HomeMy WebLinkAboutRes 2026-02-1882 Approving a Preliminary Service Plan and Assessment for the Sherley Farms PID Improvement Area No.1
SHERLEY FARMS PUBLIC IMPROVEMENT DISTRICT
PRELIMINARY SERVICE AND ASSESSMENT PLAN 0
Sherley Farms
Public Improvement District
PRELIMINARY SERVICE AND ASSESSMENT PLAN
SHERLEY FARMS PUBLIC IMPROVEMENT DISTRICT
PRELIMINARY SERVICE AND ASSESSMENT PLAN 1
TABLE OF CONTENTS
Table of Contents ............................................................................................................................ 1
Introduction .................................................................................................................................... 3
Section I: Definitions ....................................................................................................................... 4
Section II: The District ................................................................................................................... 11
Section III: Authorized Improvements .......................................................................................... 11
Section IV: Service Plan ................................................................................................................. 13
Section V: Assessment Plan .......................................................................................................... 13
Section VI: Terms of the Assessments .......................................................................................... 17
Section VII: Assessment Roll ......................................................................................................... 23
Section VIII: Additional Provisions ................................................................................................ 24
Exhibits .......................................................................................................................................... 26
Appendices .................................................................................................................................... 27
Exhibit A-1 – Map of the District ................................................................................................... 28
Exhibit A-2 – Map of Improvement Area #1 ................................................................................. 29
Exhibit A-3 - Improvement Area #1 Lot Type Classification Map ................................................. 30
Exhibit B – Project Costs ............................................................................................................... 31
Exhibit C – Service Plan ................................................................................................................. 32
Exhibit D – Sources and Uses of Funds ......................................................................................... 33
Exhibit E – Maximum Assessment and Tax Rate Equivalant ........................................................ 34
Exhibit F-1 – Improvement Area #1 Assessment Roll ................................................................... 35
Exhibit F-2 – Improvement Area #1 Annual Installments ............................................................. 36
Exhibit G-1 – Maps of Major Improvements ................................................................................ 37
Exhibit G-2 – Maps of Improvement Area #1 Improvements ...................................................... 39
Exhibit H – TIRZ No. 9 Annual Credit Amount by Lot Type ........................................................... 43
Exhibit I – Form of Notice of Assessment Termination ................................................................ 44
Exhibit J – Debt Service Schedule for Improvement Area #1 Bonds ............................................ 47
Exhibit K-1 – District Legal Description ......................................................................................... 48
Exhibit K-2 – Improvement Area #1 Legal Description ................................................................. 53
Appendix A – Engineer’s Report ................................................................................................... 57
Appendix B – Buyer Disclosures .................................................................................................... 74
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Sherley Farms Public Improvement District - Improvement Area #1 Initial Parcel Buyer
Disclosure ...................................................................................................................................... 75
Sherley Farms Public Improvement District - Improvement Area #1 Lot Type 1 Buyer Disclosure
....................................................................................................................................................... 81
Sherley Farms Public Improvement District - Improvement Area #1 Lot Type 2 Buyer Disclosure
....................................................................................................................................................... 87
Sherley Farms Public Improvement District Improvement Area #1 Lot Type 3 Buyer Disclosure 93
Sherley Farms Public Improvement District - Improvement Area #1 Lot Type 4 Buyer Disclosure
....................................................................................................................................................... 99
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INTRODUCTION
Capitalized terms used in this Service and Assessment Plan shall have the meanings given to them
in Section I unless otherwise defined in this 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 Service and
Assessment Plan or an Exhibit or Appendix attached to and made a part of this Service and
Assessment Plan for all purposes.
On March 25, 2025, the City Council passed and approved Resolution No. 2025-03-1753
authorizing the establishment of the District in accordance with the PID Act, which authorization
was effective upon approval in accordance with the PID Act. The purpose of the District is to
finance the Actual Costs of Authorized Improvements that confer a special benefit on
approximately 1,123.592 acres located within the corporate limits of the City, as described by the
legal description on Exhibit K-1 and depicted on Exhibit A-1.
The PID Act requires a service plan must (i) cover a period of at least five years; (ii) define the
annual indebtedness and projected cost of the Authorized Improvements; and (iii) include 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 Improvement Area #1 Assessment Roll is
included as Exhibit F-1.
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SECTION I: DEFINITIONS
“2026 Assessment Ordinance” means an Assessment Ordinance approved and adopted by the
City Council on February 24, 2026, which levied the Improvement Area #1 Assessment against
Improvement Area #1 Assessed Property, and approved this Service and Assessment Plan.
“Actual Costs” mean, with respect to Authorized Improvements, the actual costs paid or incurred
by or on behalf of the Developer, (either directly or through affiliates), including: (1) the costs 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 for external professional services, such as engineering, geotechnical, surveying, land
planning, architectural landscapers, appraisals, legal, accounting, and similar professional
services; (4) the costs for all labor, bonds, and materials, including equipment and fixtures, owing
to contractors, builders, and materialmen engaged in connection with the acquisition,
construction, or implementation of the Authorized Improvements; (5) all related permitting and
public approval expenses, and architectural, engineering, consulting, and other governmental
fees and charges; and (6) costs to implement, administer, and manage the above-described
activities including, but not limited to, a construction management fee equal to four percent (4%)
of construction costs if managed by or on behalf of the Developer.
“Additional Interest” means the amount collected by the 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 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
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
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Service and Assessment Plan, the PID Act, and any Indenture, 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 related to the PID Bonds, if applicable.
“Annual Service Plan Update” means an update to this 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 Assessed Property to pay the costs of certain
Authorized Improvements as specified herein, which Assessment is imposed pursuant to an
Assessment Ordinance and the provisions herein, as shown on an Assessment Roll, subject to
reallocation upon the subdivision of such 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 the Assessed Property, 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 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, including 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 in any Annual
Service Plan Updates. The Assessment Roll is included in this Service and Assessment Plan as
Exhibit F-1.
“Authorized Improvements” means the improvements authorized by Section 372.003 of the PID
Act, as further depicted on Exhibit G-1 and Exhibit G-2.
“Bond Issuance Costs” means the costs associated with issuing PID Bonds, including, but not
limited to, attorney fees, financial advisory fees, consultant fees, appraisal fees, printing costs,
publication costs, capitalized interest, reserve fund requirements, underwriter’s discount, fees
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charged by the Texas Attorney General, and any other cost or expense 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 Service and Assessment Plan, including penalties and
reasonable attorney’s fees actually paid, but excluding amounts representing interest and
penalty interest.
“Developer” means Tellus Texas III, LLC and Sherley Partners, LTD. and any successors or assigns
that intend to develop property in the District for the ultimate purpose of transferring title to end
users.
“District” means the Sherley Farms Public Improvement District containing approximately
1,123.592 acres located within corporate limits of the City, and more specifically described in
Exhibit K-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 the 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 Developer 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
from third party consultants, or any other factors that, in the judgment of the City, may impact
value. The Estimated Buildout Value for each Lot Type is shown on Exhibit E.
“Improvement Area #1” means approximately 135.00 acres located within the District, more
specifically described in Exhibit K-2 and depicted on Exhibit A-2.
“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
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includes: (1) principal; (2) interest; (3) Annual Collection Costs related to Improvement Area #1;
and (4) Additional Interest related to the Improvement Area #1 Bonds, as shown on Exhibit F-2,
which amount may be reduced by the TIRZ No. 9 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 to be levied against Improvement
Area #1 Assessed Property to pay for a portion of the Improvement Area #1 Authorized
Improvements, and imposed pursuant to the 2026 Assessment Ordinance and the provisions
herein, as shown on the Improvement Area #1 Assessment Roll, subject to reallocation or
reduction pursuant to the provisions set forth in Section VI 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 Service and Assessment Plan as Exhibit F-1.
“Improvement Area #1 Authorized Improvements” means collectively, (1) the Improvement
Area #1 Improvements; (2) the first year’s Annual Collection Costs related to the Improvement
Area #1 Bonds; and (3) Bond Issuance Costs incurred in connection with the issuance of
Improvement Area #1 Bonds.
“Improvement Area #1 Bonds” means those certain “City of Anna, Texas, Special Assessment
Revenue Bonds, Series 2026 (Sherley Farms Public Improvement District Improvement Area #1
Project)” that shall be secured primarily by 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 and depicted on
Exhibit G-2.
“Improvement Area #1 Initial Parcel” means all of the Improvement Area #1 Assessed Property
against which the entire Improvement Area #1 Assessment is levied, as shown on the
Improvement Area #1 Assessment Roll as shown on Exhibit F-1.
“Improvement Area #1 Major Improvements” means the portion of the Major Improvements to
be completed concurrently with the completion of Lots in Improvement Area #1.
“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 from time to time, setting
forth the terms and conditions related to a series of PID Bonds.
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“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 at the time of levying the
applicable Assessment 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 provided by the Developer, and confirmed by the City Council, as
shown on Exhibit E.
“Lot Type 1” means a Lot Type within Improvement Area #1 marketed to homebuilders as a 45’
lot. The buyer disclosure for Lot Type 1 is attached as Appendix B.
“Lot Type 2” means a Lot Type within Improvement Area #1 marketed to homebuilders as a 50’
lot. The buyer disclosure for Lot Type 2 is attached as Appendix B.
“Lot Type 3” means a Lot Type within Improvement Area #1 marketed to homebuilders as a 60’
lot. The buyer disclosure for Lot Type 3 is attached as Appendix B.
“Lot Type 4” means a Lot Type within Improvement Area #1 marketed to homebuilders as a 70’
lot. The buyer disclosure for Lot Type 4 is attached as Appendix B.
“Major Improvements” means those Authorized Improvements that confer a special benefit to
all of the Assessed Property and Remainder Area within the District, as depicted on Exhibit G-1.
“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 E.
“Non-Assessed Property” means Parcels within the boundaries of the District that accrue special
benefit from the Authorized Improvements as determined by the City Council but are not
assessed.
“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 I.
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“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 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.
“Private Improvements” means those certain improvements benefitting the District,
constructed and paid for by the Developer and not reimbursable from Assessments or PID Bonds,
as further described on Exhibit B.
“Remainder Area” means approximately 988.592 acres located within the District and entirely
outside of Improvement Area #1, to be developed as one or more future improvement areas.
“Service and Assessment Plan” means this Sherley Farms Public Improvement District Service
and Assessment Plan as updated, amended, or supplemented from time to time.
“Service Plan” means the plan described in Section IV which covers a period of at least five years
and defines the annual indebtedness and projected costs of the Authorized Improvements.
"TIRZ No. 9” means Reinvestment Zone Number Nine, City of Anna, Texas.
"TIRZ No. 9 Agreement" means that future TIRZ reimbursement agreement to be entered into
by the Developer and the City.
"TIRZ No. 9 Annual Credit Amount" means, for each lot type, the amount calculated pursuant to
Section V.F, which amount shall not annually exceed the TIRZ No. 9 Maximum Annual Credit
Amount, and which shall be transferred from the TIRZ No. 9 Fund to the applicable pledged
revenue fund pursuant to the TIRZ No. 9 Agreement and used to pay a portion of principal and
interest related to the PID Bonds, but which shall not be pledged to secure the PID Bonds.
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"TIRZ No. 9 Plan" means the Reinvestment Zone Number Nine, City of Anna, Texas Final Project
and Financing Plan, to be approved by City Council prior to the issuance of PID Bonds.
"TIRZ No. 9 Fund" means the tax increment fund created pursuant to the TIRZ No. 9 Ordinance
where TIRZ No. 9 Revenues are deposited annually.
“TIRZ No. 9 Maximum Annual Credit Amount” means for each Lot Type, the amount of TIRZ No.
9 Revenues that results in an equivalent tax rate equal to $1.35 per $100 of assessed value for
such Lot Type taking into consideration the equivalent tax rate of the applicable Annual
Installment, based on Estimated Buildout Value of such Lot Type at the time the City Council
approves the applicable Assessment Ordinance levying the applicable Assessment, as further
described in Section V.F and shown on Exhibit H. The Estimated Buildout Values for each Lot
Type are shown on Exhibit E.
"TIRZ No. 9 Ordinance" means Ordinance No. __________ adopted by the City Council on
February 24, 2025, approving the TIRZ No. 9 Plan and authorizing the use of TIRZ No. 9 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. 9 Plan.
"TIRZ No. 9 Revenues" mean, for each year, the amounts which are deposited in the TIRZ No. 9
Fund pursuant to the TIRZ No. 9 Ordinance, the TIRZ No. 9 Plan, and the TIRZ No. 9 Agreement.
“Trustee” means the trustee or successor trustee under an Indenture.
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SECTION II: THE DISTRICT
The District includes approximately 1,123.592 contiguous acres located within the corporate
limits of the City, the boundaries of which are more particularly described on Exhibit K-1 and
depicted on Exhibit A-1. Development of the District is anticipated to include approximately (i)
2,578 residential units (including 120 townhomes) to be developed by Tellus Texas III, LLC and 7
single-family units, 55 cottage homes, 400 multifamily units, and 260,000 square feet of
commercial space to be developed by Sherley Partners, Ltd..
