HomeMy WebLinkAboutRes 2020-07-763 Hurricane Creek PID Annual Service PlanCITY OF A M N A
RESOLUTION NO.
.LL
—�O7 f1(P
A RESOLUTION OF THE CITY OF ANNA APPROVING THE 2020
ANNUAL SERVICE PLAN UPDATE AND ASSESSMENT ROLL FOR
PUBLIC IMPROVEMENTS FOR THE HURRICANE CREEK PUBLIC
IMPROVEMENT DISTRICT IN ACCORDANCE WITH CHAPTER 372,
TEXAS LOCAL GOVERNMENT CODE, AS AMENDED; MAKING
VARIOUS FINDINGS AND PROVISIONS RELATED TO THE
SUBJECT; AND PROVIDING FOR AN EFFECTIVE DATE.
WHEREAS, the City of Anna, Texas (the "City") received a petition meeting the
requirements of Section 372.005 of the Chapter 372, Texas Local Government Code, as
amended, (the "PID Act") requesting the creation of a public improvement district over a
portion of the area of the City to be known as the Hurricane Creek Public Improvement District
the "District"); and
WHEREAS, the petition contained the signatures of the owners of taxable property
representing more than fifty percent of the appraised value of taxable real property liable for
assessment within the boundaries of the proposed PID, as determined by the then current ad
valorem tax rolls of the Denton Central Appraisal District and the signatures of property owners
who own taxable real property that constitutes more than fifty percent of the area of all taxable
property that is liable for assessment by the City; and
WHEREAS, on November 13, 2018, after due notice, the City Council of the City (the
"City Council") held the public hearing in the manner required by law on the advisability of the
improvement projects and services described in the petition as required by Section 372.009 of
the PID Act and made the findings required by Section 372.009(b) of the PID Act and, by
Resolution No. 201841-506 (the "Creation Resolution") adopted by a majority of the members
of the City Council, authorized the creation of the District in accordance with its finding as to
the advisability of the improvement projects and services; and
WHEREAS, following the adoption of the Creation Resolution, the City published notice
of its authorization of the District in a newspaper of general circulation in the City; and
WHEREAS, no written protests of the District from any owners of record of property
within the District were filed with the City Secretary within 20 days after the date of publication
of such notice; and
WHEREAS, on February 12, 2019, the City Council approved a resolution that made
findings and determinations relating to the Costs of certain Authorized Improvements, received
and accepted a preliminary service and assessment plan and proposed assessment roll, called a
public hearing for March 12, 2019, and directed City staff to (i) file said proposed assessment roll
with the City Secretary and to make it available for public inspection as required by Section
372.016(b) of the PID Act, and (ii) publish such notice as required by Section 372.016(b) of
the PID Act relating to the March 12, 2019 hearing; and
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WHEREAS, the City, pursuant to Section 372.016(b) of the PID Act, published
notice of a public hearing in a newspaper of general circulation in the City to consider the
proposed "Assessment Roll" and the "Service and Assessment Plan" and the levy of the
"Assessments" on property in the District; and
WHEREAS, the City, pursuant to Section 372.016(c) of the PID Act, mailed notice
of the public hearing to consider the proposed Assessment Roll and the Service and
Assessment Plan and the levy of Assessments on property in the District to the last known
address of the owners of the property liable for the Assessments; and
WHEREAS, the City Council convened the public hearing on March 12, 2019, at
which time, all persons who appeared, or requested to appear, in person or by their attorney,
were given the opportunity to contend for or contest the Service and Assessment Plan, the
Assessment Roll, and the Assessments, and to offer testimony pertinent to any issue
presented on the amount of the Assessments, the allocation of Costs, the purposes of the
Assessments, the special benefits of the Assessments, and the penalties and interest on
Annual Installments and on delinquent Annual Installments of the Assessments; and
WHEREAS, at the March 12, 2019 public hearing referenced above, there were no
written objections or evidence submitted to the City Secretary in opposition to the Service
and Assessment Plan, the allocation of Costs, the Assessment Roll, or the levy of the
Assessments; and
WHEREAS, the City Council closed the public hearing and, after considering all
written and documentary evidence presented at the public hearing, including all written
comments and statements filed with the City, at a meeting held on March 12, 2019
approved and accepted the Service and Assessment Plan in conformity with the
requirements of the PID Act and adopted the Assessment Ordinance, which Assessment
Ordinance approved the Assessment Roll and levied the Assessments; and
WHEREAS, pursuant to Section 371.013, the Service and Assessment Plan must
cover a period of at least five years and must also define the annual indebtedness and
projected costs for improvements and such Service and Assessment Plan must be reviewed
and updated annually for the purpose of determining the annual budget for improvements;
and
WHEREAS, the City requires that an update to the Service and Assessment Plan
and the Assessment Roll for the District for 2020 (the "Annual Service Plan Update") be
prepared, setting forth the annual budget for improvements and the Annual Installment for
assessed properties in the District, and the City now desires to approve such Annual Service
Plan Update.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF
THE CITY OF ANNA, TEXAS, THAT:
Section 1. Findings. The findings and determinations set fort
h in the preambles hereto
are hereby incorporated by reference for all purposes.
