including the current information
required by Section 5.0143, Texas Property Code, as amended.
DATE: DATE:
SIGNATURE OF PURCHASER SIGNATURE OF PURCHASER
STATE OF TEXAS §
§
COUNTY OF COLLIN §
The foregoing instrument was acknowledged before me by ______________________ and
____________________ , known to me to be the person(s) whose name(s) is/are subscribed to the
foregoing instrument, and acknowledged to me that he or she executed the same for the purposes
therein expressed.
Given under my hand and seal of office on this _________________, 20__.
Notary Public, State of Texas]33
3 To be included in separate copy of the notice required by Section 5.0143, Tex. Prop. Code, to be executed at the closing
of the purchase and sale and to be recorded in the deed records of Collin County.
Seller Signature Page to Final Notice with Current Information
of Obligation to Pay Improvement District Assessment
[The undersigned seller acknowledges providing a separate copy of the notice required by
Section 5.014 of the Texas Property Code including the current information required by Section
5.0143, Texas Property Code, as amended, at the closing of the purchase of the real property at the
address above.
DATE: DATE:
SIGNATURE OF SELLER SIGNATURE OF SELLER
STATE OF TEXAS §
§
COUNTY OF COLLIN §
The foregoing instrument was acknowledged before me by ______________________ and
____________________ , known to me to be the person(s) whose name(s) is/are subscribed to the
foregoing instrument, and acknowledged to me that he or she executed the same for the purposes
therein expressed.
Given under my hand and seal of office on this _________________, 20__.
Notary Public, State of Texas]4
4 To be included in separate copy of the notice required by Section 5.0143, Tex. Prop. Code, to be executed at the closing
of the purchase and sale and to be recorded in the deed records of Collin County.
Annual Installment Schedule to Notice
of Obligation to Pay Improvement District Assessment
ANNUAL INSTALLMENTS – IMPROVEMENT AREA #1 LOT TYPE 1
Principal Interest[a]Principal Interest[b]
2026 358.87$ 657.58$ 127.52$ 347.82$ 113.34$ 107.15$ 1,712.27$
2027 371.62$ 645.91$ 125.69$ 350.15$ 110.91$ 123.23$ 1,727.52$
2028 386.19$ 631.98$ 132.98$ 344.66$ 108.43$ 125.69$ 1,729.93$
2029 400.77$ 617.50$ 138.45$ 338.85$ 105.83$ 128.20$ 1,729.59$
2030 415.34$ 602.47$ 145.73$ 332.80$ 103.13$ 130.77$ 1,730.24$
2031 431.73$ 586.89$ 153.02$ 326.43$ 100.33$ 133.38$ 1,731.79$
2032 449.95$ 570.70$ 160.31$ 319.75$ 97.40$ 136.05$ 1,734.16$
2033 468.17$ 552.71$ 167.59$ 312.74$ 94.35$ 138.77$ 1,734.33$
2034 488.20$ 533.98$ 176.70$ 305.42$ 91.17$ 141.55$ 1,737.02$
2035 508.24$ 514.45$ 185.81$ 297.69$ 87.85$ 144.38$ 1,738.42$
2036 528.28$ 494.12$ 193.10$ 289.57$ 84.38$ 147.27$ 1,736.72$
2037 550.14$ 472.99$ 205.85$ 278.70$ 80.77$ 150.21$ 1,738.66$
2038 573.82$ 450.98$ 218.60$ 267.11$ 76.99$ 153.22$ 1,740.73$
2039 597.50$ 428.03$ 231.35$ 254.81$ 73.03$ 156.28$ 1,741.00$
2040 623.01$ 404.13$ 245.92$ 241.78$ 68.89$ 159.41$ 1,743.14$
2041 648.51$ 379.21$ 260.50$ 227.94$ 64.54$ 162.59$ 1,743.29$
2042 677.66$ 353.27$ 276.89$ 213.27$ 60.00$ 165.85$ 1,746.93$
2043 706.80$ 324.47$ 293.29$ 197.68$ 55.22$ 169.16$ 1,746.63$
2044 737.77$ 294.43$ 311.50$ 181.17$ 50.22$ 172.55$ 1,747.64$
2045 772.38$ 263.07$ 331.54$ 163.63$ 44.98$ 176.00$ 1,751.61$
2046 807.00$ 230.25$ 351.58$ 144.97$ 39.46$ 179.52$ 1,752.76$
2047 843.43$ 195.95$ 373.44$ 124.36$ 33.66$ 183.11$ 1,753.95$
2048 879.86$ 160.11$ 397.12$ 102.48$ 27.58$ 186.77$ 1,753.92$
2049 919.94$ 122.71$ 422.63$ 79.21$ 21.20$ 190.50$ 1,756.18$
2050 961.84$ 83.61$ 449.95$ 54.44$ 14.48$ 194.31$ 1,758.64$
2051 1,005.56$ 42.74$ 479.10$ 28.08$ 7.42$ 198.20$ 1,761.09$
Total 16,112.58$ 10,614.25$ 6,556.15$ 6,125.52$ 1,815.58$ 4,054.10$ 45,278.17$
Notes:
[a] Interest on the Improvement Area #1 Bonds is calculated at 3.250%, 3.750%, 4.000%, and 4.250% rate for term bonds
due 2026, 2031, 2041, and 2051 respectively.
[b] Interest on the Improvement Area #1 Additional Bonds is calculated at 4.370%, 5.630%, and 5.860% rate for term bonds
due 2035, 2045, and 2051 respectively, per the City's Financial Advisor and is subject to change upon final pricing.
[c] The figures shown above are estimates only and subject to change in Annual Service Plan Updates. Changes in
Collection Costs, reserve fund requirements, interest earnings, or other available offsets could increase or decrease the
amounts shown.
