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HomeMy WebLinkAboutRes 2018-11-511 P3 Works Service AgreementAGREEMENT FOR PUBLIC IMPROVEMENT DISTRICT (PID) AND TAX INCREMENT REINVESTMENT ZONE (TIRZ) CREATION AND ADMINISTRATION SERVICES This Agreement for Public Improvement District ("PID") and Tax increment Reinvestment Zone ("TIRZ") Creation and Administration Services ("Agreement") is entered into this J.,aik:2 dayof Kom anti tr 2018, by and between P3Works, LLC ("P3 Works"), and the City of Anna, Texas ("City"). RECITALS WHEREAS, the City Council passed Resolution No.90(5-tt- onNoveniber 13, 2018, approving and authorizing the creation of Hurricane Creek PublicImprovementDistrict (the "District") to finance the costs of certain public improvements forthe benefit of property within the District; and WHEREAS, the City may consider issuing bonds to fund certain improvements in the PID as authorized by the Public Improvement District Assessment Act, Texas Local Government Code, Chapter 372, as amended; and WHEREAS, the City Council passed Ordinance No. 708-2015 on December 8, 2015 designating Tax Increment Reinvestment Zone Number One, City of Anna (the "TIRZ"), the boundary of which is coterminous with the boundary of the District, to fund certain improvements as authorized by the Tax Increment Financing Act, of the Texas Tax Code, Chapter 311, as amended; and WHEREAS, the City requires specialized services related to the creation, revision and updating of the Set -vice and Assessment Plan ("Service and Assessment Plan"), bond issuance, and the administration of the District; the creation, revision and updating of the Final Project and Finance Plan ("Final Plan") and the Annual Reporting of the TIRZ as more fully set forth in this Agreement; and WHEREAS, P3Works has the expertise to properly establish and administer the District and the TIRZ and ensure compliance with Texas Local Government Code Chapter 372, and Texas Tax Code 311; and WHEREAS, the City desires to retain P3Works to provide District and TIRZ creation and administration services; NOW THEREFORE, in consideration of the mutual promises and covenants contained in this Agreement, and for good and valuable consideration, P3 Works and the City agree as follows: ARTICLE I TERM OF AGREEMENT 1.0 The Agreement shall be effective as of its approval by all parties, and shall be for a period of three (3) years and shall automatically continue on a year to year basis until terminated pursuant to Article V of this Agreement. ARTICLE II SERVICES TO BE PROV_I_DED BY MWORKS 2.0 The scope and timing of services to be performed by P3 Works are set forth in Exhibits A and B, which are attached hereto and incorporated into this Agreement by this reference. 2.1 P3 Works agrees that nothing in this Agreement shall constitute an assignment of any right or obligation of the City under any applicable contract, agreement, or law. P3 Works shall not represent to any property owner or any other person that it or any of its employees are acting as the City or employees of the City. P3 Works shall perform all services it is obligated to perform under this Agreement as an independent contractor, and the City shall have no control over the means, methods, sequences, procedures, operations, or decisions that P3Works undertakes or utilizes to perform said services. The Parties agree that this Agreement does not establish a joint venture, employment or agency relationship. 2.2 No substantial changes in the scope of services shall be made without the prior written approval of P3 Works and the City. 2.3 P3Works shall supply all tools and means necessary to perform the services and production of the work product described in Exhibits A and B. 2.4 For the purposes of this Agreement including without limitation Exhibits A and B, "improvement area" shall have the following meaning: the improvement area as defined in the Service and Assessment Plan. ARTICLE III PAYMENT TERMS AND CONDITIONS 3.0 In consideration for the services to be performed by P3Works, the City agrees to pay P3 Works the fees for all services and related costs and expenses set forth in Exhibit A and B, beginning the first day of the month following the execution of this Agreement. Beginning on February 1, 2020, and each February 1 thereafter, the Annual Collection fee shall increase by up to 2%, based upon experience, and subject to final approval by the City. P3 W orks will notify the City via the December and January invoices prior to the February increase. 3.1 Monthly invoices shall be submitted to the City for work completed. City agrees to paythe amount due to P3 Works within 30 days of receipt of each invoice. 