HomeMy WebLinkAboutResolution 4809-08-2017 A Resolution
NO. 4809-08-2017
A RESOLUTION OF THE CITY OF FORT WORTH, TEXAS DETERMINING
THE COSTS OF CERTAIN PUBLIC IMPROVEMENTS TO BE FINANCED BY
THE FORT WORTH PUBLIC IMPROVEMENT DISTRICT NO. 17 (ROCK
CREEK RANCH); ACCEPTING A PRELIMINARY SERVICE AND
ASSESSMENT PLAN, INCLUDING PROPOSED ASSESSMENT ROLLS;
DIRECTING THE FILING OF THE PROPOSED ASSESSMENT ROLLS WITH
THE CITY SECRETARY TO MAKE AVAILABLE FOR PUBLIC INSPECTION;
CALLING A PUBLIC HEARING ON AUGUST 15, 2017 TO CONSIDER AN
ORDINANCE LEVYING ASSESSMENTS ON PROPERTY WITHIN THE
DISTRICT; DIRECTING CITY STAFF TO PUBLISH AND MAIL NOTICE OF
SAID PUBLIC HEARING; AND RESOLVING OTHER MATTERS INCIDENT
AND RELATED THERETO.
WHEREAS, Chapter 372, Texas Local Government Code(the"Act") authorizes the governing body(the
"City Council") of the City of Fort Worth, Texas (the "City"),to create a public improvement district within the
corporate limits and extraterritorial jurisdiction of the City; and
WHEREAS, on December 6, 2016, the City Council conducted a public hearing to consider a petition
received by the City on November 9, 2016 (the "Petition") requesting the creation of the Fort Worth Public
Improvement District No. 17 (Rock Creek Ranch) (the "District")to undertake the construction of certain public
improvements described in the Petition(the"Authorized Improvements"); and
WHEREAS, on December 13, 2016, the City Council adopted Resolution No. 4724-12-2016 (the
"Authorization Resolution"), authorizing, establishing and creating the District; and
WHEREAS, the City Council and the City staff have been presented with a Preliminary Service and
Assessment Plan for the District, including the proposed assessment rolls attached thereto (the "Proposed
Assessment Rolls")(collectively,the"Preliminary SAP"), a copy of which is attached hereto as Exhibit A and is
incorporated herein for all purposes; and
WHEREAS, the Preliminary SAP sets forth the estimated total costs of the Authorized Improvements to
be financed by the District at this time (defined in the Preliminary SAP as the "Major Improvements") and the
proposed assessment rolls (the "Proposed Assessment Rolls") state the special assessments to be levied against
each parcel of land in the Eastern Improvement Area and the Western Improvement Area of the District(as defined
in the Preliminary SAP) as determined by the assessment methodology chosen by the City Council and set forth in
the Preliminary SAP; and
WHEREAS,the Major Improvements are to be financed by special assessments to be levied on the Eastern
Improvement Area and the Western Improvement Area of the District; and
WHEREAS, the Act requires that the Proposed Assessment Rolls be filed with the City Secretary of the
City(the"City Secretary") and be subject to public inspection; and
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Resolution No.4809-08-2017
WHEREAS, the Act requires that a public hearing(the "Assessment Hearing")be called to consider the
proposed assessments and requires the City Council to hear and pass on any objections to the proposed assessments
at, or on the adjournment of,the Assessment Hearing; and
WHEREAS,the Act requires that notice of the Assessment Hearing be published in a newspaper of general
circulation in the City before the tenth (10th) day before the date of the Assessment Hearing and be mailed to
property owners liable for assessment; and
WHEREAS, after all objections have been heard and passed on at the Assessment Hearing, the City
Council may levy special assessments against the property in the District to pay for the Major Improvements.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF FORT WORTH, TEXAS:
SECTION 1. THAT the recitals set forth above in this Resolution are true and correct and are hereby
adopted as findings of the City Council and are incorporated into the body of this Resolution as if fully set forth
herein.
SECTION 2. THAT the City Council does hereby accept the Preliminary SAP for the District, including
the Proposed Assessment Rolls, a copy of which is attached hereto as Exhibit A and is incorporated herein for all
purposes. All capitalized terms not otherwise defined herein shall have the meanings given to such terms in the
Preliminary SAP.
SECTION 3. THAT the City Council hereby determines that estimated total cost of the Major
Improvements to be funded through the special assessments levied at this time in the Eastern Improvement Area
and the Western Improvement Area of the District, including financing costs, is approximately$14,000,000.
SECTION 4. THAT the City Council's final determination and approval of the costs of the Major
Improvements, or any portion thereof, shall be subject to and contingent upon City Council approval of a final
Service and Assessment Plan which will include final Assessment Rolls, after the properly noticed and held
Assessment Hearing.
SECTION 5. THAT the City Council expressly defers the levy of the Roadway Improvement Assessment
(as defined in the Preliminary SAP) against property only within the Western Improvement Area to finance the
Roadway Improvements(as defined in the Preliminary SAP)that will benefit only the property within the Western
Improvement Area until such time as the costs of such improvements can be determined with certainty.
SECTION 6. THAT the City Council hereby authorizes and directs the filing of the Preliminary SAP,
including the Proposed Assessment Rolls, with the City Secretary and the same shall be available for public
inspection.
SECTION 7. THAT the City Council hereby authorizes, and calls, a public hearing (the Assessment
Hearing as defined above)to be held on August 15, 2017 at or after 7:00 p.m. at City Council Chamber, City Hall,
200 Texas Street, Fort Worth, Texas, at which the City Council shall, among other actions, hear and pass on any
objections to the proposed assessments; and, upon the adjournment of the Assessment Hearing, the City Council
will consider an ordinance levying the assessments as special assessments on the property within the District(which
ordinance shall specify the method of payment of the assessments).
SECTION 8. THAT the City Council hereby authorizes and directs the City Secretary to publish notice of
the Assessment Hearing in substantially the form attached hereto as Exhibit B and incorporated herein for all
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Resolution No.4809-08-2017
purposes, in a newspaper of general circulation in the City, on or before August 4, 2017, as required by Section
372.016(b) of the Act.
SECTION 9.THAT when the Proposed Assessment Rolls are filed with the City Secretary,the City Council
hereby authorizes and directs the City Secretary, on or before August 4, 2017,to mail to owners of property liable
for assessment notice of the Assessment Hearing as required by Section 372.016(c)of the Act.
SECTION 10. THAT City staff is authorized and directed to take such other actions as are required
(including,but not limited to,notice of the public hearing as required by the Texas Open Meetings Act)to place the
Assessment Hearing on the agenda for the August 15,2017 meeting of the City Council.
SECTION 12. THAT this Resolution shall become effective from and after its date of passage in
accordance with law.
Adopted this 1St day of August, 2017.