IA#1 Initial Bonds IA#1 Additional Bonds Annual
Collection
Costs
Total
Installment
Due[c]
Installment
Due 1/31
Total
Additional
Interest
SHERLEY TRACT PUBLIC IMPROVEMENT DISTRICT NO. 2 BUYER DISCLOSURE
IMPROVEMENT AREA #1 – LOT TYPE 2
NOTICE OF OBLIGATIONS RELATED TO PUBLIC IMPROVEMENT DISTRICT
A person who proposes to sell or otherwise convey real property that is located in a public
improvement district established under Subchapter A, Chapter 372, Local Government Code
(except for public improvement districts described under Section 372.005), or Chapter 382,
Local Government Code, shall first give to the purchaser of the property this written notice,
signed by the seller.
For the purposes of this notice, a contract for the purchase and sale of real property having a
performance period of less than six months is considered a sale requiring the notice set forth below.
This notice requirement does not apply to a transfer:
1) under a court order or foreclosure sale;
2) by a trustee in bankruptcy;
3) to a mortgagee by a mortgagor or successor in interest or to a beneficiary
of a deed of trust by a trustor or successor in interest;
4) by a mortgagee or a beneficiary under a deed of trust who has acquired the
land at a sale conducted under a power of sale under a deed of trust or a sale
under a court-ordered foreclosure or has acquired the land by a deed in lieu of
foreclosure;
5) by a fiduciary in the course of the administration of a decedent's
estate, guardianship, conservatorship, or trust;
6) from one co-owner to another co-owner of an undivided interest in the
real property;
7) to a spouse or a person in the lineal line of consanguinity of the seller;
8) to or from a governmental entity; or
9) of only a mineral interest, leasehold interest, or security interest
The following notice shall be given to a prospective purchaser before the execution of a binding
contract of purchase and sale, either separately or as an addendum or paragraph of a purchase
contract. In the event a contract of purchase and sale is entered into without the seller having
provided the required notice, the purchaser, subject to certain exceptions, is entitled to terminate
the contract.
A separate copy of this notice shall be executed by the seller and the purchaser and must be
filed in the real property records of the county in which the property is located at the closing of
the purchase and sale of the property.
AFTER RECORDING1 RETURN TO:
____________________
____________________
____________________
____________________
____________________
NOTICE OF OBLIGATION TO PAY IMPROVEMENT DISTRICT ASSESSMENT TO
CITY OF ANNA, TEXAS
CONCERNING THE FOLLOWING PROPERTY
__________________________________________
PROPERTY ADDRESS
IMPROVEMENT AREA #1 LOT TYPE 2 PRINCIPAL ASSESSMENT: $25,856.52
As the purchaser of the real property described above, you are obligated to pay
assessments to the City of Anna, Texas, for the costs of a portion of a public improvement or
services project (the "Authorized Improvements") undertaken for the benefit of the property
within Sherley Tract Public Improvement District No. 2 (the "District") created under
Subchapter A, Chapter 372, Local Government Code.
AN ASSESSMENT HAS BEEN LEVIED AGAINST YOUR PROPERTY FOR THE
AUTHORIZED IMPROVEMENTS, WHICH MAY BE PAID IN FULL AT ANY TIME. IF
THE ASSESSMENT IS NOT PAID IN FULL, IT WILL BE DUE AND PAYABLE IN
ANNUAL INSTALLMENTS THAT WILL VARY FROM YEAR TO YEAR DEPENDING
ON THE AMOUNT OF INTEREST PAID, COLLECTION COSTS, ADMINISTRATIVE
COSTS, AND DELINQUENCY COSTS.
The exact amount of the assessment may be obtained from the City of Anna. The exact
amount of each annual installment will be approved each year by the Anna City Council in the
annual service plan update for the district. More information about the assessments, including
the amounts and due dates, may be obtained from the City of Anna.
Your failure to pay any assessment or any annual installment may result in penalties and
interest being added to what you owe or in a lien on and the foreclosure of your property.
1 To be included in separate copy of the notice required by Section 5.0143, Tex. Prop. Code, to be executed at the
closing of the purchase and sale and to be recorded in the deed records of Collin County when updating for the Current
Information of Obligation to Pay Improvement District Assessment
Signature Page to Initial Notice
of Obligation to Pay Improvement District Assessment
[The undersigned purchaser acknowledges receipt of this notice before the effective date of
a binding contract for the purchase of the real property at the address described above.
DATE: DATE:
SIGNATURE OF PURCHASER SIGNATURE OF PURCHASER
The undersigned seller acknowledges providing this notice to the potential purchaser before
the effective date of a binding contract for the purchase of the real property at the address described
above.
DATE: DATE:
SIGNATURE OF SELLER SIGNATURE OF SELLER]2
2 To be included in copy of the notice required by Section 5.014, Tex. Prop. Code, to be executed by seller in accordance
with Section 5.014(a-1), Tex. Prop. Code.
Purchaser Signature Page to Final Notice with Current Information
of Obligation to Pay Improvement District Assessment
[The undersigned purchaser acknowledges receipt of this notice before the effective date of
a binding contract for the purchase of the real property at the address described above. The
undersigned purchaser acknowledged the receipt of this notice including the current information
required by Section 5.0143, Texas Property Code, as amended.
DATE: DATE:
SIGNATURE OF PURCHASER SIGNATURE OF PURCHASER
STATE OF TEXAS §
§
COUNTY OF COLLIN §
The foregoing instrument was acknowledged before me by ______________________ and
____________________ , known to me to be the person(s) whose name(s) is/are subscribed to the
foregoing instrument, and acknowledged to me that he or she executed the same for the purposes
therein expressed.
Given under my hand and seal of office on this _________________, 20__.
Notary Public, State of Texas]3
3 To be included in separate copy of the notice required by Section 5.0143, Tex. Prop. Code, to be executed at the
closing of the purchase and sale and to be recorded in the deed records of Collin County.
Seller Signature Page to Final Notice with Current Information
of Obligation to Pay Improvement District Assessment
[The undersigned seller acknowledges providing a separate copy of the notice required by
Section 5.014 of the Texas Property Code including the current information required by Section
5.0143, Texas Property Code, as amended, at the closing of the purchase of the real property at the
address above.
DATE: DATE:
SIGNATURE OF SELLER SIGNATURE OF SELLER
STATE OF TEXAS §
§
COUNTY OF COLLIN §
The foregoing instrument was acknowledged before me by ______________________ and
____________________ , known to me to be the person(s) whose name(s) is/are subscribed to the
foregoing instrument, and acknowledged to me that he or she executed the same for the purposes
therein expressed.