3.2 Copies of all invoices to P3 Works for expenses, materials, or services provided to P3 Works will accompany the invoice to the City. P3 Works will pass any third -party cost through to the City without markup and will not incur any expense in excess of $200 without written consent of the City. 2 3.3 The only source of payment for P3 Works' fees and services shall be the District or funds advanced by the developer. The City general find shall never be used to pay for any expenses relating to P3Works' administration of the District or services performed in connection with the TIRZ. In the event there is insufficient District funds in a given year to pay P3Works' fees and expenses, P3Works agrees to defer the fees and expenses until such time as there are sufficient District funds or funds advanced by the developer. ARTICLE IV TERMINATION OF THIS AGREEMENT 4.0 Notwithstanding any other provisions of this Agreement, either party may terminate this Agreement at any time by giving sixty (60) days written notice to the other party without penalty and without limitation of its right to seek damages. City shall pay P3Works, within 30 days of such termination, all of P3Works' fees and expenses actually accrued or incurred to and including the date of termination, including any amount incurred or accrued in connection with work in progress. ARTICLE V GENERAL PROVISIONS 5.0 This Agreement supersedes any and all agreements, either oral or written, between the parties hereto with respect to rendering of services by P3 Works for the City and contains all of the covenants and agreements between the parties with respect to the rendering of such services in any manner whatsoever. Each party of this Agreement acknowledges that no representations, inducements, promises, or agreements, orally or otherwise, have been made by any party which are not embodied herein and that no other agreement, statement, or promise not contained in this Agreement shall be valid or binding. 5.1 This Agreement shall be administered and interpreted under the laws of the State of Texas. This Agreement shall not be construed for or against any party by reason of who drafted the provisions set forth herein. If any part of this Agreement is found to be in conflict with applicable laws, such part shall be inoperative, null and void insofar as it is in conflict with said laws, but the remainder of this Agreement shall remain in full force and effect. Exclusive jurisdiction and venue for any litigation arising out of this Agreement shall lie in Collin County, Texas. 5.2 Neither this Agreement or any duties or obligations under this Agreement may be assigned by P3 Works without the prior written consent of the City. 5.3 The waiver by either party of a breach or violation of any provision of this Agreement will not operate as or be construed to be a waiver of any subsequent breach thereof The parties by entering into this Agreement do not intend to waive any immunities otherwise conferred by applicable law and there are not third -party beneficiaries to this Agreement. 5.4 All records, reports, and other documents prepared by P3 Works for the purposes of providing the services described in this Agreement shall be property of the City. All such documents shall be made available to the City during the course of performance of this Agreement. Any reports, studies, photographs, negatives, or other documents or drawings prepared by P3 Works in the performance of its obligations under this Agreement shall be the exclusive property of the City and all such materials shall be remitted to the City by P3 Works upon completion, termination, or cancellation of this 3 Agreement. 5.5 The City acknowledges P3Works' ownership of its software, programs, inventions, know- how, trade secrets, confidential knowledge, source code, or other proprietary infonnation relating to products, processes, services, software, formulas, developmental or experimental work, business plans, financial information, or other subject matter ("Confidential Information") pertaining to the business of P3 Works. Except to the extent required under applicable law, this Agreement shall not in any way give rise to any requirement or obligation for P3Works to disclose or release any Confidential Information. 5.6 The headings and article titles of this Agreement are not a part of this Agreement and shall have no effect upon the construction or interpretation of any part hereof. 5.7 Should either party commence any legal action or proceeding against the other based upon this Agreement, the prevailing party shall be entitled to an award of reasonable attorney's fees and costs. 