Improvement Area #1 includes approximately 135 contiguous acres located within the corporate
limits of the City, the boundaries of which are more particularly described on Exhibit K-2 and
depicted on Exhibit A-2. Development of Improvement Area #1 is anticipated to include
approximately 418 Lots developed with single-family homes (76 single-family homes that are on
Lots classified as Lot Type 1, 166 single-family homes that are on Lots classified as Lot Type 2, 143
single-family homes that are on Lots classified as Lot Type 3, and 33 single-family homes that are
on Lots classified as Lot Type 4.)
SECTION III: AUTHORIZED IMPROVEMENTS
Based on information provided by the Developer and their engineers and reviewed by the City
staff and by third-party consultants retained by the City, 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
Streets
Improvements including subgrade stabilization, concrete and reinforcing steel for
roadways, asphalt pavement for roadways, turn lanes, pavers, stamping and staining of
concrete, sidewalks, testing, handicap ramps, and streetlights. All related earthwork,
excavation, erosion control, intersections, signage, traffic control, maintenance bonds,
lighting and re-vegetation/landscaping of all disturbed areas are included. The street
improvements will provide benefit to each Lot within Improvement Area #1.
Water
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Improvements including trench excavation and embedment, trench safety, PVC piping,
valves, fire hydrants, service connections, meter boxes, testing, related earthwork,
excavation, erosion control and all necessary appurtenances required to provide water
service to all Lots within Improvement Area #1.
Sewer
Improvements including trench excavation and embedment, trench safety, PVC piping,
encasement pipe, 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, ponds curb and inlets, RCP piping and
boxes, headwalls, concrete flumes, manholes, junction boxes, 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.
Right of Way
Includes right-of-way required to provide street improvements for all Lots 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, landscape
design, soil testing, environmental testing, survey, construction management,
contingency, legal fees, and consultant fees.
B. 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
on a series of PID Bonds under an applicable Indenture in connection with the issuance of
such PID Bonds.
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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, including the fee of counsel to the Underwriter.
Cost of Issuance
Includes costs of issuing a particular series of PID Bonds, including but not limited to issuer
fees, attorney’s fees, financial advisory fees, consultant fees, appraisal fees, printing
costs, publication costs, City’s costs, fees charged by the Texas Attorney General, and any
other cost or expense directly associated with the issuance of PID Bonds.
C. 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 is also
required to include a copy of the buyer disclosure notice form required by Section 5.014 of the
Texas Property Code, as amended. The Service Plan must be reviewed and updated in each
Annual Service Plan Update. Exhibit C summarizes the initial Service Plan for Improvement Area
#1. Per the PID Act and Section 5.014 of the Texas Property Code, as amended, this Service and
Assessment Plan, and any future Annual Service Plan Updates, shall include a form of the buyer
disclosure for the District. The buyer disclosures are attached hereto as Appendix B.
Exhibit D summarizes the sources and uses of funds required to construct the Authorized
Improvements and Private Improvements. The sources and uses of funds shown on Exhibit D
shall be updated in an 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 Council, with or without regard
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to improvements constructed on the property; or (3) in any other manner approved by the City
Council that results in imposing equal shares of such costs on property similarly benefited. The
PID Act further provides that the City Council 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 Service and Assessment Plan describes the special benefit received by each
Parcel within the District as a result of the Authorized Improvements and provides the basis and
justification for the determination that this special benefit equals or exceeds the amount of the
Assessments to be 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 Owners, Developer, and all future
owners and developers of the Assessed Property.
A. Assessment Methodology
Acting in its legislative capacity and based on information provided by the Developer and its
engineers and reviewed by the City staff and by third-party consultants retained by the City, the
City Council has determined that the costs of the Authorized Improvements shall be allocated as
follows:
At the time of adoption of the 2026 Assessment Ordinance, the costs of the Improvement
Area #1 Major Improvements were determined to be funded from other sources such as
impact fees and private funding. The portion of Major Improvements to be constructed
in the future and benefiting the Remainder Area (or individual distinct portions thereof
to be developed) are expected to be funded from impacts fees and private funding but
may be assessed at a later date as provided in an amendment to this Service and
Assessment Plan.
By the adoption of the 2026 Assessment Ordinance, the costs of the reimbursable
Improvement Area #1 Authorized Improvements are allocated to each Parcel within
Improvement Area #1 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. Currently, the Improvement Area #1 Initial
Parcel is the only Parcel within Improvement Area #1, and as such, the Improvement Area
#1 Initial Parcel is allocated 100% of the Improvement Area #1 Authorized Improvements.
B. Assessments
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By the adoption of the 2026 Assessment Ordinance, the Improvement Area #1 Assessment shall
be levied on the Improvement Area #1 Initial Parcel are in the amount shown on the
Improvement Area #1 Assessment Roll, attached hereto as Exhibit F-1. The projected
Improvement Area #1 Annual Installments are shown on Exhibit F-2. Upon division or subdivision
of the Improvement Area #1 Initial Parcel, the Improvement Area #1 Assessment will be
reallocated pursuant to Section VI.
The Maximum Assessment for each Lot Type is shown on Exhibit E. In no case will the Assessment
for Lots classified as Lot Type 1, Lot Type 2, Lot Type 3 or Lot Type 4, respectively, exceed the
corresponding Maximum Assessment for each Lot classification.
C. Findings of Special Benefit
Acting in its legislative capacity and based on information provided by the Developer and tis
Engineers and reviewed by the City staff and by third-party consultants retained by the City, the
City Council has found and determined the following:
Improvement Area #1
The costs of the Improvement Area #1 Authorized Improvements equal
$34,055,146 as shown on Exhibit B;
The Improvement Area #1 Assessed Property receives special benefit from the
Improvement Area #1 Authorized Improvements equal to or greater than the
Actual Cost of the Improvement Area #1 Authorized Improvements;
By the adoption of the 2026 Assessment Ordinance, the Improvement Area #1
Initial Parcel is allocated 100% of the Improvement Area #1 Assessment levied for
the Improvement Area #1 Authorized Improvements, which equals $33,950,000
as shown on the Improvement Area #1 Assessment Roll attached hereto as Exhibit
F-1;
The special benefit ($34,055,146) received by the Improvement Area #1 Initial
Parcel from the Improvement Area #1 Authorized Improvements is equal to or
greater than the amount of the Improvement Area #1 Assessment ($33,950,000)
levied on the Improvement Area #1 Initial Parcel for the Improvement Area #1
Authorized Improvements; and
At the time the City Council approved this Service and Assessment Plan, the
Developer owned 100% of the Improvement Area #1 Initial Parcel. The Developer
acknowledged that the Improvement Area #1 Authorized Improvements confer a
special benefit on the Improvement Area #1 Initial Parcel and consents to the
SHERLEY FARMS PUBLIC IMPROVEMENT DISTRICT
PRELIMINARY SERVICE AND ASSESSMENT PLAN 16
imposition of the Improvement Area #1 Assessment to pay for the Actual Costs
associated therewith. The Developer 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 2026 Assessment Ordinance; (2) the Service and
Assessment Plan and the 2026 Assessment Ordinance; and (3) the levying of the
Improvement Area #1 Assessment on the Improvement Area #1 Initial Parcel.
D. Annual Collection Costs
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.
E. Additional Interest
The interest rate on Assessments securing each respective series of PID Bonds may exceed the
interest rate on each respective series of 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. 9 Annual Credit Amount
The City Council, in accordance with the TIRZ No. 9 Agreement, has agreed to use a portion of
TIRZ No. 9 Revenues generated on a parcel-by-parcel basis from each Assessed Property to offset
a portion of the principal and interest of such property’s Assessment, as applicable.
1. The principal and interest portion of the Improvement Area #1 Annual Installment for an
Assessed Property shall receive a TIRZ No. 9 Annual Credit Amount equal to the TIRZ No. 9
Revenue generated by the Assessed Property for the previous Tax Year (e.g. TIRZ No. 9
Revenue collected from the Assessed Property for Tax Year 2026 shall be applied as the TIRZ
No. 9 Annual Credit Amount applicable to the Assessed Property’s Improvement Area #1
Annual Installment to be collected in Tax Year 2027), but in no event shall the TIRZ No. 9
Annual Credit Amount exceed the TIRZ No. 9 Maximum Annual Credit Amount shown in
Section V.F.2 as calculated on Exhibit H for each Assessed Property.
2. The TIRZ No. 9 Maximum Annual Credit Amount available to reduce the principal and interest
portion of the Improvement Area #1 Annual Installment for an Assessed Property is
calculated for each Lot Type, as shown on Exhibit H. The TIRZ No. 9 Maximum Annual Credit
Amount is calculated so that the average Improvement Area #1 Annual Installment minus the
SHERLEY FARMS PUBLIC IMPROVEMENT DISTRICT
PRELIMINARY SERVICE AND ASSESSMENT PLAN 17
TIRZ No. 9 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 ($1.35 per $100 of assessed value) taking into consideration the equivalent tax rate
of the Improvement Area #1 Annual Installments based on Estimated Buildout Value at the
time the 2026 Assessment Ordinance is approved. The resulting maximum TIRZ No. 9 Annual
Credit Amount for each Lot Type is shown on Exhibit H.
3. After the TIRZ No. 9 Annual Credit Amount is applied to provide credit towards the principal
and interest portion of the Improvement Area #1 Annual Installment for the Assessed
Property, any excess TIRZ No. 9 Revenues available from the TIRZ No. 9 Fund shall be used in
accordance with the TIRZ No. 9 Plan and the TIRZ No. 9 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 or public hearing
requirements under the PID Act.
A. Reallocation of Assessment s
1. Upon Division Prior to Recording of Subdivision Plat
Upon the division of any Assessed Property (without the recording of a 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, as provided by the Developer, relying on information from homebuilders,
market studies, appraisals, Official Public Records of the County, and any other relevant
information regarding the Assessed Property, and such calculation shall be approved by
SHERLEY FARMS PUBLIC IMPROVEMENT DISTRICT
PRELIMINARY SERVICE AND ASSESSMENT PLAN 18
the City Council in the immediately following Annual Service Plan Update. The calculation
as confirmed by the City Council shall be conclusive and binding. The Estimated Buildout
Values for Lot Type 1, Lot Type 2, Lot Type 3 and Lot Type 4 are shown on Exhibit E and
will not change in future Annual Service Plan Updates but Exhibit E may be updated in
future Annual Service Plan Updates to account for additional Lot Types.
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 Annual Service Plan Update immediately following such reallocation.
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 the
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 the same Lot Type
Prior to the recording of a subdivision plat, the Developer shall provide the City an
Estimated Buildout Value as of the date of the recorded subdivision plat for each Lot
created by the recorded subdivision plat. The calculation of the Assessment for a Lot shall
be performed by the Administrator based on Estimated Buildout Value information
provided by the Developer, homebuilders, third party consultants, and/or the Official
Public Records of the County regarding the Lot, and such calculation shall be approved by
the City Council in the immediately following Annual Service Plan Update. The calculation
as confirmed by the City Council shall be conclusive and binding. The Estimated Buildout
SHERLEY FARMS PUBLIC IMPROVEMENT DISTRICT
PRELIMINARY SERVICE AND ASSESSMENT PLAN 19
Values for Lot Type 1, Lot Type 2, Lot Type 3, and Lot Type 4 are shown on Exhibit E and
will not change 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
exceed the Assessment prior to the reallocation. Any reallocation pursuant to this section
shall be reflected in the Annual Service Plan Update immediately following such
reallocation.
3. Upon Consolidation
If two or more Lots or Parcels are consolidated into a single Lot or Parcel, the
Administrator shall allocate the Assessments against the Lots or Parcels before the
consolidation to the consolidated Lot or Parcel, which allocation shall be approved by the
City Council in the next Annual Service Plan Update immediately following such
consolidation. The calculation as confirmed by the City Council shall be conclusive and
binding. 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 thereof shall pay to
the City, or cause to be paid 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, and no such conveyance shall be effective until the City receives such payment. 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 I.
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, or cause to be paid to the City, the amount the Assessment was reduced,
SHERLEY FARMS PUBLIC IMPROVEMENT DISTRICT
PRELIMINARY SERVICE AND ASSESSMENT PLAN 20
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. At no time shall the
aggregate Assessments for any Lot exceed the Maximum Assessment.
D. Reduction of Assessment s
If as a result of cost savings or the failure to construct all or a portion of an Authorized
Improvement the Actual Costs of any Authorized Improvements are less than the Assessments,
then (i) in the event PID Bonds have not been issued for the purpose of financing Authorized
Improvements affected by such reduction in Actual Costs, the City Council shall reduce each
Assessment on a pro rata basis such that the sum of the resulting reduced Assessments for all
Assessed Property equals the reduced Actual Costs that were expended, or (ii) in the event that
PID Bonds have been issued for the purpose of financing Authorized Improvements affected by
such reduction in Actual Costs, the Trustee shall apply amounts on deposit in the applicable
account of the project fund created under the Indenture relating to such series of PID Bonds that
are not expected to be used for the purposes of the project fund as directed by the City pursuant
to the terms of such Indenture, and the TIRZ No. 9 Annual Credit Amount will be reduced in the
same proportion as the Assessments. Such excess PID Bond proceeds may be used for any
purpose authorized by such Indenture. 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.
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. Prep ayment of Assessment s
The owner of any Assessed Property may, at any time, pay 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
SHERLEY FARMS PUBLIC IMPROVEMENT DISTRICT
PRELIMINARY SERVICE AND ASSESSMENT PLAN 21
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 such revised Assessment Roll 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.
