HomeMy WebLinkAboutOrd 807-2019 Accepting & Approving a Service and Assessment Plan & Assessment Roll for The Hurricane Creek PID RECORDEDCERTIFICATE FOR ORDINANCE
THE STATE OF TEXAS
COLLIN COUNTY
CITY OF ANNA
We, the undersigned officers of the City of Anna, Texas (the “City”), hereby certify as follows:
1. The City Council (the “Council”) of the City convened in a regular meeting on March
12, 2019, at the regular designated meeting place, and the roll was called of the duly constituted officers
and members of the Council, to wit:
Nate Pike, Mayor
Lee Miller, Mayor Pro-Tem
Nathan Bryan, Deputy Mayor Pro-Tem
Kevin Toten, Council Member
Alonzo Tutson, Council Member
John Beazley, Council Member
Chris Reeves, Council Member
Jim Proce, City Manager
Carrie L. Smith, City Secretary
and all of said persons were present, except Nathan Bryan and Chris Reeves, thus constituting a
quorum. Whereupon, among other business the following was transacted at said meeting: a written
Ordinance entitled
AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF ANNA, TEXAS
ACCEPTING AND APPROVING A SERVICE AND ASSESSMENT PLAN
AND ASSESSMENT ROLLS FOR THE HURRICANE CREEK PUBLIC
IMPROVEMENT DISTRICT; MAKING A FINDING OF SPECIAL BENEFIT
TO THE PROPERTY IN THE DISTRICT; LEVYING SPECIAL
ASSESSMENTS AGAINST PROPERTY WITHIN THE DISTRICT AND
ESTABLISHING A LIEN ON SUCH PROPERTY; PROVIDING FOR THE
METHOD OF ASSESSMENT AND THE PAYMENT OF THE ASSESSMENTS
IN ACCORDANCE WITH CHAPTER 372, TEXAS LOCAL GOVERNMENT
CODE, AS AMENDED, PROVIDING PENALTIES AND INTEREST ON
DELINQUENT ASSESSMENTS, PROVIDING FOR SEVERABILITY, AND
PROVIDING AN EFFECTIVE DATE.
was duly introduced for the consideration of the Council. It was then duly moved and seconded that
said Ordinance be passed; and, after due discussion, said motion, carrying with it the passage of said
Ordinance, prevailed and carried, with all members of the Council shown present above voting “Aye,”
except as noted below:
NAYS: 0 ABSTENTIONS: 0
2. A true, full, and correct copy of the aforesaid Ordinance passed at the meeting
described in the above and foregoing paragraph is attached to and follows this Certificate; said
Ordinance has been duly recorded in the Council's minutes of said meeting; the above and foregoing
paragraph is a true, full, and correct excerpt from the Council's minutes of said meeting pertaining to
the passage of said Ordinance; the persons named in the above and foregoing paragraph are the duly
chosen, qualified, and acting officers and members of the Council as indicated therein; that each of the
officers and members of the Council was duly and sufficiently notified officially and personally, in
advance, of the time, place, and purpose of the aforesaid meeting, and that said Ordinance would be
introduced and considered for passage at said meeting, and each of said officers and members
consented, in advance, to the holding of said meeting for such purpose; and that said meeting was open
to the public, and public notice of the time, place, and purpose of said meeting was given all as required
by the Texas Government Code, Chapter 551.
3. The Council has approved and hereby approves the Ordinance; and the Mayor and City
Secretary hereby declare that their signing of this Certificate shall constitute the signing of the attached
and following copy of said Ordinance for all purposes.
SIGNED AND SEALED ON MARCH 12, 2019.
r:11\N,c d_, ~
Carrie L. Smith, City Secretary Nate Pike, Mayor
(City Seal)
CITY OF ANNA
ORDINANCE NO. 807-2019
AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF ANNA, TEXAS
ACCEPTING AND APPROVING A SERVICE AND ASSESSMENT PLAN
AND ASSESSMENT ROLLS FOR THE HURRICANE CREEK PUBLIC
IMPROVEMENT DISTRICT; MAKING A FINDING OF SPECIAL BENEFIT
TO THE PROPERTY IN THE DISTRICT; LEVYING SPECIAL
ASSESSMENTS AGAINST PROPERTY WITHIN THE DISTRICT AND
ESTABLISHING A LIEN ON SUCH PROPERTY; PROVIDING FOR THE
METHOD OF ASSESSMENT AND THE PAYMENT OF THE ASSESSMENTS
IN ACCORDANCE WITH CHAPTER 372, TEXAS LOCAL GOVERNMENT
CODE, AS AMENDED, PROVIDING PENALTIES AND INTEREST ON
DELINQUENT ASSESSMENTS, PROVIDING FOR SEVERABILITY, AND
PROVIDING AN EFFECTIVE DATE.
WHEREAS, the governing body (the “City Council”) of the City of Anna, Texas (the
“City”) is authorized by the Public Improvement District Assessment Act, Chapter 372, Texas
Local Government Code, as amended (the “PID Act”) to create public improvement districts
within the City; and
WHEREAS, on October 19, 2018, a petition (the “Petition”) was submitted and filed with
the City Secretary (the “City Secretary”) of the City meeting the requirements of the PID Act
requesting the creation of a public improvement district within the City ; and
WHEREAS, the Petition contained the signatures of the owners of taxable property
representing more than fifty percent of the appraised value of taxable real property liable for
assessment within the District (defined below), as determined by the then current ad valorem tax
rolls of Collin County Appraisal District and the signatures of the property owners who own
taxable real property that constitutes more than fifty percent of the area of all taxable property
within the District that is liable for assessment; and
WHEREAS, the City accepted the Petition and called a public hearing to consider the
creation of the District and directed the City Secretary to publish and mail notice of such hearing
as required by the PID Act; and
WHEREAS, on November 13, 2018, after due notice, the City Council held a public
hearing in the manner required by law on the advisability of the public improvements 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. 2018-11-506 (the
“Authorization Resolution”) adopted by a majority of the members of the City Council, authorized
and created the Hurricane Creek Public Improvement District (the “District”) in accordance with
its finding as to the advisability of the Authorized Improvements; and
2
WHEREAS, the City published the Authorization Resolution as required by law; and
WHEREAS, no written protests regarding the creation of the District from any owners of
record of property within the District were filed with the City Secretary; and
WHEREAS, on February 12, 2019, the City Council adopted a resolution determining
total costs of certain authorized public improvements, approving a preliminary service and
assessment plan, including proposed assessment rolls, and directing the publication and mailing of
notice of a public hearing (the “Assessment Hearing”) to consider an ordinance levying
assessments on property within the District (the “Assessments”); and
WHEREAS, the City Secretary filed the proposed Assessment Rolls (defined below) and
made the same available for public inspection; and
WHEREAS, the City Secretary, pursuant to Section 372.016(c) of the PID Act, mailed the
notice of the Assessment Hearing to the last known address of the owners of the property liable
for the Assessments; and
WHEREAS, the City Secretary, pursuant to Section 372.016(b) of the PID Act, published
notice of the Assessment Hearing on February 21, 2019 in the Herald-Democrat, a newspaper of
general circulation in the City and the extra-territorial jurisdiction of the City; and
WHEREAS, the City Council convened the Assessment Hearing on March 12, 2019, at
which all persons who appeared, or requested to appear, in person or by their attorney, were given
the opportunity to contend for or contest the Assessment Roll, and the proposed Assessments, and
to offer testimony pertinent to any issue presented on the amount of the Assessments, the allocation
of the Actual Costs of the authorized public improvements to be undertaken for the benefit of
property within the District (the “Authorized Improvements”), 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¸ the owners of 100% of the property subject to the proposed assessment
within the District (the “Landowners”) had actual knowledge of the Assessment Hearing to be
held on March 12, 2019, and support the creation of the District and the levy of assessments against
the property in accordance with the Service and Assessment Plan to finance the Authorized
Improvements for benefit of the property within the District; and
WHEREAS, the City Council finds and determines that the Assessment Rolls and the
Hurricane Creek Public Improvement District Service and Assessment Plan, dated March 12, 2019
(the “Service and Assessment Plan”), attached as Exhibit A and incorporated as a part of this
Ordinance for all purposes, should be approved and that the Assessments should be levied as
provided in this Ordinance and the Service and Assessment Plan, including the Assessment Rolls
attached thereto as Exhibit E and F (the “Assessment Rolls”); and
WHEREAS, the City Council further finds that there were no objections or evidence
submitted to the City Secretary in opposition to the Service and Assessment Plan, the allocation
3
of the Actual Costs of the Authorized Improvements as described in the Service and Assessment
Plan, the Assessment Rolls, and the levy of the Assessments; and
WHEREAS, at the Assessment Hearing, the Landowners, or their representatives, who are
the persons to be assessed pursuant to this Ordinance, appeared in support of the levy of the
Assessments against their property located within the District; and
WHEREAS, the City Council closed the hearing, and, after considering all written and
documentary evidence presented at the hearing, including all written comments and statements
filed with the City, determined to proceed with the adoption of this Ordinance in conformity with
the requirements of the PID Act; and
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY
OF ANNA, TEXAS:
Section 1. Terms.
Terms not otherwise defined herein are defined in the Service and Assessment Plan.
Section 2. Findings.
The City Council hereby finds, determines, and ordains, as follows:
(a) The recitals set forth in the WHEREAS clauses of this Ordinance are true
and correct and are hereby incorporated by reference and made a part of this Ordinance for
all purposes as if the same were restated in full in this Section and constitute findings of
the City Council acting in its discretionary, legislative capacity;
(b) All actions of the City in connection with the creation and establishment of
the District and the approval of this Ordinance: (i) have been taken and performed in
compliance with the PID Act and all other applicable laws, policies, and procedures; (ii)
have been taken and performed in a regular, proper and valid manners; and (iii) are
approved and ratified;
(c) The apportionment of the Actual Costs of the Authorized Improvements,
including specifically the Improvement Area #1 Improvements and the Major
Improvements (as reflected in the Service and Assessment Plan, and the Annual Collection
Costs pursuant to the Service and Assessment Plan) is fair and reasonable, reflects an
accurate presentation of the special benefit each assessed Parcel will receive from the
construction of the Authorized Improvements identified in the Service and Assessment
Plan, and is hereby approved;
(d) The Service and Assessment Plan covers a period of at least five years and
defines the annual indebtedness and projected costs for the Authorized Improvements;
4
(e) The Service and Assessment Plan apportions the Actual Cost(s) of the
Authorized Improvements to be assessed against the property in the District and such
apportionment is made on the basis of special benefits accruing to the property because of
the Authorized Improvements;
(f) All of the Improvement Area #1 Assessed Property being assessed in the
amounts shown on the Improvement Area #1 Assessment Roll will be benefited by the
Improvement Area #1 Projects proposed to be constructed as described in the Service and
Assessment Plan, and each assessed Parcel of Improvement Area #1 Assessed Property
will receive special benefits equal to or greater than the total amount assessed for the
Improvement Area #1 Projects;
(g) All of the Major Improvement Area Assessed Property being assessed in
the amounts shown on the Major Improvement Area Assessment Roll will be benefited by
the Major Improvement Area Projects proposed to be constructed as described in the
Service and Assessment Plan, and each assessed Parcel of Major Improvement Area
Assessed Property will receive special benefits equal to or greater than the total amount
assessed for the Major Improvement Area Projects;
(h) The method of apportionment of the Actual Costs of the Authorized
Improvements and Annual Collection Costs set forth in the Service and Assessment Plan
results in imposing equal shares of the Actual Costs of the Authorized Improvements and
Annual Collection Costs on property similarly benefited, and results in a reasonable
classification and formula for the apportionment of the Actual Costs;
(i) The Service and Assessment Plan has been prepared on behalf of, presented
to, and reviewed by the City Council and should be approved as the service plan and
assessment plan for the District for all purposes as described in Sections 372.013 and
372.014 of the PID Act;
(j) The Assessment Rolls should be approved as the Assessment Rolls for the
District;
(k) The provisions of the Service and Assessment Plan relating to due and
delinquency dates for the Assessments, interest on Annual Installments, interest and
penalties on delinquent Assessments and delinquent Annual Installments, and procedures
in connection with the imposition and collection of Assessments should be approved and
will expedite collection of the Assessments in a timely manner in order to provide the
services and improvements needed and required for the area within the District; and
(l) A written notice of the date, hour, place and subject of this meeting of the
City Council was posted at a place convenient to the public for the time required by law
preceding this meeting, as required by the Open Meetings Act, Chapter 551, Texas
Government Code, as amended, and this meeting has been open to the public as required
5
by law at all times during which this Ordinance and the subject matter hereof has been
discussed, considered, and formally acted upon.