5.8 All notices, requests, demands, and other communications which are required to be given under this agreement shall be in writing and shall be deemed to have been duly given upon the delivery by registered or certified mail, return receipt requested, postage prepaid thereon, asfollows: To P3Works: Mary V. Petty Managing Partner P3Works, LLC 350 Rufe Snow Drive Suite 200 Keller, Texas 76248 To City: Jim Proce City Manager City of Anna 111 N Powell Parkway Anna, TX 75409 Mailing Address P.O. Box 776 Anna, TX 75409 5.9 (a) P3Works agrees to indemnify and hold Client harmless from and against all claims, liabilities, suits, demands, losses, costs and expenses (including reasonable attorneys' fees and costs of defense) ("Claims"), to the extent such Claims are determined by a court of competent jurisdiction to have been caused by the negligence or willful misconduct of P3Works. (b) Client agrees, to the extent permitted by law, to indemnify and hold P3Works harmless from and against all Claims to the extent they are detennined by a court of competent jurisdiction to have been caused by the negligence or willful misconduct of Client. (c) Neither Party shall have an upfront 4 duty to defend the other but shall reimburse reasonably incurred defense fees and costs to the extent of its indemnity obligation herein or as the parties otherwise agree in settlement. 5.10 Anti -Boycott Verification: P3Works represents that, to the extent this Agreement constitutes a contract for goods or services within the meaning of Section 2270.002 of the Texas Government Code, as amended, solely for purposes of compliance with Chapter 2270 of the Texas Government Code, and subject to applicable Federal law, neither P3Works nor any wholly owned subsidiary, majority-owned subsidiary, parent company or affiliate of P3Works (i) boycotts Israel or (ii) will boycott Israel through the term of this Agreement. The terms "boycotts Israel" and "boycott Israel" as used in this paragraph have the meanings assigned to the term "boycott Israel" in Section 808.001 of the Texas Government Code, as amended. 5.11 Iran, Sudan and Foreign Terrorist Organizations: P3Works represents that, as of the date of this Agreement, to the extent this Agreement constitutes a governmental contract within the meaning of Section 2252.151 of the Texas Government Code, as amended, solely for purposes of compliance with Chapter 2252 of the Texas Government Code, and except to the extent otherwise required by applicable federal law, neither P3Works nor any wholly owned subsidiary, majority-owned subsidiary, parent company or affiliate of P3Works is an entity listed by the Texas Comptroller of Public Accounts under Sections 806.051, 807.051, or 2252.153 of the Texas Government Code. The term "foreign terrorist organization" in this paragraph has the meaning assigned to such term in Section 2252.151 of the Texas Government Code. 5.12 The parties hereby warrant that the persons executing this Agreement are authorized to execute this Agreement and are authorized to obligate the respective parties to perform this Agreement. A facsimile signature on this Agreement shall be treated for all purposes as an original signature. Executed on this-J.day of 2018: P3 Works, LLC BY: Maty .Petty Managing Partner City of EXHIBIT A PUBLIC IMPROVEMENT DISTRICT SERVICES TO BE PROVIDED PID FORMATION, SERVICE AND ASSESSMENT PLAN PREPARATION, AND BOND ISSUANCE SUPPORT SERVICES Billed at P3 Works' prevailing hourly rates, which are currently as follows: Title Houi7= y Rate Managing Partner $250 Vice President $185 Senior Associate $160 Associate $135 Administrative 1 $100 *P3 Works' hourly rates may be adjusted from time to time to reflect increased costs of tabor and or adding/reclass�ing titles. Travel times will be billed at hourly rates. District Due Diligence and Preparation of PID Plan of Finance P3 Works will review project information and prepare a plan of finance for the proposed transaction, including: 1. Assessed value schedules, value to lien analysis, and overall structuring to achieve City goals and objectives 2. Identify areas of risk and with the City's Financial Advisor, solutions to mitigate the risks, 3. Bond sizing and bond phasing by improvement area, 4. Sources and uses of funds by improvement area, 5. Debt service schedules, and; 6. Assessment allocation and associated estimated amlual installment by lot type for each improvement area. Preparation of Service and Assessment Plan 1. P3 Works will prepare a complete and final Service and Assessment Plan to be adopted by City Council and included in the Official Statement for the Bonds based on the Plan of Finance. 2. P3Works will present the Service and Assessment Plan to City Council and request approval of Assessment Roll. Bond Issuance Support 1. P3Works will ensure bond documents, including the PID financing agreement, bond indenture, and official statement are all consistent with the Service and. AssessmentPlan. 