ATTEST:
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Ronald P. Gonzales, Assistant City Secretary
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EXHIBIT A
PRELIMINARY SERVICE AND ASSESSMENT PLAN
Fort Worth Public
Improvement District No . 17
(Rock Creek Ranch)
Service and Assessment Plan
July 24, 2017
2180.021\62459.6
Table of Contents
Section I
PLAN DESCRIPTION AND DEFINED TERMS......................................................................... 3
Section II
PROPERTY INCLUDED IN THE PID....................................................................................... 11
Section III
DESCRIPTION OF THE AUTHORIZED IMPROVEMENTS .................................................. 15
Section IV
ASSESSMENTPLAN.................................................................................................................. 19
Section V
SERVICEPLAN .......................................................................................................................... 30
Section VI
TERMS OF THE SPECIAL ASSESSMENTS ............................................................................ 35
Section VII
ASSESSMENTROLL.................................................................................................................. 41
Section VIII
MISCELLANEOUS PROVISIONS............................................................................................. 45
Appendix A-1
WESTERN IMPROVEMENT AREA ASSESSMENT ROLL........................................47
Appendix A-2
EASTERN IMROVEMENT AREA ASSESSMENT ROLL....................................................... 50
Appendix B
LEGAL DESCRIPTION FOR PROPERTY WITHIN PID......................................................... 52
Appendix C
MAP OF AUTHORIZED IMPROVEMENTS ............................................................................ 59
2180.021\62459.6
Section I: Plan Description and Defined Terms
List of Tables
Table II-A
PUBLIC IMPROVEMENT DISTRICT BOUNDARIES ............................................................ 12
Table II-B
WESTERN IMPROVEMENT AREA BOUNDARIES............................................................... 13
Table II-C
EASTERN IMPROVEMENT AREA BOUNDARIES................................................................ 14
Table III-A
COSTS OF AUTHORIZED IMPROVEMENTS AND COSTS OF NON-PID RELATED
IMPROVEMENTS ............................................................................................................... .17
Table IV-A
COSTS OF UNIVERSITY IMPROVEMENTS
AREA...........................................................................................................20
Table IV-B
WESTERN IMPROVEMENT AREA COST ALLOCATION ................................................... 22
Table IV-C
EASTERN IMPROVEMENT AREA COST ALLOCATION.................................................... 23
Table IV-D
WESTERN IMPROVEMENT AREA SPECIAL ASSESSMENT ALLOCATION................... 26
Table IV-E
WESTERN IMPROVEMENT AREA ESTIMATED VALUE TO SPECIAL ASSESSMENT
RATIOS.......................................................................................................26
Table IV-F
WESTERN IMPROVEMENT AREA SPECIAL ASSESSMENT ALLOCATION—MAJOR
IMPROVEMENTS AND ROADWAY IMPROVEMENTS................................................ .27
Table IV-G
WESTERN IMPROVEMENT AREA ESTIMATED VALUE TO SPECIAL ASSESSMENT
RATIOS—MAJOR IMPROVEMENTS AND ROADWAY IMPROVEMENTS..................27
Table IV-H
EASTERN IMPROVEMENT AREA SPECIAL ASSESSMENT ALLOCATION.................... 28
Table IV-I
EASTERN IMPROVEMENT AREA ESTIMATED VALUE TO SPECIAL ASSESSMENT
RATIOS.......................................................................................................2 8
Table V-A
MAJOR IMPROVEMENTS PID BONDS SOURCES AND USES........................................... 31
Table V-B
ROADWAY IMPROVEMENTS PID BONDS SOURCES AND USES.................................... 32
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Section I: Plan Description and Defined Terms
Table V-C
WESTERN IMPROVEMENT AREA ANNUAL INSTALLMENTS ........................................ 33
Table V-D
WESTERN IMPROVEMENT AREA ANNUAL INSTALLMENTS—MAJOR
IMPROVEMENTS AND ROADWAY IMPROVEMENTS................................................. 33
Table V-C
EASTERN IMPROVEMENT AREA ANNUAL INSTALLMENTS ......................................... 34
Table VII-A
WESTERN IMPROVEMENT AREA SPECIAL BENEFIT SUMMARY................................. 41
Table VII-B
WESTERN IMPROVEMENT AREA SPECIAL BENEFIT SUMMARY—ROADWAY
IMPROVEMENTS................................................................................................................. 42
Table VII-C
EASTERN IMPROVEMENT AREA SPECIAL BENEFIT SUMMARY.................................. 43
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2180.021\62459.6
Section I: Plan Description and Defined Terms
Section I
PLAN DESCRIPTION AND DEFINED TERMS
A. Introduction
1. On December 13, 2016, (the "Creation Date"), the City Council (the "City Council") of
the City of Fort Worth, Texas (the "City") approved Resolution No. 4724-12-2016,
which authorized the creation of the Fort Worth Public Improvement District No. 17
(Rock Creek Ranch) (the "PID") to finance all or a portion of the Actual Costs of the
Authorized Improvements for the benefit of certain property in the PID, all of which is
located within the city limits of the City.
2. Chapter 372 of the Texas Local Government Code (as amended, the "PID Act"), governs
the creation and operation of public improvement districts within the State of Texas. This
Service and Assessment Plan (this "SAP") was prepared pursuant to the PID Act. The
PID Act requires that a service plan "cover a period of at least five years and must also
define the annual indebtedness and the projected costs for improvements." The PID Act
also requires a service plan "be reviewed and updated annually for the purpose of
determining the annual budget for improvements." The. service plan for the PID is
described in more detail in Section V herein.
3. The Assessment Rolls for the PID are attached hereto as Appendix A-1 and Appendix
AA=2, and are addressed in Section VII of this SAP. The Special Assessments as shown on
the Assessment Rolls are based on the method for establishing and levying the Special
Assessments described in Sections IV and VI of this SAP.
4. Unless otherwise specified, references in this SAP to a "Section," a "Table," or an
"Appendix" shall mean a Section of, a Table in, or an Appendix to this SAP.
B. Definitions
As used in this SAP, capitalized terms shall have the meanings ascribed to them as follows:
1. "Actual Cost(s)" means, with respect to an Authorized Improvement, the demonstrated,
reasonable, allocable, and allowable costs of constructing such Authorized Improvement,
as specified in a payment request in a form that has been reviewed and approved by the
City. Actual Cost may include (i) the costs incurred for the design, planning, financing,
administration/management, acquisition, installation, construction and/or implementation
of such Authorized Improvement, (ii) the costs incurred in preparing the construction
plans for such Authorized Improvement, (iii) the fees paid for obtaining permits, licenses
or other governmental approvals for such Authorized Improvement, (iv) the Project
Management Fees, (v) the costs incurred for external professional costs, such as
engineering, geotechnical, surveying, land planning, architectural landscapers,
advertising, marketing and research studies, appraisals, legal, accounting and similar
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Section I: Plan Description and Defined Terms
professional services related to the Authorized Improvement, (vi) all labor, bonds and
materials, including equipment and fixtures, incurred by contractors, builders and
materialmen in connection with the acquisition, construction or implementation of the
Authorized Improvement, (vii) all related permitting, zoning and authorized approval
expenses, architectural, engineering, legal and consulting fees, financing charges, taxes,
governmental fees and charges, insurance premiums, and miscellaneous expenses, and
(viii) all payments for Administrative Expenses. Actual Cost(s) with respect to the
Sanitary Sewer Improvements means Owner's share of the cost thereof, to the extent and
at the time required to be paid by the Owner to the City pursuant to an agreement
between the City and the Owner for the providing of sanitary sewer services.
2. "Additional Interest" means the 0.50% additional interest charged on Special
Assessments pursuant to Section 372.018 of the PID Act to fund the Delinquency and
Prepayment Reserve,pursuant to Sections IV.H.
4. "Administrative Expenses" means the administrative, organizational, maintenance and
operation costs and expenses associated with, or incident to, the administration,
organization, maintenance and operation of the PID, including, but not limited to, the
costs of (i) direct and contracted costs incurred by the City including legal counsel,
engineers, accountants, financial advisors, investment bankers or other consultants and
advisors, (ii) creating and organizing the PID and preparing the Assessment Rolls, (iii)
computing, levying, collecting and transmitting the Special Assessments or the Annual
Installments thereof, (iv) maintaining the record of Special Assessments, including
payments, reallocations and/or cancellations of the Special Assessments or Annual
Installments thereof, (v) investing or depositing the Special Assessments or other monies,
(vi) complying with the PID Act, arbitrage rebate requirements and/or securities
disclosure requirements, (vii) paying the paying agent/registrar's and trustee's fees and
expenses (including the fees and expenses of its legal counsel) related to the PID Bonds,
and (viii) City costs of administering the construction of the Authorized Improvements.
Administrative Expenses shall also include the administrative costs and expenses of
issuing, making debt service payments on, and redeeming PID Bonds; provided,
however, that for the avoidance of doubt, Administrative Expenses do not include
payment of the actual principal of, redemption premium, if any, and interest on PID
Bonds. Annual Administrative Expenses collected and not expended shall be carried
forward and applied to reduce Administrative Expenses in subsequent years to avoid over
collection.