Section 3. Service and Assessment Plan.
The Service and Assessment Plan is hereby accepted and approved pursuant to Sections
372.013 and 372.014 of the PID Act as the service plan and the assessment plan relating to the
Authorized Improvements for the District. The Service and Assessment Plan shall be updated by
the City Council no less frequently than annually as required by the PID Act and more frequently
as may be required by the Service and Assessment Plan including upon the issuance of PID Bonds.
Section 4. Assessment Rolls.
The Assessment Rolls are hereby accepted and approved pursuant to Section 372.016 of
the PID Act as the Assessment Rolls of the District for all purposes.
Section 5. Levy and Payment of Assessments for Costs of the Authorized
Improvements.
(a) The City Council hereby levies the Assessments on each Parcel of property
(excluding Non-Benefitted Property) located within the District, as shown and described
in the Service and Assessment Plan and the Assessment Rolls, in the respective amounts
shown in the Service and Assessment Plan as a special assessment as set forth in the
Assessment Rolls.
(b) The levy of the Assessments shall be effective on the date of execution of
this Ordinance levying Assessments and strictly in accordance with the terms of the Service
and Assessment Plan and the PID Act.
(c) The collection of the Assessments shall be as described in the Service and
Assessment Plan and the PID Act.
(d) Each Assessment may be prepaid in whole or in part at any time without
penalty or may be paid in Annual Installments pursuant to the terms of the Service and
Assessment Plan.
(e) Each Assessment shall bear interest at the rate or rates specified in the
Service and Assessment Plan.
(f) Each Annual Installment shall be collected each year in the manner set forth
in the Service and Assessment Plan.
(g) The Annual Collection Costs for Assessed Property shall be calculated
pursuant to the terms of the Service and Assessment Plan.
6
Section 6. Method of Assessment.
The method of apportioning the Actual Costs of the Authorized Improvements and Annual
Collection Costs are set forth in the Service and Assessment Plan.
Section 7. Penalties and Interest on Delinquent Assessments.
Delinquent Assessments shall be subject to the penalties, interest, procedures, and
foreclosure sales set forth in the Service and Assessment Plan and as allowed by law.
Section 8. Prepayments of Assessments.
As provided in the Service and Assessment Plan, the owner of any Assessed Property may
prepay the Assessments levied by this Ordinance.
Section 9. Lien Priority.
The City Council and the Landowners intend for the obligations, covenants and burdens
on the Assessed Property, including without limitation such Landowners’ obligations related to
payment of the Assessments and the Annual Installments thereof, to constitute covenants that shall
run with the land. The Assessments and the Annual Installments thereof which are levied hereby
shall be binding upon the the assessed parties, as the owners of Assessed Property, and their
respective transferees, legal representatives, heirs, devisees, successors and assigns, regardless of
whether such owners are named, in the same manner and for the same period as such parties would
be personally liable for the payment of ad valorem taxes under applicable law. Assessments shall
have lien priority as specified in the Service and Assessment Plan and the PID Act.
Section 10. Applicability of Tax Code.
To the extent not inconsistent with this Ordinance, and not inconsistent with the PID Act
or the other laws governing public improvement districts, the provisions of the Texas Tax Code,
as amended, shall be applicable to the imposition and collection of Assessments by the City.
Section 11. Filing in Land Records.
The City Secretary is directed to cause a copy of this Ordinance, including the Service and
Assessment Plan and/or the Assessment Roll, to be recorded in the real property records of Collin
County, Texas. The City Secretary is further directed to similarly file each Annual Service Plan
Update approved by the City Council.
Section 12. Severability.
If any provision, section, subsection, sentence, clause, or phrase of this Ordinance, or the
application of same to any person or set of circumstances is for any reason held to be
unconstitutional, void, or invalid, the validity of the remaining portions of this Ordinance or the
application to other persons or sets of circumstances shall not be affected thereby, it being the
7
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 or any other
portion hereof, and all provisions of this ordinance are declared to be severable for that purpose.
Section 13. Effective Date.
This Ordinance shall take effect, and the levy of the Assessments, and the provisions and
terms of the Service and Assessment Plan shall be and become effective upon passage and
execution hereof.
(Execution page follows.)
PASSED AND ADOPTED BY THE CITY COUNCIL OF THE CITY OF ANNA,
TEXAS , THIS 12 th DAY OF MARCH, 2019.
ATTEST:
STATE OF TEXAS
COUNTY OF COLLIN
§
§
§
CITY OF ANNA, TE XAS
Nate Pike, Mayor
(SEAL)
,,,,,11111111,,,,,
"''''' 0 F ,4 ,,,,~ ,.,"_, Iv ,,.,. ~'~-... ........... ~ ;,,~
.:;:"'5i. ··'-? ~ § u ... ·.. ~
~ . . -::. = • • ::: = : : * = ~*\ .: §
~ ·. .· * ~ ~ . . .... ~ * .. .. ""' "/ ··•·• •• r__ ~
/ -.:, "" r_.,.❖,,, rex pi..:,,,,,,"
111 11111111111"'
This instrument was acknowledged before me on the / af-Z day of March, 2019 by Nate
Pike, the Mayor, and Carrie L. Smith, the City Secretary, of the City of Anna, Texas on behalf of
said City.
,,,,''V'~l'',, /~~~\ LAURETTA KAY BLACKETER
\:;. ~ ):j My Notary ID# 129369379
(S~j' Expires Apri l 1, 2021
S-1
A-1
EXHIBIT A
Service and Assessment Plan
AUSTIN, TX | KELLER, TX
Hurricane Creek Public
Improvement District
SERVICE AND ASSESSMENT PLAN
3/12/19
HURRICANE CREEK PRELIMINARY SERVICE AND ASSESSMENT PLAN 1
TABLE OF CONTENTS
Table of Contents ............................................................................................................................ 1
Introduction .................................................................................................................................... 2
Section I: Definitions ....................................................................................................................... 3
Section II: The District ................................................................................................................... 10
Section III: Authorized Improvements .......................................................................................... 10
Section IV: Service Plan ................................................................................................................. 12
Section V: Assessment Plan .......................................................................................................... 13
Section VI: Terms of the Assessments .......................................................................................... 17
Section VII: Assessment Roll ......................................................................................................... 21
Section VIII: Additional Provisions ................................................................................................ 21
Exhibits .......................................................................................................................................... 23
Exhibit A – District Map & Legal Description ................................................................................ 24
Exhibit B – Improvement Area #1 Legal Description .................................................................... 26
Exhibit C – Major Improvement Area Legal Description .............................................................. 28
Exhibit D – Map of Improvement Area #1 & Major Improvement Area ...................................... 32
Exhibit E – Improvement Area #1 Assessment Roll ...................................................................... 33
Exhibit F – Major Improvement Area Assessment Roll ................................................................ 34
Exhibit G – Allocation of Authorized Improvements .................................................................... 35
Exhibit H – Service Plan ................................................................................................................. 36
Exhibit I – Sources and Uses of Funds ........................................................................................... 37
Exhibit J – Improvement Area #1 Estimated Annual Installments ............................................... 38
Exhibit K – Major Improvement Area Estimated Annual Installments ......................................... 39
Exhibit L – Lot Type 1 Estimated Annual Installments .................................................................. 40
Exhibit M – Lot Type 2 Estimated Annual Installments ................................................................ 41
Exhibit N – Improvement Area #1 Allocation by Lot Type ............................................................ 42
Exhibit O – Maps of Improvement Area #1 Improvements .......................................................... 43
Exhibit P – Maps of Major Improvements .................................................................................... 47
Exhibit Q – Allocation of Major Improvements ............................................................................ 52
Exhibit R – Annual TIRZ Credit By Lot Type ................................................................................... 53
HURRICANE CREEK PRELIMINARY SERVICE AND ASSESSMENT PLAN 2
INTRODUCTION
On November 13, 2018, the City of Anna (the “City”) passed and approved Resolution No. 2018-
11-506 authorizing the establishment of the Hurricane Creek Public Improvement District (the
“District”) in accordance with Chapter 372, Texas Local Government Code, as amended (the “PID
Act”), which authorization was effective upon publication as required by the PID Act. The
purpose of the District is to finance the Actual Costs of Authorized Improvements that confer a
special benefit on approximately 368.2 acres located within the City, as described by metes and
bounds and depicted on Exhibit A. The District will be developed in three phases, the first phase
containing 92.186 acres (“Improvement Area #1”), the second and third phases containing
276.014 acres (“Major Improvement Area”). Improvement Area #1 is legally described by metes
and bounds on Exhibit B, and the Major Improvement Area is legally described by metes and
bounds on Exhibit C. Improvement Area #1 and the Major Improvement Area are depicted on
Exhibit D.
The PID Act requires a service plan covering a period of at least five years and defining the annual
indebtedness and projected cost of the Authorized Improvements (as updated, from time to
time, a “Service Plan”). The Service Plan is contained in Section IV.
The PID Act requires that the Service Plan include an assessment plan that assesses the Actual
Costs of the Authorized Improvements against the District based on the special benefits
conferred on the District by the Authorized Improvements (as updated, from time to time, an
“Assessment Plan”). 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 of the City (the “City Council”) (as updated
from time to time and which may be in one or more parts, the “Assessment Roll”). The
Assessment against each Parcel must be sufficient to pay the share of the Actual Costs of the
Authorized Improvements apportioned to the Parcel and cannot exceed the special benefit
conferred on the Parcel by such Authorized Improvements. The Assessment Roll for
Improvement Area #1 is included as Exhibit E. The Assessment Roll for the Major Improvement
Area is included as Exhibit F.
Capitalized terms used in this Service and Assessment Plan (as amended from time to time, 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”
or an “Exhibit” shall be a reference to a Section of this Service and Assessment Plan or an Exhibit
attached to and made a part of this Service and Assessment Plan for all purposes.