2. P3Works will provide ad-hoc analysis as requested by the underwriter in preparation of the preliminary official statement. Participation in Presentations to City Council or other Public Forums 1. P3Works will prepare and present information as requested to the City Council or any other public forum. 7 BASIC DISTRICT ADMINISTRATION SERVICES If no bonds are sold: Monthlv Fee = $1,500 beginning the first of the month following execution of this Agreement for the first improvement area; and $1, 000 per month for each improvement area thereafter. (Proration will occur for any partial month if not begun on the I" day of the month.) If bonds are sold: Monthly Fee amounts will be $2, 500 for the first improvement area beginning the first month following the issuance of bonds; and $1,250 per month for each improvement area thereafter. For PIDs that P3 Works did not assist with creation but that the City has requested P3 Works to provide services for: Monthly Collection Fees will not begin until the first Annual SAP Update is drafted by P3 Works and approved by Council, therefore all work completed to that point will be billed hourly. See Section below related to "Consulting Services Relating to Future Improvement Areas and related Bond Issuance "for hourly fees if bonds are contemplated Prepare Annual Sei vice and Assessment Plan Update 1. If possible, obtain updated construction cost estimates (or actual costs for completed facilities) for District improvements, and update service and assessment plan text andtables. 2. Update service and assessment plan text and tables as necessary to account for any changes in development plan or land uses. 3. Update annual District assessment roll. 4. Identify parcel subdivisions, conveyance to owners' associations, changes in land use, and any other information relevant to the levy of special assessments. 5. Review maps of tax parcels to compile/audit list of parcels that are within the District for the upcoming bond year. Classify each parcel pursuant to the approved service and assessment plan. 6. Identify and supply the City with pertinent information concerning parcels dedicated to any property types classified as exempt by the service and assessment plan. 7. Update District database with newly subdivided parcels and property type classifications. 8. Calculate annual special assessment for each parcel. Verify the sum of annual installments for all parcels in the District is sufficient to meet the annual debt service requirement, administration expenses, and any provisions for delinquency or prepayment reserves. 9. Calculate other funds available, such as reserve fund income, capitalized interest, and interest income. Reduce annual assessment based on findings according to approved service and assessment plan. 10. Present preliminary annual assessment roll to City. Upon approval by City, submit final annual assessment roll to County Tax Collector. Consult with County Tax Collector as necessary to ensure County collection of payment of District assessments. Administration of Bond Funds (if bonds are sold). 1. Review and reconcile the account statements for the funds maintained by the trustee. Ensure annual special assessment calculation is compliant with Indenture as it relates to each fund. 2. Provide annual summary of all District accounts maintained by Trustee at the time the annual service and assessment plan update is performed. E? Provide Public Information Request Support 1. If requested, P3Works will respond to any calls and or emails relating to the District. P3Works will only provide technical answers relating to the annual assessments or the District generally. P3Works will not provide any commentary on City policy relating to PIDs. 2. If the City receives a notice from a property owner alleging an error in the calculation of any matters related to the annual assessment roll for the District, P3Works will review and provide a written response to the City. If a calculation error occurred, P3Works will take corrective action as required to correct the error. Delinquency Mana eemme_nt 1. After the end of the annual assessment installment collection period, P3Works will prepare a delinquent special assessment report, which details which parcels are delinquent and the amount of delinquency. 