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Section 2. Terms. Terms not otherwise defined herein are defined in the Service
and Assessment Plan dated March 12, 2019.
Section 3. Approval of Uj1date. The Annual Service all Update for the District
for 2020, attached hereto as Exhibit A, is hereby approved and accepted by the City
Council.
Section 4. Severability. If any provision, section, subsection, sentence ,clause or
phrase of this resolution, or the application of same to any person or set of circumstances
is for any reason held to be unconstitutional, void or invalid, the validity of the remaining
portions of this resolution or the application to other persons or sets of circumstances shall
not be affect thereby, it being the intent of the City Council that no portion hereof, or
provision or regulation contained herein shall become inoperative or fail by reason of any
unconstitutionality, voidness or invalidity of any other portion here, and all provisions of
this resolution are declared to be severable for that purpose.
Section 5. Effective Date. This resolution shall take effect from and after its final
date of passage, and it is accordingly so ordered.
PASSED AND APPROVED BY THE CITY COUNCIL OF THE CITY OF ANNA,
TEXAS, THIS 14th DAY OF JULY 2020.
APPROVED:
Nate Pike, Mayor
ATTEST:
Carrie L. Smith, City Secretary
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Ex11111311 a
2020 Annual Service all Update
[Remainder of page iiztentionally left blanle.J
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Capitalized terms used j Annual Service Plan Update shall have the meanings set forth in
the original Service and Assessment Plan (the "SAP").
The District was created pursuant to the PID Act by Resolution No. 2018-11-506 on November
13, 2018 by the City Council to finance certain Authorized Improvements for the benefit of the
property in the District.
On March 12, 2019, the City Council approved an Ordinance which approved the SAP for the
District and levied Assessments to finance the Authorized Improvements to be constructed for
the benefit of the Assessed Property within the District. The SAP also set forth the costs of the
Authorized Improvements, the indebtedness to be incurred for such Authorized Improvements,
and the manner of assessing the property in the District for the costs of such Authorized
Improvements based on the benefit provided to the Assessed Property.
Pursuant to the PID Act, the SAP must be reviewed and updated annually. This document is the
2020 Annual Service Plan Update. This 2020 Annual Service Plan Update also updates the
Assessment Roll for 2020.
HURRICANE CREEK PID - 2020 ANNUAL SERVICE PLAN UPDATE 1
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INTRODUCTION
Capitalized terms used j Annual Service Plan Update shall have the meanings set forth in
the original Service and Assessment Plan (the "SAP").
The District was created pursuant to the PID Act by Resolution No. 2018-11-506 on November
13, 2018 by the City Council to finance certain Authorized Improvements for the benefit of the
property in the District.
On March 12, 2019, the City Council approved an Ordinance which approved the SAP for the
District and levied Assessments to finance the Authorized Improvements to be constructed for
the benefit of the Assessed Property within the District. The SAP also set forth the costs of the
Authorized Improvements, the indebtedness to be incurred for such Authorized Improvements,
and the manner of assessing the property in the District for the costs of such Authorized
Improvements based on the benefit provided to the Assessed Property.
Pursuant to the PID Act, the SAP must be reviewed and updated annually. This document is the
2020 Annual Service Plan Update. This 2020 Annual Service Plan Update also updates the
Assessment Roll for 2020.