HURRICANE CREEK PRELIMINARY SERVICE AND ASSESSMENT PLAN 3
SECTION I: DEFINITIONS
“Actual Costs” mean with respect to Authorized Improvements, the Owner’s demonstrated,
reasonable, allocable, and allowable costs of constructing such Authorized Improvements, as
specified in a payment request in a form that has been reviewed and approved by the City. Actual
Costs may include: (1) the costs incurred by or on behalf of the Owner (either directly or through
affiliates) for the design, planning, financing, administration/management, acquisition,
installation, construction and/or implementation of such Authorized Improvements; (2) the fees
paid for obtaining permits, licenses, or other governmental approvals for such Authorized
Improvements; (3) construction management fees equal to 4% of costs; (4) the costs incurred by
or on behalf of the Owner for external professional costs, such as engineering, geotechnical,
surveying, land planning, architectural landscapers, appraisals, legal, accounting, and similar
professional services; (5) all labor, bonds, and materials, including equipment and fixtures, by
contractors, builders, and materialmen in connection with the acquisition, construction , or
implementation of the Authorized Improvements; (6) all related permitting and public approval
expenses, architectural, engineering, and consulting fees, taxes, and governmental fees and
charges.
“Additional Interest” means the amount collected by application of the Additional Interest Rate.
“Additional Interest Rate” means the 0.50% additional interest charged on Assessments
pursuant to Section 372.018 of the PID Act.
“Administrator” means an employee or designee of the City who shall have the responsibilities
provided in this Service and Assessment Plan, the 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
creation and operation of the District, the issuance and sale of PID Bonds, and the construction,
operation, and maintenance of the Authorized Improvements, 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)
issuing, paying, and redeeming PID Bonds; (7) investing or depositing Assessments and Annual
Installments; (8) complying with this Service and Assessment Plan and the PID Act with respect
to the issuance and sale of PID Bonds, including continuing disclosure requirements; (9) the
paying agent/registrar and Bond Trustee in connection with PID Bonds, including their respective
legal counsel; and (10) administering the construction of the Authorized Improvements. Annual
HURRICANE CREEK PRELIMINARY SERVICE AND ASSESSMENT PLAN 4
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 on the 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.
“Annual Service Plan Update” means an update to the Service and Assessment Plan prepared no
less frequently than annually by the Administrator and approved by the City Council.
“Assessed Property” means any Parcel within the District against which an Assessment is levied.
“Assessment” means an assessment levied against a Parcel within the District and imposed
pursuant to an Assessment Ordinance and the provisions herein of this Service and Assessment
Plan, as shown on an Assessment Roll, subject to reallocation upon the subdivision of such Parcel
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.
“Assessment Plan” assesses the Actual Costs of the Authorized Improvements against the District
based on the special benefits conferred on the District by the Authorized Improvements , more
specifically described in Section V.
“Assessment Roll” means the Improvement Area #1 Assessment Roll, and/or the Major
Improvement Area Assessment Roll, or any other Assessment Roll in an amendment or
supplement to this Service and Assessment Plan.
“Authorized Improvements” means improvements of which estimated costs are shown on
Exhibit G, and described in Section III as authorized by Section 372.003 of the PID Act.
“Bond Trustee” means a trustee (or successor trustee) under the applicable Indenture.
“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.
“District” means the Hurricane Creek Public Improvement District containing approximately
368.2 acres located within the City, and more specifically described in Exhibit A.
HURRICANE CREEK PRELIMINARY SERVICE AND ASSESSMENT PLAN 5
“District Formation and Bond Issuance Costs” means the costs and expenses directly associated
with forming the District and costs of issuing a particular series of PID Bonds, including but not
limited to, issuer fees, attorney fees, financial advisory fees, consultant fees, appraisal fees,
printing costs, publication costs, City costs, fees charged by the Texas Attorney General, and any
other cost or expense directly associated with the issuance of PID Bonds, including debt service
reserve fund, capitalized interest and underwriter’s discount.
“Improvement Area” means specifically defined and designated portions of the District that are
developed in phases, including Improvement Area #1.
“Improvement Area #1” means approximately 92.186 acres located within the District, as shown
on Exhibit D and more specifically described in Exhibit B.
“Improvement Area #1 Annual Installment” means the annual installment payment on the
Improvement Area #1 Assessment as calculated by the Administrator and approved by the City
Council, that includes: (1) principal; (2) interest; (3) Annual Collection Costs; and (4) Additional
Interest.
“Improvement Area #1 Assessed Property” means any Parcel within Improvement Area #1
against which an Improvement Area #1 Assessment is levied.
“Improvement Area #1 Assessment” means an Assessment levied against a Parcel within
Improvement Area #1 and imposed pursuant to an Assessment Ordinance and the provisions
herein, as shown on the Improvement Area #1 Assessment Roll, subject to reallocation upon the
subdivision of such Parcel or reduction according to the provisions herein and in the PID Act.
“Improvement Area #1 Assessment Roll” means the Assessment Roll for the Improvement Area
#1 Assessed Property within the District, as updated, modified or amended from time to time in
accordance with the procedures set forth herein and in the PID Act, including any Annual Service
Plan Updates. The Improvement Area #1 Assessment Roll is included in this Service and
Assessment Plan as Exhibit E.
“Improvement Area #1 Bonds” means those certain “City of Anna, Texas Special Assessment
Revenue Bonds, Series 2019 (Hurricane Creek Public Improvement District Improvement Area #1
Project)” that are secured by Improvement Area #1 Assessments.
“Improvement Area #1 Improvements” means the Authorized Improvements which only benefit
the Improvement Area #1 Assessed Property and are described in Section III.A hereto and shown
on Exhibit O.
“Improvement Area #1 Initial Parcel” means all property located within Improvement Area #1,
which is more particularly described on Exhibit B, against which the entire Improvement Area #1
Assessment is levied as shown on the Improvement Area #1 Assessment Roll, attached hereto as
Exhibit E.
HURRICANE CREEK PRELIMINARY SERVICE AND ASSESSMENT PLAN 6
“Improvement Area #1 Projects” means collectively: (1) the pro rata portion of the Major
Improvements allocable to Improvement Area #1; (2) the Improvement Area #1 Improvements;
and (3) District Formation and Bond Issuance Costs.
“Indenture” means an Indenture of Trust entered into in connection with the issuance of each
series of PID Bonds, as amended from time to time, between the City and a Bond Trustee setting
forth terms and conditions related to a series of PID Bonds.
“Lot” means for any portion of the District for which a final subdivision plat has been recorded in
the official public records of the County, a tract of land described by “lot” in such final and
recorded subdivision plat.
“Lot Type” means a classification of final building Lots with similar characteristics (e.g.
commercial, light industrial, multi-family, single family residential, etc.), as determined by the
Administrator and confirmed by the City Council. In the case of single family residential Lots, the
Lot Type shall be further defined by classifying the residential Lots by the estimated final average
home value of the Lot as of the date of the recorded subdivision plat as determined by the
Administrator and confirmed by the City Council.
“Lot Type 1” means a Lot in Improvement Area #1 designated as such on the Improvement Area
#1 Assessment Roll, marketed to homebuilders as a 70’ Lot.
“Lot Type 2” means a Lot in Improvement Area #1 designated as such on the Improvement Area
#1 Assessment Roll, marketed to homebuilders as an 80’ Lot.
“Major Improvement Area” means approximately 276.014 acres located within the District, and
more specifically described in Exhibit C.
“Major Improvement Area Annual Installment” means the annual installment payment on the
Major Improvement Area Assessment as calculated by the Administrator and approved by the
City Council, that includes: (1) principal; (2) interest; (3) Annual Collection Costs; and (4)
Additional Interest.
“Major Improvement Area Assessed Property” means any Parcel within the Major Improvement
Area against which an Assessment is levied.
“Major Improvement Area Assessment” means an assessment levied against a Parcel within the
Major Improvement Area and imposed pursuant to an Assessment Ordinance and the provisions
herein, as shown on the Major Improvement Area Assessment Roll, subject to reallocation upon
the subdivision of such Parcel or reduction according to the provisions he rein and in the PID Act.
“Major Improvement Area Assessment Roll” means the Assessment Roll for the Major
Improvement Area Assessed Property within the District, as updated, modified or amended from
time to time in accordance with the procedures set forth herein and in the PID Act, including any
HURRICANE CREEK PRELIMINARY SERVICE AND ASSESSMENT PLAN 7
Annual Service Plan Updates. The Major Improvement Area Assessment Roll is included in this
Service and Assessment Plan as Exhibit F.
“Major Improvement Area Bonds” means those certain “City of Anna, Texas Special Assessment
Revenue Bonds, Series 2019 (Hurricane Creek Public Improvement District Major Improvement
Area Project)” that are secured by Major Improvement Area Assessments.
“Major Improvement Area Initial Parcel” means the all property located within the Major
Improvement Area, which is more particularly described by metes and bounds on Exhibit C,
against which the entire Major Improvement Area Assessment is levied as shown on Major
Improvement Area Assessment Roll attached hereto as Exhibit F.
“Major Improvement Area Projects” means: (1) the pro rata portion of the Major Improvements
allocable to the Major Improvement Area; and (2) District Formation and Bond Issuance Costs.
“Major Improvements” means those Authorized Improvements that confer special benefit to all
the Assessed Property within the District, and as further described in Section III.C.
“Maximum Assessment” means (1) for each Lot designated as Lot Type 1 or Lot Type 2, an
amount that will not exceed the amount shown on Exhibit N. In the event a final plat creates a
new Lot Type that differs from what is shown on Exhibit N, this Service and Assessment Plan will
be updated to reflect the new Lot Type, and the Maximum Ass essment for the new Lot Type
created by the revised plat shall be the highest practical amount that results in a total tax rate of
$3.09 per $100 of estimated buildout value (after the TIRZ No. 2 Annual Credit Amount, as such
term is defined in Section V.G.) for each new Lot Type, taking into consideration the tax rate of
all taxing entities. The Maximum Assessment shall only be calculated upon the recording of a
final plat in the official public records of the County; and (2) for each future Lot Type within the
Major Improvement Area, the highest practical amount that results in a total tax rate of $3.09
per $100 of estimated buildout value (after TIRZ Annual Credit Amount) for each new Lot
Type. The Maximum Assessment for each future Lot Type shall only be calculated upon the
recording of a final plat with the County.
“Non-Benefited Property” means Parcels within the boundaries of the District that accrue no
special benefit from the Authorized Improvements. Property is identified as Non-Benefitted
Property at the time the Assessments are (1) imposed or (2) reallocated pursuant to a subdivision
of a Parcel that is not assessed.
“Owner” means CADG Hurricane Creek, LLC, a Texas limited liability company, and any successor
owner of property in the District or any portion thereof.
“Parcel” or “Parcels” means a specific property within the District identified by either a tax map
identification number assigned by the Collin Central Appraisal District for real property tax
purpose, by metes and bounds 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
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 Assessment.
“Prepayment Costs” means interest, including Additional Interest, and Annual Collection Costs
to the date of Prepayment.
“Service and Assessment Plan” means this Hurricane Creek Public Improvement District Service
and Assessment Plan as amended from time to time.
“Service Plan” covers a period of at least five years and defines the annual indebtedness and
projected costs of the Authorized Improvements.
“TIRZ No. 2” means Tax Increment Reinvestment Zone No. 2, City of Anna, Texas created by the
City pursuant to TIRZ Creation Ordinance No. 804‐2019 on March 12, 2019.
“TIRZ” means a tax increment reinvestment zone created by the City for the benefit of each
Improvement Area.
“TIRZ Act” means Chapter 311, Texas Tax Code, as amended.
“TIRZ Agreement” means an agreement between the City and the Developer relating to a TIRZ
Annual Credit Amount.
“TIRZ Annual Credit Amount” means, for each year, the amounts paid by the City from a TIRZ
Fund to reduce an Annual Installment, which amount will be calculated pursuant to a TIRZ
Agreement for each TIRZ, not to exceed the amount described in Section V.G.2.