F. Payment of Assessment in Annual Installments
Assessments that are not paid in full shall be due and payable in Annual Installments. Exhibit F-2
shows the estimated Improvement Area #1 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 Parcel 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. To the extent permitted by the PID Act or other
applicable law, the City Council may provide for other means of collecting Annual Installments,
but in no case shall the City take any action, or fail to take any action, that would cause it to be
in default under any Indenture. 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
SHERLEY FARMS PUBLIC IMPROVEMENT DISTRICT
PRELIMINARY SERVICE AND ASSESSMENT PLAN 22
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 Administrator shall recalculate the Annual Installments
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.
Failure of an owner of an Assessed Property to receive an invoice for an Annual Installment 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.
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, pursuant to the terms of
this Service and Assessment Plan, as updated, and 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
SHERLEY FARMS PUBLIC IMPROVEMENT DISTRICT
PRELIMINARY SERVICE AND ASSESSMENT PLAN 23
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 Remaining 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
reclassified as Non-Benefitted Property and the remaining 90 acres constituting the 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 $90.
Notwithstanding the previous paragraphs in this subsection, if the owner of the Remaining
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. The owner will remain liable to pay the Assessment 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 F-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.
SHERLEY FARMS PUBLIC IMPROVEMENT DISTRICT
PRELIMINARY SERVICE AND ASSESSMENT PLAN 24
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
Service and Assessment Plan, including, but not limited to, any calculation made as part of any
Annual Service Plan Update, the owner’s sole and exclusive remedy shall be to submit a written
notice of error to the Administrator by December 1st of each year following City Council’s
approval of the calculation. Otherwise, the 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 after receipt of such 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 shall take such
corrective action as is authorized by the PID Act, this 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 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 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 Service and Assessment
Plan.
C. Administration and Interpretation
The Administrator shall: (1) perform the obligations of the Administrator as set forth in this
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 Service and Assessment Plan.
Interpretations of this 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 parties have an opportunity to be heard. Decisions by the City Council shall
SHERLEY FARMS PUBLIC IMPROVEMENT DISTRICT
PRELIMINARY SERVICE AND ASSESSMENT PLAN 25
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 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 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 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.
SHERLEY FARMS PUBLIC IMPROVEMENT DISTRICT
PRELIMINARY SERVICE AND ASSESSMENT PLAN 26
EXHIBITS
The following Exhibits are attached to and made a part of this Service and Assessment Plan for
all purposes:
Exhibit A-1 Map of the District
Exhibit A-2 Map of Improvement Area #1
Exhibit A-3 Improvement Area #1 Lot Type Classification Map
Exhibit B Project Costs
Exhibit C Service Plan
Exhibit D Sources and Uses of Funds
Exhibit E Maximum Assessment and Tax Rate Equivalent
Exhibit F-1 Improvement Area #1 Assessment Roll
Exhibit F-2 Improvement Area # 1 Annual Installments
Exhibit G-1 Maps of Major Improvements
Exhibit G-2 Maps of Improvement Area #1 Improvements
Exhibit H TIRZ No. 9 Annual Credit Amount by Lot Type
Exhibit I Form of Notice of Assessment Termination
Exhibit J Debt Service Schedule for Improvement Area #1 Bonds
Exhibit K-1 District Legal Description
Exhibit K-2 Improvement Area #1 Legal Description
SHERLEY FARMS PUBLIC IMPROVEMENT DISTRICT
PRELIMINARY SERVICE AND ASSESSMENT PLAN 27
APPENDICES
The following Appendices are attached to and made a part of this Service and Assessment Plan
for all purposes:
Appendix A Engineer’s Report
Appendix B Buyer Disclosures
SHERLEY FARMS PUBLIC IMPROVEMENT DISTRICT
PRELIMINARY SERVICE AND ASSESSMENT PLAN 28
EXHIBIT A-1 – MAP OF THE DISTRICT
SHERLEY FARMS PUBLIC IMPROVEMENT DISTRICT
PRELIMINARY SERVICE AND ASSESSMENT PLAN 29
EXHIBIT A-2 – MAP OF IMPROVEMENT AREA #1
SHERLEY FARMS PUBLIC IMPROVEMENT DISTRICT
PRELIMINARY SERVICE AND ASSESSMENT PLAN 30
EXHIBIT A-3 - IMPROVEMENT AREA #1 LOT TYPE CLASSIFICATION MAP
SHERLEY FARMS PUBLIC IMPROVEMENT DISTRICT
PRELIMINARY SERVICE AND ASSESSMENT PLAN 31
EXHIBIT B – PROJECT COSTS
Improvement Area #1 Improvements
Streets[e]9,627,483$ -$ -$ 9,627,483$ 100% 9,627,483$
Water 2,285,898 - - 2,285,898 100% 2,285,898
Sewer 2,797,636 - - 2,797,636 100% 2,797,636
Storm Drainage 3,583,566 - - 3,583,566 100% 3,583,566
Right of Way[j]3,696,000 - - 3,696,000 100% 3,696,000
Soft Costs[i]5,588,068 - - 5,588,068 100% 5,588,068
27,578,651$ -$ -$ 27,578,651$ 27,578,651$
Major Improvements
Improvement Area #1 Major Improvements[h]
Water 2,218,535$ -$ 2,218,535$ -$ 0.0%-$
Sewer 6,100,420 - 6,100,420 - 0.0%-
Soft Costs 3,078,013 - 3,078,013 - 0.0%-
11,396,968$ -$ 11,396,968$ -$ -$
Private Improvements [b]
Parkland Infrastructure/Hardscape/Trails[c][d]3,701,922$ 3,701,922$ -$ -$ 0.0%-$
Private Improvements 3,237,511 3,237,511 - - 0.0%-
6,939,433$ 6,939,433$ -$ -$ -$
Bond Issuance Costs [f]
Debt Service Reserve Fund 2,482,455$ -$ -$ 2,482,455$ 2,482,455$
Capitalized Interest 1,131,667 - - 1,131,667 1,131,667
Underwriter Discount[g]1,018,500 - - 1,018,500 1,018,500
Cost of Issuance 1,763,873 - - 1,763,873 1,763,873
6,396,495$ -$ -$ 6,396,495$ 6,396,495$
Other Costs [f]
Deposit to Administrative Fund 80,000$ -$ -$ 80,000$ 80,000$
80,000$ -$ -$ 80,000$ 80,000$
Footnotes:
[a] Per Engineer's Report attached hereto as Appendix A.
[b] Not reimbursable to the Developer through Assessments or the issuance of PID Bonds.
[c] Unless otherwise approved by the City Council, in the event PID Bonds are not issued, right-of-way acquisition, as defined in Section III.A, shall not be a reimbursable
Authorized Improvement, but instead will be replaced by the Actual Costs of Parkland Infrastructure/Hardscape/Trails.
[d] Unless otherwise approved by the City Council, in the event PID Bonds are issued, the Parkland Infrastructure/Hardscape/Trails, will be replaced by right-of-way acquisition,
which right-of-way acquisition cost shall not exceed (i) the Actual Costs of Parkland Infrastructure/Hardscape/Trails, and (ii) the fair market value supported by an independent
appraisal as required by Section 252.051 of the Texas Local Government Code.
[e] Includes Mass Grading and Final Stabilization Methods.
[f] Preliminary estimates only and subject to change upon the issuance of PID Bonds.
[g] Includes the fee of counsel to the Underwriter.
[h] Improvement Area #1 Major Improvements are improvements that benefit the entire District and shall be completed concurrently with the Improvement Area #1
Improvements, but are not anticipated to be reimbursed from Assessments or PID Bonds. Future Major Improvements shall be included in this Service and Assessment Plan as
they are constructed with future Improvement Areas.
[i] Soft Costs include bonds fees, contingency, engineering, testing, survey, and inspection fees.
[j] Based on Right of Way Appraisal dated January 8, 2026.
SHERLEY FARMS PUBLIC IMPROVEMENT DISTRICT
PRELIMINARY SERVICE AND ASSESSMENT PLAN 32
EXHIBIT C – SERVICE PLAN
Annual Installment Due 1/61/2026[b]1/31/2027 1/31/2028 1/31/2029 1/31/2030 1/31/2031
Principal -$ 403,000.00$ 428,000.00$ 455,000.00$ 484,000.00$ 514,000.00$
Interest 1,131,667.00 2,037,000.00 2,012,820.00 1,987,140.00 1,959,840.00 1,930,800.00
TIRZ No. 9 Annual Credit Amount[a]- - - - - -
Capitalized Interest (1,131,667.00) - - - - -
(1)-$ 2,440,000.00$ 2,440,820.00$ 2,442,140.00$ 2,443,840.00$ 2,444,800.00$
Additional Interest (2)-$ 169,750.00$ 167,735.00$ 165,595.00$ 163,320.00$ 160,900.00$
Annual Collection Costs (3)-$ 40,800.00$ 41,616.00$ 42,448.00$ 43,297.00$ 44,163.00$
Total Annual Installment Due (4) = (1) + (2) + (3)-$ 2,650,550.00$ 2,650,171.00$ 2,650,183.00$ 2,650,457.00$ 2,649,863.00$
Footnotes:
[a] Each year, the TIRZ No. 9 Revenue generated by each Lot shall be applied to the principal and interest portion of the Annual Installment, up to the Maximum
TIRZ No. 9 Annual Credit Amount. The TIRZ No. 9 Annual Credit Amount shall be updated each year in the Annual Service Plan Update as TIRZ No. 9 Revenue is
generated.
[b] No Assessment collected in 2026 and capitalized interest is contemplated from bond issuance to the 9/15/2026 debt service payment.
Improvement Area #1
SHERLEY FARMS PUBLIC IMPROVEMENT DISTRICT
PRELIMINARY SERVICE AND ASSESSMENT PLAN 33
EXHIBIT D – SOURCES AND USES OF FUNDS
Privately Funded Impact Fee Eligible Improvement Area #1 Total
Improvement Area #1 Bonds -$ -$ 33,950,000$ 33,950,000$
Developer Contribution - Improvement Area #1[a]- - 105,146 105,146
Eligible Infrastructure Grant[f]- 11,396,968 - 11,396,968
Developer Contribution - Parkland Infrastructure/Hardscape/Trails[a][b][c]3,701,922 - - 3,701,922
Developer Contribution - Private Improvements[a]3,237,511 - - 3,237,511
Total Sources of Funds 6,939,433$ 11,396,968$ 34,055,146$ 52,391,548$
Improvement Area #1 Major Improvements[f]-$ 11,396,968$ -$ 11,396,968
Improvement Area #1 Improvements - - 27,578,651 27,578,651
Parkland Infrastructure/Hardscape/Trails[a][b][c]3,701,922 - - 3,701,922
Private Improvements[a]3,237,511 - - 3,237,511
6,939,433$ 11,396,968$ 27,578,651$ 45,915,053$
Bond Issuance Costs [d]
Debt Service Reserve Fund -$ -$ 2,482,455$ 2,482,455$
Capitalized Interest - - 1,131,667 1,131,667
Underwriter Discount[e]- - 1,018,500 1,018,500
Cost of Issuance - - 1,763,873 1,763,873
-$ -$ 6,396,495.00$ 6,396,495$
Other Costs [d]
Deposit to Administrative Fund -$ -$ 80,000$ 80,000$
-$ -$ 80,000.00$ 80,000$
Total Uses of Funds 6,939,433$ 11,396,968$ 34,055,146$ 52,391,548$
Footnotes:
[a] Not reimbursable to the Developer through Assessments or the issuance of PID Bonds.
[b] Unless otherwise approved by the City Council, in the event PID Bonds are not issued, right-of-way acquisition, as defined in Section III.A, shall not be a reimbursable Authorized Improvement,
but instead will be replaced by the Actual Costs of Parkland Infrastructure/Hardscape/Trail improvements.
[c] Unless otherwise approved by the City Council, in the event PID Bonds are issued, the Parkland Infrastructure/Hardscape/Trail improvements, will be replaced by right-of-way acquisition, which
right-of-way acquisition cost shall not exceed (i) the Actual Costs of Parkland Infrastructure/Hardscape/Trail improvements, and (ii) the fair market value supported by an independent appraisal as
required by Section 252.051 of the Texas Local Government Code.
[d] Preliminary estimates only and subject to change upon the issuance of PID Bonds.
[e] Includes the fee of counsel to the Underwriter.
[f] Improvement Area #1 Major Improvements are improvements that benefit the entire District and shall be completed concurrently with the Improvement Area #1 Improvements, but are not
anticipated to be reimbursed from Assessments or PID Bonds. Future Major Improvements shall be included in this Service and Assessment Plan as they are constructed with future Improvement
Areas.
Sources of Funds
Uses of Funds
SHERLEY FARMS PUBLIC IMPROVEMENT DISTRICT
PRELIMINARY SERVICE AND ASSESSMENT PLAN 34
EXHIBIT E – MAXIMUM ASSESSMENT AND TAX RATE EQUIVALANT
Per Unit Total Per Unit Total Per Unit Total
Improvement Area #1
Lot Type 1 76 477,000$ 36,252,000$ 67,570$ 5,135,294$ 5,275$ 400,872$ 1.105792$
Lot Type 2 166 530,000 87,980,000 75,077 12,462,848 5,861 972,876 1.105792
Lot Type 3 143 636,000 90,948,000 90,093 12,883,282 7,033 1,005,696 1.105792
Lot Type 4 33 742,000 24,486,000 105,108 3,468,576 8,205 270,764 1.105792
Improvement Area #1 Subtotal 418 239,666,000$ 33,950,000$ 2,650,208$ 1.105792
Footnotes:
[a] As provided by the Developer.