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Section I: Plan Description and Defined Terms
5. "Administrator" means an officer or employee of the City or third party designee of the
City who is not an officer or employee thereof, who shall have the responsibilities
provided for herein, in an Indenture relating to the PID Bonds or in any other agreement
approved by the City Council relating to the PID.
6. "Annual Installment" means, with respect to the Assessed Property, each annual
payment of: (i) the Special Assessment (including the principal of and interest on), as
shown on the Special Assessment Rolls attached hereto as Appendix A-1 and Appendix
A-2, as the same may be updated in accordance with this SAP, or in an Annual Service
Plan Update, and calculated as provided in Section VI of this SAP, (ii) Administrative
Expenses, and (iii) Additional Interest designated for the Delinquency and Prepayment
Reserve described in Section IV.H of this SAP.
7. "Annual Service Plan Update" has the meaning set forth in Section V.2 of this SAP.
8. "Assessed Property" or "Assessed Properties" means property within the PID that
benefit from the Authorized Improvements and on which Special Assessments have been
levied as shown on an Assessment Roll (as the same may be updated each year by the
Annual Service Plan Update) and which includes any and all Parcels within the PID other
than Non-Benefited Property.
9. "Assessment Ordinance" means each ordinance adopted by the City Council approving
this SAP (including any amendments or supplements to this SAP) and levying the Special
Assessments.
10. "Assessment Roll" means, as applicable, each Assessment Roll included in this SAP as
Appendix A-1 and Appendix A-2, as the same may be updated, modified or amended
from time to time in accordance with the procedures set forth herein and in the PID Act,
including updates prepared in connection with the issuance of any PID Bonds or in
connection with any Annual Service Plan Update.
11. "Authorized Improvements" means those improvement, including those listed in Table
111-A and described in Section III.B, authorized by Section 372.003 of the PID Act,
acquired, constructed or installed in accordance with this SAP, and any future updates
and/or amendments, for which Special Assessments are levied against the Assessed
Property that receives a special benefit from such improvements.
12. "City" means the City of Fort Worth, Texas.
13. "City Council'means the duly elected governing body of the City.
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Section I: Plan Description and Defined Terms
13. "City Facilities Agreement" means the City's standard community facilities agreement
or such other form as the City may require to ensure compliance with its "Community
Facilities Agreement (CFA) Policy, Related Ordinance, and Street Design Criteria" last
revised by M&C G-13181, March 20, 2001, as the same may be amended from time to
time.
14. "County"means Tarrant County, Texas.
15. "Delinquency and Prepayment Reserve" has the meaning set forth in Section IV.H of
this SAP.
16. "Delinquent Collection Costs" means interest, penalties and expenses incurred or
imposed with respect to any delinquent Special Assessment, or an Annual Installment
thereof, in accordance with the PID Act which includes the costs related to pursuing
collection of such delinquent Special Assessment, or an Annual Installment thereof, and
the costs related to foreclosing the lien against the Assessed Property, including
attorney's fees to the extent permitted under Texas Law.
17. "Eastern Improvement Area" means the approximately 833 acres of land within the
PID located east of Chisolm Trail Parkway and shown on Table II-C.
18. "Eastern Improvement Area Assessment Roll" means the Eastern Improvement Area
Assessment Roll included in this SAP as Appendix A-2, as the same may be updated,
modified or amended from time to time in accordance with the procedures set forth
herein and in the PID Act, including updates prepared in connection with the issuance of
PID Bonds or in connection with any Annual Service Plan Update.
19. "Indenture" means an indenture of trust, trust agreement, ordinance or similar document
between the City and Trustee, authorizing the issuance of, and setting forth the terms and
other provisions relating to any PID Bonds, including the collection of Annual
Installments for the repayment thereof, as modified, amended, and/or supplemented from
time to time.
20. "Lot" means (i) for any portion of the Property for which a subdivision plat has been
recorded in the official real property records of the County, a tract of land described as a
"lot" in such subdivision plat, and (ii) for any portion of the Property for which a
subdivision plat has not been recorded in the official real property records of the County,
a tract of land anticipated to be described as a"lot"in a final recorded subdivision plat.
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Section I: Plan Description and Defined Terms
21. "Land Use" means a classification of final building Lots with similar characteristics (e.g.
commercial, light industrial, multifamily residential, single family residential or other
uses), as determined or approved by the Administrator and confirmed by the City
Council. In the case of single family residential Lots, the Land Use shall be further
defined by classifying the residential Lots based on the front footage of the Lot, as
determined by the Administrator and approved by the City Council as part of its Annual
Service Plan Update. If any change in Land Use requires a change in zoning or other
entitlement process, such change must be approved by the City prior to any change in the
SAP.
22. "Major Improvements" means, collectively, the Water Improvements and the Sanitary
Sewer Improvements described in Section III.B.
23. "Major Improvement Assessment Ordinance" means Assessment Ordinance No.
adopted by the City Council on , 2017 which initially approved this SAP
and levied the Major Improvement Special Assessments.
24. "Major Improvement Special Assessments" means the Special Assessments levied
pursuant to the Major Improvement Assessment Ordinance on the Eastern Improvement
Area and the Western Improvement Area for the Major Improvements, as shown in the
Assessment Rolls.
25. "Major Improvement Bonds" means those planned City of Fort Worth, Texas Special
Assessment Revenue Bonds, Series 2017 (Fort Worth Public Improvement District No.
17 (Rock Creek Ranch) Major Improvement Project) issued in one or more series,
secured by Special Assessments levied on the Assessed Property within the Eastern
Improvement Area and the Western Improvement Area to finance the Water
Improvements and the Sanitary Sewer Improvements.
26. "Mandatory Prepayment" "has the meaning set forth in Section VI.0 of this SAP.
27. "Maximum Special Assessment per Unit" means, for each Land Use category, the
Special Assessment per unit amounts that will be determined by the PID Administrator
and the City at the time that the initial Owner of the Assessed Property enters into a a
contract for sale of any portion of the Assessed Property to an unaffiliated third party,
excluding the University.
28. "Memorandum of Understanding" means that certain "Memorandum of Understanding
— City of Fort Worth/Rock Creek Ranch/ Chisolm Trail Ranch—Brewer Road Project"
by and among the City, Walton Development & Management TX, LLC, and WM Sub
CTR, LP, a Texas limited partnership, dated as of August 1, 2017, which sets forth the
parties expectations, but is non-binding on the parties, as to the financing of the Roadway
Improvements and the Non-PID Related Improvements as described Section III.B.4.b.
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Section I: Plan Description and Defined Terms
29. "Non-Benefitted Property" means Parcels that accrue no special benefit from the
Authorized Improvements being funded through the PID, including Public Property, such
as the University Property, and easements that create an exclusive use for a public utility
property. Property identified as Non-Benefitted Property at the time the Special
Assessments (i) are imposed or(ii) are reallocated pursuant to a subdivision of a parcel, is
not assessed. Assessed Property converted to Non-Benefitted Property, if the Special
Assessments may not be reallocated pursuant to the provisions herein, remains subject to
the Special Assessments and requires the Special Assessments to be prepaid as provided
for in Section VI.C.
30. "Non-PID Related Improvements" means those improvements described in Section
III.B.4 which, although constructed at the same time as Authorized Improvements, do
not benefit the Assessed Property and are not paid for by the PID but will be paid by
either the City or other property owners not located within the PID.
31. "Owner(s)" means Walton Texas, LP; WUSF 4 Rock Creek, LP, WUSF Rock Creek
East, LP or any other entity affiliated with Walton Development and Management, or
their respective successors and assigns.
32. "Parcel" means a defined portion of the Property identified by either a tax map
identification number assigned by the Tarrant County Appraisal District for real property
tax purposes, by metes and bounds description, by lot and block number in a final
subdivision plat recorded in the official real property records of the County, or by any
other means determined by the City Council.
33. "PID" means the Fort Worth Public Improvement District No. 17 (Rock Creels Ranch)
created by the City pursuant to Resolution No. 4724-12-2016 approved December 13,
2016.