HURRICANE CREEK PID - 2020 ANNUAL SERVICE PLAN UPDATE 1
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LISTED EVENTS'
Improvement Area #1
The following Listed Events have occurred in Improvement Area #1:
■ On June 18, 2019, Megatel Homes, LLC, Megatel Homes II, LLC and Megatel Homes III, LLC
(collectively, the "Megatel Homes Parties") filed a lawsuit in Dallas County Texas District
Court against various funds and entities associated with and controlled by UDF, various
affiliates of CADG owned and controlled by Mehrdad Moayedi (the "Centurion Megatel
Defendants"), and various affiliates of Buffington Land Group, Ltd. (the "Buffington
Megatel Defendants"). The Megatel Homes Lawsuit alleges that UDF, CADG (and the
various Centurion Megatel Defendants) and the Buffington Megatel Defendants were in
a de facto partnership under which UDF financed the purchase and development of land
to be developed into finished lots by the Centurion Megatel Defendants and the
Buffington Megatel Defendants, which finished lots would in turn be purchased from the
Centurion Megatel Defendants and the Buffington Megatel Defendants by the Megatel
Homes Parties with financing also provided by UDF. The Megatel Homes Lawsuit sets
forth five causes of action against various Centurion Megatel Defendants including breach
of fiduciary duties, conspiracy to breach fiduciary duties, breach of the duty of good faith
and fair dealing, and two counts of breach of contract. Such causes of action are in part
based on allegations bythe Megatel Parties that (i) various Centurion Megatel Defendants
and UDF conspired to cut the Megatel Parties out of partnership projects so that such
Centurion Megatel Defendants could liquidate them as unfinished lots to different
homebuilders and thereby pay their debts to UDF and (ii) various Centurion Megatel
Defendants and UDF pressured the Megatel Parties to release their rights to finished lots
that the Megatel Parties were entitled to take down upon issuance of a notice of
substantial completion, thereby causing substantial lost profits to the Megatel Parties.
The Megatel Homes lawsuit seeks $100 million dollars in damages.
■ The Developer, and a Developer principal have entered into a Completion Agreement
relating to the Improvement Area #1 Projects and certain private improvements to be
constructed by the Developer in the Hurricane Creek Public Improvement District, which
Completion Agreement has been filed in the County.
i Per the Developer, Megatel filed a Notice of Nonsuit of the State Court Lawsuit without
obtaining relief of any kind from the Centurion Megatel Defendants. The Centurion Megatel
Defendants had moved for sanctions and intends to pursue a claim for the filing of a frivolous
lawsuit.
HURRICANE CREEK PID - 2020 ANNUAL SERVICE PLAN UPDATE 2
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Major Improvement Area
The following Listed Events have occurred in the Major Improvement Area:
■ On June 18, 2019, Megatel Homes, LLC, Megatel Homes II, LLC and Megatel Homes III, LLC
(collectively, the "Megatel Homes Parties") filed a lawsuit in Dallas County Texas District
Court against various funds and entities associated with and controlled by UDF, various
affiliates of CADG owned and controlled by Mehrdad Moayedi (the "Centurion Megatel
Defendants"), and various affiliates of Buffington Land Group, Ltd. (the "Buffington
Megatel Defendants"). The Megatel Homes Lawsuit alleges that UDF, CADG (and the
various Centurion Megatel Defendants) and the Buffington Megatel Defendants were in
a de facto partnership under which UDF financed the purchase and development of land
to be developed into finished lots by the Centurion Megatel Defendants and the
Buffington Megatel Defendants, which finished lots would in turn be purchased from the
Centurion Megatel Defendants and the Buffington Megatel Defendants by the Megatel
Homes Parties with financing also provided by UDF. The Megatel Homes Lawsuit sets
forth five causes of action against various Centurion Megatel Defendants including breach
of fiduciary duties, conspiracy to breach fiduciary duties, breach of the duty of good faith
and fair dealing, and two counts of breach of contract. Such causes of action are in part
based on allegations by the Megatel Parties that (i) various Centurion Megatel Defendants
and UDF conspired to cut the Megatel Parties out of partnership projects so that such
Centurion Megatel Defendants could liquidate them as unfinished lots to different
homebuilders and thereby pay their debts to UDF and (ii) various Centurion Megatel
Defendants and UDF pressured the Megatel Parties to release their rights to finished lots
that the Megatel Parties were entitled to take down upon issuance of a notice of
substantial completion, thereby causing substantial lost profits to the Megatel Parties.
The Megatel Homes lawsuit seeks $100 million dollars in damages.
PARCEL_SUBDIVISION
Improvement Area #1
No plats have been filed in Improvement Area #1.
Major Improvement Area
No plats have been filed in the Major Improvement Area.
HURRICANE CREEK PID - 2020 ANNUAL SERVICE PLAN UPDATE
K?
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LOT & HOME SALES UPDATE
Improvement Area #1
As of March 31, 2020, 215 Lots are planned, but not platted. There are no construction starts or
home sales within Improvement Area #1.
Major Improvement Area
As of March 31, 2020, 439 Lots are planned, but not platted. There are no construction starts or
home sales within the Major Improvement Area.