“TIRZ Creation Ordinance” means an ordinance adopted by the City Council creating a TIRZ and
a TIRZ Fund.
“TIRZ Final Plan” means a Final Project and Financing Plan for a TIRZ, adopted by the City Council
in accordance with the TIRZ Act, as the same may be amended from time to time.
“TIRZ Plan Ordinance” means an ordinance adopted by the City Council approving a TIRZ Final
Plan and authorizing the use of TIRZ Revenues for project costs related to certain public
HURRICANE CREEK PRELIMINARY SERVICE AND ASSESSMENT PLAN 8
HURRICANE CREEK PRELIMINARY SERVICE AND ASSESSMENT PLAN 9
improvements under the TIRZ Act, as provided for in the TIRZ Final Plan.
“TIRZ Fund” means the tax increment fund created pursuant to a TIRZ Creation Ordinance.
“TIRZ Revenues” mean, for each year, the amounts which are deposited in the TIRZ Fund
pursuant to the TIRZ Final Plan Ordinance, as described in the TIRZ Final Plan, and the TIRZ
Agreement.
HURRICANE CREEK PRELIMINARY SERVICE AND ASSESSMENT PLAN 10
SECTION II: THE DISTRICT
The District includes approximately 368.200 contiguous acres located within the City, as more
particularly described by metes and bounds on Exhibit A. Development of the District is
anticipated to include approximately 654 single-family homes.
Improvement Area #1 includes approximately 92.186 contiguous acres located within the City,
as more particularly described by metes and bounds on Exhibit B. Development of Improvement
Area #1 is anticipated to include approximately 215 single-family homes.
The Major Improvement Area includes approximately 276.014 contiguous acres located within
the City, as more particularly described by metes and bounds on Exhibit C. Development of the
Major Improvement Area is anticipated to include approximately 439 single-family homes.
SECTION III: AUTHORIZED IMPROVEMENTS
The City Council, based on information provided by the Owner and its engineer and reviewed by
the City staff and by third-party consultants retained by the City, has determined that the costs
described below are costs of Authorized Improvements, as defined by the PID Act, that confer a
special benefit on the Assessed Property. Allocation of the Authorized Improvements is shown
on Exhibit G.
A. Improvement Area #1 Improvements
All Improvement Area #1 Improvements will be designed and constructed in accordance
with City standards and specifications and will be owned and operated by the City.
▪ Street Improvements
Improvements including subgrade stabilization (including lime treatment and
compaction), concrete and reinforcing steel for roadways, testing, handicapped ramps,
and street lights. All related earthwork, excavation, erosion control, retaining walls,
intersections, signage, lighting and re-vegetation of all disturbed areas within the right-
of-way are included. The street improvements will provide street access to each Lot
within Improvement Area #1.
▪ Water Improvements
Improvements including trench excavation and embedment, trench safety, PVC piping,
manholes, service connections, testing, related earthwork, excavation, and erosion
control all necessary appurtenances required to provide water service to each Lot within
Improvement Area #1.
HURRICANE CREEK PRELIMINARY SERVICE AND ASSESSMENT PLAN 11
▪ Sanitary Sewer Improvements
Improvements including trench excavation and embedment, trench safety, PVC piping,
manholes, service connections, testing, related earthwork, excavation, and erosion
control all necessary appurtenances required to provide wastewater service to each Lot
within Improvement Area #1.
▪ Storm Drainage Improvements
Improvements including earthen channels, swales, curb and drop inlets, RCP piping and
boxes, headwalls, concrete flumes, rock rip rap, concrete outfalls, and testing as well as
all related earthwork, excavation, and erosion control necessary to provide sto rm
drainage for each Lot in Improvement Area #1.
B. Major Improvements
All Major Improvements will be designed and constructed in accordance with City
standards and specifications and will be owned and operated by the City.
▪ Street Improvements
Improvements include construction of perimeter road and thoroughfare improvements,
including related paving, drainage, curbs, gutters, sidewalks, retaining walls, signage, and
traffic control devices.
▪ Water Distribution System Improvements
Improvements consist of construction and installation of water lines, mains, pipes, valves
and appurtenances necessary for the water distribution system, as well as related testing,
trench safety and erosion protection, necessary to service the District.
▪ Sanitary Sewer Improvements
Improvements consist of construction and installation of pipes, service lines, manholes,
encasements and appurtenances necessary to provide sanitary sewer service to the
District.
▪ Storm Drainage Improvements
Improvements consist of reinforced concrete pipes, reinforced concrete boxes, and multi-
reinforced box culverts.
HURRICANE CREEK PRELIMINARY SERVICE AND ASSESSMENT PLAN 12
C. District Formation and Bond Issuance Costs
▪ Cost of Issuance
Includes costs of issuing a particular series of PID Bonds, including but not limited to issuer
fees, attorney fees, financial advisory fees, consultant fees, appraisal fees, printing costs,
publication costs, City costs, fees charged by the Texas Attorney General, and any other
cost or expense directly associated with the issuance of PID Bonds, including:
▪ Debt Service Reserve Fund
Equals the amount required under an Indenture in connection with the issuance
of a particular series of PID Bonds.
▪ Capitalized Interest
Equals the amount required under an Indenture in connection with the issuance
of a particular series of PID Bonds.
▪ Underwriter’s Discount
Equals a percentage of the par amount of a particular series of PID Bonds plus a
fee for underwriter’s counsel.
▪ District Formation
Includes 1st year District administration reserves, costs and expenses directly associated
with forming the District.
SECTION IV: SERVICE PLAN
The PID Act requires the Service Plan to cover a period of at least five years. The Service Plan is
required to define the annual projected costs and indebtedness for the Authorized
Improvements undertaken within the District during the five-year period. The Service Plan must
be reviewed and updated, at least annually, and approved by the City Council. Exhibit H
summarizes the Service Plan for the District.
Exhibit I summarizes the sources and uses of funds required to construct the Authorized
Improvements and pay the District Formation and Bond Issuance Costs. The sources and uses of
funds shown on Exhibit I shall be updated each year in the Annual Service Plan Update to reflect
any budget revisions and Actual Costs.
HURRICANE CREEK PRELIMINARY SERVICE AND ASSESSMENT PLAN 13
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
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 governing body may establish by ordinance or order reasonable
classifications and formulas for the apportionment of the cost between the municipality or the
City and the area to be assessed and the methods of assessing the specia l benefits for various
classes of improvements.
The determination by the City Council of the assessment methodologies set forth below is the
result of the discretionary exercise by the City Council of its legislative authority and
governmental powers and is conclusive and binding on the Owner and all future owners and
developers of the Assessed Property.
A. Assessment Methodology for Improvement Area #1
The City Council, acting in its legislative capacity based on information provided by the Owner
and its engineer and reviewed by the City staff and by third-party consultants retained by the
City, has determined that the Improvement Area #1 Projects shall be allocated to the
Improvement Area #1 Assessed Property by spreading the entire Improvement Area #1
Assessment across all Improvement Area #1 Assessed Property based on the ratio of the
estimated build out value of each Parcel within Improvement Area #1 to the estimated build out
value for all Parcels within Improvement Area #1.
B. Assessment Methodology for the Major Improvement Area
The City Council, acting in its legislative capacity based on information provided by the Owner
and its engineer and reviewed by the City staff and by third -party consultants retained by the
City, has determined that the Major Improvement Area Projects shall be allocated to the Major
Improvement Area Assessed Property by spreading the entire Major Improvement Area
Assessment across all Major Improvement Area Assessed Property based on the ratio of the
estimated build out value of each Parcel within the Major Improvement Area to the estimated
build out value for all Parcels within the Major Improvement Area.
C. Assessments
The Improvement Area #1 Assessment will be levied on the Improvement Area #1 Initial Parcel
in the amount shown on the Improvement Area #1 Assessment Roll, attached hereto as Exhibit
HURRICANE CREEK PRELIMINARY SERVICE AND ASSESSMENT PLAN 14
E. The projected Improvement Area #1 Annual Installments are shown on Exhibit J. Upon
subdivision of the Improvement Area #1 Initial Parcel by the recording of a final plat in the official
public records of the County, Improvement Area #1 Assessment will be reallocated pursuant to
Section VI.
The Major Improvement Area Assessment will be levied on the Major Improvement Area Initial
Parcel in the amount shown on the Major Improvement Area Assessment Roll, attached hereto
as Exhibit F. The projected Major Improvement Area Annual Installments are shown on Exhibit
K. Upon subdivision of the Major Improvement Area Initial Parcel by the recording of a final plat
in the official public records of the County, the Major Improvement Area Assessment will be
reallocated pursuant to Section VI.
Exhibit N shows the estimated Assessment and Annual Installment for each Lot Type within
Improvement Area #1. The projected Assessment and Annual Installment shown on Exhibit N
are preliminary and are subject to change based on the land uses contained within the final plat ,
but in no case will the Assessment for any Lot Type exceed the Maximum Assessment.
D. Findings of Special Benefit
The City Council, acting in its legislative capacity based on information provided by the Owner
and its engineer and reviewed by the City staff and by third-party consultants retained by City,
has found and determined:
▪ Improvement Area #1
▪ The costs of the Improvement Area #1 Projects equal $8,384,413 as shown on
Exhibit G; and
▪ The Improvement Area #1 Assessed Property receives special benefit from the
Improvement Area #1 Projects equal to or greater than the Actual Cost of the
Improvement Area #1 Projects; and
▪ The Improvement Area #1 Initial Parcel will be allocated 100% of the Improvement
Area #1 Assessment levied for the Improvement Area #1 Projects, which equal
$7,375,000 as shown on the Improvement Area #1 Assessment Roll attached
hereto as Exhibit E;
▪ The special benefit ( $8,384,413) received by the Improvement Area #1 Initial
Parcel from the Improvement Area #1 Projects is equal to or greater than the
amount of the Improvement Area #1 Assessment ($7,375,000) levied on the
Improvement Area #1 Initial Parcel for the Improvement Area #1 Projects; and
▪ At the time the City Council approved the Service and Assessment Plan, the Owner
owned 100% of the Improvement Area #1 Initial Parcel. The Owner acknowledged
HURRICANE CREEK PRELIMINARY SERVICE AND ASSESSMENT PLAN 15
that the Improvement Area #1 Projects confer a special benefit on the
Improvement Area #1 Initial Parcel and consented to the imposition of the
Improvement Area #1 Assessment to pay for the Actual Costs associated
therewith. The Owner ratified, confirmed, accepted, agreed to, and approved: (1)
the determinations and findings by the City Council as to the special benefits
described herein and the Assessment Ordinance; (2) the Service and Assessment
Plan and the Assessment Ordinance, and (3) the levying of the Improvement Area
#1 Assessment on the Improvement Area #1 Initial Parcel.
▪ Major Improvement Area
▪ The costs of the Major Improvement Area Projects equal $3,535,000, as shown on
Exhibit G; and
▪ The Major Improvement Area Assessed Property receives special benefit from the
Major Improvement Area Projects equal to or greater than the Actual Cost of the
Major Improvement Area Projects; and
▪ The Major Improvement Area Initial Parcel will be allocated 100% of the Major
Improvement Area Assessment levied for the Major Improvement Area Projects,
which equal $3,535,000 as shown on the Major Improvement Area Assessment
Roll attached hereto as Exhibit F;
▪ The special benefit ( $3,535,000) received by the Major Improvement Area Initial
Parcel from the Major Improvement Area Projects is greater than or equal to the
amount of the Major Improvement Area Assessment ($3,535,000) levied on the
Major Improvement Area Initial Parcel for the Major Improvement Area Projects;
and
▪ At the time the City Council approved the Service and Assessment Plan, the Owner
owned 100% of the Major Improvement Area Initial Parcel. The Owner
acknowledged that the Major Improvement Area Projects confer a special benefit
on the Major Improvement Area Initial Parcel and consented to the imposition of
the Major Improvement Area Assessments to pay for the Actual Costs associated
therewith. The Owner has ratified, confirmed, accepted, agreed to, and approved:
(1) the determinations and findings by the City Council as to the special benefits
described herein and the Assessment Ordinance; (2) the Service and Assessment
Plan and the Assessment Ordinance, and (3) the levying of Major Improvement
Area Assessment on the Major Improvement Area Initial Parcel.