2. P3 Works will advise the City what action must be taken relating to delinquent parcels, if any, to remain in compliance with the District bond documents. Website Setup 1. Prepare website database searchable by property tax ID for use by property owners, title companies, mortgage companies, or other interested parties. The search results will provide assessment information, including outstanding principal, annual installment amount, payment infor►nation, and a breakdown of the assessment installment by use (principal, interest, reserve fiend accounts, administrations, etc.) 2. Prepare "District Information" page for website. Information will include a background of the District formation and bond issuance process, District boundary map, and description of improvements. In additions, P3Works will provide a link to District documents. DISTRICT ADMINISTRATION SETUP SERVICES (Required for any existing PID not created by City with the assistance of P3Works.) $7,500 One Time Lump Sure Fee 1. Prepare District Administration Manual 2. P3Works will review the fiill bond transcript and identify all requirements of the City relating to District administration and/or disclosure requirements. 3. Prepare written surnmary of all City administration and disclosure requirements. 4. Prepare calendar of all relevant dates and deadlines for District administration and disclosure requirements. 5. Meet with County Assessor's office to establish procedure for obtaining parcel information for assessment roll. 6. Meet with County Tax Office to establish procedure to include District assessment roll on property tax bill. 7. Meet with City representatives to finalize policies and procedures relating toDistrict Administration. E ADDITIONAL DISTRICT ADMINISTRATION SERVICES Billed at P3 Works' prevailing hourly rates, which are currently as follows: Title Hourly hate Managing Partner $250 Vice President $185 Senior Associate $160 Associate $135 Administrative $100 *P3Works' Hourly rates maybe adjusted from time to time to reflect increased costs of labor and/or adding/reclassifying titles. Travel will be billed at the hourly rates. Continuing Disclosure Services 1. P3Works will prepare the form of the annual report as required by the continuing disclosure agreements and work with the City and the Developer to complete. 2. P3Works will request from developer the reports due pursuant to the developer disclosure agreement and disseminate these reports pursuant to the disclosure agreement; including Seller's Disclosures. 3. Upon notification by any responsible party or if P3Works independently becomes aware of such knowledge, P3Works will prepare notices of material events covering the events enumerated in the disclosure agreements. 4. P3Works will coordinate with the Trustee to disseminate the annual reports, quarterly reports from the developer, and notice of significant events to the Municipal Securities Rulemaking Board (MSRB) and any other parties required in the continuing disclosure agreement. Developer Payment Request Administration 1. P3Works will review all developer payment requests to ensure the request complies with the PID Financing Agreement, the District service and assessment plan, and any other relevant provisions contained in the District documents. 2. P3Works will audit the developer payment request to ensure there is proper backup documentation and that the accounting is accurate. 3. P3Works will coordinate with the City's designated representative to ensure the improvements were built to the standards of the accepting governing body. 4. P3Works will ensure improvements to be dedicated are free and clear of all liens and encumbrances. Consulting Services Relating to Future Improvement Areas and related Bond Issuance (to be paid from Developer funds advanced to City) 1. P3 Works will update the Service and Assessment Plan to comply with Bond documents. 2. P3 Works will prepare an updated Assessment Roll including the future Improvement Area 3. P3Works will coordinate with City's bond counsel, financial advisor, and the bond underwriter to ensure the Bonds and all related documents are in compliance with State Law. 4. P3Works will prepare any additional reports or analyses as needed to successfully issuetbe Bonds. 10 EXHIBIT B TAX INCREMENT REINVESTMENT ZONE SERVICES TO BE PROVIDED TIRZ FORMATION, PRELINIINARY AND FINAL PROJECT AND FINANCE PLAN PREPARATION SERVICES Billed at P3Works' prevailing hourly rates, which are currently as follows: Title Hourly Rate Managing Partner $250 Vice President $185 Senior Associate $160 Associate $135 Administrative $100 *P3 Works' hourly rates may be adjusted from time to time to reflect increased costs of labor and or adding/reclassifying titles. Travel times will be billed at hourly rates. District Due Diligence and Preparation of TIRZ Project and Finance Plan 1. P3 Works will review project information and prepare a Preliminary Plan for the proposed creation, including: a) Assessed value schedules and overall structuring to achieve City goals and objectives. b) Drafting the TIRZ Agreement. c) At the direction of Staff, facilitate presentations to the Council and the TIRZ Board. 