[b] Subject to change based on the final Appraisal.
[c] Does not include TIRZ No. 9 Annual Credit Amount.
Lot Type Units[a]Gross PID
TRE[c]
Estimated Buildout Value[a]Assessment[b]Average Annual Installment
SHERLEY FARMS PUBLIC IMPROVEMENT DISTRICT
PRELIMINARY SERVICE AND ASSESSMENT PLAN 35
EXHIBIT F-1 – IMPROVEMENT AREA #1 ASSESSMENT ROLL
Property ID[a]Lot Type Outstanding Assessment Annual Installment Due
1/31/2027
2937949 Improvement Area #1 Initial Parcel 33,950,000.00$ 2,650,550.00$
33,950,000.00$ 2,650,550.00$
Footnotes:
Total
[a] The entire Improvement Area #1 is contained within Property ID 2937949. For billing purposes, the Annual Installment due 1/31/2027 shall
be allocated pro rata based on acreage.
SHERLEY FARMS PUBLIC IMPROVEMENT DISTRICT
PRELIMINARY SERVICE AND ASSESSMENT PLAN 36
EXHIBIT F-2 – IMPROVEMENT AREA #1 ANNUAL INSTALLMENTS
Installment
Due 1/31 Principal Interest[a]Capitalized
Interest[c]
Reserve
Fund[d]
Additional
Interest
Annual
Collection
Costs
Total Annual
Installment
Due[b]
2026 $ -1,131,667$ (1,131,667)$ -$ $ - $ --$
2027 403,000$ 2,037,000$ -$ -$ 169,750$ 40,800$ 2,650,550$
2028 428,000$ 2,012,820$ -$ -$ 167,735$ 41,616$ 2,650,171$
2029 455,000$ 1,987,140$ -$ -$ 165,595$ 42,448$ 2,650,183$
2030 484,000$ 1,959,840$ -$ -$ 163,320$ 43,297$ 2,650,457$
2031 514,000$ 1,930,800$ -$ -$ 160,900$ 44,163$ 2,649,863$
2032 547,000$ 1,899,960$ -$ -$ 158,330$ 45,046$ 2,650,336$
2033 582,000$ 1,867,140$ -$ -$ 155,595$ 45,947$ 2,650,682$
2034 618,000$ 1,832,220$ -$ -$ 152,685$ 46,866$ 2,649,771$
2035 658,000$ 1,795,140$ -$ -$ 149,595$ 47,804$ 2,650,539$
2036 699,000$ 1,755,660$ -$ -$ 146,305$ 48,760$ 2,649,725$
2037 744,000$ 1,713,720$ -$ -$ 142,810$ 49,735$ 2,650,265$
2038 791,000$ 1,669,080$ -$ -$ 139,090$ 50,730$ 2,649,900$
2039 842,000$ 1,621,620$ -$ -$ 135,135$ 51,744$ 2,650,499$
2040 895,000$ 1,571,100$ -$ -$ 130,925$ 52,779$ 2,649,804$
2041 953,000$ 1,517,400$ -$ -$ 126,450$ 53,835$ 2,650,685$
2042 1,013,000$ 1,460,220$ -$ -$ 121,685$ 54,911$ 2,649,816$
2043 1,078,000$ 1,399,440$ -$ -$ 116,620$ 56,010$ 2,650,070$
2044 1,147,000$ 1,334,760$ -$ -$ 111,230$ 57,130$ 2,650,120$
2045 1,221,000$ 1,265,940$ -$ -$ 105,495$ 58,272$ 2,650,707$
2046 1,299,000$ 1,192,680$ -$ -$ 99,390$ 59,438$ 2,650,508$
2047 1,382,000$ 1,114,740$ -$ -$ 92,895$ 60,627$ 2,650,262$
2048 1,471,000$ 1,031,820$ -$ -$ 85,985$ 61,839$ 2,650,644$
2049 1,565,000$ 943,560$ -$ -$ 78,630$ 63,076$ 2,650,266$
2050 1,665,000$ 849,660$ -$ -$ 70,805$ 64,337$ 2,649,802$
2051 1,772,000$ 749,760$ -$ -$ 62,480$ 65,624$ 2,649,864$
2052 1,886,000$ 643,440$ -$ -$ 53,620$ 66,937$ 2,649,997$
2053 2,007,000$ 530,280$ -$ -$ 44,190$ 68,275$ 2,649,745$
2054 2,137,000$ 409,860$ -$ -$ 34,155$ 69,641$ 2,650,656$
2055 2,274,000$ 281,640$ -$ -$ 23,470$ 71,034$ 2,650,144$
2056 2,420,000$ 145,200$ -$ (2,482,455)$ 12,100$ 72,454$ 2,649,754$
Total 33,950,000$ 40,523,640$ -$ (2,482,455)$ 3,376,970$ 1,655,175$ 79,505,785$
Footnotes:
[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.
[c] No Annual Installment shall be collected and capitalized interest is expected to fund the 9/15/2026 debt service payment.
[d] Assumes Reserve Fund is fully funded and available to reduce Annual Installments in the final year.
[a] Interest is calculated at a 6.00% rate for illustrative purposes and is subject to change upon PID Bond issuance.
SHERLEY FARMS PUBLIC IMPROVEMENT DISTRICT
PRELIMINARY SERVICE AND ASSESSMENT PLAN 37
EXHIBIT G-1 – MAPS OF MAJOR IMPROVEMENTS
SHERLEY FARMS PUBLIC IMPROVEMENT DISTRICT
PRELIMINARY SERVICE AND ASSESSMENT PLAN 38
SHERLEY FARMS PUBLIC IMPROVEMENT DISTRICT
PRELIMINARY SERVICE AND ASSESSMENT PLAN 39
EXHIBIT G-2 – MAPS OF IMPROVEMENT AREA #1 IMPROVEMENTS
SHERLEY FARMS PUBLIC IMPROVEMENT DISTRICT
PRELIMINARY SERVICE AND ASSESSMENT PLAN 40
SHERLEY FARMS PUBLIC IMPROVEMENT DISTRICT
PRELIMINARY SERVICE AND ASSESSMENT PLAN 41
SHERLEY FARMS PUBLIC IMPROVEMENT DISTRICT
PRELIMINARY SERVICE AND ASSESSMENT PLAN 42
SHERLEY FARMS PUBLIC IMPROVEMENT DISTRICT
PRELIMINARY SERVICE AND ASSESSMENT PLAN 43
EXHIBIT H – TIRZ NO. 9 ANNUAL CREDIT AMOUNT BY LOT TYPE
Improvement Area #1
Lot Type 1 (45')76 1.105792 (1,252.30)$ 0.843256$ 2.838792$
Lot Type 2 (50')166 1.105792 (1,391.44)$ 0.843256$ 2.838792$
Lot Type 3 (60')143 1.105792 (1,669.73)$ 0.843256$ 2.838792$
Lot Type 4 (70')33 1.105792 (1,948.02)$ 0.843256$ 2.838792$
[a] Per information provided by the Developer.
[b] To be determined at the time of PID Bond issuance; based on information provided by the Developer as to
Estimated Buildout Value.
SHERLEY FARMS PUBLIC IMPROVEMENT DISTRICT
PRELIMINARY SERVICE AND ASSESSMENT PLAN 44
EXHIBIT I – 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
120 W. 7th Street
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
SHERLEY FARMS PUBLIC IMPROVEMENT DISTRICT
PRELIMINARY SERVICE AND ASSESSMENT PLAN 45
AFTER RECORDING RETURN TO:
[City Secretary Name]
120 W. 7th Street
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 §
§ KNOWN 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 Anna,
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 of the
City; and
WHEREAS, on March 25, 2025 the City Council of the City approved Resolution No. 2025-
03-1753 creating the Sherley Farms Public Improvement District (the “District”); and
WHEREAS, the District consists of approximately 1,123.592 contiguous acres within the
corporate limits 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, Texas; 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:
SHERLEY FARMS PUBLIC IMPROVEMENT DISTRICT
PRELIMINARY SERVICE AND ASSESSMENT PLAN 46
[legal description], an addition to the City of Anna, Collin 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
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 the
City Manager for the City of Anna, Texas, a Texas home rule municipality, on behalf of said
municipality.
_______________________________
Notary Public, State of Texas
SHERLEY FARMS PUBLIC IMPROVEMENT DISTRICT
PRELIMINARY SERVICE AND ASSESSMENT PLAN 47
EXHIBIT J – DEBT SERVICE SCHEDULE FOR IMPROVEMENT AREA #1 BONDS
[To be provided at PID Bond pricing.]
SHERLEY FARMS PUBLIC IMPROVEMENT DISTRICT
PRELIMINARY SERVICE AND ASSESSMENT PLAN 48
EXHIBIT K-1 – DISTRICT LEGAL DESCRIPTION
SHERLEY FARMS PUBLIC IMPROVEMENT DISTRICT
PRELIMINARY SERVICE AND ASSESSMENT PLAN 49
SHERLEY FARMS PUBLIC IMPROVEMENT DISTRICT
PRELIMINARY SERVICE AND ASSESSMENT PLAN 50
SHERLEY FARMS PUBLIC IMPROVEMENT DISTRICT
PRELIMINARY SERVICE AND ASSESSMENT PLAN 51
SHERLEY FARMS PUBLIC IMPROVEMENT DISTRICT
PRELIMINARY SERVICE AND ASSESSMENT PLAN 52
SHERLEY FARMS PUBLIC IMPROVEMENT DISTRICT
PRELIMINARY SERVICE AND ASSESSMENT PLAN 53
EXHIBIT K-2 – IMPROVEMENT AREA #1 LEGAL DESCRIPTION
PHASE 1
METES AND BOUNDS DESCRIPTION
BEING a tract of land situated in the G. Morrison Survey, Abstract No. 559, and the S. Moore
Survey, Abstract No. 625, in Collin County, Texas, being part of Tracts 1.1, 1.3, and 1.4,
recorded in Volume 4466, Page 153, Deed Records, Collin County, Texas (DRCCT), and part of
Tract 1.1, recorded in Volume 4466, Page 183 DRCCT, and all of Tract 1.2, recorded in Volume
4466, Page 201, DRCCT, with the subject tract being more particularly described as follows:
BEGINNING at a 1/2" iron rod with plastic cap stamped "SPIARSENG" set along the south line
of Farm to Market Road 2862, a 90-foot-wide right-of-way, from which a 1/2" iron rod found
bears N 84°54'26" W, 1658.47 feet for the southeast corner of the "Second Tract" conveyed to
Daniel W. Koen and Sue Ann Burleson-Koen, recorded in Document No. 93-0107055 DRCCT;
THENCE S 87°35'00" E, 3.15 feet to a 1/2" iron rod with plastic cap stamped "SPIARSENG"
set;
THENCE S 87°54'00" E, 852.06 feet to a 1/2" iron rod with plastic cap stamped "SPIARSENG"
set;
THENCE S 88°23'00" E, 1005.18 feet to a 1/2" iron rod with plastic cap stamped
"SPIARSENG" set;
THENCE around a tangent curve to the left having a central angle of 61°39'58", a radius of
363.31 feet, a chord of N 60°47'01" E - 372.42 feet, an arc length of 391.02 feet to a 1/2" iron
rod with plastic cap stamped "SPIARSENG" set on the west line of a tract conveyed to Larry
Kropman Bennett and Jill Rae Bennett, recorded in Volume 1718, Page 193 DRCCT;
THENCE S 02°42'15" W, 147.06 feet along the west line thereof to a 1/2" iron rod with plastic
cap stamped "SPIARSENG" set;
THENCE S 88°34'52" E, along the south line of said Bennett tract, passing at 317.47 feet a 3/8"
iron rod found for the southeast corner thereof, being the southwest corner of a tract described in
deed recorded in Document No. 20160209000150410 OPRCCT, and continuing along the south
line thereof a total distance of 673.49 feet to a 1/2" iron rod with plastic cap stamped
"SPIARSENG" set;
THENCE S 19°13'14" E, 988.05 feet to a 1/2" iron rod with plastic cap stamped "SPIARSENG"
set;
SHERLEY FARMS PUBLIC IMPROVEMENT DISTRICT
PRELIMINARY SERVICE AND ASSESSMENT PLAN 54
THENCE around a non-tangent curve to the right having a central angle of 31°18'08", a radius of
1355.00 feet, a chord of S 38°55'42" W - 731.10 feet, an arc length of 740.27 feet to a 1/2" iron
rod with plastic cap stamped "SPIARSENG" set;
THENCE S 54°34'46" W, 675.31 feet to a 1/2" iron rod with plastic cap stamped "SPIARSENG"
set;
THENCE around a tangent curve to the left having a central angle of 8°25'51", a radius of
2545.00 feet, a chord of S 50°21'50" W - 374.15 feet, an arc length of 374.49 feet to a 1/2" iron
rod with plastic cap stamped "SPIARSENG" set;
THENCE around a compound curve to the left having a central angle of 1°21'02", a radius of