HURRICANE CREEK PRELIMINARY SERVICE AND ASSESSMENT PLAN 16
E. Annual Collection Costs
The Annual Collection Costs shall be paid for by 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.
F. Additional Interest
The interest rate on Assessments levied on the Assessed Property may exceed the interest rate
on the PID Bonds by the Additional Interest Rate. Additional Interest shall be collected as part of
each Annual Installment and shall be deposited into a reserve account and segregated from other
funds of the City, pursuant to the Indenture.
G. TIRZ No. 2 Annual Credit Amount
In accordance with the TIRZ Final Plan Ordinance and the TIRZ Agreement for TIRZ No. 2, the City
Council has agreed to use a portion of TIRZ Revenues generated from TIRZ No. 2 to reduce the
Improvement Area #1 Annual Installment for all Improvement Area #1 Assessed Property (the
“TIRZ No. 2 Annual Credit Amount”) based on the desire of the City Council to maintain a
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
Installment based on assumed buildout values.
1. The Improvement Area #1 Annual Installment for a Parcel shall be calculated from the
previous tax year’s TIRZ Revenues then on deposit in the TIRZ Fund for TIRZ No. 2 (i.e., TIRZ
Revenues collected in 2019 shall be applied as the TIRZ No. 2 Annual Credit Amount
applicable to Improvement Area #1 Annual Installments to be collected in 2020), but in no
event shall the TIRZ No. 2 Annual Credit Amount exceed the amounts shown in Section V.G.2
as calculated on Exhibit R for each Parcel.
2. The TIRZ No. 2 Annual Credit Amount available to reduce the Improvement Area #1 Annual
Installment for a Parcel is calculated for each Lot Type within Improvement Area #1, as shown
on Exhibit R. The TIRZ No. 2 Annual Credit Amount is calculated so that the average
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 exceed s the competitive,
composite ad valorem equivalent tax rate ($3.09 per $100 of assessed value) taking into
consideration the tax rates of all applicable taxing units and the equivalent tax rate of the
Improvement Area #1 Annual Installments based on assumed buildout values at the time the
City Council approves the Assessment Ordinance for Improveme nt Area #1. The TIRZ No. 2
HURRICANE CREEK PRELIMINARY SERVICE AND ASSESSMENT PLAN 17
Annual Credit Amount for Lot Type 1 and Lot Type 2 will be calculated pursuant to the TIRZ
Agreement for TIRZ No. 2, but in no event will the TIRZ No. 2 Annual Credit Amount for Lot
Type 1 and Lot Type 2 exceed the amounts shown below:
a. Maximum TIRZ No. 2 Annual Credit Amount for Lot Type 1: $1,151
b. Maximum TIRZ No. 2 Annual Credit Amount for Lot Type 2: $1,316
3. If the debt service on issued and outstanding Improvement Area #1 Bonds is reduced as the
result of an economic refunding of those Improvement Area #1 Bonds, the Prepayment of
Improvement Area #1 Assessments, or the redemption of Improvement Area #1 Bonds, then
there would be a corresponding reduction in the Improvement Area #1 Assessment and the
Improvement Area #1 Annual Installment; in which case the TIRZ No. 2 Annual Credit Amount
will be recalculated according to Section V.G.2 above. In such case, the reduced Improvement
Area #1 Assessment and Improvement Area #1 Annual Installment, as shown on the
Improvement Area #1 Assessment Roll, shall be reflected in the next Annual Service Plan
Update and approved by City Council.
SECTION VI: TERMS OF THE ASSESSMENTS
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 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 buildout value of an Assessed Property shall be performed by the
Administrator and confirmed by the City Council based on information from the Owner,
homebuilders, market studies, appraisals, official public records of the County, and any
other relevant information regarding the Assessed Property. The calculation as confirmed
by the City Council shall be conclusive.
HURRICANE CREEK PRELIMINARY SERVICE AND ASSESSMENT PLAN 18
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 thi s section shall be
reflected in the next Annual Service Plan Update and approved by the City Council.
2. Upon Subdivision by a Recorded Subdivision Plat
Upon the subdivision of any Assessed Property based on a recorded subdivision plat, the
Administrator shall reallocate the Assessment for the Assessed Property prior to the
subdivision among the new subdivided Lots based on 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 average buildout value of all newly subdivided Lots
with same Lot Type
D = the sum of the estimated average buildout value for all of the newly subdivided
Lots excluding Non-Benefitted Property
E= the number of Lots with same Lot Type
Prior to the recording of a subdivision plat, the Owner 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 considering factors such as density, lot size, proximity to
amenities, view premiums, location, market conditions, historical sales, discussions with
homebuilders, and any other factors that may impact value. The calculation of the
estimated average buildout value for a Lot shall be performed by the Administrator and
confirmed by the City Council based on information provided by the Owner,
homebuilders, third party consultants, and/or the official public records of the County
regarding the Lot.
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 next Annual Service Plan Update and approved by the City
Council.
HURRICANE CREEK PRELIMINARY SERVICE AND ASSESSMENT PLAN 19
3. Upon Consolidation
If two or more Lots or Parcels are consolidated, the Administrator shall allocate the
Assessments against the Lots or Parcels before the consolidation to the consolidated Lot
or Parcel, which allocation shall be reflected in the next Annual Service Plan Update and
approved by the City Council.
B. Mandatory Prepayment of Assessments
1. Transfer to exempt person or entity
If the Assessed Property is transferred to a person or entity that is exempt from payment
of the Assessment, the owner transferring the Assessed Property shall pay to the City the
full amount of the Assessment, plus Prepayment Costs and Delinquent Collection Costs,
prior to the transfer. If the owner of the Assessed Property causes the Assessed Property
to become Non-Benefited Property, the owner causing the change in status shall pay to
the City the full amount of the Assessment, plus Prepayment Costs and Delinquent
Collection Costs, prior to the change in status.
2. 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, then (i) the Assessment applicable to
each Lot Type shall each be reduced to the Maximum Assessment, and (ii) the person or
entity filing the plat shall pay to the City the amount the Assessment was reduced, plus
Prepayment Costs and Delinquent Collection Costs, prior to the City approving the final
plat.
C. Reduction of Assessment s
If as a result of cost savings or an Authorized Improvement not being constructed, the Actual
Costs of completed Authorized Improvements are less than the Assessments, the City Council
shall reduce each Assessment on a pro-rata basis such that the sum of the resulting reduced
Assessments for all Assessed Properties equals the reduced Actual Costs. Excess PID Bond
proceeds shall be applied to redeem outstanding PID Bonds. The Assessments shall not,
however, be reduced to an amount less than the 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.
HURRICANE CREEK PRELIMINARY SERVICE AND ASSESSMENT PLAN 20
D. Prep ayment of Assessment s
The owner of the Assessed Property may pay, at any time, all or any part of an Assessment in
accordance with the PID Act. Prepayment Costs, if any, may be paid from the Additional Interest.
If an Annual Installment has been billed prior to the Prepayment, the Annual Installment shall be
due and payable and shall be credited against the Prepayment.
If an Assessment is paid in full, with interest: (1) the Administrator shall cause the Assessment to
be reduced to zero and the Assessment Roll to be revised accordingly; (2) the Administrator shall
cause the revised Assessment Roll to be approved by the City Council as part of the next Annual
Service Plan Update; (3) the obligation to pay the Assessment and corresponding Annual
Installments shall terminate; and (4) the City shall provide the owner with a recordable "Notice
of PID Assessment Termination."
If an Assessment is paid in part, with interest: (1) the Administrator shall cause the Assessment
to be reduced and the Assessment Roll revised accordingly; (2) the Administrator shall cause the
revised Assessment Roll to be approved by the City Council as part of the next Annual Service
Plan Update; and (3) the obligation to pay the Assessment and corresponding Annual
Installments shall be reduced.
E. Payment of Assessment in Annual Installments
Exhibit J shows the estimated Annual Installments for Improvement Area #1, and Exhibit K shows
the estimated Annual Installments for the Major Improvement Area. Assessments that are not
paid in full shall be due and payable in Annual Installments. Annual Installments are subject to
adjustment in each Annual Service Plan Update. Interest will begin accruing on the outstanding
Assessment on the date interest begins accruing on the applicable PID Bonds.
If any Parcel shown on the Assessment Roll is assigned multiple tax identification numbers, the
Annual Installment shall be allocated pro rata based on the acreage of the property as shown by
Collin Central Appraisal District for each tax 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 shall be paid for by 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 the Annual Credit Amount and
any credits applied under an applicable Indenture, such as capitalized interest, interest earnings
on account balances, and any other funds available to the Bond 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
HURRICANE CREEK PRELIMINARY SERVICE AND ASSESSMENT PLAN 21
foreclosure sale in case of delinquencies as set forth in the PID Act and in the same manner as ad
valorem taxes for the City. The City Council may provide for other means of collecting Annual
Installments. Assessments shall have the lien priority specified in the PID Act.
Sales of the Assessed Property for nonpayment of Annual Installments shall be subject to the lien
for the remaining unpaid Annual Installments against the Assessed Property, and the Assessed
Property may again be sold at a judicial foreclosure sale if the purchaser fails to timely pay the
non-delinquent Annual Installments as they become due and payable.
The City reserves the right to refund PID Bonds in accordance with 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 refun ding bonds shall
constitute “PID Bonds.”
Each Annual Installment of an Assessment, including interest on the unpaid principal of the
Assessment, shall be updated annually. Each Annual Installment shall be due when billed and
shall be delinquent if not paid prior to February 1 of the following year. The initial Annual
Installments relating to the PID Bonds shall be due when billed and shall be delinquent if not paid
prior to February 1, 2020.
SECTION VII: ASSESSMENT ROLL
The Improvement Area #1 Assessment Roll is attached as Exhibit E. The Administrator shall
prepare, and submit to the City Council for review and approval, proposed revisions to the
Improvement Area #1 Assessment Roll and Improvement Area #1 Annual Installments for each
Parcel as part of each Annual Service Plan Update.
The Major Improvement Area Assessment Roll is attached as Exhibit F. The Administrator shall
prepare, and submit to the City Council for review and approval, proposed revisions to the Major
Improvement Area Assessment Roll and Major Improvement Area Annual Installments for each
Parcel as part of each Annual Service Plan Update.
SECTION VIII: ADDITIONAL PROVISIONS
A. Calculation Errors
If the owner of a Parcel claims that an error has been made in a ny 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 approval
HURRICANE CREEK PRELIMINARY SERVICE AND ASSESSMENT PLAN 22
of the calculation; otherwise, the owner shall be deemed to have uncon ditionally approved and
accepted the calculation. Upon receipt of a written notice of error from an owner the
Administrator shall provide a written response to the City Council and the owner within 30 days
of such referral. The City Council shall consider the owner’s notice of error and the
Administrator’s response at a public hearing, and within 30 days after closing such hearing, 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 Assessment Ordinance, the
Indenture, or is 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 or developers adversely affected by the
interpretation. Appeals shall be decided by the City Council after holding a public hearing at
which all interested parties have an opportunity to be heard. Decisions by the City Council shall
be final and binding on the owners and developers and their succes sors and assigns.