OUTSTANDING ASSESSMENT
Improvement Area #1
Improvement Area #1 has an outstanding Assessment of $7,375,000.00.
Major Improvement Area
The Major Improvement Area has an outstanding Assessment of $3,535,000.00.
TIRZ NO. 2 ANNUAL CREDIT
Improvement Area 44
1
The City Council, in accordance with the TIRZ No. 2 TIRZ Agreement, has agreed to use a portion
oI TIRZ No. 2 TIRZ Revenues generated to reduce the Improvement Area #1 Annual Installment
for all Improvement Area #1 Assessed Property so that the Improvement Area #1 Annual
Installment minus the TIRZ No. 2 Annual Credit Amount for each Lot Type does not produce an
equivalent tax rate which exceeds the competitive composite ad valorem equivalent tax rate
taking into consideration the tax rates of all applicable taxing units and the equivalent tax rate of
the Improvement Area #1 Annual Installments. The resulting Maximum TIRZ No. 2 Annual Credit
Amount for each Lot Type is shown below.
Improvement Area #1
Lot Type 1 $ 1,151
Lot Type 2 $ 1,316
HURRICANE CREEK PID - 2020 ANNUAL SERVICE PLAN UPDATE
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The TIRZ No. 2 Revenues available to be applied to the Improvement Area #1 Annual Installment
due January 31, 2021 is $0.00.
Major Improvement Area
Per the SAP, TIRZ No. 2 Revenues shall not be used to reduce the Major Improvement Area
Annual Installment.
ANNUAL INSTALLMENT DUE 1/31/2021
Improvement Area #1
■ Principal and Interest —The total principal and interest required for the Annual
Installment for Improvement Area #1 is $575,487.50.
■ Annual Collection Costs —The cost of administering the District and collecting the Annual
Installments shall be paid for on a pro rata basis by each Parcel based on the amount of
outstanding Assessment remaining on the Parcel. The total Annual Collection Costs
budgeted for the Annual Installment for Improvement Area #1 is $46,102.20.
■ Additional Interest — Additional Interest is collected to fund the Additional Interest
Reserve Account. The Additional Interest Reserve Requirement, as defined in the
Improvement Area #1 Indenture, is equal to $405,625.00, and has not been met. As such,
the Additional Interest Reserve Account will be funded with Additional Interest on the
outstanding Assessment, resulting in an Additional Interest for Improvement Area #1 of
$36,875.00.
Principal $ 105,000.00
Interest $ 470,487.50
Annual Collection Costs $ 46,102.20
AdditionalInterest $ 36,875.00
TIRZ Annual Credit Amount $ -
Total Annual Installment $ 6581464.70
See Exhibit B-1 for the debt service schedule for the Improvement Area #1 PID Bonds as shown
in the official statement.
aior Imorovement Area
■ Principal and Interest —The total principal and interest required for the Annual
Installment for the Major Improvement Area is $234,600.00.
HURRICANE CREEK PID - 2020 ANNUAL SERVICE PLAN UPDATE 5
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■ Capitalized Interest—The total Capitalized Interest, credited against the interest required
for the Annual Installment, is $156,400.00.
■ Annual Collection Costs—The cost of administering the District and collecting the Annual
Installments shall be paid for on a pro rata basis by each Parcel based on the amount of
outstanding Assessment remaining on the Parcel. The total Annual Collection Costs
budgeted for the Annual Installment for the Major Improvement Area is $22,097.80.
■ Additional Interest — Additional Interest is collected to fund the Additional Interest
Reserve Account, The Additional Interest Reserve Requirement, as defined in the Major
Improvement Area Indenture, is equal to $194,425.00, and has not been met. As such,
the Additional Interest Reserve Account will be funded with Additional Interest on the
outstanding Assessment, resulting in an Additional Interest for the Major Improvement
Area of $17,675.00.
Principal $ -
Interest $ 234,600.00
Capitalized Interest $ (156,400.00)
Annual Collection Costs $ 22,097.80
AdditionalInterest $ 17,675.00
Total Annual Installment $ 1171972.80
See Exhibit B-2 for the debt service schedule for the Major Improvement Area PID Bonds as
shown in the official statement.
PREPAYMENT OF ASSESSMENT IN FULL
Improvement Area #1
No full prepayments have occurred within Improvement Area #1.
Major Improvement Area
No full prepayments have occurred within the Major Improvement Area.
See Exhibit C for the template of the Notice of Termination of Assessment.