1545.00 feet, a chord of S 45°28'23" W - 36.42 feet, an arc length of 36.42 feet to a 1/2" iron rod
with plastic cap stamped "SPIARSENG" set;
THENCE N 47°52'56" W, 117.77 feet to a 1/2" iron rod with plastic cap stamped
"SPIARSENG" set;
THENCE N 63°22'52" W, 674.62 feet to a 1/2" iron rod with plastic cap stamped
"SPIARSENG" set;
THENCE S 26°37'08" W, 490.25 feet to a 1/2" iron rod with plastic cap stamped "SPIARSENG"
set;
THENCE N 63°19'59" W, 296.01 feet to a 1/2" iron rod with plastic cap stamped
"SPIARSENG" set;
THENCE S 26°37'08" W, 130.00 feet to a 1/2" iron rod with plastic cap stamped "SPIARSENG"
set;
THENCE N 63°22'52" W, 268.53 feet to a 1/2" iron rod with plastic cap stamped
"SPIARSENG" set;
THENCE around a tangent curve to the left having a central angle of 36°00'21", a radius of
95.00 feet, a chord of N 81°23'03" W - 58.72 feet, an arc length of 59.70 feet to a 1/2" iron rod
with plastic cap stamped "SPIARSENG" set;
THENCE S 80°36'47" W, 80.83 feet to a 1/2" iron rod with plastic cap stamped "SPIARSENG"
set;
THENCE around a tangent curve to the left having a central angle of 7°19'45", a radius of
345.00 feet, a chord of S 76°56'54" W - 44.10 feet, an arc length of 44.13 feet to a 1/2" iron rod
with plastic cap stamped "SPIARSENG" set;
SHERLEY FARMS PUBLIC IMPROVEMENT DISTRICT
PRELIMINARY SERVICE AND ASSESSMENT PLAN 55
THENCE S 52°52'29" W, 50.00 feet to a 1/2" iron rod with plastic cap stamped "SPIARSENG"
set;
THENCE around a non-tangent curve to the right having a central angle of 33°46'17", a radius of
850.00 feet, a chord of N 20°14'22" W - 493.79 feet, an arc length of 501.01 feet to a 1/2" iron
rod with plastic cap stamped "SPIARSENG" set;
THENCE N 03°21'14" W, 51.20 feet to a 1/2" iron rod with plastic cap stamped "SPIARSENG"
set;
THENCE N 87°03'38" W, 802.11 feet to a 1/2" iron rod with plastic cap stamped
"SPIARSENG" set;
THENCE around a non-tangent curve to the right having a central angle of 09°05'47", a radius of
1,245 feet, a chord of N 63°23'05" E - 197.45 feet, an arc length of 197.66 feet to a 1/2" iron rod
with plastic cap stamped "SPIARSENG" set;
THENCE around a reverse curve to the left having a central angle of 05°45'11", a radius of
1245.00 feet, a chord of N 65°03'23" E - 124.96 feet, an arc length of 125.01 feet to a 1/2" iron
rod with plastic cap stamped "SPIARSENG" set;
THENCE N 62°10'47" E, 501.95 feet to a 1/2" iron rod with plastic cap stamped "SPIARSENG"
set;
THENCE around a tangent curve to the left having a central angle of 24°42'42", a radius of
780.00 feet, a chord of N 49°49'26" E - 333.81 feet, an arc length of 336.41 feet to a 1/2" iron
rod with plastic cap stamped "SPIARSENG" set;
THENCE around a compound curve to the left having a central angle of 43°38'06", a radius of
365.00 feet, a chord of N 15°33'38" E - 271.31 feet, an arc length of 277.98 feet to a 1/2" iron
rod with plastic cap stamped "SPIARSENG" set;
THENCE around a non-tangent curve to the right having a central angle of 98°57'03", a radius of
71.50 feet, a chord of N 80°15'05" W - 108.70 feet, an arc length of 123.48 feet to a 1/2" iron rod
with plastic cap stamped "SPIARSENG" set;
THENCE N 30°46'33" W, 84.43 feet to a 1/2" iron rod with plastic cap stamped "SPIARSENG"
set;
THENCE N 25°05'59" W, 115.10 feet to a 1/2" iron rod with plastic cap stamped
"SPIARSENG" set;
THENCE around a tangent curve to the right having a central angle of 62°31'41", a radius of
379.50 feet, a chord of N 06°09'52" E - 393.91 feet, an arc length of 414.16 feet to a 1/2" iron
rod with plastic cap stamped "SPIARSENG" set;
SHERLEY FARMS PUBLIC IMPROVEMENT DISTRICT
PRELIMINARY SERVICE AND ASSESSMENT PLAN 56
THENCE around a reverse curve to the left having a central angle of 04°49'49", a radius of
220.50 feet, a chord of N 35°00'48" E - 18.58 feet, an arc length of 18.59 feet to a 1/2" iron rod
with plastic cap stamped "SPIARSENG" set;
THENCE N 87°54'00" W, 104.75 feet to a 1/2" iron rod with plastic cap stamped
"SPIARSENG" set;
THENCE N 02°06'00" E 150.02 feet to the POINT OF BEGINNING, with the subject tract
containing 5,880,591 square feet or 135.00 acres of land.
SHERLEY FARMS PUBLIC IMPROVEMENT DISTRICT
PRELIMINARY SERVICE AND ASSESSMENT PLAN 57
APPENDIX A – ENGINEER’S REPORT
[Remainder of page left intentionally blank.]
# of Lots: 418
Total Cost Per Lot % of Cost
CONSTRUCTION COST - PHASE 1 PID
SWPPP/Inspection 15,000.00$ 35.89$ 0.03% Street
Construction Materials Testing 229,900.00$ 550.00$ 0.50% Street
Turn Lanes (TXDOT) 400,000.00$ 956.94$ 0.87% Street
Signage (Includes CBUs) 233,490.00$ 558.59$ 0.51% Street
Erosion Control 278,744.50$ 666.85$ 0.61% Street
Public Excavation 292,884.50$ 700.68$ 0.64% Street
Paving 5,414,872.63$ 12,954.24$ 11.79% Street
Water 2,285,898.20$ 5,468.66$ 4.98% Water
Sanitary Sewer 2,797,635.50$ 6,692.91$ 6.09% Sewer
Storm Drainage 3,583,566.20$ 8,573.12$ 7.80% Storm Drainage
Final Stabilization 2,762,590.99$ 6,609.07$ 6.02% Final Stabilization
CONSTRUCTION CONTINGENCY (15%)2,744,187.38$ 6,565.04$ 5.98% Soft Costs
TOTAL HARD COST - PHASE 1 PID 21,038,769.90$ 50,331.99$ 45.82%
PID SOFT COSTS
Construction Management (4% of Phase 1 PID Hard Costs)731,783.30$ 1,750.68$ 1.59% Soft Costs
Developer PID Cost 75,000.00$ 179.43$ 0.16% Soft Costs
Utility Maintenance Bond 132,900.00$ 317.94$ 0.29% Soft Costs
Preliminary Engineering 64,650.00$ 154.67$ 0.14% Soft Costs
Public Engineering, Construction Staking, Administrative 816,200.00$ 1,952.63$ 1.78% Soft Costs
Survey (topo, tree, boundary, easement, etc.)52,500.00$ 125.60$ 0.11% Soft Costs
Soil Testing - Final Geotech 55,380.00$ 132.49$ 0.12% Soft Costs
Restaking 20,900.00$ 50.00$ 0.05% Soft Costs
Preliminary Plat/Final Plat 127,700.00$ 305.50$ 0.28% Soft Costs
Plat Filing Fees & Review Fees 19,941.40$ 47.71$ 0.04%Soft Costs
Flood Study 13,700.00$ 32.78$ 0.03%Soft Costs
Final Stabilization Design 144,607.79$ 345.95$ 0.31% Soft Costs
Right of Way 3,696,000.00$ 8,842.11$ 8.05% Soft Costs
Inspection Fees (4.0%)588,618.50$ 1,408.18$ 1.28%Soft Costs
TOTAL PID SOFT COST 6,539,880.99$ 15,645.65$ 14.24% Soft Costs
PHASE 1 PRIVATE CIVIL ITEMS
Construction Management (4% of Private Civil Items Hard Cost)101,798.70$ 243.54$ 0.22% Private Civil
Private Engineering, Construction Staking, Administrative 209,000.00$ 500.00$ 0.46% Private Civil
Private Excavation 643,950.50$ 1,540.55$ 1.40% Private Civil
Retaining Walls 606,699.00$ 1,451.43$ 1.32% Private Civil
Street Lights 326,886.00$ 782.02$ 0.71% Private Civil
Electric Service 418,000.00$ 1,000.00$ 0.91% Private Civil
Gas Service -$ -$ 0.00% Private Civil
Duct Bank 129,150.00$ 308.97$ 0.28% Private Civil
Telephone / Fiber Optics -$ -$ 0.00% Private Civil
Irrigation Crossings 70,047.00$ 167.58$ 0.15% Private Civil
Franchise Crossings 350,235.00$ 837.88$ 0.76% Private Civil
HARD COST CONSTRUCTION CONTINGENCY (15%)381,745.13$ 913.27$ 0.83% Private Civil
TOTAL PHASE 1 PRIVATE CIVIL ITEMS COST 3,237,511.33$ 7,745.24$ 7.05% Private Civil
PHASE 1 PRIVATE HARDSCAPE ITEMS
Construction Management (4% of Private Hard Cost)85,009.06$ 203.37$ 0.19% Private HS
Hardscape Design 177,142.21$ 423.79$ 0.39% Private HS
Hardscape Trails 570,128.00$ 1,363.94$ 1.24% Private HS
Central Green - Hardscape 1,032,900.00$ 2,471.05$ 2.25% Private HS
Pocket Park - Hardscape 942,336.50$ 2,254.39$ 2.05% Private HS
Attached Green 1 - Hardscape 67,127.50$ 160.59$ 0.15% Private HS
Attached Green 2 - Hardscape 82,862.50$ 198.24$ 0.18% Private HS
GENERAL CONDITIONS (10%)295,750.58$ 707.54$ 0.64% Private HS
HARD COST CONSTRUCTION CONTINGENCY (15%)448,665.76$ 1,073.36$ 0.98% Private HS
TOTAL PHASE 1 PRIVATE HARDSCAPE ITEMS COST 3,701,922.11$ 8,856.27$ 8.06% Private HS
PHASE 1 380 AGREEMENT ITEMS
Construction Management (4% of 380 Agreement Hard Cost)332,758.20$ 796.07$ 0.72% 380
Engineering, Construction Staking, Administrative 998,274.60$ 500.00$ 2.17% 380
Water 2,218,535.00$ 5,307.50$ 4.83% 380
Sanitary Sewer 6,100,420.00$ 14,594.31$ 13.29% 380
Maintenance Bond 166,379.10$ 398.04$ 0.36% 380
Inspection Fees (4.0%)332,758.20$ 796.07$ 0.72% 380
HARD COST CONSTRUCTION CONTINGENCY (15%)1,247,843.25$ 2,985.27$ 2.72% 380
TOTAL PHASE 1 380 AGREEMENT COST 11,396,968.35$ 27,265.47$ 24.82% 380
TOTAL DIRECT PID COST 27,578,650.89$ 65,977.63$ 60.06%
TOTAL PROJECT COST 45,915,052.67$ 109,844.62$ 100.00%
PID HARD COST
PID SOFT COST
PRIVATE COST
Allocation
380 AGREEMENT COST
Sherley Farms Phase 1
Phase 1 Summary
Description Unit Quantity Unit Price Total Cost
Erosion Control
Wire-reinforced Silt Fence Metal Posts LF 16670 $ 2.05 34,173.50$
8' Curlex Behind BOC LF 43500 $ 1.50 65,250.00$
8' Curlex (Slope Protection)SF 526400 $ 0.19 100,016.00$
Seed and Harrow AC 124 $ 350.00 43,400.00$
Z-panel Inlet Protection EA 102 $ 165.00 16,830.00$
Stone Overflow EA 11 $ 375.00 4,125.00$
Rock Check Dam - 30" max length EA 13 1,150.00$ 14,950.00$
Total Erosion Control Cost 278,744.50$
Final Stabilization
Fine Grading LS 1 $ 125,000.00 125,000.00$
Bioswale LS 1 $ 50,000.00 50,000.00$
Ornamental Trees EA 188 $ 600.00 112,800.00$
Canopy Trees EA 4 $ 1,200.00 4,800.00$
Canopy Trees EA 408 $ 800.00 326,400.00$
Specimen Trees EA 2 $ 2,500.00 5,000.00$
Reforested Trees EA 70 $ 350.00 24,500.00$
Planting Beds SF 124,178 $ 7.00 869,246.00$
Planting Bed Irrigation SF 124,178 $ 1.50 186,267.00$
Lawn SF 168,731 $ 1.00 168,731.00$
Lawn Irrigation SF 562,059 $ 0.65 365,338.35$
Hydroseed SF 544,328 $ 0.50 272,164.00$
Irrigation Sleeves LF 200 $ 6.00 1,200.00$
General Conditions LS 1 $ 251,144.64 251,144.64$
Total Final Stabilization Cost 2,762,590.99$