D. 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.
HURRICANE CREEK PRELIMINARY SERVICE AND ASSESSMENT PLAN 23
EXHIBITS
The following Exhibits are attached to and made a part of this Service and Assessment Plan for
all purposes:
Exhibit A District Map & Legal Description
Exhibit B Improvement Area #1 Legal Description
Exhibit C Major Improvement Area Legal Description
Exhibit D Map of Improvement Area #1 and Major Improvement Area
Exhibit E Improvement Area #1 Assessment Roll
Exhibit F Major Improvement Area Assessment Roll
Exhibit G Allocation of Authorized Improvements
Exhibit H Service Plan
Exhibit I Sources and Uses of Funds
Exhibit J Improvement Area #1 Annual Installments
Exhibit K Major Improvement Area Annual Installments
Exhibit L Lot Type 1 Annual Installments
Exhibit M Lot Type 2 Annual Installments
Exhibit N Improvement Area #1 Allocation by Lot Type
Exhibit O Map(s) of Improvement Area #1 Improvements
Exhibit P Map(s) of Major Improvements
Exhibit Q Allocation of Major Improvements
Exhibit R Annual TIRZ Credit by Lot Type
HURRICANE CREEK PRELIMINARY SERVICE AND ASSESSMENT PLAN 24
EXHIBIT A – DISTRICT MAP & LEGAL DESCRIPTION
HURRICANE CREEK PRELIMINARY SERVICE AND ASSESSMENT PLAN 25
HURRICANE CREEK PRELIMINARY SERVICE AND ASSESSMENT PLAN 26
EXHIBIT B – IMPROVEMENT AREA #1 LEGAL DESCRIPTION
HURRICANE CREEK PRELIMINARY SERVICE AND ASSESSMENT PLAN 27
HURRICANE CREEK PRELIMINARY SERVICE AND ASSESSMENT PLAN 28
EXHIBIT C – MAJOR IMPROVEMENT AREA LEGAL DESCRIPTION
BEING a tract of land situated in the Joseph Boyle Survey, Abstract Number 105, W.S. Rattan
Survey, Abstract Number 752, T. Rattan Survey, Abstract Number 782, and the J. Coffman
Survey, Abstract Number 197, Collin County, Texas and being part of that tract of land
described in deed to CADG Hurricane Creek, LLC, recorded in Instrument Number
20150529000631020 of the Official Public Records of Collin County, Texas and being more
particularly described as follows:
BEGINNING at the southernmost southeast corner of said CADG Hurricane Creek, LLC tract;
THENCE S 89°54’24”W, 2,687.84 feet;
THENCE N 00°04’27”W, 387.21 feet;
THENCE N 89°58’14”W, 849.21 feet;
THENCE N 03°33’44”E, 1,188.00 feet;
THENCE N 88°26’26”W, 365.15 feet;
THENCE N 23°08’27”W, 67.47 feet;
THENCE N 02°48’15”E, 1,930.31 feet;
THENCE N 89°52’55”E, 465.63 feet;
THENCE N 89°15’32”E, 742.56 feet;
THENCE S 90°00’00”E, 1,755.97 feet;
THENCE N 89°11’00”E, 794.06 feet;
THENCE S 00°10’57”W, 232.18 feet;
THENCE N 89°56’12”E, 1184.36 feet;
THENCE S 01°06’39”E, 55.96 feet to the beginning of a curve to the right;
THENCE with said curve to the right, an arc distance of 205.39 feet, through a central angle of
16°48’41”, having a radius of 700.00 feet, the long chord which bears S 07°17’41”W, 204.65
feet;
THENCE S 15°42’02”W, 121.60 feet to the beginning of a curve to the left;
THENCE with said curve to the left, an arc distance of 205.39 feet, through a central angle of
HURRICANE CREEK PRELIMINARY SERVICE AND ASSESSMENT PLAN 29
16°48’41”, having a radius of 700.00 feet, the long chord which bears S 07°17’41”W, 204.65
feet;
THENCE S 01°06’39”E, 201.55 feet to the beginning of a curve to the right;
THENCE with said curve to the right, an arc distance of 116.43 feet, through a central angle of
09°31’48”, having a radius of 699.99 feet, the long chord which bears S 03°39’15”W, 116.30
feet;
THENCE S 08°25’09”W, 393.86 feet to the beginning of a curve to the left;
THENCE with said curve to the left, an arc distance of 101.69 feet, through a central angle of
08°19’23”, having a radius of 700.03 feet, the long chord which bears S 04°15’28”W, 101.60
feet;
THENCE S 00°05’44”W, 1035.62 feet to the beginning of a curve to the right;
THENCE with said curve to the right, an arc distance of 530.61 feet, through a central angle of
43°25’52”, having a radius of 700.00 feet, the long chord which bears S 21°48’40”W, 518.00
feet;
THENCE S 43°31’37”W, 241.38 feet to the beginning of a curve to the right;
THENCE with said curve to the right, an arc distance of 25.41 feet, through a central angle of
00°02’48”, having a radius of 400.00 feet, the long chord which bears S 43°40’02”W, 25.41 feet;
THENCE N 89°44’50”W, 655.06 feet;
THENCE S 00°56’11”E, 265.80 feet to the Point of Beginning and containing 16,037,378 square
feet or 368.2 acres of land more or less.
SAVE AND EXCEPT
BEING a tract of land situated in the Joseph Boyle Survey, Abstract Number 105, W.S. Rattan
Survey, Abstract Number 752, T. Rattan Survey, Abstract Number 782, and the J. Coffman
Survey, Abstract Number 197, Collin County, Texas and being part of that tract of land
described in deed to CADG Hurricane Creek, LLC, recorded in Instrument Number
20150529000631020 of the Official Public Records of Collin County, Texas and being more
particularly described as follows:
BEGINNING at the southernmost southeast corner of said CADG Hurricane Creek, LLC tract;
THENCE S 88°58'27” W, 1,910.63 feet;
THENCE N 00°15'27” E, 421.11 feet;
HURRICANE CREEK PRELIMINARY SERVICE AND ASSESSMENT PLAN 30
THENCE N 46°18'49” E, 320.76 feet;
THENCE N 43°41'11” W, 120.00 feet;
THENCE S46°18'49” W, 117.06 feet;
THENCE N 43°41'11” W, 50.00 feet;
THENCE N 46°18'49” E, 145.00 feet;
THENCE N 43°41'11” W, 120.00 feet;
THENCE N 46°18'49” E, 570.00 feet;
THENCE N 43°41'11” W, 170.00 feet;
THENCE N 46°18'49” E, 2.17 feet to the beginning of a curve to the right;
THENCE, with said curve to the right, an arc distance of 47.91 feet, through a central angle of
05°54'13”, having a radius of 465.00 feet, the long chord bears N 49°15'56” E, 47.89 feet;
THENCE N 43°41'11” W, 163.78 feet;
THENCE N 46°18'49” E, 259.23 feet;
THENCE N 89°13'07” E, 741.15 feet;
THENCE S 23°12'58” E, 16.58 feet;
THENCE N 89°13'07” E, 140.84 feet;
THENCE N 59°26'33” E, 195.37 feet;
THENCE N 89°13'07” E, 731.48 feet;
THENCE S 00°46'53” E, 284.46 feet;
THENCE N 89°13'07” E, 525.00 feet;
THENCE S 00°46'53” E, 460.00 feet;
THENCE S 89°13'07” W, 170.00 feet;
THENCE S 01°32'35” W, 138.83 feet;
THENCE S 03°56'49” W, 63.28 feet;
HURRICANE CREEK PRELIMINARY SERVICE AND ASSESSMENT PLAN 31
THENCE S 20°40'36” W, 64.06 feet;
THENCE S 34°31'32” W, 64.92 feet;
THENCE S 56°29'24” W, 66.49 feet;
THENCE S 55°11'09” W, 70.72 feet;
THENCE S 33°07'12” E, 131.90 feet;
THENCE S 36°16'47” E, 50.00 feet;
THENCE S 53°43'13” W, 1.72 feet;
THENCE S 36°16'47” E, 163.61 feet to the beginning of a curve to the right;
THENCE with said curve to the right, an arc distance of 61.57 feet, through an angle of
05°02'21”, having a radius of 700.00 feet, and a long chord which bears S 56°44'35” W, 61.55
feet;
THENCE S 59°01'02” W, 294.65 feet;
THENCE S 89°21'12” W, 420.50 feet;
THENCE S 01°31'10” E, 184.67 feet to the POINT OF BEGINNING and containing 4,015,625
square feet or 92.186 acres of land, more or less.
"This document was prepared under 22 TAC 663.21, does not reflect the results of an on the
ground
survey, and is not to be used to convey or establish interests in real property except those rights
and
interests implied or established by the creation or reconfiguration of the boundary of the political
subdivision for which it was prepared."
HURRICANE CREEK PRELIMINARY SERVICE AND ASSESSMENT PLAN 32
EXHIBIT D – MAP OF IMPROVEMENT AREA #1 & MAJOR IMPROVEMENT AREA
HURRICANE CREEK PRELIMINARY SERVICE AND ASSESSMENT PLAN 33
EXHIBIT E – IMPROVEMENT AREA #1 ASSESSMENT ROLL
Parcel ID
Outstanding
Assessment
Annual Installment
due 1/31/2020
Improvement Area #1 Initial Parcel 7,375,000.00$ 66,875.00$
Total 7,375,000.00$ 66,875.00$
Improvement Area #1
HURRICANE CREEK PRELIMINARY SERVICE AND ASSESSMENT PLAN 34
EXHIBIT F – MAJOR IMPROVEMENT AREA ASSESSMENT ROLL
Parcel ID
Outstanding
Assessment
Annual Installment
due 1/31/2020
Major Improvement Area Initial Parcel 3,535,000.00$ 47,675.00$
Total 3,535,000.00$ 47,675.00$
Major Improvement Area
HURRICANE CREEK PRELIMINARY SERVICE AND ASSESSMENT PLAN 35
EXHIBIT G – ALLOCATION OF AUTHORIZED IMPROVEMENTS
%Cost %Cost %Cost
Major Improvements
Street 1,400,925$ 0.00%-$ 31.51%441,430$ 68.49%959,495$
Water 380,448 15.47%58,856 26.64%101,333 57.89%220,259
Sanitary Sewer 1,217,219 13.96%169,891 27.11%330,012 58.93%717,315
Developer District Formation Expenses 597,350 0.00%- 31.51%188,224 68.49%409,126
Geotechnical testing, SWPPP, Flood Study 148,984 0.00%- 31.51%46,945 68.49%102,039
Subtotal 3,744,926$ 228,747$ 1,107,944$ 2,408,234$
Improvement Area #1 Improvements
Street 2,701,765$ 0.00%-$ 100.00%2,701,765$ 0.00%-$
Water 838,296 0.00%- 100.00%838,296 0.00%-
Sanitary Sewer 714,688 0.00%- 100.00%714,688 0.00%-
Storm Drainage 647,921 0.00%- 100.00%647,921 0.00%-
Street Lights/Hike & Bike Trail 463,943 0.00%- 100.00%463,943 0.00%-
Subtotal 5,366,613$ -$ 5,366,613$ -$
PID Formation and Bond Issuance Costs
Debt Service Reserve Fund 877,050$ -$ 585,750$ 291,300$
Capitilized Interest 1,161,150 - 670,445 490,705
Underwriter Discount 327,300 - 221,250 106,050
Cost of Issuance 601,122 - 397,411 203,711
1st Year Administrative Costs 70,000 - 35,000 35,000
Subtotal 3,036,621$ -$ 1,909,855$ 1,126,766$
Total 12,148,160$ 228,747$ 8,384,413$ 3,535,000$
Total Costs⁽¹⁾Improvement Area #1 Major Improvement AreaNon-PID (Oversizing)
⁽¹⁾ Cost per the Engineer's Estimate of Probable Cost provided by Peloton Land Solutions as of December 3, 2018. The oversizing estimate was provided by Peloton Land
Solutions on December 19, 2018. All costs include 12.0% Engineering and Survey, 3.0% PPM Bonds, 3.0% Inspection Fees, 2.0% Contingency for Improvement Area #1
Improvements and 3.8% Contingency for Major Improvements.