Given under my hand and seal of office on this _________________, 20__.
Notary Public, State of Texas]4
4 To be included in separate copy of the notice required by Section 5.0143, Tex. Prop. Code, to be executed at the closing
of the purchase and sale and to be recorded in the deed records of Collin County.
Annual Installment Schedule to Notice
of Obligation to Pay Improvement District Assessment
ANNUAL INSTALLMENTS – IMPROVEMENT AREA #1 LOT TYPE 2
Principal Interest[a]Principal Interest[b]
2026 409.33$ 750.05$ 145.45$ 396.73$ 129.28$ 122.21$ 1,953.06$
2027 423.88$ 736.75$ 143.37$ 399.40$ 126.51$ 140.55$ 1,970.45$
2028 440.50$ 720.85$ 151.68$ 393.13$ 123.67$ 143.37$ 1,973.20$
2029 457.12$ 704.33$ 157.92$ 386.50$ 120.71$ 146.23$ 1,972.82$
2030 473.75$ 687.19$ 166.23$ 379.60$ 117.64$ 149.16$ 1,973.56$
2031 492.45$ 669.43$ 174.54$ 372.34$ 114.44$ 152.14$ 1,975.32$
2032 513.22$ 650.96$ 182.85$ 364.71$ 111.10$ 155.18$ 1,978.03$
2033 534.00$ 630.43$ 191.16$ 356.72$ 107.62$ 158.29$ 1,978.22$
2034 556.86$ 609.07$ 201.55$ 348.37$ 104.00$ 161.45$ 1,981.29$
2035 579.71$ 586.79$ 211.94$ 339.56$ 100.20$ 164.68$ 1,982.89$
2036 602.57$ 563.61$ 220.25$ 330.30$ 96.25$ 167.98$ 1,980.94$
2037 627.50$ 539.50$ 234.79$ 317.90$ 92.13$ 171.33$ 1,983.16$
2038 654.52$ 514.40$ 249.34$ 304.68$ 87.82$ 174.76$ 1,985.52$
2039 681.53$ 488.22$ 263.88$ 290.64$ 83.30$ 178.26$ 1,985.83$
2040 710.62$ 460.96$ 280.51$ 275.78$ 78.57$ 181.82$ 1,988.26$
2041 739.71$ 432.54$ 297.13$ 259.99$ 73.62$ 185.46$ 1,988.44$
2042 772.95$ 402.95$ 315.83$ 243.26$ 68.43$ 189.17$ 1,992.59$
2043 806.20$ 370.10$ 334.53$ 225.48$ 62.99$ 192.95$ 1,992.25$
2044 841.52$ 335.83$ 355.31$ 206.65$ 57.29$ 196.81$ 1,993.41$
2045 881.00$ 300.07$ 378.17$ 186.64$ 51.30$ 200.75$ 1,997.92$
2046 920.48$ 262.63$ 401.02$ 165.35$ 45.01$ 204.76$ 1,999.25$
2047 962.04$ 223.51$ 425.96$ 141.85$ 38.40$ 208.86$ 2,000.60$
2048 1,003.59$ 182.62$ 452.97$ 116.89$ 31.46$ 213.03$ 2,000.56$
2049 1,049.30$ 139.97$ 482.06$ 90.35$ 24.18$ 217.29$ 2,003.14$
2050 1,097.09$ 95.37$ 513.22$ 62.10$ 16.52$ 221.64$ 2,005.95$
2051 1,146.96$ 48.75$ 546.47$ 32.02$ 8.47$ 226.07$ 2,008.74$
Total 18,378.41$ 12,106.87$ 7,478.11$ 6,986.92$ 2,070.89$ 4,624.20$ 51,645.41$
Notes:
[a] Interest on the Improvement Area #1 Bonds is calculated at 3.250%, 3.750%, 4.000%, and 4.250% rate for term bonds due
2026, 2031, 2041, and 2051 respectively.
[b] Interest on the Improvement Area #1 Additional Bonds is calculated at 4.370%, 5.630%, and 5.860% rate for term bonds due
2035, 2045, and 2051 respectively, per the City's Financial Advisor and is subject to change upon final pricing.
[c] The figures shown above are estimates only and subject to change in Annual Service Plan Updates. Changes in Collection
Costs, reserve fund requirements, interest earnings, or other available offsets could increase or decrease the amounts shown.
Installment
Due 1/31
Annual
Collection
Costs
Total
Installment
Due[c]
IA#1 Initial Bonds IA#1 Additional Bonds Total
Additional
Interest
SHERLEY TRACT PUBLIC IMPROVEMENT DISTRICT NO. 2 BUYER DISCLOSURE
IMPROVEMENT AREA #1 – LOT TYPE 3
NOTICE OF OBLIGATIONS RELATED TO PUBLIC IMPROVEMENT DISTRICT
A person who proposes to sell or otherwise convey real property that is located in a public
improvement district established under Subchapter A, Chapter 372, Local Government Code
(except for public improvement districts described under Section 372.005), or Chapter 382,
Local Government Code, shall first give to the purchaser of the property this written notice,
signed by the seller.
For the purposes of this notice, a contract for the purchase and sale of real property having a
performance period of less than six months is considered a sale requiring the notice set forth below.
This notice requirement does not apply to a transfer:
1) under a court order or foreclosure sale;
2) by a trustee in bankruptcy;
3) to a mortgagee by a mortgagor or successor in interest or to a beneficiary
of a deed of trust by a trustor or successor in interest;
4) by a mortgagee or a beneficiary under a deed of trust who has acquired the
land at a sale conducted under a power of sale under a deed of trust or a sale
under a court-ordered foreclosure or has acquired the land by a deed in lieu of
foreclosure;
5) by a fiduciary in the course of the administration of a decedent's
estate, guardianship, conservatorship, or trust;
6) from one co-owner to another co-owner of an undivided interest in the
real property;
7) to a spouse or a person in the lineal line of consanguinity of the seller;
8) to or from a governmental entity; or
9) of only a mineral interest, leasehold interest, or security interest
The following notice shall be given to a prospective purchaser before the execution of a binding
contract of purchase and sale, either separately or as an addendum or paragraph of a purchase
contract. In the event a contract of purchase and sale is entered into without the seller having
provided the required notice, the purchaser, subject to certain exceptions, is entitled to terminate
the contract.