2. Estimated annual TIRZ Credit by lot type for each improvement area. Preparation of Preliminary and Final Project Plan 1. P3Works will prepare a Preliminary Project and Finance Plan ("PPFP") and a Final Project and Finance Plan ("FPFP") to be adopted by the TIRZ Board and the City Council and included in the Official Statement for the PID Bonds based on the Plan of Finance. 2. P3 Works will prepare a draft TIRZ Agreement to be adopted by the TRIZ Board 3. P3 Works will present the PPFP to the Council at the creation of the TIRZ and request approval of TIRZ Creation Ordinance. 4. P3 Works will present the FPFP to the Council after conducting all necessary steps for public hearings and notifications and request approval of TIRZ FPFP. 5. P3 Works will file the necessary creation forms with the Secretary of the State of Texas after the creation of the TIRZ. Bond Issuance Support 1. P3 Works will ensure bond documents, including the bond indenture and official statement are all consistent with the TIRZ Final Plan. 2. P3 Works will provide ad-hoc analysis as requested by the underwriter in preparation of the preliminary official statement. Participation in Presentations to Ci!y Council or other Public Forums 1. P3 Works will prepare and present information as requested to the City Councilor any other public forum. 2. If requested by the City, P3 Works will respond to any calls and or emails relating to the 11 TIRZ. 3. P3 Works will only provide technical answers relating to the annual TIRZ Creditor the TIRZ generally. 4. P3 Works will not provide any commentary on City policy relating to TIRZs. BASIC DISTRICT ADMINISTRATION SERVICES Billed at P3Works' prevailing hourly rates, which are currently as follows: Title Hourly Rate Managing Partner $250 Vice President $185 Senior Associate $160 Associate $135 Administrative $100 Preparation of the Annual Report to be filed with the Secretary of State and then presented to the TIRZ Board and City Council for approval. See Section below related to "Consulting Services Relating to Future Improvement Areas and related Bond Issuance " for hourly fees if fixture TIRZ changes are contemplated. Consulting Services Relating to Future Improvement Areas and related Bond Issuance (to be paid from Developer funds advanced to City) I . P3 Works will update the Service and Assessment Plan to comply with Bond documents. 2. P3 Works will prepare an updated Assessment Roll including the future Improvement Area 3. P3Works will coordinate with City's bond counsel, financial advisor, and the bond underwriter to ensure the Bonds and all related documents are in compliance with State Law. 4. P3Works will prepare any additional reports or analyses as needed to successfully issue the Bonds. Prepare Annual Report 1. If possible, obtain updated construction cost estimates (or actual costs for completed facilities) for TIRZ improvements 2. Update Annual Report as necessary to account for any changes in development plan or land uses. 3. Identify parcel subdivisions, conveyance to owners' associations, changes in land use, and any other information relevant to anticipated estimate of Tax Increment to be generated. 4. Calculate annual TIRZ Credit for each parcel. 5. Present preliminary Annual Report to TIRZ Board. Upon approval by TIRZ Board, submit final Annual Report to the Texas Secretary of State. 12 ORGANIZATIONAL ROFILE MARY V. PETTY CO-FOUNDER & MANAGING PARTNER JON SNYDER CO-FOUNDER & MANAGING PARTNER COMPANY HEADQUARTERS ADDITIONAL OFFICES P3WORKS, LLC P3WORKS, LLC 350 RUFE SNOW DR. 3901 S. LAMAR BLVD. SUITE 200 SUITE 440 KELLER, TX 76248 AUSTIN, TX 78704 (817) 393-0353 EIN# 82-2014630 (888) 417-7074 WWW.P3-WORKS.COM OVERVIEW OF THE FIRM Mary Petty and Jon Snyder joined together to create P3Works, LLC, to assist cities, counties, and management districts with the creation and administration of their special districts. Special taxing districts such as PIDs, MMDs, and. TIRZs are created to meet the unique needs of each city, county and management district. As such, each district is different and requires a wide range of skills to understand the impact to the residents. P3Works operates out of two offices located in Keller, TX, and Austin, TX, with principal and support staff at each location. Superior customer service by the principal and support staff goes beyond the City and onto the residents by providing dedicated information on their special district, the nature and sum of their assessments, and answering frequently asked questions. Jon has over 15 years' experience in the fields of real estate and municipal finance. His areas of expertise include municipal finance programs for infrastructure and public facilities development, fiscal and economic