HURRICANE CREEK PID - 2020 ANNUAL SERVICE PLAN UPDATE 6
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PARTIAL PREPAYMENT OF ASSESSMENTS
Improvement Area #1
No partial prepayments have occurred within the Improvement Area #1.
Major Improvement Area
No partial prepayments have occurred within the Major Improvement Area.
BOND FUND
P3Worl<s has reviewed the following bond accounts related to the District as of March 31, 2020
and each account contains the amount shown below:
Improvement Area #1
Account: 3/31/2020 Balance
Pledged Revenue Fund $11.57
Bond Pledged Revenue Account
Bond $0.00
Fund
Capitalized Interest Account
Principal and Interest Account
Project Fund
Improvement Area #1 Bond Improvement Account
Cost of Issuance Account
Developer Improvement Account
Reserve Fund
Reserve Account
Delinquency and Prepayment Reserve Account
Redemption Fund
Rebate Fund
Administrative Fund
HURRICANE CREEK PID - 2020 ANNUAL SERVICE PLAN UPDATE
$ 244, 504.31
$4,169.62
$4,035,552.83
$9,916.24
$1,025,613.82
$590,915.59
$36,886.54
$0.00
$0.00
$25,037.52
7
Page 44 of 150
Malor Improvement Area
Account: 3/31/2020 Balance
Pledged Revenue Fund $5.55
Bond Pledged Revenue Account $0.00
Bond Fund
Capitalized Interest Account
Principal and Interest Account
Project Fund
Major Improvement Bond Improvement Account
Cost of Issuance Account
Reserve Fund
Reserve Account
Delinquency and Prepayment Reserve Account
Redemption Fund
Rebate Fund
Administrative Fund
Developer Property Tax Fund
BUDGET FOR CONSTRUCTION OF AUTHORIZED IMPROVEMENTS
$280,810.18
$2,073.61
$1,481,285.20
$7,537.46
$293,868.90
$17,680.53
$0.00
$0.00
$39,201.31
$5,080.26
Per the Quarterly Report for Improvement Area #1 dated March 31, 2020, the Authorized
Improvements are currently under construction and projected to be completed in the fourth
quarter of 2020. The budget for the Authorized Improvements remains unchanged. See below
for a table depicting the budgets of Improvement Area #1 Projects, and Actual Costs spent to
date.
Authorized Improvements
Street
Water
Sanitary Sewer
Developer District Formation Expenses
Geotechnical testing, SWPPP, Flood Study
Storm Drainage
Street Lights/Hike &Bike Trail
Engineering
Notes:
$
2,766,012
$
290,832
11%
$
826,874
$
81,391
10%
$
919,336
$
4151380
45%
$
188,224
$
1607853
85%
$
41,311
$
81487
21%
$
5701170
$
47,445
8%
$
408,270
$
0%
$
754,360
$
5131823
68%
$
61474,557
$
1,5181211
23%
1) Per the Quarterly Report for Improvement Area #1 dated March 31, 2020.
HURRICANE CREEK PID -2020 ANNUAL SERVICE PLAN UPDATE
�3
Page 45 of 150
Major Improvement Area
Per the Quarterly Report for the Major Improvement Area dated March 31, 2020, the Authorized
Improvements are currently under construction and projected to be completed in the fourth
quarter of 2020. The budget for the Authorized Improvements remains unchanged. See below
for a table depicting the budgets of the Major Improvement Area Projects, and Actual Costs spent
to date.
Authorized Improvements
Street
Water
Sanitary Sewer
Developer District Formation Expenses
Geotechnical testing, SWPPP, Flood Study
Storm Drainage
Street Lights/Hike & Bike Trail
Engineering
Notes:
$
$ 2,4081
193,828
$
$
631,238
$
$
409,126
$
$
89,795
$
$ 5731125.00
$ 576,512.50
$ 574,325.00
$ 46,102.20
$ 47,024.24
$ 47,964.73
$
239,893
$
235 $
131,521
99,508
218,598
349,628
5,623
158,519
963,397
1) Pert Quarterly Report far the Major Improvement Area dated March 31, 2020.
SERVICE PLAN -FIVE YEAR BUDGET FORECAST
40
The Act requires the annual indebtedness and projected costs for the Authorized Improvements
to be reviewed and updated in the Annual Service Plan Update, and the projection shall cover a
period of not less than five years.