A separate copy of this notice shall be executed by the seller and the purchaser and must be
filed in the real property records of the county in which the property is located at the closing of
the purchase and sale of the property.
AFTER RECORDING1 RETURN TO:
____________________
____________________
____________________
____________________
____________________
NOTICE OF OBLIGATION TO PAY IMPROVEMENT DISTRICT ASSESSMENT TO
CITY OF ANNA, TEXAS
CONCERNING THE FOLLOWING PROPERTY
__________________________________________
PROPERTY ADDRESS
IMPROVEMENT AREA #1 LOT TYPE 3 PRINCIPAL ASSESSMENT: $31,027.83
As the purchaser of the real property described above, you are obligated to pay
assessments to the City of Anna, Texas, for the costs of a portion of a public improvement or
services project (the "Authorized Improvements") undertaken for the benefit of the property
within Sherley Tract Public Improvement District No. 2 (the "District") created under
Subchapter A, Chapter 372, Local Government Code.
AN ASSESSMENT HAS BEEN LEVIED AGAINST YOUR PROPERTY FOR THE
AUTHORIZED IMPROVEMENTS, WHICH MAY BE PAID IN FULL AT ANY TIME. IF
THE ASSESSMENT IS NOT PAID IN FULL, IT WILL BE DUE AND PAYABLE IN
ANNUAL INSTALLMENTS THAT WILL VARY FROM YEAR TO YEAR DEPENDING
ON THE AMOUNT OF INTEREST PAID, COLLECTION COSTS, ADMINISTRATIVE
COSTS, AND DELINQUENCY COSTS.
The exact amount of the assessment may be obtained from the City of Anna. The exact
amount of each annual installment will be approved each year by the Anna City Council in the
annual service plan update for the district. More information about the assessments, including
the amounts and due dates, may be obtained from the City of Anna.
Your failure to pay any assessment or any annual installment may result in penalties and
interest being added to what you owe or in a lien on and the foreclosure of your property.
1 To be included in separate copy of the notice required by Section 5.0143, Tex. Prop. Code, to be executed at the
closing of the purchase and sale and to be recorded in the deed records of Collin County when updating for the Current
Information of Obligation to Pay Improvement District Assessment
Signature Page to Initial Notice
of Obligation to Pay Improvement District Assessment
[The undersigned purchaser acknowledges receipt of this notice before the effective date of
a binding contract for the purchase of the real property at the address described above.
DATE: DATE:
SIGNATURE OF PURCHASER SIGNATURE OF PURCHASER
The undersigned seller acknowledges providing this notice to the potential purchaser before
the effective date of a binding contract for the purchase of the real property at the address described
above.
DATE: DATE:
SIGNATURE OF SELLER SIGNATURE OF SELLER]2
2 To be included in copy of the notice required by Section 5.014, Tex. Prop. Code, to be executed by seller in accordance
with Section 5.014(a-1), Tex. Prop. Code.
Purchaser Signature Page to Final Notice with Current Information
of Obligation to Pay Improvement District Assessment
[The undersigned purchaser acknowledges receipt of this notice before the effective date of
a binding contract for the purchase of the real property at the address described above. The
undersigned purchaser acknowledged the receipt of this notice including the current information
required by Section 5.0143, Texas Property Code, as amended.
DATE: DATE:
SIGNATURE OF PURCHASER SIGNATURE OF PURCHASER
STATE OF TEXAS §
§
COUNTY OF COLLIN §
The foregoing instrument was acknowledged before me by ______________________ and
____________________ , known to me to be the person(s) whose name(s) is/are subscribed to the
foregoing instrument, and acknowledged to me that he or she executed the same for the purposes
therein expressed.
Given under my hand and seal of office on this _________________, 20__.
Notary Public, State of Texas]3
3 To be included in separate copy of the notice required by Section 5.0143, Tex. Prop. Code, to be executed at the
closing of the purchase and sale and to be recorded in the deed records of Collin County.
Seller Signature Page to Final Notice with Current Information
of Obligation to Pay Improvement District Assessment
[The undersigned seller acknowledges providing a separate copy of the notice required by
Section 5.014 of the Texas Property Code including the current information required by Section
5.0143, Texas Property Code, as amended, at the closing of the purchase of the real property at the
address above.
DATE: DATE:
SIGNATURE OF SELLER SIGNATURE OF SELLER
STATE OF TEXAS §
§
COUNTY OF COLLIN §
The foregoing instrument was acknowledged before me by ______________________ and
____________________ , known to me to be the person(s) whose name(s) is/are subscribed to the
foregoing instrument, and acknowledged to me that he or she executed the same for the purposes
therein expressed.
Given under my hand and seal of office on this _________________, 20__.
Notary Public, State of Texas]4
4 To be included in separate copy of the notice required by Section 5.0143, Tex. Prop. Code, to be executed at the closing
of the purchase and sale and to be recorded in the deed records of Collin County.