34. "PID Act"means Chapter 372 of the Texas Local Government Code, as amended.
35. "PID Bonds" means any bonds secured by Special Assessments levied against Assessed
Property within the PID that may be issued to finance Authorized Improvements,
including the Major Improvement Bonds and the Roadway Improvements Bonds, if any.
36. "PID Reimbursement Agreement" means the "PID Reimbursement Agreement - Fort
Worth Public Improvement District No. 17 (Rock Creek Ranch)" approved by the City
on , 2017.
37. "Prepayment Costs" mean interest and expenses to the date of prepayment, plus any
additional expenses related to the prepayment allowed by applicable law, reasonably
expected to be incurred by or imposed upon the City as a result of any prepayment of an
Special Assessment.
38. "Project Engineer" means Goodwin& Marshall, Inc.
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Section I: Plan Description and Defined Terms
39. "Project Management Fees" means the fees as agreed to by the City and the Owner for
costs incurred by the Owner for the design, construction and installation of such
Authorized Improvement exclusive of any costs related to issuing PID bonds or otherwise
financing such Authorized Improvement. Estimates of the Project Management Fees are
set forth in clauses a and b of Section III.B.3. No Project Management Fees will be paid
in excess of such estimates.
40. "Property" means the approximately 1,756 acres of land depicted and described by
metes and bounds on Exhibit A to Resolution No. 4724-12-2016 as adopted by City
Council on December 13, 2016 and is legally described in Appendix B to this SAP and is
depicted in Table II.A of this SAP.
41. "Public Property" means real property, located within the boundaries of the PID owned
by or irrevocably offered and accepted for dedication to the federal government, the State
of Texas, the County, the City, a school district, a public university, a public utility
provider or any other political subdivision or public agency, whether in fee simple,
through an easement, by plat or otherwise. Public Property includes the University
Property.
42. "Roadway Improvements" means those improvements described in Section III.B.3.b
of this SAP, the Actual Costs of which are intended to be financed through a future levy
of Roadway Improvements Special Assessments on the Western Improvement Area.
43. "Roadway Improvement Special Assessment" means the Special Assessment
anticipated to be levied at a future date pursuant to a separate Assessment Ordinance on
Parcels in the Western Improvement Area for the Roadway Improvements, as discussed
in Section IV.A.6.
44. "Roadway Improvement Bonds" means bonds anticipated to be issued to fund
Roadway Improvements in the Western Improvement Area to be secured by Special
Assessments levied at a future date on the Assessed Property within the Western
Improvement Area.
45. "Sanitary Sewer Improvements" has the meaning set forth in Section III.B.3.a.ii of
this SAP.
46. "Service and Assessment Plan" or "SAP" means this Fort Worth Public Improvement
District No. 17 (Rock Creek Ranch) Service and Assessment Plan (as such plan is
amended, supplemented or updated from time to time) approved by the City Council in
each Assessment Ordinance.
47. "Special Assessment" means the assessment levied against a Parcel imposed pursuant to
an Assessment Ordinance and the provisions herein, as shown on any Assessment Roll,
subject to reallocation upon the subdivision or reduction of such Parcel according to the
provisions hereof and the PID Act.
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Section I: Plan Description and Defined Terms
48. "Trustee" means the trustee as specified in an Indenture, and any successor thereto
permitted under such Indenture.
49. "University Improvements" has the meaning set forth in Section IV.A.2.
50. "University Roadway Improvements" means roadway improvements that will benefit
the University Property but will not be funded by the PID.
51. "University Property" is approximately 80 acres of land and is Public Property and
Non-Benefitted Property, as described in Section IVA.2.
52. "Water Improvements" has the meaning set forth in Section III.B.3.a.ii of this SAP.
53. "Western Improvement Area" means the approximately 923 acres of land, within the
PID located west of Chisolm Trail Parkway as shown on Table II-B.
54. "Western Improvement Area Assessment Roll" means the Western Improvement Area
Assessment Roll included in this SAP as Appendix A-1, may be updated, modified or
amended from time to time in accordance with the procedures set forth herein and in the
PID Act, including updates prepared in connection with the issuance of PID Bonds or in
connection with any Annual Service Plan Update. The Western Improvement Area
Assessment Roll includes the portion of the Major Improvement Special Assessment
allocable to the Western Improvement Area and will be updated to include the Roadway
Improvement Special Assessment when levied.
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Section II: Property Included in the PID
Section II
PROPERTY INCLUDED IN THE PID
A. Property Included in the PID
1. The PID is comprised of the Property shown in Table II-A, which is legally described in
Appendix B. The PID, encompassing approximately 1,756 acres, is located entirely
within the corporate limits of the City. It is anticipated that the Property will be
developed to include approximately 4,917 single family residential homes, approximately
2,520 multi-family residential units, approximately 3,780,000 square feet of commercial
space and approximately 960,000 square feet planned as a public university.
2. The Western Improvement Area, encompassing approximately 923 acres, of which
approximately 749 net acres will be available for development, is depicted on Table II-B
and will include approximately 2,079 single family residential homes, approximately
2,520 multi-family residential units, and approximately 1,275,000 square feet of
commercial space. The Western Improvement Area includes the University Property,
which will include approximately 960,000 square feet planned as the Tarleton State
University — Fort Worth campus. No improvements benefitting the University Property
will be financed by Special Assessments in the PID.
3. The Eastern Improvement Area, encompassing approximately 833 acres, of which
approximately 795 net acres will be available for development, is depicted on Table II-C
and will include approximately 2,838 single family residential homes and approximately
2,505,000 square feet of commercial space.
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2180.021\62459.6
Section 11: Property Included in the PID
TABLE 11-A
Public Improvement District Boundaries
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F --- w- .1-L-1
L
E----~iliiD
12
2180.021\62459.6
Section IL• Property Included in the PID
TABLE II-B
Western Improvement Area Boundaries
auk/ I
a .
A
• � �njr� '
ram
13
2180.021\62459.6
Section II: Property Included in the PID
TABLE II-C
Eastern Improvement Area Boundaries
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01 tPR1;lqu 1
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T/ -_�_ � j• IPUT l � � J � 1
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ii
14
2180.021\62459.6
Section III: Description of Authorized Improvements
Section III
DESCRIPTION OF THE AUTHORIZED IMPROVEMENTS
A. Authorized Improvement Overview
1. Section 372.003 of the PID Act identifies the improvements that a City may choose to
undertake with the establishment of a PID. The Authorized Improvements identified in the
PID Act include:
a) landscaping;
b) erection of fountains, distinctive lighting, and signs;
c) acquiring, constructing, improving, widening, narrowing, closing, or rerouting of
sidewalks or of streets, any other roadways, or their rights-of way;
d) construction or improvement of pedestrian malls;
e) acquisition and installment of pieces of art;
f) acquisition, construction or improvement of libraries;
g) acquisition, construction or improvement of off-street parking facilities;
h) acquisition, construction, improvement or rerouting of mass transportation facilities;
i) acquisition, construction, or improvement of water, wastewater, or drainage facilities or
improvements;
j) the establishment or improvement of parks;
k) projects similar to those listed in Subdivisions (i)-(x)
1) acquisition, by purchase or otherwise, of real property in connection with an authorized
improvement;
m) special supplemental services for improvement and promotion of the district, including
services relating to advertising, promotion, health and sanitation, water and wastewater,
public safety, security, business recruitment, development, recreation and cultural
enhancement;
n) payment of expenses incurred in the establishment, administration and operation of the
district; and
o) the development, rehabilitation, or expansion of affordable housing.
2. The City has determined to undertake the Authorized Improvements described in Section
III.B. Any change to the Authorized Improvements will require the approval of the City.
15
2180.021\62459.6
Section III: Description of Authorized Improvements
B. Descriptions and Costs of the Authorized Improvements
1. The Authorized Improvements are described below and depicted in Appendix C. Table III-
A shows the Actual Costs of the Authorized Improvements which are being funded by
Special Assessments levied against Assessed Property in the PID. Table III-A also shows
the actual costs of the University Improvements and the Non-PID Related Improvements,
which are not being funded by the PID. The costs shown in Table III-A may be revised in
Annual Service Plan Updates.