HURRICANE CREEK PRELIMINARY SERVICE AND ASSESSMENT PLAN 36
EXHIBIT H – SERVICE PLAN
Installments Due 1/31/2019 1/31/2020 1/31/2021 1/31/2022 1/31/2023
Principal -$ -$ 105,000$ 110,000$ 115,000$
Interest 199,957 470,488 470,488 464,450 458,125
Capitalized Interest (199,957) (470,488) - - -
Total Debt Service (1)-$ -$ 575,488$ 574,450$ 573,125$
Annual Collection Costs -$ 30,000$ 30,600$ 31,212$ 31,836$
Total Annual Collection Costs (2)-$ 30,000$ 30,600$ 31,212$ 31,836$
Additional Interest Reserve -$ 36,875$ 36,875$ 36,350$ 35,800$
Total Reserve Requirements (3)-$ 36,875$ 36,875$ 36,350$ 35,800$
Total Budget (4) = (1) + (2) + (3)-$ 66,875$ 642,963$ 642,012$ 640,761$
Installments Due 1/31/2019 1/31/2020 1/31/2021 1/31/2022 1/31/2023
Principal -$ -$ -$ 55,000$ 60,000$
Interest 99,705 234,600 234,600 234,600 231,300
Capitalized Interest (99,705) (234,600) (156,400) - -
Total Debt Service (1)-$ -$ 78,200$ 289,600$ 291,300$
Annual Collection Costs -$ 30,000$ 30,600$ 31,212$ 31,836$
Total Annual Collection Costs (3)-$ 30,000$ 30,600$ 31,212$ 31,836$
Additional Interest Reserve -$ 17,675$ 17,675$ 17,675$ 17,400$
Total Reserve Requirements (4)-$ 17,675$ 17,675$ 17,675$ 17,400$
Total Budget (5) = (1) + (2) + (3) + (4)-$ 47,675$ 126,475$ 338,487$ 340,536$
Improvement Area #1
Major Improvement Area
HURRICANE CREEK PRELIMINARY SERVICE AND ASSESSMENT PLAN 37
EXHIBIT I – SOURCES AND USES OF FUNDS
Improvement Area #1 Major Improvement Area
Gross Bond Amount 7,375,000$ 3,535,000$
Owner Contribution⁽1⁾1,009,413 -
Total Sources 8,384,413$ 3,535,000$
Improvement Area #1 Improvements 5,366,613$ -$
Major Improvements 1,107,944 2,408,234
6,474,557$ 2,408,234$
Debt Service Reserve Fund 585,750$ 291,300$
Capitalized Interest 670,445 490,705
Underwriter Discount 221,250 106,050
Cost of Issuance 397,411 203,711
1st Year Administrative Costs 35,000 35,000
Additional Proceeds - -
1,909,855$ 1,126,766$
Total Uses 8,384,413$ 3,535,000$
Sources of Funds
Uses of Funds
⁽¹⁾ Non-reimbursable to Owner.
HURRICANE CREEK PRELIMINARY SERVICE AND ASSESSMENT PLAN 38
EXHIBIT J – IMPROVEMENT AREA #1 ESTIMATED ANNUAL INSTALLMENTS
Annual Installment
Due January 31,Principal Interest (a)Annual Collection
Costs
Additional
Interest
Capitalized
Interest
Reserve
Fund
Total Annual
Installment
2019 -$ 199,957$ -$ -$ (199,957)$ -$ -$
2020 -$ 470,488$ 30,000$ 36,875$ (470,488)$ -$ 66,875$
2021 105,000$ 470,488$ 30,600$ 36,875$ -$ -$ 642,963$
2022 110,000$ 464,450$ 31,212$ 36,350$ -$ -$ 642,012$
2023 115,000$ 458,125$ 31,836$ 35,800$ -$ -$ 640,761$
2024 125,000$ 451,513$ 32,473$ 35,225$ -$ -$ 644,210$
2025 130,000$ 444,325$ 33,122$ 34,600$ -$ -$ 642,047$
2026 135,000$ 436,850$ 33,785$ 33,950$ -$ -$ 639,585$
2027 145,000$ 429,088$ 34,461$ 33,275$ -$ -$ 641,823$
2028 155,000$ 420,750$ 35,150$ 32,550$ -$ -$ 643,450$
2029 165,000$ 411,838$ 35,853$ 31,775$ -$ -$ 644,465$
2030 170,000$ 402,350$ 36,570$ 30,950$ -$ -$ 639,870$
2031 185,000$ 391,300$ 37,301$ 30,100$ -$ -$ 643,701$
2032 195,000$ 379,275$ 38,047$ 29,175$ -$ -$ 641,497$
2033 210,000$ 366,600$ 38,808$ 28,200$ -$ -$ 643,608$
2034 220,000$ 352,950$ 39,584$ 27,150$ -$ -$ 639,684$
2035 235,000$ 338,650$ 40,376$ 26,050$ -$ -$ 640,076$
2036 250,000$ 323,375$ 41,184$ 24,875$ -$ -$ 639,434$
2037 270,000$ 307,125$ 42,007$ 23,625$ -$ -$ 642,757$
2038 285,000$ 289,575$ 42,847$ 22,275$ -$ -$ 639,697$
2039 305,000$ 271,050$ 43,704$ 20,850$ -$ -$ 640,604$
2040 325,000$ 251,225$ 44,578$ 19,325$ -$ -$ 640,128$
2041 350,000$ 230,100$ 45,470$ 17,700$ -$ -$ 643,270$
2042 370,000$ 207,350$ 46,379$ 15,950$ -$ -$ 639,679$
2043 395,000$ 183,300$ 47,307$ 14,100$ -$ -$ 639,707$
2044 425,000$ 157,625$ 48,253$ 12,125$ -$ -$ 643,003$
2045 450,000$ 130,000$ 49,218$ 10,000$ -$ -$ 639,218$
2046 485,000$ 100,750$ 50,203$ 7,750$ -$ -$ 643,703$
2047 515,000$ 69,225$ 51,207$ 5,325$ -$ -$ 640,757$
2048 550,000$ 35,750$ 52,231$ 2,750$ -$ (585,750)$ 54,981$
Total 7,375,000$ 9,445,445$ 1,163,767$ 715,550$ (670,445)$ (585,750)$ 17,443,567$
HURRICANE CREEK PRELIMINARY SERVICE AND ASSESSMENT PLAN 39
EXHIBIT K – MAJOR IMPROVEMENT AREA ESTIMATED ANNUAL INSTALLMENTS
Annual Installment
Due January 31,Principal Interest (a)Annual Collection
Costs
Additional
Interest
Capitalized
Interest
Reserve
Fund
Total Annual
Installment
2019 -$ 99,705$ -$ -$ (99,705)$ -$ -$
2020 -$ 234,600$ 30,000$ 17,675$ (234,600)$ -$ 47,675$
2021 -$ 234,600$ 30,600$ 17,675$ (156,400)$ -$ 126,475$
2022 55,000$ 234,600$ 31,212$ 17,675$ -$ -$ 338,487$
2023 60,000$ 231,300$ 31,836$ 17,400$ -$ -$ 340,536$
2024 60,000$ 227,700$ 32,473$ 17,100$ -$ -$ 337,273$
2025 65,000$ 224,100$ 33,122$ 16,800$ -$ -$ 339,022$
2026 70,000$ 220,200$ 33,785$ 16,475$ -$ -$ 340,460$
2027 70,000$ 216,000$ 34,461$ 16,125$ -$ -$ 336,586$
2028 75,000$ 211,800$ 35,150$ 15,775$ -$ -$ 337,725$
2029 80,000$ 207,300$ 35,853$ 15,400$ -$ -$ 338,553$
2030 85,000$ 202,500$ 36,570$ 15,000$ -$ -$ 339,070$
2031 90,000$ 196,763$ 37,301$ 14,575$ -$ -$ 338,639$
2032 95,000$ 190,688$ 38,047$ 14,125$ -$ -$ 337,860$
2033 100,000$ 184,275$ 38,808$ 13,650$ -$ -$ 336,733$
2034 105,000$ 177,525$ 39,584$ 13,150$ -$ -$ 335,259$
2035 115,000$ 170,438$ 40,376$ 12,625$ -$ -$ 338,439$
2036 120,000$ 162,675$ 41,184$ 12,050$ -$ -$ 335,909$
2037 130,000$ 154,575$ 42,007$ 11,450$ -$ -$ 338,032$
2038 140,000$ 145,800$ 42,847$ 10,800$ -$ -$ 339,447$
2039 150,000$ 136,350$ 43,704$ 10,100$ -$ -$ 340,154$
2040 155,000$ 126,225$ 44,578$ 9,350$ -$ -$ 335,153$
2041 170,000$ 115,763$ 45,470$ 8,575$ -$ -$ 339,807$
2042 180,000$ 104,288$ 46,379$ 7,725$ -$ -$ 338,392$
2043 190,000$ 92,138$ 47,307$ 6,825$ -$ -$ 336,269$
2044 205,000$ 79,313$ 48,253$ 5,875$ -$ -$ 338,441$
2045 220,000$ 65,475$ 49,218$ 4,850$ -$ -$ 339,543$
2046 235,000$ 50,625$ 50,203$ 3,750$ -$ -$ 339,578$
2047 250,000$ 34,763$ 51,207$ 2,575$ -$ -$ 338,544$
2048 265,000$ 17,888$ 52,231$ 1,325$ -$ (291,300)$ 45,143$
Total 3,535,000$ 4,749,968$ 1,163,767$ 346,475$ (490,705)$ (291,300)$ 9,013,205$
Note: 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 6.71% rate.