impact analysis, and land development project feasibility studies. Jon has established, restructured, and administered public finance districts that have funded more than $300 million in infrastructure. Financings on which Jon has consulted have included new issues, parity bonds, refundings, workouts, senior and subordinated bonds, and combined revenue bonds. In addition to implementing public financing districts to fund the construction of public improvements, Jon has also assisted in the formation and administration of districts to specifically fund public services. Prior to creating P3Works, Jon founded PIDWorks to provide municipal finance consulting services to cities in the Austin area. Jon holds a Bachelors of Science degree in mathematics and economics. Mary has 22 years' experience in banking, management and public administration. Her experience and skills combine to provide expert support in forensic analysis, revenue and expenditure projections, assessment and reimbursement alternatives, as well as project negotiations and reporting. Many municipal clients have engaged P3Works Principals to provide development consulting and analysis to add value to their respective projects. Mary recently concluded negotiations and document preparation for high profile projects like the new Charles Schwab headquarters in Westlake and has just concluded a new TIRZ development for Weatherford and Ennis, and continues to quarterback various PID projects across the Metroplex. She has become a sought-after resource for municipal clients — from bond underwriters to financial advisors and bond counsel — when evaluating project feasibility and financial viability. Mary is a graduate of LINT with a Bachelors in Business Administration, Finance. EXPERIENCE WITH PIDS AND/QR TIRZS The principals of P3Works have implemented numerous districts, both statewide and nationally, ranging in size from $2 million to $102 million, and have consulted with cities on the following projects in the State of Texas. A partial list: ❑ Town of Argyle, Waterbrook PID (Mixed -Use with TIRZ overlay) ❑ Town of Westlake, Entrada Mixed Use Development, Developer Agreement and PID ❑ City of Ennis, TIRZ #1 and TIRZ #2 ❑ City of Mesquite, various Tax Increment Finance Districts ❑ City of Mesquite, Economic Development Incentive Analysis/PIDS ❑ City of Oak Point — Shahan Prairie PID ❑ City of Oak Point — PDI Property PID ❑ City of Oak Point — Wildridge PID, Capital and O&M PIDS ❑ The Crossings PID — Comal County ❑ City of Ferris PID #I — City of Ferris ❑ City of Marble Falls — La Ventana PID o Travis County — Bella Fortuna PID ❑ Travis County — Wildhorse PID ❑ Hays County — La Cima PID ❑ City of Justin — Timberbrook PID ❑ Town of Argyle — Highlands PID ❑ Wolfforth PID No. 2 — City of Wolffortli ❑ City of Haslet — Haslet PID Nos. 1, 2, 5, 6 ❑ City of Royse City — Union Square ❑ City of Royse City — Waterscape ❑ Town of Ponder — Ponder PID No. I ❑ Town of Hickory Creek — Hickory Creek PID 41 and #2 ❑ Comal County —Grove Policy ❑ City of Manor, PID Policy ❑ City of Manor, Entrada Glen PID ❑ Travis County — Various PIDS o City of Weatherford, TIRZ #I 11 EXPERIENCE WITH FIRST TIME PID DEBT ISSUERS/FIRST TIME TIRZ P3Works principals have developed a particular expertise in quarterbacking the negotiations and creation of PIDs as well as overseeing the TIRZ overlay of a PID, with experience both in PID assessment reduction and performance-based developer reimbursement protocols and related documentation. We believe that making the City fully aware of all the risks and responsibilities associated with a PID and/or TIRZ is essential so that the City understands the implication of giving up tax increment and how it relates to the cost of providing City services, as well as understanding the impact of continuing disclosures, both by the City and the developer. In addition, the City must have policies and procedures in place to ensure all bond covenants are fully complied with, that the PID/TIRZ is transparent to property owners, and new homebuyers are fully aware they are purchasing a home subject to a PID assessment. Both Mary and Jon have worked with numerous first time PID issuers, ranging from communities with a population of less than 5,000 to some of the largest municipalities in the State, as well as Counties new to PID assessments. They have worked with the financial advisor and bond counsel to educate the city and set up policies and procedures to protect the City's interests. A P3 Works principal is involved from start to finish and continues to provide administrative support in every PID project. Our principals have years of experience with Financial Advisors and Bond Counsel throughout the state in managing risk and minimizing