HomeMy WebLinkAboutRes 2023-09-1533 Easement Release- Thomas Rattan Survey Abstract No. 782CITY OF ANNA, TEXAS
RESOLUTION NO. 'aO2"5— 09 — 15 3 3
A RESOLUTION OF THE CITY OF ANNA, TEXAS APPROVING A LIEN TO VALUE
RATIO WITH RESPECT TO THE ANACAPRI PUBLIC IMPROVEMENT DISTRICT
IMPROVEMENT AREA #1 PROJECT
WHEREAS, the City of Anna, Texas (the "City") entered into that certain Anacapri
Development Agreement with Anacapri Laguna Azure, LLC (the "Developer") having an
Effective Date of on or about October 18, 2021 (the "Development Agreement'); and
WHEREAS, the Development Agreement allows for the City to issue PID Bonds and
establishes a minimum value to lien ratio of 2:1 unless the Council approves a lower ratio;
and
WHEREAS, on August 23, 2022 the City Council adopted Resolution No. 2022-08-1238
reducing the minimum value to lien ratio to 1.8:1; and
WHEREAS, based on additional financial information received by the City, the City Council
desires to further reduce the ratio and establish a minimum value to lien ratio as set forth
in this resolution;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
ANNA, TEXAS THAT:
Section 1. Recitals Incorporated.
The recitals above are incorporated herein as if set forth in full for all purposes
Section 2. Approval
The City Council of the City of Anna, Texas, pursuant to Section 4.1(n) of the Development
Agreement, as amended, hereby approves a ratio of estimated finished value per lot type
to assessment of 1.76:1 as confirmed by an appraisal from a licensed MAI appraiser as
referenced in Preliminary Limited Offering Memorandum for the AnaCapri Public
Improvement District Improvement Area #1 Project, Special Assessment Revenue Bonds,
Series 2023.
PASSED and APPROVED by the City Council of the City of Anna, Texas, on this 12th
day of September 2023.
ATTESTED:
, mayor rro i em