HURRICANE CREEK PRELIMINARY SERVICE AND ASSESSMENT PLAN 40
EXHIBIT L – LOT TYPE 1 ESTIMATED ANNUAL INSTALLMENTS
Annual Installment
Due January 31,Principal Interest (a)Annual Collection
Costs
Additional
Interest
Capitalized
Interest
Reserve
Fund
Total Annual
Installment
2019 -$ 884.63$ -$ -$ (884.63)$ -$ -$
2020 -$ 2,081.47$ 132.72$ 163.14$ (2,081.47)$ -$ 295.86$
2021 464.53$ 2,081.47$ 135.38$ 163.14$ -$ -$ 2,844.52$
2022 486.65$ 2,054.76$ 138.08$ 160.82$ -$ -$ 2,840.31$
2023 508.77$ 2,026.78$ 140.85$ 158.38$ -$ -$ 2,834.78$
2024 553.01$ 1,997.53$ 143.66$ 155.84$ -$ -$ 2,850.04$
2025 575.13$ 1,965.73$ 146.54$ 153.07$ -$ -$ 2,840.47$
2026 597.25$ 1,932.66$ 149.47$ 150.20$ -$ -$ 2,829.57$
2027 641.49$ 1,898.32$ 152.46$ 147.21$ -$ -$ 2,839.47$
2028 685.73$ 1,861.43$ 155.51$ 144.00$ -$ -$ 2,846.67$
2029 729.97$ 1,822.00$ 158.62$ 140.58$ -$ -$ 2,851.16$
2030 752.09$ 1,780.03$ 161.79$ 136.93$ -$ -$ 2,830.83$
2031 818.45$ 1,731.14$ 165.02$ 133.16$ -$ -$ 2,847.78$
2032 862.70$ 1,677.94$ 168.32$ 129.07$ -$ -$ 2,838.03$
2033 929.06$ 1,621.87$ 171.69$ 124.76$ -$ -$ 2,847.37$
2034 973.30$ 1,561.48$ 175.12$ 120.11$ -$ -$ 2,830.01$
2035 1,039.66$ 1,498.21$ 178.63$ 115.25$ -$ -$ 2,831.75$
2036 1,106.02$ 1,430.64$ 182.20$ 110.05$ -$ -$ 2,828.90$
2037 1,194.50$ 1,358.74$ 185.84$ 104.52$ -$ -$ 2,843.61$
2038 1,260.86$ 1,281.10$ 189.56$ 98.55$ -$ -$ 2,830.07$
2039 1,349.34$ 1,199.15$ 193.35$ 92.24$ -$ -$ 2,834.08$
2040 1,437.83$ 1,111.44$ 197.22$ 85.50$ -$ -$ 2,831.98$
2041 1,548.43$ 1,017.98$ 201.16$ 78.31$ -$ -$ 2,845.88$
2042 1,636.91$ 917.33$ 205.19$ 70.56$ -$ -$ 2,829.99$
2043 1,747.51$ 810.93$ 209.29$ 62.38$ -$ -$ 2,830.11$
2044 1,880.23$ 697.35$ 213.48$ 53.64$ -$ -$ 2,844.70$
2045 1,990.83$ 575.13$ 217.75$ 44.24$ -$ -$ 2,827.95$
2046 2,145.68$ 445.73$ 222.10$ 34.29$ -$ -$ 2,847.79$
2047 2,278.40$ 306.26$ 226.54$ 23.56$ -$ -$ 2,834.76$
2048 2,433.24$ 158.16$ 231.07$ 12.17$ -$ (2,591.40)$ 243.24$
Total 32,627.57$ 41,787.38$ 5,148.60$ 3,165.65$ (2,966.10)$ (2,591.40)$ 77,171.69$
(a) Interest is calculated at a 6.46% rate.
Note: 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.
HURRICANE CREEK PRELIMINARY SERVICE AND ASSESSMENT PLAN 41
EXHIBIT M – LOT TYPE 2 ESTIMATED ANNUAL INSTALLMENTS
Annual Installment
Due January 31,Principal Interest (a)Annual Collection
Costs
Additional
Interest
Capitalized
Interest
Reserve
Fund
Total Annual
Installment
2019 -$ 1,011.41$ -$ -$ (1,011.41)$ -$ -$
2020 -$ 2,379.79$ 151.74$ 186.52$ (2,379.79)$ -$ 338.26$
2021 531.11$ 2,379.79$ 154.78$ 186.52$ -$ -$ 3,252.20$
2022 556.40$ 2,349.26$ 157.87$ 183.86$ -$ -$ 3,247.39$
2023 581.69$ 2,317.26$ 161.03$ 181.08$ -$ -$ 3,241.06$
2024 632.27$ 2,283.82$ 164.25$ 178.17$ -$ -$ 3,258.51$
2025 657.56$ 2,247.46$ 167.54$ 175.01$ -$ -$ 3,247.57$
2026 682.85$ 2,209.65$ 170.89$ 171.72$ -$ -$ 3,235.11$
2027 733.43$ 2,170.39$ 174.31$ 168.31$ -$ -$ 3,246.44$
2028 784.01$ 2,128.22$ 177.79$ 164.64$ -$ -$ 3,254.66$
2029 834.59$ 2,083.13$ 181.35$ 160.72$ -$ -$ 3,259.80$
2030 859.89$ 2,035.15$ 184.98$ 156.55$ -$ -$ 3,236.56$
2031 935.76$ 1,979.25$ 188.68$ 152.25$ -$ -$ 3,255.94$
2032 986.34$ 1,918.43$ 192.45$ 147.57$ -$ -$ 3,244.79$
2033 1,062.21$ 1,854.32$ 196.30$ 142.64$ -$ -$ 3,255.46$
2034 1,112.79$ 1,785.27$ 200.22$ 137.33$ -$ -$ 3,235.62$
2035 1,188.66$ 1,712.94$ 204.23$ 131.76$ -$ -$ 3,237.60$
2036 1,264.54$ 1,635.68$ 208.31$ 125.82$ -$ -$ 3,234.35$
2037 1,365.70$ 1,553.48$ 212.48$ 119.50$ -$ -$ 3,251.16$
2038 1,441.57$ 1,464.71$ 216.73$ 112.67$ -$ -$ 3,235.68$
2039 1,542.73$ 1,371.01$ 221.06$ 105.46$ -$ -$ 3,240.27$
2040 1,643.90$ 1,270.73$ 225.48$ 97.75$ -$ -$ 3,237.86$
2041 1,770.35$ 1,163.88$ 229.99$ 89.53$ -$ -$ 3,253.75$
2042 1,871.51$ 1,048.81$ 234.59$ 80.68$ -$ -$ 3,235.59$
2043 1,997.97$ 927.16$ 239.29$ 71.32$ -$ -$ 3,235.73$
2044 2,149.71$ 797.29$ 244.07$ 61.33$ -$ -$ 3,252.40$
2045 2,276.17$ 657.56$ 248.95$ 50.58$ -$ -$ 3,233.26$
2046 2,453.20$ 509.61$ 253.93$ 39.20$ -$ -$ 3,255.94$
2047 2,604.95$ 350.15$ 259.01$ 26.93$ -$ -$ 3,241.04$
2048 2,781.98$ 180.83$ 264.19$ 13.91$ -$ (2,962.81)$ 278.10$
Total 37,303.83$ 47,776.45$ 5,886.50$ 3,619.36$ (3,391.21)$ (2,962.81)$ 88,232.13$
(a) Interest is calculated at a 6.46% rate.
Note: 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.
HURRICANE CREEK PRELIMINARY SERVICE AND ASSESSMENT PLAN 42
EXHIBIT N – IMPROVEMENT AREA #1 ALLOCATION BY LOT TYPE
Lot Type Units [a]
Estimated AV
Per Unit [a]
Total Assessed
Value
Allocation of
Improvement
Area #1
Assessments
Total
Assessment
Maximum
Assessment
Per Unit
IMPROVEMENT AREA #1
Lot Type 1 (70')138 307,000$ 42,366,000$ 61.05%4,502,605$ 32,627.57$
Lot Type 2 (80')77 351,000$ 27,027,000$ 38.95%2,872,395$ 37,303.83$
215 69,393,000$ 100.00%7,375,000$
Footnotes
[a] As reported by the Owner.
HURRICANE CREEK PRELIMINARY SERVICE AND ASSESSMENT PLAN 43
EXHIBIT O – MAPS OF IMPROVEMENT AREA #1 IMPROVEMENTS
HURRICANE CREEK PRELIMINARY SERVICE AND ASSESSMENT PLAN 44
HURRICANE CREEK PRELIMINARY SERVICE AND ASSESSMENT PLAN 45
HURRICANE CREEK PRELIMINARY SERVICE AND ASSESSMENT PLAN 46
HURRICANE CREEK PRELIMINARY SERVICE AND ASSESSMENT PLAN 47
EXHIBIT P – MAPS OF MAJOR IMPROVEMENTS
HURRICANE CREEK PRELIMINARY SERVICE AND ASSESSMENT PLAN 48
HURRICANE CREEK PRELIMINARY SERVICE AND ASSESSMENT PLAN 49
HURRICANE CREEK PRELIMINARY SERVICE AND ASSESSMENT PLAN 50
HURRICANE CREEK PRELIMINARY SERVICE AND ASSESSMENT PLAN 51
HURRICANE CREEK PRELIMINARY SERVICE AND ASSESSMENT PLAN 52
EXHIBIT Q – ALLOCATION OF MAJOR IMPROVEMENTS
Lot Type Units [a]
Estimated AV Per
Unit [a]
Total Assessed
Value
Allocation of
Major
Improvements
IMPROVEMENT AREA #1
Lot Type 1 (70')138 307,000$ 42,366,000$
Lot Type 2 (80')77 351,000$ 27,027,000
Lot Type 3 (90')- 395,000$ -
Lot Type 4 (100')- 439,000$ -
215 69,393,000$ 31.51%
MAJOR IMPROVEMENT AREA
Lot Type 1 (70')227 307,000$ 69,689,000$
Lot Type 2 (80')108 351,000$ 37,908,000
Lot Type 3 (90')55 395,000$ 21,725,000
Lot Type 4 (100')49 439,000$ 21,511,000
439 150,833,000$ 68.49%
TOTAL 654 220,226,000$
Footnotes
[a] As reported by the Owner.
HURRICANE CREEK PRELIMINARY SERVICE AND ASSESSMENT PLAN 53
EXHIBIT R – ANNUAL TIRZ CREDIT BY LOT TYPE
Lot Type
Estimated AV Per
Unit [a]
Assessment Per
Unit
Avg. Annual
Installment per
Unit
Equivalent PID
Tax Rate
Equivalent Total
Tax Rate
Annual TIRZ #2
Credit Per Unit
Net Annual
Installment Per
Unit
Net Equivalent
PID Tax Rate
Net Equivalent
Total Tax Rate
IMPROVEMENT AREA #1
Lot Type 1 (70')307,000$ 32,627.57$ 2,838$ 0.9245$ 3.4478$ (1,151)$ 1,687$ 0.5497$ 3.0730$
Lot Type 2 (80')351,000$ 37,303.83$ 3,245$ 0.9245$ 3.4478$ (1,316)$ 1,929$ 0.5497$ 3.0730$
Footnotes
[a] As reported by the Owner.
TIRZ No. 2
TIRZ No. 3
(Estimated)
TIRZ No. 4
(Estimated)Total
Max Annual Contribution Per Unit
Lot Type 1 (70')1,151$ 1,151$ 1,151$
Lot Type 2 (80')1,316$ 1,316$ 1,316$
Lot Type 3 (90')-$ 1,481$ 1,481$
Lot Type 4 (100')-$ -$ 1,646$
Lot Count
Lot Type 1 (70')138 134 93
Lot Type 2 (80')77 63 45
Lot Type 3 (90')0 19 36
Lot Type 4 (100')0 0 49
Max Annual Contribution 260,110$ 265,219$ 300,157$ 825,485$
Term 30 30 30
Discount Rate 6.96%6.96%6.96%
Present Value $3,240,723 $3,304,377 $3,739,677 $10,284,777
PID Bond Net Construction Proceeds as a % of PAR [a]71.95%
Net TIRZ Projects [b]7,400,000$
Footnotes:
[a] Estimate based on Improvement Area #1 Bonds
[b] Per the First Amended and Restated Villages of Hurricane Creek Subdivision Improvement Agreement.