2. The Authorized Improvements confer a special benefit on the Assessed Property within the
PID. The Actual Costs of the Authorized Improvements consisting of Major Improvements
are to be funded from: (i) the proceeds of PID Bonds, if any, issued in one or more series and
secured by the Major Improvement Special Assessments; and (ii) funds contributed by the
Developer. The Actual Costs of the Authorized Improvements consisting of Roadway
Improvements are to be funded from: (i) the proceeds of PID Bonds, if any, issued in one or
more series and secured by the Roadway Improvement Special Assessments to be levied at a
future date; (ii) funds contributed by the Owner, and (iii) funds contributed by the City, each
as described herein.
3. The Authorized Improvements are described as follows:
a. Major Improvements
i. Water Improvements - The water improvements ("Water Improvements")
consist of the construction and installation of waterlines, mains, pipes, valves and
appurtenances, necessary for the water distribution system that will service all of
the Assessed Property within the PID. The Water Improvements will be
constructed according to City standards, determined in the City's sole discretion.
The Actual Costs of the Water Improvements are $2,759,319. Included within
such Actual Costs are estimated Project Management Fees of$95,420 which will
be paid to the Owner on a percentage of completion basis.
ii. Sanitary Sewer Improvements - The sanitary sewer improvements ("Sanitary
Sewer Improvements") consist of construction and installation of pipes, service
lines, manholes, encasements and appurtenances necessary to provide sanitary
sewer service to all of the Assessed Property within the PID. The Sanitary Sewer
Improvements will be constructed according to City standards, determined in the
City's sole discretion. The Actual Costs of the Sanitary Sewer Improvements are
$5,724,317. Included within such Actual Costs are estimated Project
Management Fees of$222,039 which will be paid to the Owner on a percentage
of completion basis.
16
2180.021\62459.6
Section III: Description of Authorized Improvements
b. Roadway Improvements
i. Roadli)ay Innprovements — The roadway improvements ("Roadway
Improvements") consist of the construction of paving, storm drainage, retaining
walls, signage, and traffic control devices which benefit the Assessed Property
within the Western Improvement Area and the acquisition of right of way within
the Western Improvement Area. The Roadway Improvements are not being
funded by the Major Improvement Bonds, but are anticipated to be funded by the
Roadway Improvement Bonds, secured by the Roadway Improvement Special
Assessments which will be levied at a future date as discussed in Section IV A.6.
The Roadway Improvements will be constructed according to City standards,
determined in the City's sole discretion. The Actual Costs of the Roadway
Improvements are $6,102,698. Included within such Actual Costs are estimated
Project Management Fees of $90,956 which will be paid to the Owner on a
percentage of completion basis.
Table III-A
Rock Creek Ranch
Cost of Authorized Improvements
Costs of Non-PID Related Improvements
Non-PID Related Improvements(a)
Actual Costs of
Authorized Total Costs of
Improvements Non-PID Related University Improvements
Description (a) Improvements Improvements (b)
Major Improvements
Water $ 2,759,319 $ - $ 155,045 $ 2,914,364
Sanitary Sewer $ 5,724,317 825,088 (c) 331,239 6,880,644
Total Major Improvements 8,483,636 825,088 486,284 9,795,008
Roadway Improvements
Roadway(d) $ 6,102,698 1,686,764 679,720 8,469,182
Total Authorized Improvements $ 14,586,334 $ 2,511,852 $ 1,166,004 $ 18,264,190
(a)The Actual Costs of the Authorized Improvements will be funded by the PID and the costs of the Non-PID Related
Improvements will not be funded by the PID.
(b)Costs provided by Goodwin&Marshall, Inc.and include project management,soft costs and contingency allocations.The
figures shown in Table III-A will be revised in Annual Service Plan Updates.
(c)Sanitary Sewer costs include Non-PID Related Improvements consisting of oversizing costs to be paid for by City and that
are not required to service the PID property.
(d)Roadway Improvements are estimates and the Actual Costs will be detemined at the time Assessments are levied in the
future. The Total Roadway Improvements, excluding the acquisition of right of way and the Non-PID Related Improvements
but including Roadway Authorized Improvements and the University Roadway Improvements, will be funded equally by the
Owner and the City. The City is expected to fund its portion of the Roadway Improvements through the issuance of bonds,
notes or other obligations to be issued concurrently with the proposed Roadway Improvements PID Bonds. The Non-PID
Related Roadway Improvements will be funded equally by the City and the owner/developer of Chisholm Trail Ranch. The
Roadway Improvements also include$350,000 for the acquisition of right of way that will be funded by the Owner and which
will be allocated between the PID and the University Property based on the total acreage of the University Property within the
Western Improvement Area.
17
2180.021\62459.6
Section III: Description of Authorized Improvements
4. The Non-PID Related Improvements will consist of the following:
a. Sanitary Sewer Improvements:
i. The Non-PID Related Improvements associated with the Sanitary Sewer
Improvements consist of oversizing additions to the system in order to accommodate
future growth in adjacent areas. The Non-PID Related Improvements associated with
the Sanitary Sewer Improvements are not required to service the PID property.
ii. The Non-PID Related Improvements associated with the Sanitary Sewer
Improvements in the amount of$825,088 will be funded 100%by the City concurrent
with the Actual Costs for the Sanitary Sewer Improvements being funded by the
Owner and the PID through the City Facilities Agreement to be executed separate and
apart from this SAP.
b. Roadway Improvements
i. The Non-PID Related Improvements associated with the Roadway Improvements
consist of an extension of Brewer Road to serve property not located within the PID.
The Non-PID Related Improvements serve property not located within the PID and
do not provide a special benefit to the Assessed Property within the PID: however,
the Non-PID Related Improvements are integral to the overall development of the
Property within the PID.
ii. As set forth in the Memorandum of Understanding, the Non-PID Related
Improvements associated with the Roadway Improvements are anticipated to be
funded equally by the City and the owners of Chisolm Trail Ranch, an adjoining
development being developed by an affiliate of the Owner, prior to or concurrently
with the issuance of Roadway Improvements PID Bonds.
18
2180.021\62459.6
Section IV: Assessment Plan
Section IV
ASSESSMENT PLAN
A. Introduction
1. The PID Act requires the City Council to apportion the cost of the Authorized Improvements
based on the special benefits conferred to each Parcel from the Authorized Improvements.
The PID Act provides that the Actual Costs may be assessed: (i) equally per front foot or
square foot; (ii) according to the value of the property as determined by the governing body,
with or without regard to improvements on the property; or (iii) in any other manner that
results in imposing equal shares of the cost on property similarly benefited. The PID Act
further provides that the City Council may establish the methods of assessing the special
benefits for various classes of improvements.
2. Certain improvements related to the Authorized Improvements are being constructed on the
University Property. In addition, certain improvements related to the Authorized
Improvements are being constructed elsewhere in the PID which serve the University
Property. These improvements constructed on or otherwise serving the University Property
are referred to herein as the "University Improvements." The costs of the University
Improvements will be funded directly by the Owner. No University Improvements will be
financed by Special Assessments nor will any Special Assessments be levied in the future for
the purpose of reimbursing the Owner for the costs of such improvements. The University
Improvements are being paid from sources other than Special Assessments in the PID
and, therefore, the University Property shall be treated as Non-Benefitted Property.
The actual costs of the University Improvements related to the PID's Water Improvements
and Sanitary Sewer Improvements have been determined on the basis of the estimated usage,
as determined by the Project Engineer, of all Authorized Improvements in the District
consisting of Water Improvements and Sanitary Sewer Improvements applicable to the
University Property. The actual costs of the University Improvements related to the Western
Improvement Area's Roadway Improvements has been determined on the basis of the
University Property's pro-rata share of the total acreage of the Western Improvement Area.
Table IV-A describes the costs of the University Improvements.