Annual Installment Schedule to Notice
of Obligation to Pay Improvement District Assessment
ANNUAL INSTALLMENTS – IMPROVEMENT AREA #1 LOT TYPE 3
Principal Interest[a]Principal Interest[b]
2026 491.20$ 900.06$ 174.54$ 476.08$ 155.14$ 146.66$ 2,343.68$
2027 508.65$ 884.10$ 172.04$ 479.27$ 151.81$ 168.66$ 2,364.54$
2028 528.60$ 865.02$ 182.02$ 471.76$ 148.41$ 172.04$ 2,367.84$
2029 548.55$ 845.20$ 189.50$ 463.80$ 144.85$ 175.48$ 2,367.38$
2030 568.49$ 824.63$ 199.47$ 455.52$ 141.16$ 178.99$ 2,368.27$
2031 590.93$ 803.31$ 209.45$ 446.80$ 137.32$ 182.57$ 2,370.39$
2032 615.87$ 781.15$ 219.42$ 437.65$ 133.32$ 186.22$ 2,373.63$
2033 640.80$ 756.52$ 229.39$ 428.06$ 129.15$ 189.94$ 2,373.86$
2034 668.23$ 730.88$ 241.86$ 418.04$ 124.79$ 193.74$ 2,377.55$
2035 695.66$ 704.15$ 254.33$ 407.47$ 120.24$ 197.62$ 2,379.47$
2036 723.08$ 676.33$ 264.30$ 396.35$ 115.49$ 201.57$ 2,377.13$
2037 753.01$ 647.40$ 281.75$ 381.47$ 110.56$ 205.60$ 2,379.80$
2038 785.42$ 617.28$ 299.21$ 365.61$ 105.38$ 209.71$ 2,382.62$
2039 817.83$ 585.87$ 316.66$ 348.77$ 99.96$ 213.91$ 2,383.00$
2040 852.74$ 553.15$ 336.61$ 330.94$ 94.29$ 218.19$ 2,385.92$
2041 887.65$ 519.04$ 356.56$ 311.99$ 88.34$ 222.55$ 2,386.13$
2042 927.54$ 483.54$ 379.00$ 291.91$ 82.12$ 227.00$ 2,391.11$
2043 967.44$ 444.12$ 401.44$ 270.58$ 75.59$ 231.54$ 2,390.70$
2044 1,009.83$ 403.00$ 426.37$ 247.98$ 68.74$ 236.17$ 2,392.09$
2045 1,057.20$ 360.08$ 453.80$ 223.97$ 61.56$ 240.90$ 2,397.51$
2046 1,104.57$ 315.15$ 481.23$ 198.42$ 54.01$ 245.71$ 2,399.09$
2047 1,154.44$ 268.21$ 511.15$ 170.22$ 46.08$ 250.63$ 2,400.72$
2048 1,204.31$ 219.14$ 543.56$ 140.27$ 37.75$ 255.64$ 2,400.67$
2049 1,259.17$ 167.96$ 578.47$ 108.42$ 29.01$ 260.75$ 2,403.77$
2050 1,316.51$ 114.45$ 615.87$ 74.52$ 19.82$ 265.97$ 2,407.14$
2051 1,376.35$ 58.50$ 655.76$ 38.43$ 10.16$ 271.29$ 2,410.49$
Total 22,054.09$ 14,528.25$ 8,973.73$ 8,384.30$ 2,485.07$ 5,549.05$ 61,974.49$
Notes:
[a] Interest on the Improvement Area #1 Bonds is calculated at 3.250%, 3.750%, 4.000%, and 4.250% rate for term bonds due
2026, 2031, 2041, and 2051 respectively.
[b] Interest on the Improvement Area #1 Additional Bonds is calculated at 4.370%, 5.630%, and 5.860% rate for term bonds due
2035, 2045, and 2051 respectively, per the City's Financial Advisor and is subject to change upon final pricing.
[c] The figures shown above are estimates only and subject to change in Annual Service Plan Updates. Changes in Collection
Costs, reserve fund requirements, interest earnings, or other available offsets could increase or decrease the amounts shown.
Installment
Due 1/31
Annual
Collection Costs
Total
Additional
Interest
Total
Installment
Due[c]
IA#1 Additional BondsIA#1 Initial Bonds
SHERLEY TRACT PUBLIC IMPROVEMENT DISTRICT NO. 2 BUYER DISCLOSURE
IMPROVEMENT AREA #1 – LOT TYPE 4
NOTICE OF OBLIGATIONS RELATED TO PUBLIC IMPROVEMENT DISTRICT
A person who proposes to sell or otherwise convey real property that is located in a public
improvement district established under Subchapter A, Chapter 372, Local Government Code
(except for public improvement districts described under Section 372.005), or Chapter 382,
Local Government Code, shall first give to the purchaser of the property this written notice,
signed by the seller.
For the purposes of this notice, a contract for the purchase and sale of real property having a
performance period of less than six months is considered a sale requiring the notice set forth below.
This notice requirement does not apply to a transfer:
1) under a court order or foreclosure sale;
2) by a trustee in bankruptcy;
3) to a mortgagee by a mortgagor or successor in interest or to a beneficiary
of a deed of trust by a trustor or successor in interest;
4) by a mortgagee or a beneficiary under a deed of trust who has acquired the
land at a sale conducted under a power of sale under a deed of trust or a sale
under a court-ordered foreclosure or has acquired the land by a deed in lieu of
foreclosure;
5) by a fiduciary in the course of the administration of a decedent's
estate, guardianship, conservatorship, or trust;
6) from one co-owner to another co-owner of an undivided interest in the
real property;
7) to a spouse or a person in the lineal line of consanguinity of the seller;
8) to or from a governmental entity; or
9) of only a mineral interest, leasehold interest, or security interest
The following notice shall be given to a prospective purchaser before the execution of a binding
contract of purchase and sale, either separately or as an addendum or paragraph of a purchase
contract. In the event a contract of purchase and sale is entered into without the seller having
provided the required notice, the purchaser, subject to certain exceptions, is entitled to terminate
the contract.
A separate copy of this notice shall be executed by the seller and the purchaser and must be
filed in the real property records of the county in which the property is located at the closing of
the purchase and sale of the property.
AFTER RECORDING1 RETURN TO:
____________________
____________________
____________________
____________________
____________________
NOTICE OF OBLIGATION TO PAY IMPROVEMENT DISTRICT ASSESSMENT TO
CITY OF ANNA, TEXAS
CONCERNING THE FOLLOWING PROPERTY
__________________________________________
PROPERTY ADDRESS
IMPROVEMENT AREA #1 LOT TYPE 4 PRINCIPAL ASSESSMENT: $21,251.94
As the purchaser of the real property described above, you are obligated to pay
assessments to the City of Anna, Texas, for the costs of a portion of a public improvement or
services project (the "Authorized Improvements") undertaken for the benefit of the property
within Sherley Tract Public Improvement District No. 2 (the "District") created under
Subchapter A, Chapter 372, Local Government Code.