Principal
Interest
Annual Collection Costs
(1)
(2)
$ 105,000.00
Additionallnterest (3) $ 36,875.00 $ 361
$ 110,000.00
$ 115,000.00
$ 125,000.00
$ 130,000.00
470,487.50
464,450.00
458,125.00
451,512.50
444,325.00
$ 575,487.50
$ 574,450.00
$ 5731125.00
$ 576,512.50
$ 574,325.00
$ 46,102.20
$ 47,024.24
$ 47,964.73
$ 48,924.02
$ 49,902.50
Principal
Interest
Capitalized Interest
Annual Collection Costs
Additional Interest
234,600.00 234,600.00 231,300.00 227,700.00
65,000.00
224,100.00
(1)
Total Annual Installment _ + (2)+(3)
(4) (1)
$
78,200.00
350.00
$ 35,800.00
$ 35,225.00
$ 34,600.00
$
287,700.00
$
289,100.00
(2)
$
22,097.80
Total Annual Installment
(5) = (1) + (2) + (3) + (4)
$ 6581464.70
$ 657,824.24
$ 6561889.73
$ 660,661.52
$ 658,827.50
Principal
Interest
Capitalized Interest
Annual Collection Costs
Additional Interest
234,600.00 234,600.00 231,300.00 227,700.00
65,000.00
224,100.00
(1)
Total Annual Installment _ + (2)+(3)
(4) (1)
$
78,200.00
$
289,600.00
$
291,300.00
$
287,700.00
$
289,100.00
(2)
$
22,097.80
$
221539.76
$
221990.55
$
23,450.36
$
23,919.37
(3)
$
17,675.00
$
17,675.00
$
17,400.00
$
17,100.00
$
16,800.00
Page 46 of 150
$
117,972.80
$ 329,814.76 $ 331,690.55 $ 328,250.36 $ 329,819.37
HURRICANE CREEK PID
— 2020 ANNUAL SERVICE
PLAN
UPDATE
9
Page 46 of 150
EMINENT DOMAIN PREPAYMENT
If any portion of any Parcel of Assessed Property is taken from Cl" 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 will remain liable to pay in Annual Installments, or payable as otherwise
provided by this Service and Assessment Plan, as updated, or the PID Act, the Assessment that
remains due on the Remaining Property, subject to an adjustment in the Annual Installments
applicable to the Remaining Property after any required Prepayment as set forth below.
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 of Remaining Property shall
be subject to the $100 Assessment.
Notwithstanding the previous paragraphs in this subsection, if the owner 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 on the Remaining Property to
support the Estimated Buildout Value requirement. The owner will remain liable to pay the
Annual Installments on both the Taken Property and the Remaining Property until such time that
such Assessment has been prepaid in full.
Notwithstanding the previous paragraphs in this subsection, the Assessments shall not, however,
be reduced to an amount less than the outstanding PID Bonds.
HURRICANE CREEK PID - 2020 ANNUAL SERVICE PLAN UPDATE 10
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ASSESSMENT ROLL
The list of current Parcels within the District, the corresponding total Assessments, and current
Annual Installment are shown on the Assessment Roll attached hereto as Exhibit A4 and Exhibit
A-2 for Improvement Area #1 and the Major Improvement Area, respectively. The Parcels shown
on the Assessment Rolls will receive the bills for the 2020 Annual Installments which will be
delinquent if not paid by January 31, 2021.
HURRICANE CREEK PID - 2020 ANNUAL SERVICE PLAN UPDATE 11
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EXHIBIT A-1- IMPROVEMENT AREA #1 ASSESSMENT ROLL
Notes;
1) For billing purposes, the outstanding Assessment and Annual Installments due January 31, 2021 are
allocated pro rata to the Property IDs based on acreage.
HURRICANE CREEK PID - 2020 ANNUAL SERVICE PLAN UPDATE 12
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EXHIBIT A-2 - MAJOR IMPROVEMENT AREA ASSESSMENT ROLL
1001356 Major Improvement Area Initial Parcel $ 439,117.92 $ 14,654.59
1007412 Major Improvement Area Initial Parcel $ 774,199.44 $ 25,837.19
2518072 Major Improvement Area Initial Parcel $ 654,853.93 $ 21,854.30
2719039 Major Improvement Area Initial Parcel $ 1,666,828.71 $ 55,626.72
Total $ 3,5351000.00 $ 117,972.80
Notes:
1) For billing purposes, the outstanding Assessment and Annual Installments due January 31, 2021 are
allocated pro rata to the Property IDs based on acreage.
2) Net of Capitalized Interest.