19
2180.021\62459.6
Section IV: Assessment Plan
Table IV-A
Non-Benefitted Area
Costs of University Improvements(not to be financed by or through the PID)
City of Fort Chisholm Trail
Worth Non-PID Ranch Non-PID Total Non-PID
Related Related Related Total Costs- University Authorized University Share
University Improvements Total Costs a I Improvements Improvements Improvements Project Improvements Improvements %c
Major Improvements
Water $ 2,914,364 $ - $ - $ - $ 2,914,364 $ 155,045 $ 2,759,319 5.3%
Sanitary Sewer 6,880,644 825,088 825,088 6,055,556 331,239 5,724,317 5.5%
Total MajorImprovements $ 9,795,008 $ 826,088 $ - $ 826,088 $ 8,969,919 $ 486,264 $ 8,483,636
Roadney Improvements
Roadway(b) 1 8,469,182 843,382 843,362 1,686,764 6,782,418 679,720 6,102,698 10.0%
Total University In rovements $ 18,264,190 $ 1,668,470 $ 843,382 $ 2,511,852 $ 15,762,337 $ 1,166,004 $ 14,586,334
(a)Total Costs include the Actual Costs of Authorized Improvements,the Non-PID Related Improvements and the University Improvements per Table III-A.
(b)Roadway Improvements are estimates.
(c)Percentages for Water and Sanitary Sewer Improvements were determined based on estimated usage,as determined by the Project Engineer,by the University
Property and for the Roadway Improvements based on the University Property's pro-rata share of the total Western Improvement Area acreage.
3. The Major Improvements benefit the Eastern Improvement Area and the Western
Improvement Area, while the Roadway Improvements benefit only the Western
Improvement Area. The Actual Costs of the Major Improvements are allocated to the
Assessed Property in the District (in both the Eastern Improvement Area and the Western
Improvement Area) based on estimated build out value as described in Section IV.E, below,
which will result in imposing equal shares of cost on properties similar benefitted. The
Actual Costs of the Roadway Improvements will be allocated to the Western Improvement
Area in the manner set forth in an update to this SAP at the time an Assessment Ordinance
levying the Roadway Improvement Special Assessments is adopted by the City Council.
4. Table IV-B details the allocation of costs of the Authorized Improvements to the Western
Improvement Area Assessed Property.
5. Table IV-C details the allocation of costs of the Authorized Improvements to the Eastern
Improvement Area Assessed Property.
6. The adoption of an Assessment Ordinance levying the Roadway Improvement Special
Assessments will be deferred until a later date that is agreed upon by the City and the
Owners. At this time, it is expected that the Roadway Improvement Special Assessment will
be levied in 2018 but it is subject to change which will be reflected in future Annual Service
Plan Updates. The Memorandum of Understanding summarizes the expected plan of
finance for the Roadway Improvements.
20
2180.021\62459.6
Section IV: Assessment Plan
7. This Section IV is intended to describe the special benefit conferred upon each Parcel or Lot
as a result of the Authorized Improvements, to provide the basis and justification for the
determination that this special benefit exceeds the amount of the Special Assessments, and to
explain the methodologies by which the City Council allocates and reallocates the special
benefit of the Authorized Improvements to Parcels or Lots so that there is an equal share of
the Actual Cost being apportioned to Parcels or Lots similarly benefited. The determination
by the City Council of the assessment methodology set forth below is the result of the
discretionary exercise by the City Council of its legislative authority and governmental
powers, consistent with the PID Act, and is conclusive and binding on the Owner and all
future owners and developers of any Assessed Property.
B. Special Benefit
1. The Assessed Property must receive a direct and special benefit from the Authorized
Improvements, which must be equal to or greater than the amount of the Special
Assessments.
2. The Major Improvements are provided for the benefit of the Assessed Properties in the
Eastern Improvement Area and Western Improvement Area. The Roadway Improvements
will be provided for the benefit of the Assessed Properties in the Western Improvement Area.
3. When the City Council approved this SAP, the Owners owned 100% of the Assessed
Property within the PID. The Owners have acknowledged that the Authorized Improvements
confer a special benefit on the Assessed Property and consented to the imposition of the
Special Assessments to pay for the Actual Costs associated therewith.
4. If the Special Assessment for the Assessed Property prior to subdivision exceeds the sum of
the Special Assessments for all newly divided Assessed Properties after such reallocation, the
excess amount shall be prepaid as a Mandatory Prepayment as provided under Section VI.0
herein.
5. The City Council determined that funding all or a portion of the Actual Costs for the Major
Improvements through the PID is beneficial to the City and confers a special benefit to the
Assessed Property. Such special benefit exceeds or equals the amount of the Special
Assessments levied on the Assessed Property. This conclusion is supported by the evidence,
information, and testimony provided to the City Council.
21
2180.021\62459.6
Section IV: Assessment Plan
C. Allocation of Actual Costs to the Western Improvement Area
Major Improvements
1. The Major Improvements will provide a special benefit to the Western Improvement Area
Assessed Property. The Actual Costs of the Major Improvements are, therefore, allocated to
the Western Improvement Area Assessed Property, as shown in Table IV-B. The Actual
Costs detailed in Table IV-B are subject to revision through the Annual Service Plan
Updates, but may not result in increased Special Assessments except as authorized under this
SAP or the PID Act.
Table IV-B
Western Improvement Area
Actual Costs Allocation
City of Fort Chisholm Trail Western
Worth Non-PID Ranch Non-PID Improvement
Related Related University Total Costs- Area Share of
Authorized Improvements Total Costs(a) Improvements Improvements Improvements Project Costs
Water $ 2,914,364 $ - $ $ 155,045 $ 2,759,319 $ 1,296,639
Sanitary Sewer 6,880,644 825,088 331,239 5,724,317 2,689,929
Roadway(b) 8,469,182 843,382 843,382 679,720 6,102,698 6,102,698 (d)
Total Authorized Improvements $ 18,264,190 $ 1,668,470 $ 843,382 1$ 1,166,0041$ 14$ 86,334 1$ 10,089,267
(a)See Table III-A for details.
(b)Roadway Improvements are estimates and the Actual Costs will be detemined at the time Assessments are levied in the future. The Roadway
Authorized Improvements will be funded equally by the Owner and the City except for the acquisition of right of way of$350,000,which will funded
fully by the Owner.
(c)Percentages for Water and Sanitary Sewer Improvements were determined based on the Western Improvement Area's ratio of the estimated
build out value of each Lot or Parcel to the total build out value for all Lots and Parcels and for the Roadway Improvements based on the
University Property's pro-rata share of the total Western Improvement Area acreage.
(d)The Roadway Improvements of$6,102,698 will be funded$3,216,209 by the City of Fort Worth and$2,886,489 by the Owner through the PID.
Roadway Improvements (Estimated)
1. The Roadway Improvements will provide a special benefit to the Western Improvement Area
Assessed Property. The Actual Costs detailed in Table IV-B are subject to revision and may
be increased or decreased until the Roadway Improvement Special Assessment is levied
pursuant to a future Assessment Ordinance.
D. Allocation of Actual Costs to the Eastern Improvement Area
1. The Authorized Improvements consisting of the Major Improvements will provide a special
benefit to the Eastern Improvement Area Assessed Property. The Actual Costs of the
Authorized Improvements consisting of the Major Improvements are, therefore, allocated to
the Eastern Improvement Area Assessed Property, as shown in Table IV-C. The Actual
Costs detailed in Table IV-C are subject to revision through the Annual Service Plan
Updates, but may not result in increased Special Assessments except as authorized under this
SAP or the PID Act.