Public Excavation
Clearing & Grubbing AC 144 650.00$ 93,600.00$
Unclassified Excavation - ROW CY 55958 2.75$ 153,884.50$
Rock Surcharge - ROW CY 3280 2.50$ 8,200.00$
Over-Exc & Process Rock Roads (8") CY 1480 2.50$ 3,700.00$
Strip, Stockpile & Spread Topsoil LS 1 30,000.00$ 30,000.00$
Fine Grade Open Spaces LS 1 3,500.00$ 3,500.00$
Total Excavation Cost 292,884.50$
Paving
Asphalt Transition Pavement, 2" Type C
or D HMAC With PG 76-22 Binder, 8"
Type A or B HMAC
SY
598 $ 106.55 63,716.90$
6" Reinforced Concrete Pavement, Curb
& Gutter (4000 psi, #4 Bars @ 18"
OCEW) 31' B-B Residential Section
SY
76,885 $ 46.85 3,602,070.99$
6" Reinforced Concrete Pavement, (4000 psi, #4
Bars @ 24" OCEW) 24' E-E Alley Section(s) SY 2,642 $ 54.49 143,971.56$
6" Reinforced Concrete Pavement, (4000
psi, #4 Bars @ 18" OCEW) 12' E-E Alley
Section
SY
426 $ 54.43 23,187.58$
8" Reinforced Concrete Pavement, (4000
psi, #4 Bars @ 18" OCEW) Roundabout
Paving including Mountable Curb
SY
1,516 $ 66.19 100,346.33$
Roundabout Truck Apron Including
Concrete, Vehicular Pavers, and 6" Curb SY 227 $ 165.20 37,500.40$
8” Reinforced Concrete Pavement, Curb & Gutter
(4000 psi, #4 Bars @ 18"
OCEW), Residential Entrance Section(s)
18' B-B
SY
2,459 $ 64.85 159,471.44$
Roundabout Median Median Pavers With
Mountable Curb SY 81 $ 179.71 14,556.18$
6" Lime Stabilized Subgrade (1' outside
BOC) SY 86,613 $ 2.80 242,515.01$
8" Lime Stabilized Subgrade (1' outside
BOC) SY 4,268 $ 3.00 12,803.21$
6% Hydrated Lime (27#/SY) TONS 1,170 $ 319.80 374,166.02$
6% Hydrated Lime (36#/SY) TONS 77 $ 319.25 24,582.17$
Directional Barrier Free Ramps EA 19 $ 2,850.00 54,150.00$
Bi-Directional Barrier Free Ramps EA 48 $ 2,954.58 141,820.00$
Mid Block Barrier Free Ramp EA 20 $ 1,950.00 39,000.00$
Sherley Farms Phase 1
Phase 1 PID Hard Cost Detail
Description Unit Quantity Unit Price Total Cost
Construct Street Header LF 483 $ 15.00 7,245.00$
Furnish and Install Type IIl Barricade LF 291 $ 65.21 18,975.00$
5' Sidewalk (4" thick) SY 3,070 $ 64.95 199,402.27$
6-12" Dry Rock Rip Rap SY 190 $ 100.00 19,000.00$
Traffic Control EA 1 $ 25,000.00 25,000.00$
Maintenance Bond 2 Year 100% LS 3 $ 21,500.00 64,500.00$
5" Reinforced Concrete Pavement, (4000
psi, #4 Bars @ 18" OCEW), Parallel
Parking Stalls SY 677 $ 61.52 41,646.57$
Connect to Street Header LF 116 $ 15.00 1,740.00$
Remove and Dispose of Type III Barricade LF 117 $ 29.97 3,506.00$
Total Paving Cost 5,414,872.63$
Water
8" DR-18 LF 21748 52.56$ 1,143,120.90$
6" Gate Valve EA 49 $ 1,570.00 76,930.00$
8" Gate Valve EA 87 $ 2,160.00 187,920.00$
1" Single Water Service EA 422 $ 945.00 398,790.00$
2" Air Release Valve EA 2 $ 6,700.00 13,400.00$
2" Irrigation Service EA 1 $ 3,000.00 3,000.00$
2" Auto Flush Device EA 11 $ 8,905.45 97,960.00$
Fire Hydrant Assembly W/ 6" Lead EA 47 $ 5,041.06 236,930.00$
Cast Iron Fittings TONS 7.7 $ 8,397.73 64,662.50$
Trench Safety LF 21748 $ 0.10 2,174.80$
Chlorination & Testing LF 21748 $ 2.50 54,370.00$
8" Plug EA 12 $ 291.67 3,500.00$
Remove Ex. 8" Plug & Connect 8" EA 3 $ 1,046.67 3,140.00$
Total Water Cost 2,285,898.20$
Sanitary Sewer
8" SDR-35 LF 12,031 78.61$ 945,732.20$
8" SDR-26 LF 6,956 $ 89.70 623,976.80$
4' Dia. Manhole EA 61 $ 7,307.54 445,760.00$
4' Dia. Drop Manhole EA 1 11,410.00$ 11,410.00$
5' Dia. Drop Manhole EA 1 13,975.00$ 13,975.00$
Remove Ex. 8" Plug & Connect 8" EA 4 638.75$ 2,555.00$
8" Plug EA 6 276.67$ 1,660.00$
4" Sewer Service EA 422 1,400.13$ 590,855.00$
16" SDR-35 Encasement Pipe LF 580 110.86$ 64,300.00$
Trench Safety LF 18,987 $ 0.10 1,898.70$
T.V. & Testing LF 18,987 $ 4.86 92,332.80$
Concrete Encasement LF 30 $ 60.00 1,800.00$
Connect To Ex. Manhole EA 1 $ 1,380.00 1,380.00$
Total Sanitary Sewer Cost 2,797,635.50$
Storm Drainage
18" RCP LF 3,675 $ 80.00 294,000.00$
21" RCP LF 1,901 $ 89.00 169,189.00$
24" RCP LF 1,789 $ 97.00 173,533.00$
27" RCP LF 1,003 $ 120.00 120,360.00$
30" RCP LF 1,062 $ 127.00 134,874.00$
33" RCP LF 934 $ 138.00 128,892.00$
36" RCP LF 1,138 $ 149.00 169,562.00$
42" RCP LF 1,374 $ 181.00 248,694.00$
48" RCP LF 897 $ 207.00 185,679.00$
54" RCP LF 811 $ 243.00 197,073.00$
60" RCP LF 673 $ 273.00 183,729.00$
4' Junction Box EA 12 $ 7,360.00 88,320.00$
5' Junction Box EA 9 $ 8,165.00 73,485.00$
6' Junction Box EA 1 $ 9,085.00 9,085.00$
21" Type "C" Headwall EA 1 $ 4,900.00 4,900.00$
27" Type "B" Headwall EA 1 $ 4,830.00 4,830.00$
30" Type "B" Headwall EA 1 $ 5,060.00 5,060.00$
Description Unit Quantity Unit Price Total Cost
36" Type "C" Headwall EA 1 $ 5,865.00 5,865.00$
42" Type "B" Headwall EA 2 $ 5,980.00 11,960.00$
42" Type "C" Headwall EA 1 $ 6,615.00 6,615.00$
54" Type "C" Headwall EA 2 $ 7,935.00 15,870.00$
60" Type "C" Headwall EA 1 $ 8,740.00 8,740.00$
2' X 2' Wye Inlet W/ 4' Concrete Apron EA 1 $ 5,520.00 5,520.00$
5' Curb Inlet EA 1 $ 7,420.00 7,420.00$
10' Curb Inlet EA 92 $ 8,165.00 751,180.00$
Non Standard Curb Inlet (2-5',2-8'&1-12') EA 5 $ 8,050.00 40,250.00$
Grate Combo Inlet EA 3 $ 9,430.00 28,290.00$
Remove Ex. 42" Headwall & Connect EA 2 $ 1,785.00 3,570.00$
6"-12" Dry Rock Rip Rap SY 412 $ 104.00 42,848.00$
Trench Safety LF 15,257 $ 0.10 1,525.70$
T.V. Inspection LF 15,257 $ 5.00 76,285.00$
18" Type Il Precast Safety End Treatment EA 4 $ 1,430.00 5,720.00$
Unclassified Excavation - Ponds & Drainage CY 58470 2.75$ 160,792.50$
Rock Surcharge - Ponds & Drainage CY 39260 2.50$ 98,150.00$
Aeration EA 4 25,000.00$ 100,000.00$
18" Pond Clay Liner CY 8680 2.50$ 21,700.00$
Total Storm Drainage Cost 3,583,566.20$
17,416,192.52$ Total Phase 1 PID Hard Cost Detail Cost
Private Excavation
Unclassified Excavation - Private CY 134282 2.75$ 369,275.50$
Rock Surcharge - Private CY 7160 2.50$ 17,900.00$
Over-Exc & Process Rock Pads (6") CY 2390 2.50$ 5,975.00$
Rough Lot Benching EA 418 400.00$ 167,200.00$
Final Lot Benching EA 418 200.00$ 83,600.00$
Total Private Excavation Cost 643,950.50$
Retaining Walls
Retaining Walls LS 1 606,699.00$ 606,699.00$
Total Retaining Walls Cost 606,699.00$
1,250,649.50$
Sherley Farms Phase 1
Phase 1 Private Civil Detail
Total Phase 1 Private Civil Detail Costs
Description Unit Quantity Unit Price Total Cost
Hardscape Trails
6' Wide Trail SF 17,688 8.00$ 141,504.00$
10' Wide Trail SF 26,230 8.00$ 209,840.00$
12' Wide Trail SF 27,348 8.00$ 218,784.00$
Total Hardscape Trails Cost 570,128.00$
Central Green - Hardscape
Metal Grate at Bioswale EA 1 $ 10,000.00 10,000.00$
Pond Terrace Steps LS 1 $ 150,000.00 150,000.00$
Misc. Site Walls / Steps / Rails / Handrails LS 1 $ 650,000.00 650,000.00$
SF Entry Signage LS 1 $ 100,000.00 100,000.00$
Lighting / Electrical LS 1 $ 50,000.00 50,000.00$
Split Rail Fence LF 1,620 $ 45.00 72,900.00$
Central Green - Hardscape Cost 1,032,900.00$
Pocket Park - Hardscape
Decomposed Granite or Aggregate SF 8,743 $ 5.50 48,086.50$
Stone Slabs EA 11 $ 1,000.00 11,000.00$
Play Fall Surfacing SF 13,875 $ 5.00 69,375.00$
Play Equipment LS 1 $ 500,000.00 500,000.00$
Barrier Free Ramps EA 6 $ 1,500.00 9,000.00$
Site Furnishings EA 34 $ 2,000.00 68,000.00$
Lighting & Electrical LS 1 $ 75,000.00 75,000.00$
Fence LF 475 $ 25.00 11,875.00$
Trellis EA 2 $ 75,000.00 150,000.00$
Pocket Park - Hardscape Cost 942,336.50$
Attached Green 1 -
Hardscape
Decomposed Granite or Aggregate SF 2,205 $ 5.50 12,127.50$
Stone Slabs EA 42 $ 1,000.00 42,000.00$
Barrier Free Ramps EA 2 $ 1,500.00 3,000.00$
Lighting and Electrical LS 1 $ 10,000.00 10,000.00$
Attached Green 1 - Hardscape Cost 67,127.50$
Attached Green 2 -
Hardscape
Decomposed Granite or Aggregate SF 3,975 $ 5.50 21,862.50$
Stone Slabs EA 51 $ 1,000.00 51,000.00$
Lighting and Electrical LS 1 $ 10,000.00 10,000.00$
Attached Green 2 - Hardscape Cost 82,862.50$
2,695,354.50$
269,535.45$
Total Phase 1 Private Landscape/Hardscape Detail Cost with General Conditions 2,964,889.95$
Sherley Farms Phase 1
Phase 1 Private Landscape/Hardscape Detail
Total Phase 1 Private Landscape/Hardscape Detail Cost
General Conditions (10%)
Water
12" DR-18 LF 13410 95.00$ 1,273,950.00$
16" DR-18 LF 1775 125.00$ 221,875.00$
24" Steel Casing Pipe LF 40 1,000.00$ 40,000.00$
6" Gate Valve EA 30 2,000.00$ 60,000.00$
12" Gate Valve EA 31 4,400.00$ 136,400.00$
16" Butterfly Valve EA 3 10,000.00$ 30,000.00$
Fire Hydrant & Assembly EA 30 7,400.00$ 222,000.00$
Air Release Valve EA 3 20,000.00$ 60,000.00$
Connect To Existing EA 2 5,000.00$ 10,000.00$
Trench Safety LF 15185 1.00$ 15,185.00$
Concrete Blocking LS 1 20,000.00$ 20,000.00$
Ductile Iron Fittings TON 15.2 3,500.00$ 53,200.00$
Water Line Testing LF 15185 5.00$ 75,925.00$
Total Water Cost 2,218,535.00$
Sanitary Sewer
10" PVC LF 1485 102.00$ 151,470.00$
12" PVC LF 750 110.00$ 82,500.00$
21" PVC LF 2130 162.00$ 345,060.00$
24" PVC LF 2500 180.00$ 450,000.00$
20" Fused HDPE LF 8000 175.00$ 1,400,000.00$
4' Manhole EA 4 8,000.00$ 32,000.00$
5' Manhole EA 28 10,000.00$ 280,000.00$
Air Release Valve EA 1 20,000.00$ 20,000.00$
Remove & Replace Driveway EA 11 3,000.00$ 33,000.00$
24" Steel Encasement By Bore LF 280 1,060.00$ 296,800.00$
24" Steel Encasement By Open Cut LF 40 260.00$ 10,400.00$
Lift Station LS 1 2,700,000.00$ 2,700,000.00$
Trench Safety LF 14865 1.00$ 14,865.00$
Sewer Line Testing LF 14865 5.00$ 74,325.00$
Traffic Control LS 1 50,000.00$ 50,000.00$
Easement Acquisition SF 160000 1.00$ 160,000.00$
Total Sanitary Sewer Cost 6,100,420.00$
8,318,955.00$
Sherley Farms Phase 1
Phase 1 380 Agreement Improvements Detail
Total Phase 1 380 Agreement Improvement Detail Cost
1
2
3
4
5
6
7
Phase 1 retaining wall costs are based on a bid received by Wallco Retaining Walls, Inc.
on 09/09/2025.