city exposure in TIF/PID transactions, P3Works is one of few, if not the only firm in the State that has developed a trademark process for projecting city expenses based on land use and projected revenue streams charted against TIRZ debt and/or reimbursement obligations in order to properly inform Cities of their actions. EXPERIENCE WITH TEXAS TAXING ENTITIES AS IT RELATES TO COLLECTION OF PID ASSESSMENTS P3Works currently works with Denton County, Tarrant County, Rockwall County, Hays County, Comal County, Travis County, Lubbock County, and Williamson County to provide the setup and support for the PID assessment process. POLICIES, PROCEDURES, PROCESSES AND REPORTS FOR CITY PIDS P3Works has created policies, procedures and processes to assist Cities in the PID creation and administration process, and works closely with the City and the City's advisors to compile the appropriate procedures to accurately establish and support the economic and financial goals of the City. EXAMPLES OF POLICIES, PROCEDURES, PROCESSES AND REPORTS FOR SEC REPORTING +r During the PID Administration Process, P3Works will work closely with the developer to collect and compile quarterly and annual financial information and operating data related to the development and construction of public improvements within the PID. For annual reports, the PID Administrator will assist the City to ensure that this information is provided to the City and/or its designated agent ("dissemination agent"). The City is the Issuer of the PID bonds and will assert control of its securities with regard to continuing disclosures to EMMA. Sample Document can be provided as requested. 11 FOR SERVICES Every PID, TIRZ and MMD is different, therefore PID. MMD and TRIZ creation is billed hourly and PID Administration, TIRZ Administration and MMD Administration is billed at a flat rate monthly, with some hourly billing. Proposed fee schedule can be provided upon. request. City of Oak Point 1.00 Naylor Road Oak Point, TX 75068 Amy Bockes City Secretaty/Human. Resources Manager (972)294-2312 abockes cgoakpointtexas.com Dates of Contract Period: 3/2018 - Current Description of Services Provided: Due diligence on Existing PID documents, structure and assessment collection, PID Administration, Continuing Disclosure, Annual SAP Updates, Draw Reviews, Improvement Area Bond Issuance Support Contract Amounts: Combination of hourly at standard rates and fixed monthly administration. fees. City of Royse City 305 N. Arch St. Royse City, TX 75189 Shannon Raymond Director of Finance (972) 524-4820 srgymondni ro s�ecit co Dates of Contract Period: Continuous Until Terminated Description of Services Provided: PID Administration, Annual SAP Updates Contract Amounts: Combination of hourly at standard rates and fixed monthly administration fees. City of Justin PO Box 129 Justin, TX 76247 Cori Reaume City Manager (940) 648-2541 creaume a cityot ustin.com Dates of Contract Period: Continuous Until Terminated Description of Services Provided: PID Feasibility/Due Diligence, PID Formation, SAP preparation, PID Administration, Continuing Disclosure, Draw Reviews, Annual SAP Updates, improvement Area Bond Issuance Support Contract Amounts: Combination of hourly at standard rates and fixed monthly administration fees. Town of Argyle 308 Denton St Argyle, TX 76226 Kim Collins Finance Director (940)464-7273 kcollins@argyletx.com Dates of Contract Period: Continuous Until Terminated Description of Services Provided: PID Setup and Administration Contract Amounts: Various; depends on the size and complexity of the PID (i.e. PID w/ TIRZ overlay in more expensive) Denton County 1505 E. McKinney St. Denton, TX 76209-4525 Stacey Dvoracek Chief Deputy for Michelle French, Denton County Tax Assessor/Collector (940) 349-3523 Stacey.Dvoracek@dentoncounty.com CITY ATTORNEY REFERENCES Matthew Boyle Boyle and Lowry, LLP 4201 Wingren Drive, Suite 108 Irving, TX 75062 (972) 650-7101 Mboylegboyle-lowsy com Robert D. Dransfield Partner Norton Rose Fulbright 2200 Ross Avenue Suite 3600 Dallas, Texas 75201 (214) 855-8068 robert dransfield a nortonrosefulbrightcom Julie K. Partain Counsel Bracewell, LLP 1445 Ross Avenue Suite 3800 Dallas, TX 75202-2724 (214)758-1606 Juiie.partain(cubracewell.com • r 0 i. # 1 f R.R. "Tripp" Davenport, III Director FMSbonds, Inc. 100 Crescent Court, Suite 700 Dallas, Texas 75201 (214) 418-1588 tdavenportAfnisbonds.com Julia R. "Julie" Houston Partner Orrick, Herrington & Sutcliffe LLP 500 W. 2nd Street, Suite 1900 Austin, Texas 78701 (512)575-6010 JHouston car orrick.com Nick Bulaich Managing Director First Southwest, A Division of Hilltop Securities 777 Main Street, Suite 1200, Fort Worth, TX 76102 (817) 332-9710 nick bulaich2cc hithopsecurities.corn eK[