22
2180.021\62459.6
Section IV: Assessment Plan
Table IV-C
Eastern Improvement Area
Actual Costs Allocation
City of Fort Chisholm Trail Eastern
Worth Non-PID Ranch Non-PID Improvement
Related Related University Total Costs- Area Share of
Authorized Improvements Total Costs(a) Improvements Improvements Improvements Project Costs
Water $ 2,914,364 $ - $ $ 155,045 $ 2,759,319 $ 1,462,680
Sanitary Sewer 6,880,644 825,088 331,239 5,724,317 3,034,388
Roadway(b) 8,469,182 843,382 843,382 679,7201 6,102,698 -
Total Authorized Improvements $ 18,264,190 1$ 1,668,4701$ 843,3821$ 1,166,0041$ 14,586,334 $ 4,497,067
(a)See Table III-A for details
(b)Roadway Improvements are estimates and the Actual Costs will be detemined at the time Assessments are levied in the fixture. The Roadway
Authorized Improvements will be funded equally by the Owner and the City except for the acquisition of right of way of$350,000,which will funded
fully by the Owner.
(c)Percentages for Water and Sanitary Sewer Improvements were determined based on the Eastern Improvement Area's ratio of the estimated
build out value of each Lot or Parcel to the total build out value for all Lots and Parcels and for the Roadway Improvements based on the
University Property's pro-rata share of the total Eastern Improvement Area acreage.
E. Assessment Methodology
1. The City Council may assess all or a portion of the Actual Costs against Assessed Property
so long as the special benefit conferred upon the Assessed Property by the Authorized
Improvements equals or exceeds the amount of the Special Assessments. All or a portion of
the Actual Costs may be assessed using any methodology that results in the imposition of
equal shares of the Actual Costs on Assessed Property similarly benefited.
2. Assessment Methodology for Major Improvements
For purposes of this SAP, the City Council has determined that the Actual Costs of the
portion of the Major Improvements shall be allocated to the Assessed Property in the Eastern
Improvement Area and the Western Improvement Area of the PID by spreading the entire
Special Assessment across the Assessed Property within the Eastern Improvement Area and
Westem Improvement Area based on the ratio of the estimated build out value of each Land
Use therein to the total build out value for all Land Uses. The assessment methodology
described in this Section IV.E.2 for the Major Improvement Special Assessment is
summarized in Table IV-D and for the Major Improvement and Roadway Special
Assessments, assuming the planned issuance of the Roadway Improvements PID Bonds, is
summarized in Table IV-E. Table IV-D also summarizes for each Land Use of Assessed
Property within the Western Improvement Area: (1) the Special Assessment for each Land
Use; (2) the Annual Installment for each Land Use; and (3) the annual installment as an
equivalent tax rate for each Land Use based on estimated build out value. Table IV-E also
summarizes for each Land Use of Assessed Property within the Western Improvement Area
after the planned issuance of the Roadway Improvements PID Bonds: (1) the Special
Assessment for each Land Use; (2) the Annual Installment for each Land Use; and (3) the
annual installment as an equivalent tax rate for each Land Use based on estimated build out
value.
23
2180.021\62459.6
Section IV: Assessment Plan
a. The City Council has determined that the benefit to the Assessed Property in the Eastern
Improvement Area and the Western Improvement Area from the Major Improvements is
at least equal to the Major Improvement Special Assessments levied thereon.
b. The Major Improvement Special Assessments and the Annual Installments thereof for
Assessed Property located in the Western Improvement Area are shown on the Western
Improvement Area Assessment Roll attached as Appendix A-1. The Major Improvement
Special Assessments and Annual Installments thereof for Assessed Property located in
the Eastern Improvement Area are shown on the Eastern Improvement Area Assessment
Roll attached as Appendix A-2. No Special Assessment shall be changed except as
authorized by this SAP and the PID Act. Table IV-D and Table IV-F summarize the
allocation of the Major Improvement Special Assessment to the Western Improvement
Area Assessed Property at the time the initial Assessment Ordinance relating to the Major
Improvements was adopted by the City Council. The information in Table IV-D and
Table IV-F may be modified in a Service Plan Update approved by the City Council,
subject to the terms of this SAP, the PID Act, and any other documents associated with
the PID. Table IV-E and Table IV-G summarize the allocation of the Major
Improvement and the Roadway Improvements Special Assessments to the Western
Improvement Area Assessed Property anticipating the planned issuance of the Roadway
Improvements PID Bonds is approved by the City Council. Table IV-H and Table IV-I
summarize the allocation of the Major Improvement Special Assessment to the Eastern
Improvement Area Assessed Property at the time the initial Assessment Ordinance
relating to the Major Improvements was adopted by the City Council. The information in
Table IV-H and Table IV-I may be modified in a Service Plan Update approved by the
City Council, subject to the terms of this SAP, the PID Act, and any other documents
associated with the PID.
c. The adoption of an Assessment Ordinance levying the Roadway Improvement
Special Assessments will be deferred until a later date that is agreed upon by the
City and the Owners. At this time, it is expected that the Roadway Improvement
Special Assessment will be levied in 2018 but it is subject to change which will be
reflected in future Service Plan Updates.
3. In the Indenture for the Major Improvement Bonds, the City reserves the right to issue
Roadway Improvement Bonds secured by Roadway Improvement Special Assessments
levied at a future date to finance the Roadway Improvements. Pursuant to Section 13.2(c) of
the Indenture for the Major Improvement Bonds, the issuance of Roadway Improvement
Bonds is subject to the following:
a. There are no delinquent Major Improvement Special Assessments at the time the
Roadway Improvement Bonds are to be issued;
b. The City and Walton Development & Management, TX, LLC, an affiliate of the Owner
are each in full compliance with their respective continuing disclosure agreements
entered into in connection with the Major Improvement Bonds pursuant to Rule 15c2-12
adopted by the SEC under the Securities Exchange Act of 1934;
24
2180.021\62459.6
Section IV: Assessment Plan
c. Either (a) the Major Improvements have been completed, or (b) the Project
Engineer shall have certified in writing to the City prior to the levy of Roadway
Improvement Special Assessments for the Roadway Improvement Bonds, that there
are sufficient funds in the form of cash available to complete the Major
Improvements; and
d. The City will have determined that there are sufficient funds in the form of cash on hand
to fund the construction of all of the planned roadway improvements (other than the
Roadway Improvement described herein to be financed by the Roadway Improvement
Bonds) as contemplated by the Memorandum of Understanding.
4. Allocations between Land Use may be updated in an Annual Service Plan Update until the
initial Owner of the Assessed Property sells any portion of the Assessed Property to an
unaffiliated third party, excluding the University, which will then trigger the determination of
and approval of the Maximum Special Assessment per Unit within each Land Use category.
The Owner has agreed with the City, in the PID Reimbursement Agreement, to provide
notice of its intent to enter into a contract for sale an unaffiliated third party, excluding the
University.
25
2180.021\62459.6
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Section IV: Assessment Plan
F. Assessment and Annual Installments
The Special Assessments for the PID Bonds will be levied on each Parcel or Lot according to the
Eastern Improvement Assessment Roll and the Western Improvement Assessment Roll, as
applicable, subject to any revisions made during an Annual Service Plan Update. The Annual
Installments for the Major Improvement Bonds will be due no later than January 31 of each year
beginning in 2018. The Annual Installments for the Roadway Improvement Bonds are
anticipated to be due no later than January 31 of each year beginning in 2019 in the amounts
shown on an update to the Western Improvement Area Assessment Roll at the time an
Assessment Ordinance levying the Roadway Improvement Special Assessments is adopted by
the City Council, subject to any revisions made during an Annual Service Plan Update.
G. Administrative Expenses
The cost of administering the PID and collecting the Annual Installments shall be paid for on a
pro rata basis by each Parcel or Lot based on the amount of outstanding Special Assessment
remaining on the Parcel or Lot. The Administrative Expenses shall be collected as part of and in
the same manner as Annual Installments in the amounts shown on the Assessment Rolls attached
hereto as Appendix A-1 and Appendix A-2 which are subject to revision through Annual
Service Plan Updates.