AN ASSESSMENT HAS BEEN LEVIED AGAINST YOUR PROPERTY FOR THE
AUTHORIZED IMPROVEMENTS, WHICH MAY BE PAID IN FULL AT ANY TIME. IF
THE ASSESSMENT IS NOT PAID IN FULL, IT WILL BE DUE AND PAYABLE IN
ANNUAL INSTALLMENTS THAT WILL VARY FROM YEAR TO YEAR DEPENDING
ON THE AMOUNT OF INTEREST PAID, COLLECTION COSTS, ADMINISTRATIVE
COSTS, AND DELINQUENCY COSTS.
The exact amount of the assessment may be obtained from the City of Anna. The exact
amount of each annual installment will be approved each year by the Anna City Council in the
annual service plan update for the district. More information about the assessments, including
the amounts and due dates, may be obtained from the City of Anna.
Your failure to pay any assessment or any annual installment may result in penalties and
interest being added to what you owe or in a lien on and the foreclosure of your property.
1 To be included in separate copy of the notice required by Section 5.0143, Tex. Prop. Code, to be executed at the
closing of the purchase and sale and to be recorded in the deed records of Collin County when updating for the Current
Information of Obligation to Pay Improvement District Assessment
Signature Page to Initial Notice
of Obligation to Pay Improvement District Assessment
[The undersigned purchaser acknowledges receipt of this notice before the effective date of
a binding contract for the purchase of the real property at the address described above.
DATE: DATE:
SIGNATURE OF PURCHASER SIGNATURE OF PURCHASER
The undersigned seller acknowledges providing this notice to the potential purchaser before
the effective date of a binding contract for the purchase of the real property at the address described
above.
DATE: DATE:
SIGNATURE OF SELLER SIGNATURE OF SELLER]2
2 To be included in copy of the notice required by Section 5.014, Tex. Prop. Code, to be executed by seller in accordance
with Section 5.014(a-1), Tex. Prop. Code.
Purchaser Signature Page to Final Notice with Current Information
of Obligation to Pay Improvement District Assessment
[The undersigned purchaser acknowledges receipt of this notice before the effective date of
a binding contract for the purchase of the real property at the address described above. The
undersigned purchaser acknowledged the receipt of this notice including the current information
required by Section 5.0143, Texas Property Code, as amended.
DATE: DATE:
SIGNATURE OF PURCHASER SIGNATURE OF PURCHASER
STATE OF TEXAS §
§
COUNTY OF COLLIN §
The foregoing instrument was acknowledged before me by ______________________ and
____________________ , known to me to be the person(s) whose name(s) is/are subscribed to the
foregoing instrument, and acknowledged to me that he or she executed the same for the purposes
therein expressed.
Given under my hand and seal of office on this _________________, 20__.
Notary Public, State of Texas]3
3 To be included in separate copy of the notice required by Section 5.0143, Tex. Prop. Code, to be executed at the
closing of the purchase and sale and to be recorded in the deed records of Collin County.
Seller Signature Page to Final Notice with Current Information
of Obligation to Pay Improvement District Assessment
[The undersigned seller acknowledges providing a separate copy of the notice required by
Section 5.014 of the Texas Property Code including the current information required by Section
5.0143, Texas Property Code, as amended, at the closing of the purchase of the real property at the
address above.
DATE: DATE:
SIGNATURE OF SELLER SIGNATURE OF SELLER
STATE OF TEXAS §
§
COUNTY OF COLLIN §
The foregoing instrument was acknowledged before me by ______________________ and
____________________ , known to me to be the person(s) whose name(s) is/are subscribed to the
foregoing instrument, and acknowledged to me that he or she executed the same for the purposes
therein expressed.
Given under my hand and seal of office on this _________________, 20__.
Notary Public, State of Texas]4
4 To be included in separate copy of the notice required by Section 5.0143, Tex. Prop. Code, to be executed at the closing
of the purchase and sale and to be recorded in the deed records of Collin County.
Annual Installment Schedule to Notice
of Obligation to Pay Improvement District Assessment
ANNUAL INSTALLMENTS – IMPROVEMENT AREA #1 LOT TYPE 4
Principal Interest[a]Principal Interest[b]
2026 336.44$ 616.48$ 119.55$ 326.08$ 106.26$ 100.45$ 1,605.26$
2027 348.39$ 605.55$ 117.84$ 328.27$ 103.98$ 115.52$ 1,619.55$
2028 362.05$ 592.48$ 124.67$ 323.12$ 101.65$ 117.83$ 1,621.81$
2029 375.72$ 578.90$ 129.79$ 317.67$ 99.21$ 120.19$ 1,621.49$
2030 389.38$ 564.81$ 136.62$ 312.00$ 96.69$ 122.59$ 1,622.10$
2031 404.75$ 550.21$ 143.46$ 306.03$ 94.06$ 125.05$ 1,623.55$
2032 421.83$ 535.03$ 150.29$ 299.76$ 91.32$ 127.55$ 1,625.77$
2033 438.91$ 518.16$ 157.12$ 293.19$ 88.46$ 130.10$ 1,625.93$
2034 457.69$ 500.60$ 165.66$ 286.33$ 85.48$ 132.70$ 1,628.46$
2035 476.48$ 482.30$ 174.20$ 279.09$ 82.36$ 135.35$ 1,629.77$
2036 495.26$ 463.24$ 181.03$ 271.48$ 79.11$ 138.06$ 1,628.17$
2037 515.76$ 443.43$ 192.98$ 261.28$ 75.72$ 140.82$ 1,630.00$
2038 537.96$ 422.80$ 204.94$ 250.42$ 72.18$ 143.64$ 1,631.93$
2039 560.16$ 401.28$ 216.89$ 238.88$ 68.47$ 146.51$ 1,632.19$
2040 584.07$ 378.87$ 230.55$ 226.67$ 64.58$ 149.44$ 1,634.19$
2041 607.98$ 355.51$ 244.22$ 213.69$ 60.51$ 152.43$ 1,634.33$
2042 635.30$ 331.19$ 259.59$ 199.94$ 56.25$ 155.48$ 1,637.75$
2043 662.63$ 304.19$ 274.96$ 185.33$ 51.77$ 158.59$ 1,637.46$
2044 691.66$ 276.03$ 292.03$ 169.85$ 47.08$ 161.76$ 1,638.42$
2045 724.11$ 246.63$ 310.82$ 153.40$ 42.17$ 165.00$ 1,642.13$
2046 756.56$ 215.86$ 329.61$ 135.91$ 36.99$ 168.30$ 1,643.22$
2047 790.71$ 183.70$ 350.10$ 116.59$ 31.56$ 171.66$ 1,644.33$
2048 824.87$ 150.10$ 372.30$ 96.07$ 25.86$ 175.10$ 1,644.30$
2049 862.44$ 115.04$ 396.21$ 74.26$ 19.87$ 178.60$ 1,646.42$
2050 901.72$ 78.39$ 421.83$ 51.04$ 13.58$ 182.17$ 1,648.72$
2051 942.71$ 40.07$ 449.15$ 26.32$ 6.96$ 185.81$ 1,651.02$
Total 15,105.54$ 9,950.86$ 6,146.39$ 5,742.67$ 1,702.10$ 3,800.72$ 42,448.28$
Notes:
[a] Interest on the Improvement Area #1 Bonds is calculated at 3.250%, 3.750%, 4.000%, and 4.250% rate for term bonds due 2026,
2031, 2041, and 2051 respectively.