Phase 1 landscape, hardscape, and amenity costs are based on an estimate received by
Garrison/Jones Landscape Architects received on 1/9/2025.
ROW Value is based on appraisal report File No. A25-1217-06 by Peyo Southwest Realty,
Inc.
Assumptions
Sherley Farms Phase 1
Phase 1 residential water, sanitary sewer, storm, and utility maintenance bond costs are
based on a bid received by KCK Utility Construction on 10/21/2025.
Phase 1 erosion control costs are based on a bid received by Southwest Erosion Control,
prepared on 10/28/2025.
Phase 1 excavation costs are based on a bid received by Sinacola on 10/24/2025.
Phase 1 residential paving costs are based on a bid received by Chris Harp Construction
on 10/14/2025.
Scale: 1" = 120' June, 2025 SEI Job No. 23-288
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BOUNDARY EXHIBIT
SHERLEY FARMS PHASE 1
CITY OF ANNA, COLLIN COUNTY, TEXAS
Scale: 1" = 120' June, 2025 SEI Job No. 23-288
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DIRECT WATER IMPROVEMENTS
SHERLEY FARMS PHASE 1
CITY OF ANNA, COLLIN COUNTY, TEXAS
Scale: 1" = 120' June, 2025 SEI Job No. 23-288
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DIRECT SANITARY SEWER IMPROVEMENTS
SHERLEY FARMS PHASE 1
CITY OF ANNA, COLLIN COUNTY, TEXAS
Scale: 1" = 120' June, 2025 SEI Job No. 23-288
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DIRECT STORM SEWER IMPROVEMENTS
SHERLEY FARMS PHASE 1
CITY OF ANNA, COLLIN COUNTY, TEXAS
Scale: 1" = 120' June, 2025 SEI Job No. 23-288
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DIRECT PAVING IMPROVEMENTS
SHERLEY FARMS PHASE 1
CITY OF ANNA, COLLIN COUNTY, TEXAS
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Scale: 1" = 400' June, 2025 SEI Job No. 23-288
MAJOR WATER IMPROVEMENTS
SHERLEY FARMS PHASE 1
CITY OF ANNA, COLLIN COUNTY, TEXAS
Scale: 1" = 400' June, 2025 SEI Job No. 23-288
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MAJOR SANITARY SEWER IMPROVEMENTS
SHERLEY FARMS PHASE 1
CITY OF ANNA, COLLIN COUNTY, TEXAS
SHERLEY FARMS PUBLIC IMPROVEMENT DISTRICT
PRELIMINARY SERVICE AND ASSESSMENT PLAN 74
APPENDIX B – BUYER DISCLOSURES
Forms of the buyer disclosures for the following Lot Types are found in this appendix:
Improvement Area #1
Initial Parcel
Lot Type 1
Lot Type 2
Lot Type 3
Lot Type 4
[Remainder of page left intentionally blank.]
SHERLEY FARMS PUBLIC IMPROVEMENT DISTRICT - IMPROVEMENT AREA #1
INITIAL PARCEL BUYER DISCLOSURE
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
__________________________________________
STREET ADDRESS
IMPROVEMENT AREA #1 INITIAL PARCEL PRINCIPAL ASSESSMENT:
$33,950,000.00
As the purchaser of the real property described above, you are obligated to pay
assessments to 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 Farms Public Improvement District (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 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.
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.
______________
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.
STATE OF TEXAS §
§
COUNTY OF _______ §
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.
STATE OF TEXAS §
§
COUNTY OF ________ §
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
Installment
Due 1/31 Principal Interest[a]Additional
Interest
Annual
Collection
Costs
Total Annual
Installment
Due[b]
2027 403,000$ 2,037,000$ 169,750$ 40,800$ 2,650,550$
2028 428,000$ 2,012,820$ 167,735$ 41,616$ 2,650,171$
2029 455,000$ 1,987,140$ 165,595$ 42,448$ 2,650,183$
2030 484,000$ 1,959,840$ 163,320$ 43,297$ 2,650,457$
2031 514,000$ 1,930,800$ 160,900$ 44,163$ 2,649,863$
2032 547,000$ 1,899,960$ 158,330$ 45,046$ 2,650,336$
2033 582,000$ 1,867,140$ 155,595$ 45,947$ 2,650,682$
2034 618,000$ 1,832,220$ 152,685$ 46,866$ 2,649,771$
2035 658,000$ 1,795,140$ 149,595$ 47,804$ 2,650,539$
2036 699,000$ 1,755,660$ 146,305$ 48,760$ 2,649,725$
2037 744,000$ 1,713,720$ 142,810$ 49,735$ 2,650,265$
2038 791,000$ 1,669,080$ 139,090$ 50,730$ 2,649,900$
2039 842,000$ 1,621,620$ 135,135$ 51,744$ 2,650,499$
2040 895,000$ 1,571,100$ 130,925$ 52,779$ 2,649,804$
2041 953,000$ 1,517,400$ 126,450$ 53,835$ 2,650,685$
2042 1,013,000$ 1,460,220$ 121,685$ 54,911$ 2,649,816$
2043 1,078,000$ 1,399,440$ 116,620$ 56,010$ 2,650,070$
2044 1,147,000$ 1,334,760$ 111,230$ 57,130$ 2,650,120$
2045 1,221,000$ 1,265,940$ 105,495$ 58,272$ 2,650,707$
2046 1,299,000$ 1,192,680$ 99,390$ 59,438$ 2,650,508$
2047 1,382,000$ 1,114,740$ 92,895$ 60,627$ 2,650,262$
2048 1,471,000$ 1,031,820$ 85,985$ 61,839$ 2,650,644$
2049 1,565,000$ 943,560$ 78,630$ 63,076$ 2,650,266$
2050 1,665,000$ 849,660$ 70,805$ 64,337$ 2,649,802$
2051 1,772,000$ 749,760$ 62,480$ 65,624$ 2,649,864$
2052 1,886,000$ 643,440$ 53,620$ 66,937$ 2,649,997$
2053 2,007,000$ 530,280$ 44,190$ 68,275$ 2,649,745$
2054 2,137,000$ 409,860$ 34,155$ 69,641$ 2,650,656$
2055 2,274,000$ 281,640$ 23,470$ 71,034$ 2,650,144$
2056 2,420,000$ 145,200$ 12,100$ 72,454$ 2,649,754$
Total 33,950,000$ 40,523,640$ 3,376,970$ 1,655,175$ 79,505,785$
Footnotes:
[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.
[a] Interest is calculated at a 6.00% rate for illustrative purposes and is subject to change upon
ANNUAL INSTALLMENTS - IMPROVEMENT AREA #1 INITIAL PARCEL
SHERLEY FARMS PUBLIC IMPROVEMENT DISTRICT - IMPROVEMENT AREA #1
LOT TYPE 1 BUYER DISCLOSURE
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
__________________________________________
STREET ADDRESS
IMPROVEMENT AREA #1 LOT TYPE 1 PRINCIPAL ASSESSMENT: $67,569.66
As the purchaser of the real property described above, you are obligated to pay
assessments to 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 Farms Public Improvement District (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 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.
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.
______________
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.
STATE OF TEXAS §
§
COUNTY OF _______ §
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.
STATE OF TEXAS §
§
COUNTY OF ________ §
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
Installment
Due 1/31
Principal Interest[a]Additional
Interest
Annual
Collection
Costs
Total Annual
Installment
Due[b]
2027 802.08$ 4,054.18$ 337.85$ 81.20$ 5,275.31$
2028 851.84$ 4,006.05$ 333.84$ 82.83$ 5,274.56$
2029 905.57$ 3,954.94$ 329.58$ 84.48$ 5,274.58$
2030 963.29$ 3,900.61$ 325.05$ 86.17$ 5,275.12$
2031 1,023.00$ 3,842.81$ 320.23$ 87.90$ 5,273.94$
2032 1,088.68$ 3,781.43$ 315.12$ 89.65$ 5,274.88$
2033 1,158.34$ 3,716.11$ 309.68$ 91.45$ 5,275.57$
2034 1,229.99$ 3,646.61$ 303.88$ 93.28$ 5,273.76$
2035 1,309.60$ 3,572.81$ 297.73$ 95.14$ 5,275.29$
2036 1,391.20$ 3,494.24$ 291.19$ 97.05$ 5,273.67$
2037 1,480.76$ 3,410.77$ 284.23$ 98.99$ 5,274.74$
2038 1,574.30$ 3,321.92$ 276.83$ 100.97$ 5,274.02$
2039 1,675.81$ 3,227.46$ 268.96$ 102.98$ 5,275.21$
2040 1,781.29$ 3,126.91$ 260.58$ 105.04$ 5,273.82$
2041 1,896.73$ 3,020.04$ 251.67$ 107.15$ 5,275.58$
2042 2,016.14$ 2,906.23$ 242.19$ 109.29$ 5,273.85$
2043 2,145.51$ 2,785.26$ 232.11$ 111.48$ 5,274.35$
2044 2,282.84$ 2,656.53$ 221.38$ 113.70$ 5,274.45$
2045 2,430.12$ 2,519.56$ 209.96$ 115.98$ 5,275.62$
2046 2,585.36$ 2,373.75$ 197.81$ 118.30$ 5,275.23$
2047 2,750.55$ 2,218.63$ 184.89$ 120.66$ 5,274.74$
2048 2,927.69$ 2,053.60$ 171.13$ 123.08$ 5,275.50$
2049 3,114.77$ 1,877.94$ 156.49$ 125.54$ 5,274.74$
2050 3,313.80$ 1,691.05$ 140.92$ 128.05$ 5,273.82$
2051 3,526.76$ 1,492.22$ 124.35$ 130.61$ 5,273.94$
2052 3,753.65$ 1,280.62$ 106.72$ 133.22$ 5,274.21$
2053 3,994.47$ 1,055.40$ 87.95$ 135.89$ 5,273.71$
2054 4,253.21$ 815.73$ 67.98$ 138.60$ 5,275.52$
2055 4,525.87$ 560.54$ 46.71$ 141.38$ 5,274.50$
2056 4,816.45$ 288.99$ 24.08$ 144.20$ 5,273.73$
Total 67,569.66$ 80,652.98$ 6,721.08$ 3,294.24$ 158,237.96$
Footnotes:
[a] Interest is calculated at a 6.00% rate for illustrative purposes and is subject to change
upon PID Bond issuance.
[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.
ANNUAL INSTALLMENTS - IMPROVEMENT AREA #1 LOT TYPE 1
SHERLEY FARMS PUBLIC IMPROVEMENT DISTRICT - IMPROVEMENT AREA #1
LOT TYPE 2 BUYER DISCLOSURE
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
__________________________________________
STREET ADDRESS
IMPROVEMENT AREA #1 LOT TYPE 2 PRINCIPAL ASSESSMENT: $75,077.40
As the purchaser of the real property described above, you are obligated to pay
assessments to 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 Farms Public Improvement District (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 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.
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.
______________
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.
STATE OF TEXAS §
§
COUNTY OF _______ §
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.