HURRICANE CREEK PID - 2020 ANNUAL SERVICE PLAN UPDATE 13
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EXHIBIT B-1- DEBT SERVICE SCHEDULE - IMPROVEMENT AREA #1
DEBT SER�'IGE REQl01RE)w1ENTS
The following tabic sets forth die anticipated debt sen°ice r�quircmcnts for the Bonds:
1c°ear Ending
(September 1) Principal Interest Total
2019 S 199,957.19 $199,957419
2020 470,497.50 470,487.50
2021 $ 105,000.00 4701497.50 575,497.50
2022 110,OD0.00 464,450.00 574,450.00
2023 115,000.00 459,15.00 573,125.00
2024 125,ODO.00 451,512.50 576,512.50
2025 130,0DO.OD 444,325.0[) 574.325.00
2026 135,0WOU 436,850.00 571,950.00
2027 145,OD0.00 429,097.50 574,097.50
2028 155,000.00 420,750.00 575,750.00
2029 165,000.00 411,937.50 576,837.50
2030 170,000.00 402,350.00 5720350.00
2031 185,000.00 391,300.00 576,300.00
2032 195,000.00 379275.0[) 574275.00
2033 210,ODD.OD 366,600.00 576,600.00
2034 220,000.00 352,950.00 572,950.00
2035 235,ODDDU 338,650.00 573,650.00
2036 250,000.01) 323375.0[) 573,35.00
2037 270,0D0.09 307,125.00 577,125.00
2038 285,000.01) 299,575.00 574,575.00
2039 305,060.00 271,050.00 576,050.00
2040 325,OWOD 251,225.00 576225.OU
2041 350,0DO.00 230,I00th[) 58%100400
2042 370,000.00 207350.00 577,350.00
2043 395,001).00 183300.00 578300.00
2044 425,000.00 157,625.OU 592,625.00
2045 450,MDD 130,0DD.O0 580,000.06
2046 485,000.00 100,750.00 585,750.00
2047 515,000.00 69225.00 5842225.00
2048 550.OD0.OU 35.750.00 585,750.00
Total SU7.i.006.00 S9A45.444.h9 516.820.444.69
HURRICANE CREEK PID - 2020 ANNUAL SERVICE PLAN UPDATE 14
Page 51 of 150
EXHIBIT 13-2 - DEBT SERVICE SCHEDULE - MAJOR IMPROVEMENT AREA
DEBT SERVICE REQ1l1REhfENTS
The following table sets forth the anticipated debt sen ice requirements for the. BflndsA
Fear Ending
(September 1) Principal Interest Total
2019 -- $ 99,705600 $ 99,705,00
2020 -- 234,600.00 234,600.00
2021 -- 234,600.00 234,600.00
2022 $ 55,000400 2349600.00 289,600.00
2023 60,000.00 231,300.00 291,300.00
2024 60,000.00 227,700.00 287,700.00
2025 65,000.00 224,100.00 289,100.00
2026 70,000.00 220,200.00 290200.00
2027 70,000.00 21600.00 286,000.00
2028 75,000.00 211,800.00 286,800400
2029 8000.00 207,300.00 287,300.00
2030 85,000.00 202,500.00 287,500400
2031 90,000.00 196,762.50 286,762.50
2032 95,000.00 190,6H7.50 285,687.50
2033 100,000.00 184,275.00 284275.00
2034 105,000.00 1775525.00 282,525.00
2035 115,000.00 170,437.50 285,437.50
2036 120,000400 162,675.00 282,675.00
2037 130,000.00 154,575.00 294,575.00
2039 140,000.00 145,800400 285,800.00
2039 150,000.00 136350.00 286,350400
2040 1551000.00 126,225.00 281,225.00
2041 1701000.00 115,762.50 285,762.50
2042 1801000.00 104287M 284287.50
2043 190,00(m)0 92,137.50 282337.50
2044 205,000.00 79,312.50 284,312.50
2045 220,000.00 65,475.00 285,475.00
2046 235,000.00 50,625.00 285,625.00
2047 250,000.00 34,762.50 284,762.50
2048 265,000.00 17,897.50 282,887.50
Total 53.435.000.110 54.749.467.50 Sll_2R4.467.50
HURRICANE CREEK PID - 2020 ANNUAL SERVICE PLAN UPDATE 15
Page 52 of 150
EXHIBIT C - NOTICE OF ASSESSMENT TERMINATION
:W
[Date]
Collin County Clerk's Office
Honorable [County Clerk Name]
Collin County Administration Building
2300 Bloomdale Rd., Suite 2106
Mcl<inney, TX 75071
P3Works, LLC
9284 Huntington Square, Suite 100
North Richland Hills, TX 76182
Re: City of Anna Lien Release Documents for Filing
Dear Ms./Mr. [County Clerl< Name],
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 below:
City of Anna
Attn: [City Secretary]
111 N Powell Parkway
P.O. Box 776
Anna, TX 75409-0776
Please contact me if you have any questions or need additional information.