[b] Interest on the Improvement Area #1 Additional Bonds is calculated at 4.370%, 5.630%, and 5.860% rate for term bonds due
2035, 2045, and 2051 respectively, per the City's Financial Advisor and is subject to change upon final pricing.
[c] The figures shown above are estimates only and subject to change in Annual Service Plan Updates. Changes in Collection Costs,
reserve fund requirements, interest earnings, or other available offsets could increase or decrease the amounts shown.
Installment
Due 1/31
Annual
Collection Costs
Total
Installment
Due[c]
IA#1 Additional Bonds Total
Additional
Interest
IA#1 Initial Bonds
SHERLEY TRACT PUBLIC IMPROVEMENT DISTRICT NO. 2 BUYER DISCLOSURE
MAJOR IMPROVEMENT AREA – INITIAL PARCEL
NOTICE OF OBLIGATIONS RELATED TO PUBLIC IMPROVEMENT DISTRICT
A person who proposes to sell or otherwise convey real property that is located in a public
improvement district established under Subchapter A, Chapter 372, Local Government Code
(except for public improvement districts described under Section 372.005), or Chapter 382,
Local Government Code, shall first give to the purchaser of the property this written notice,
signed by the seller.
For the purposes of this notice, a contract for the purchase and sale of real property having a
performance period of less than six months is considered a sale requiring the notice set forth below.
This notice requirement does not apply to a transfer:
1) under a court order or foreclosure sale;
2) by a trustee in bankruptcy;
3) to a mortgagee by a mortgagor or successor in interest or to a beneficiary
of a deed of trust by a trustor or successor in interest;
4) by a mortgagee or a beneficiary under a deed of trust who has acquired the
land at a sale conducted under a power of sale under a deed of trust or a sale
under a court-ordered foreclosure or has acquired the land by a deed in lieu of
foreclosure;
5) by a fiduciary in the course of the administration of a decedent's
estate, guardianship, conservatorship, or trust;
6) from one co-owner to another co-owner of an undivided interest in the
real property;
7) to a spouse or a person in the lineal line of consanguinity of the seller;
8) to or from a governmental entity; or
9) of only a mineral interest, leasehold interest, or security interest
The following notice shall be given to a prospective purchaser before the execution of a binding
contract of purchase and sale, either separately or as an addendum or paragraph of a purchase
contract. In the event a contract of purchase and sale is entered into without the seller having
provided the required notice, the purchaser, subject to certain exceptions, is entitled to terminate
the contract.
A separate copy of this notice shall be executed by the seller and the purchaser and must be
filed in the real property records of the county in which the property is located at the closing of
the purchase and sale of the property.
AFTER RECORDING1 RETURN TO:
____________________
____________________
____________________
____________________
____________________
NOTICE OF OBLIGATION TO PAY IMPROVEMENT DISTRICT ASSESSMENT TO
CITY OF ANNA, TEXAS
CONCERNING THE FOLLOWING PROPERTY
__________________________________________
PROPERTY ADDRESS
MAJOR IMPROVEMENT AREA INITIAL PARCEL PRINCIPAL ASSESSMENT:
$2,782,000.00
As the purchaser of the real property described above, you are obligated to pay
assessments to the City of Anna, Texas, for the costs of a portion of a public improvement or
services project (the "Authorized Improvements") undertaken for the benefit of the property
within Sherley Tract Public Improvement District No. 2 (the "District") created under
Subchapter A, Chapter 372, Local Government Code.
AN ASSESSMENT HAS BEEN LEVIED AGAINST YOUR PROPERTY FOR THE
AUTHORIZED IMPROVEMENTS, WHICH MAY BE PAID IN FULL AT ANY TIME. IF
THE ASSESSMENT IS NOT PAID IN FULL, IT WILL BE DUE AND PAYABLE IN
ANNUAL INSTALLMENTS THAT WILL VARY FROM YEAR TO YEAR DEPENDING
ON THE AMOUNT OF INTEREST PAID, COLLECTION COSTS, ADMINISTRATIVE
COSTS, AND DELINQUENCY COSTS.
The exact amount of the assessment may be obtained from the City of Anna. The exact
amount of each annual installment will be approved each year by the Anna City Council in the
annual service plan update for the district. More information about the assessments, including
the amounts and due dates, may be obtained from the City of Anna.
Your failure to pay any assessment or any annual installment may result in penalties and
interest being added to what you owe or in a lien on and the foreclosure of your property.
1 To be included in separate copy of the notice required by Section 5.0143, Tex. Prop. Code, to be executed at the
closing of the purchase and sale and to be recorded in the deed records of Collin County when updating for the Current
Information of Obligation to Pay Improvement District Assessment.