STATE OF TEXAS §
§
COUNTY OF ________ §
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
Installment
Due 1/31
Principal Interest[a]Additional
Interest
Annual
Collection
Costs
Total Annual
Installment
Due[b]
2027 891.20$ 4,504.64$ 375.39$ 90.23$ 5,861.46$
2028 946.48$ 4,451.17$ 370.93$ 92.03$ 5,860.62$
2029 1,006.19$ 4,394.38$ 366.20$ 93.87$ 5,860.64$
2030 1,070.32$ 4,334.01$ 361.17$ 95.75$ 5,861.25$
2031 1,136.67$ 4,269.79$ 355.82$ 97.66$ 5,859.94$
2032 1,209.64$ 4,201.59$ 350.13$ 99.62$ 5,860.98$
2033 1,287.04$ 4,129.01$ 344.08$ 101.61$ 5,861.75$
2034 1,366.65$ 4,051.79$ 337.65$ 103.64$ 5,859.73$
2035 1,455.11$ 3,969.79$ 330.82$ 105.71$ 5,861.43$
2036 1,545.78$ 3,882.49$ 323.54$ 107.83$ 5,859.63$
2037 1,645.29$ 3,789.74$ 315.81$ 109.98$ 5,860.82$
2038 1,749.23$ 3,691.02$ 307.59$ 112.18$ 5,860.02$
2039 1,862.01$ 3,586.07$ 298.84$ 114.43$ 5,861.34$
2040 1,979.21$ 3,474.35$ 289.53$ 116.72$ 5,859.81$
2041 2,107.47$ 3,355.59$ 279.63$ 119.05$ 5,861.75$
2042 2,240.16$ 3,229.15$ 269.10$ 121.43$ 5,859.83$
2043 2,383.90$ 3,094.74$ 257.89$ 123.86$ 5,860.39$
2044 2,536.49$ 2,951.70$ 245.98$ 126.34$ 5,860.50$
2045 2,700.13$ 2,799.51$ 233.29$ 128.86$ 5,861.80$
2046 2,872.62$ 2,637.51$ 219.79$ 131.44$ 5,861.36$
2047 3,056.17$ 2,465.15$ 205.43$ 134.07$ 5,860.82$
2048 3,252.99$ 2,281.78$ 190.15$ 136.75$ 5,861.66$
2049 3,460.86$ 2,086.60$ 173.88$ 139.49$ 5,860.83$
2050 3,682.00$ 1,878.95$ 156.58$ 142.28$ 5,859.80$
2051 3,918.62$ 1,658.03$ 138.17$ 145.12$ 5,859.94$
2052 4,170.72$ 1,422.91$ 118.58$ 148.03$ 5,860.23$
2053 4,438.30$ 1,172.67$ 97.72$ 150.98$ 5,859.67$
2054 4,725.79$ 906.37$ 75.53$ 154.00$ 5,861.69$
2055 5,028.75$ 622.82$ 51.90$ 157.09$ 5,860.56$
2056 5,351.61$ 321.10$ 26.76$ 160.23$ 5,859.69$
Total 75,077.40$ 89,614.42$ 7,467.87$ 3,660.27$ 175,819.96$
Footnotes:
[a] Interest is calculated at a 6.00% rate for illustrative purposes and is subject to change
upon PID Bond issuance.
[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.
ANNUAL INSTALLMENTS - IMPROVEMENT AREA #1 LOT TYPE 2
SHERLEY FARMS PUBLIC IMPROVEMENT DISTRICT IMPROVEMENT AREA #1 LOT
TYPE 3 BUYER DISCLOSURE
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
__________________________________________
STREET ADDRESS
IMPROVEMENT AREA #1 LOT TYPE 3 PRINCIPAL ASSESSMENT: $90,092.88
As the purchaser of the real property described above, you are obligated to pay
assessments to 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 Farms Public Improvement District (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 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.
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.
______________
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.
STATE OF TEXAS §
§
COUNTY OF _______ §
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.
STATE OF TEXAS §
§
COUNTY OF ________ §
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
Installment
Due 1/31
Principal Interest[a]Additional
Interest
Annual
Collection
Costs
Total Annual
Installment Due[b]
2027 1,069.44$ 5,405.57$ 450.46$ 108.27$ 7,033.75$
2028 1,135.78$ 5,341.41$ 445.12$ 110.44$ 7,032.74$
2029 1,207.43$ 5,273.26$ 439.44$ 112.64$ 7,032.77$
2030 1,284.39$ 5,200.81$ 433.40$ 114.90$ 7,033.50$
2031 1,364.00$ 5,123.75$ 426.98$ 117.20$ 7,031.92$
2032 1,451.57$ 5,041.91$ 420.16$ 119.54$ 7,033.18$
2033 1,544.45$ 4,954.82$ 412.90$ 121.93$ 7,034.10$
2034 1,639.98$ 4,862.15$ 405.18$ 124.37$ 7,031.68$
2035 1,746.13$ 4,763.75$ 396.98$ 126.86$ 7,033.72$
2036 1,854.93$ 4,658.98$ 388.25$ 129.39$ 7,031.56$
2037 1,974.35$ 4,547.69$ 378.97$ 131.98$ 7,032.99$
2038 2,099.07$ 4,429.23$ 369.10$ 134.62$ 7,032.02$
2039 2,234.41$ 4,303.28$ 358.61$ 137.31$ 7,033.61$
2040 2,375.06$ 4,169.22$ 347.43$ 140.06$ 7,031.77$
2041 2,528.97$ 4,026.71$ 335.56$ 142.86$ 7,034.10$
2042 2,688.19$ 3,874.98$ 322.91$ 145.72$ 7,031.80$
2043 2,860.68$ 3,713.68$ 309.47$ 148.63$ 7,032.47$
2044 3,043.79$ 3,542.04$ 295.17$ 151.61$ 7,032.61$
2045 3,240.16$ 3,359.42$ 279.95$ 154.64$ 7,034.16$
2046 3,447.15$ 3,165.01$ 263.75$ 157.73$ 7,033.63$
2047 3,667.40$ 2,958.18$ 246.51$ 160.89$ 7,032.98$
2048 3,903.58$ 2,738.13$ 228.18$ 164.10$ 7,034.00$
2049 4,153.03$ 2,503.92$ 208.66$ 167.38$ 7,032.99$
2050 4,418.40$ 2,254.74$ 187.89$ 170.73$ 7,031.76$
2051 4,702.34$ 1,989.63$ 165.80$ 174.15$ 7,031.93$
2052 5,004.87$ 1,707.49$ 142.29$ 177.63$ 7,032.28$
2053 5,325.96$ 1,407.20$ 117.27$ 181.18$ 7,031.61$
2054 5,670.94$ 1,087.64$ 90.64$ 184.81$ 7,034.03$
2055 6,034.50$ 747.39$ 62.28$ 188.50$ 7,032.67$
2056 6,421.94$ 385.32$ 32.11$ 192.27$ 7,031.63$
Total 90,092.88$ 107,537.30$ 8,961.44$ 4,392.33$ 210,983.95$
Footnotes:
[a] Interest is calculated at a 6.00% rate for illustrative purposes and is subject to change upon
PID Bond issuance.
[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.
ANNUAL INSTALLMENTS - IMPROVEMENT AREA #1 LOT TYPE 3
SHERLEY FARMS PUBLIC IMPROVEMENT DISTRICT - IMPROVEMENT AREA #1
LOT TYPE 4 BUYER DISCLOSURE
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
__________________________________________
STREET ADDRESS
IMPROVEMENT AREA #1 LOT TYPE 4 PRINCIPAL ASSESSMENT: $105,108.36
As the purchaser of the real property described above, you are obligated to pay
assessments to 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 Farms Public Improvement District (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 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.
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.
______________
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.
STATE OF TEXAS §
§
COUNTY OF _______ §
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.
STATE OF TEXAS §
§
COUNTY OF ________ §
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
Installment
Due 1/31
Principal Interest[a]Additional
Interest
Annual
Collection
Costs
Total Annual
Installment
Due[b]
2027 1,247.68$ 6,306.50$ 525.54$ 126.32$ 8,206.04$
2028 1,325.08$ 6,231.64$ 519.30$ 128.84$ 8,204.86$
2029 1,408.67$ 6,152.14$ 512.68$ 131.42$ 8,204.90$
2030 1,498.45$ 6,067.62$ 505.63$ 134.05$ 8,205.75$
2031 1,591.33$ 5,977.71$ 498.14$ 136.73$ 8,203.91$
2032 1,693.50$ 5,882.23$ 490.19$ 139.46$ 8,205.37$
2033 1,801.86$ 5,780.62$ 481.72$ 142.25$ 8,206.45$
2034 1,913.31$ 5,672.51$ 472.71$ 145.10$ 8,203.63$
2035 2,037.15$ 5,557.71$ 463.14$ 148.00$ 8,206.00$
2036 2,164.09$ 5,435.48$ 452.96$ 150.96$ 8,203.48$
2037 2,303.41$ 5,305.63$ 442.14$ 153.98$ 8,205.15$
2038 2,448.92$ 5,167.43$ 430.62$ 157.06$ 8,204.02$
2039 2,606.81$ 5,020.50$ 418.37$ 160.20$ 8,205.88$
2040 2,770.90$ 4,864.09$ 405.34$ 163.40$ 8,203.73$
2041 2,950.46$ 4,697.83$ 391.49$ 166.67$ 8,206.46$
2042 3,136.22$ 4,520.80$ 376.73$ 170.00$ 8,203.76$
2043 3,337.46$ 4,332.63$ 361.05$ 173.41$ 8,204.55$
2044 3,551.08$ 4,132.38$ 344.37$ 176.87$ 8,204.71$
2045 3,780.19$ 3,919.32$ 326.61$ 180.41$ 8,206.52$
2046 4,021.67$ 3,692.51$ 307.71$ 184.02$ 8,205.91$
2047 4,278.64$ 3,451.21$ 287.60$ 187.70$ 8,205.15$
2048 4,554.18$ 3,194.49$ 266.21$ 191.45$ 8,206.33$
2049 4,845.20$ 2,921.24$ 243.44$ 195.28$ 8,205.16$
2050 5,154.80$ 2,630.53$ 219.21$ 199.19$ 8,203.72$
2051 5,486.07$ 2,321.24$ 193.44$ 203.17$ 8,203.91$
2052 5,839.01$ 1,992.07$ 166.01$ 207.24$ 8,204.33$
2053 6,213.62$ 1,641.73$ 136.81$ 211.38$ 8,203.54$
2054 6,616.10$ 1,268.92$ 105.74$ 215.61$ 8,206.37$
2055 7,040.25$ 871.95$ 72.66$ 219.92$ 8,204.78$
2056 7,492.26$ 449.54$ 37.46$ 224.32$ 8,203.57$
Total 105,108.36$ 125,460.19$ 10,455.02$ 5,124.38$ 246,147.94$
Footnotes:
[a] Interest is calculated at a 6.00% rate for illustrative purposes and is subject to change upon
PID Bond issuance.
[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.
ANNUAL INSTALLMENTS - IMPROVEMENT AREA #1 LOT TYPE 4
EXHIBIT B
CITY OF ANNA, TEXAS
NOTICE OF PUBLIC HEARING
NOTICE IS HEREBY GIVEN THAT a public hearing will be conducted by the City Council of Anna,
Texas on February 24, 2026 at 6:00 p.m.at the City of Anna Municipal Complex, City Council Chambers,
120 W. 7th Street, Anna, Texas 75409. The public hearing will be held to consider proposed assessments
to be levied against the assessable property within Sherley Farms Public Improvement District (the
“District”) pursuant to the provisions of Chapter 372 of the Texas Local Government Code, as amended
(the “Act”).
The general nature of the proposed public improvements (collectively, the "Authorized Improvements")
may include: (i) street and roadway improvements, including related sidewalks, drainage, utility
relocation, signalization, landscaping, lighting, signage, off-street parking and right-of-way; (ii)
establishment or improvement of parks and open space, together with the design, construction of any
ancillary structures, features or amenities such as trails, playgrounds, walkways, lighting and any similar
items located therein; (iii) sidewalks and landscaping, including entry monuments and features, fountains,
lighting and signage; (iv) acquisition, construction, and improvement of water, wastewater and drainage
improvements and facilities and facilities related thereto; (v) acquisition of real property, interests in real
property, or contract rights in connection with the Authorized Improvements (as defined below); (vi)
payment of costs, including, without limitation, design, engineering, permitting, legal, required payment,
performance and maintenance bonds, bidding, support, construction, construction management,
administrative and inspection costs, associated with developing and financing the public improvements
listed in (i) through (v) above; (vii) projects similar to those listed in subsections (i) - (v) above or
authorized by the Act, including similar off-site projects that provide a benefit to the property within the
District; (viii) any additional improvement projects authorized in the Act; (ix) payment of costs associated
with special supplemental services for improvement and promotion of the District as approved by the City
including services related to advertising, promotion, health and sanitation, water and wastewater, public
safety, security, business recruitment, development, recreation, and cultural enhancement; and (x)
payment of costs associated with developing and financing the public improvements listed in (i) - (ix)
above, as well as the interest, costs of issuance, reserve funds, or credit enhancement of bonds issued for
the purposes described in (i) through (ix) above, and costs of establishing, administering and operating the
District (collectively, the “Authorized Improvements”); and (b) the payment of expenses incurred in the
establishment, administration, and operation of the District, including maintenance costs, costs of
issuance, funding debt service and capitalized interest reserves and credit enhancement fees of any bonds
issued by or on behalf of the District, if necessary. These Authorized Improvements shall promote the
interests of the City and confer a special benefit upon the property in the District.
The total costs of the Improvement Area #1 Projects, including the costs of creating the District and
issuing the bonds, is approximately $33,950,000.
The boundaries of the District include approximately 1,123.592 acres of land located within the city limits
of the City and as more particularly described by a metes and bounds description available for public
inspection at the office of the City Secretary, 120 W. 7th Street, Anna, Texas 75409.
All written or oral objections on the proposed assessment within the District will be considered at the
public hearing.
A copy of the Improvement Area #1 Assessment Roll (the "Assessment Roll"), which Assessment Roll
includes the assessments to be levied against each parcel of assessable property in Improvement Area #1
of the District for the Authorized Improvements within Improvement Area #1, is available for public
inspection at the office of the City Secretary, 120 W.7th Street, Anna, Texas 75409.