Sincerely,
[Signature]
P3Works, LLC
P: (817) 393-0353
admin@p3-works.com
HURRICANE CREEK PID - 2020 ANNUAL SERVICE PLAN UPDATE
16
Page 53 of 150
AFTER RECORDING RETURN TO:
[City Secretary Name]
111 N Powell Parkway
P.O. Box 776
Anna, TX 75409-0776
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.
STATE OF TEXAS
FULL RELEASE OF PUBLIC IMPROVEMENT DISTRICT LIEN
0
KNOW ALL MEN BY THESE PRESENTS: §
COUNTY OF COLLIN
0
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.
RECITALS
WHEREAS, the governing body (hereinafter referred to as the "City Council") of the City
of Anna, Texas (hereinafter referred to as the "City"), is authorized by Chapter 372, Texas Local
Government Code, as amended (hereinafter referred to as the "Act"), to create public
improvement districts within the corporate limits and extraterritorial jurisdiction of the City; and
WHEREAS, on November 13, 2018, the City Council approved Resolution No. 2018-11-
5061 creating the Hurricane Creek Public Improvement District; and
WHEREAS, the Hurricane Creek Public Improvement District consists of approximately
368.2 contiguous acres within the corporate limits of the City; and
WHEREAS, on or about March 12, 2019, the City Council approved an Ordinance
(hereinafter referred to as the "Assessment Ordinance") approving a service and assessment plan
and assessment roll for the Property within the Hurricane Creek Public Improvement District; and
HURRICANE CREEK PID - 2020 ANNUAL SERVICE PLAN UPDATE 17
Page 54 of 150
WHEREAS, the Assessment Ordinance imposed an assessment in the amount of [amount]
(hereinafter referred to as the "Lien Amount") for the following property:
[legal description], a subdivision in Collin County, Texas, according to the map or plat of record
in Document/Instrument No. of the Plat Records of Collin County, Texas (hereinafter
referred to as the "Property"); and
WHEREAS, the property owners of the Property have paid unto the City the Lien Amount.
RELEASE
NOW THEREFORE, the City, the owner and holder of the Lien, Instrument No. in the
Real Property Records of Collin County, Texas, in the amount of the Lien Amount against the
Property releases and discharges, and by these presents does hereby release and discharge, the
above-described Property from said lien held by the undersigned securing said indebtedness.
EXECUTED to be EFFECTIVE this the
ATTEST:
[Secretary Name], City Secretary
STATE OF TEXAS §
COUNTY OF COLLIN §
20_
CITY OF ANNA, TEXAS,
By:
[Manager Name], City Manager
This instrument was acknowledged before me on the day of , 20_, by
[Manager Name], City Manager for the City of Anna, Texas, on behalf of said municipality.
Notary Public, State of Texas
�,l�II3L�IJ►1��I����ll_���33�1_Iil►1�LL��9 [�r�� �Pl���
Ff?
Page 55 of 150
THE CITY OF
manna
Item No. 8.c.
City Council Agenda
Staff Report
Meeting Date
Staff Contact:
7/28/2020
Dana Thornhill
AGENDA ITEM:
Approve the Quarterly Investment Report for Quarter Ending June 30,2020 (Finance
Director Dana Thornhill)
SUMMARY:
In accordance with the Public Funds Investment Act, the City of Anna is required to
submit a quarterly report on the investment of all Public Funds held by the City. The
report includes the following:
• Review of the City's holdings
• Comparison of book vs. market value
• Allocation information
• Other information related to the PFIA
The City's portfolio as of quarter ending June 30, 2020 earned an average yield
A 1.42% The total year to date interest earnings are $603,193. The Quarterly
Investment Report for June 30, 2020 is attached for review.
FINANCIAL IMPACT:
None
STRATEGIC CONNECTIONS:
This item supports the City of Anna Strategic Plan, specifically advancing:
Goal 4: High Performing, Professional City
STAFF RECOMMENDATION:
Approve the attached Quarterly Investment Report for the Quarter Ending June 30,
2020.
Page 56 of 150
ATTACHMENTS:
1. Investment Report for Quarter Ending June 30, 2020
APPROVALS:
Dana Thornhill, Finance Director
Jim Proce, City Manager
Created/Initiated - 7/23/2020
Final Approval - 7/24/2020
Page 57 of 150
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