Signature Page to Initial Notice
of Obligation to Pay Improvement District Assessment
[The undersigned purchaser acknowledges receipt of this notice before the effective date of
a binding contract for the purchase of the real property at the address described above.
DATE: DATE:
SIGNATURE OF PURCHASER SIGNATURE OF PURCHASER
The undersigned seller acknowledges providing this notice to the potential purchaser before
the effective date of a binding contract for the purchase of the real property at the address described
above.
DATE: DATE:
SIGNATURE OF SELLER SIGNATURE OF SELLER]2
2 To be included in copy of the notice required by Section 5.014, Tex. Prop. Code, to be executed by seller in accordance
with Section 5.014(a-1), Tex. Prop. Code.
Purchaser Signature Page to Final Notice with Current Information
of Obligation to Pay Improvement District Assessment
[The undersigned purchaser acknowledges receipt of this notice before the effective date of
a binding contract for the purchase of the real property at the address described above. The
undersigned purchaser acknowledged the receipt of this notice including the current information
required by Section 5.0143, Texas Property Code, as amended.
DATE: DATE:
SIGNATURE OF PURCHASER SIGNATURE OF PURCHASER
STATE OF TEXAS §
§
COUNTY OF COLLIN §
The foregoing instrument was acknowledged before me by ______________________ and
____________________ , known to me to be the person(s) whose name(s) is/are subscribed to the
foregoing instrument, and acknowledged to me that he or she executed the same for the purposes
therein expressed.
Given under my hand and seal of office on this _________________, 20__.
Notary Public, State of Texas]3
3 To be included in separate copy of the notice required by Section 5.0143, Tex. Prop. Code, to be executed at the
closing of the purchase and sale and to be recorded in the deed records of Collin County.
Seller Signature Page to Final Notice with Current Information
of Obligation to Pay Improvement District Assessment
[The undersigned seller acknowledges providing a separate copy of the notice required by
Section 5.014 of the Texas Property Code including the current information required by Section
5.0143, Texas Property Code, as amended, at the closing of the purchase of the real property at the
address above.
DATE: DATE:
SIGNATURE OF SELLER SIGNATURE OF SELLER
STATE OF TEXAS §
§
COUNTY OF COLLIN §
The foregoing instrument was acknowledged before me by ______________________ and
____________________ , known to me to be the person(s) whose name(s) is/are subscribed to the
foregoing instrument, and acknowledged to me that he or she executed the same for the purposes
therein expressed.
Given under my hand and seal of office on this _________________, 20__.
Notary Public, State of Texas]4
4 To be included in separate copy of the notice required by Section 5.0143, Tex. Prop. Code, to be executed at the closing
of the purchase and sale and to be recorded in the deed records of Collin County.
Annual Installment Schedule to Notice
of Obligation to Pay Improvement District Assessment
ANNUAL INSTALLMENTS – MAJOR IMPROVEMENT AREA INITIAL PARCEL
Installment Due
1/31 Principal Interest[a]Additional
Interest
Annual Collection
Costs
Total Installment
Due[b]
2026 61,000.00$ 137,100.00$ 13,910.00$ 16,569.17$ 228,579.17$
2027 63,000.00$ 134,355.00$ 13,605.00$ 26,080.55$ 237,040.55$
2028 65,000.00$ 131,520.00$ 13,290.00$ 26,602.16$ 236,412.16$
2029 68,000.00$ 128,595.00$ 12,965.00$ 27,134.21$ 236,694.21$
2030 70,000.00$ 125,535.00$ 12,625.00$ 27,676.89$ 235,836.89$
2031 73,000.00$ 122,385.00$ 12,275.00$ 28,230.43$ 235,890.43$
2032 76,000.00$ 119,100.00$ 11,910.00$ 28,795.04$ 235,805.04$
2033 79,000.00$ 115,300.00$ 11,530.00$ 29,370.94$ 235,200.94$
2034 83,000.00$ 111,350.00$ 11,135.00$ 29,958.36$ 235,443.36$
2035 86,000.00$ 107,200.00$ 10,720.00$ 30,557.53$ 234,477.53$
2036 90,000.00$ 102,900.00$ 10,290.00$ 31,168.68$ 234,358.68$
2037 94,000.00$ 98,400.00$ 9,840.00$ 31,792.05$ 234,032.05$
2038 98,000.00$ 93,700.00$ 9,370.00$ 32,427.89$ 233,497.89$
2039 103,000.00$ 88,800.00$ 8,880.00$ 33,076.45$ 233,756.45$
2040 107,000.00$ 83,650.00$ 8,365.00$ 33,737.98$ 232,752.98$
2041 112,000.00$ 78,300.00$ 7,830.00$ 34,412.74$ 232,542.74$
2042 117,000.00$ 72,700.00$ 7,270.00$ 35,100.99$ 232,070.99$
2043 123,000.00$ 66,850.00$ 6,685.00$ 35,803.01$ 232,338.01$
2044 129,000.00$ 60,700.00$ 6,070.00$ 36,519.07$ 232,289.07$
2045 135,000.00$ 54,250.00$ 5,425.00$ 37,249.45$ 231,924.45$
2046 141,000.00$ 47,500.00$ 4,750.00$ 37,994.44$ 231,244.44$
2047 147,000.00$ 40,450.00$ 4,045.00$ 38,754.33$ 230,249.33$
2048 154,000.00$ 33,100.00$ 3,310.00$ 39,529.42$ 229,939.42$
2049 162,000.00$ 25,400.00$ 2,540.00$ 40,320.01$ 230,260.01$
2050 169,000.00$ 17,300.00$ 1,730.00$ 41,126.41$ 229,156.41$
2051 177,000.00$ 8,850.00$ 885.00$ 41,948.93$ 228,683.93$
Total 2,782,000.00$ 2,205,290.00$ 221,250.00$ 851,937.11$ 6,060,477.11$
Notes:
[a] Interest is calculated at a 4.500% rate for term bonds due 2031, and at a 5.000% rate for term bonds due
2051.
[b] The figures shown above are estimates only and subject to change in Annual Service Plan Updates.
Changes in Annual Collection Costs, reserve fund requirements, interest earnings, or other available offsets
could increase or decrease the amounts shown.