H. Delinquency and Prepayment Reserve
The interest rate on Special Assessments may exceed the interest rate on the PID Bonds by the
Additional Interest. The Additional Interest shall be collected as part of each Annual
Installment. Under the PID Bond Indenture, the Additional Interest shall be deposited into a
reserve account and segregated from other funds of the City (the "Delinquency and
Prepayment Reserve Account") until the balance in the Delinquency and Prepayment Reserve
equals a maximum of 5.5% of the outstanding principal balance of the PID Bonds. The
Delinquency and Prepayment Reserve shall be used to pay Prepayment Costs or to cover any
deficiencies in the funds available to pay debt service on the applicable PID Bonds. If, in a
given year, the Delinquency and Prepayment Reserve Account is fully funded, the Additional
Interest will be allocated for the additional purposes set forth in the PID Bond Indenture, which
purposes include: covering deficiencies in funds available to pay debt service on the applicable
PID Bonds, paying costs associated with the prepayment of any PID Bonds, paying the costs of
Administrative Expenses, and/or the redemption of any PID Bonds.
29
2180.021\62459.6
Section V: Service Plan
Section V
SERVICE PLAN
1. The PID Act requires that a Service Plan (i) cover a period of at least five years, and (ii)
define the annual projected costs and indebtedness for the Authorized Improvements
undertaken within the PID during the five year period. It is anticipated that it will take
approximately 24 months for the Major Improvements to be constructed.
2. The Actual Costs for the Major Improvements plus costs related to the issuance of the
Major Improvement Bonds, and payment of expenses incurred in the establishment,
administration and operation of the PID are shown in Table V-A. It is expected that the
PID Bonds will be issued in two separate issues, a Major Improvement Bond issuance
and a second Roadway Improvement Bond anticipated to occur in 2018. If, and when, the
Roadway Improvement Bonds are issued, the Service Plan will be updated to reflect such
additional bonds. The Service Plan shall be reviewed and updated at least annually for
purposes of determining the annual budget for Administrative Expenses, updating the
Actual Costs of the Authorized Improvements, and updating the Western Improvement
Area Assessment Roll shown on Appendix A-1 and the Eastern Improvement Area
Assessment Roll shown on Appendix A-2. Any update to this SAP is herein referred to
as an"Annual Service Plan Update."
3. Table V-A summarizes the sources and uses of funds required to construct the Major
Improvements, establish the PID, and issue the Major Improvement Bonds. The sources
and uses of funds shown in Table V-A shall be updated each year in the Annual Service
Plan Update to reflect any revisions to the Actual Costs and additional PID Bond issues,
if any.
4. Table V-B summarizes the sources and uses of funds required to construct the Roadway
Improvements and issue the planned Roadway Improvement PID Bonds. The sources
and uses of funds shown in Table V-B shall be updated each year in the Annual Service
Plan Update to reflect any revisions to the Actual Costs and additional PID Bond issues,
if any.
30
2180.021\62459.6
Section V: Service Plan
Table V-A
Major Improvement Bonds
Sources and Uses of Funds
Non-PID Related Improvements
Major Offsite Sanitary
Improvements University Sewer
Bonds Improvements Improvements Total
Sources of Funds
Gross Bond Amount $ 13,995,000 $ $ - $ 13,995,000
City of Fort Worth Contribution - 825,088 825,088
Owner Contribution(a) 5,711 486,284 - 491,994
$ 14,000,711 $ 486,284 $ 825,088 $ 15,312,083
Uses of Funds
Authorized/Offsite Imprmements(b)
Water 2,759,319 155,045 - $ 2,914,364
Sanitary Sewer 5,724,317 331,239 825,088 6,880,644
Authorized/Offsite Imprmements $ 8,483,636 $ 486,284 $ 825,088 $ 9,795,008
Other Fund Deposits:
Debt Service Reser\e Fund(c) $ 1,388,550 $ - $ - $ 1,388,550
Capitalized Interest(d) 2,729,025 - 2,729,025
$ 4,117,575 $ $ - $ 4,117,575
Cost of Issuance(e): $ 979,650 $ $ - $ 979,650
Underwriter's Costs/Underwriter Counsel(f) $ 419,850 $ $ - $ 419,850
$ 14,000,711 $ 486,284 $ 825,088 $ 15,312,083
(a) Owners will fund all Authorized Improvements not covered by the PID Bonds or later issuances of the PID Bonds.
(b) See Table III-A, Table IV-A and Table IV-13 for details.
(c) The PID Bonds will include a debt service reserve fund calculated in accordance with IRS rules and the Indenture.
(d)The PID Bonds will include approximately 36 months of capitalized interest
(e)Estimated at 7.0%of the bond amount inclusive of prepayment of a portion of the initial year's Administrative Expenses,
subject to change.
(f)The PID Bonds assume a 3%Underwriter's Discount and Underwriter's Counsel Fee for illustration purposes only, subject
to change.
31
2180.021\62459.6
Section V: Service Plan
Table V-B
Proposed Roadway Improvements PID Bonds
Sources and Uses of Funds
Non-PID Related Improvements
Roadway Chisholm Trail University
Improvements Ranch Roadway Roadway
Bonds Improvements Improvements Total
Sources of Funds
Gross Bond Amount $ 4,305,000 $ - $ $ 4,305,000
City of Fort Worth Contribution 3,216,209 843,382 - 4,059,591
Chisholm Trail Ranch Contribution - 843,382 - 843,382
Owner Contribution(a) 315 - 679,720 680,035
$ 7,521,524 $ 1,686,764 $ 679,720 $ 9,888,008
Uses of Funds
Authorized/Offsite Improvements (b)
Roadway Improvements $ 6,102,698 $ 1,686,764 $ 679,720 $ 8,469,182
Authorized/Offsite Improvements $ 6,102,698 $ 1,686,764 $ 679,720 $ 8,469,182
Other Fund Deposits:
Debt Service Reserve Fund(c) $ 428,675 $ - $ - $ 428,675
Capitalized Interest(d) 559,650 - - 559,650
$ 988,325 $ - $ - $ 988,325
Cost of Issuance(e): $ 301,350 $ $ - $ 301,350
Underwriters Costs/Underwriter Counsel(f) $ 129,150 $ $ - $ 129,150
$ 7,521,523 $ 1,686,764 $ 679,720 $ 9,888,007
(a) Owners will fund all Authorized Improvements not funded by the PID Bonds or the City contribution or later issuances
of the PID Bonds.
(b) See Table III-A,Table IV-A and Table IV-B for details.
(c) The PID Bonds will include a debt service reserve fund calculated in accordance with IRS rules.
(d)The PID Bonds are expected to inicude up to 30 months of capitalized interest
(e)Estimated at 7.0%of the bond amount inclusive of prepayment of a portion of the initial year's Administrative Expenses,
subject to change.
(f)The PID Bonds assume a 3%Underwriter's Discount and Underwriter's Counsel Fee for illustration purposes only, subject
Ito change.
4. The Annual Installments relating to the Major Improvements for the Western Improvement
Area for the first five years after the approval of this SAP for the Major Improvement Bonds
are presented in Table V-C. If, and when, the Roadway Improvement Bonds are issued, the
Service Plan will be updated to reflect the additional bonds. The Annual Installments are
subject to revision and shall be updated in the Annual Service Plan Update to reflect any
change expected for each year.
32
2180.021\62459.6
Section V: Service Plan
Table V-C
Western Improvement Area
Annual Installments -Major Improvements
Delinquency
Period Ending Principal Interest Administrative Prepayment Capitalized Annual PID
September 30 Payments Expense Expenses Reserve Interest Installments
2018 $ - $ 427,700 $ 45,000 $ 32,900 $ (427,700) $ 77,900
2019 $ - $ 427,700 $ 45,900 $ 32,900 $ (427,700) $ 78,800
2020 $ - $ 427,700 $ 46,818 $ 32,900 $ (427,700) $ 79,718
2021 $ 225,000 $ 427,700 $ 47,754 $ 32,900 $ - $ 733,354
2022 $ 235,000 $ 413,075 $ 48,709 $ 31,775 $ - $ 728,559
Total $ 460,000 $ 2,123,875 $ 234,182 $ 163,375 $ (1,283,100) $ 1,698,332
Note: The Projected Annual Installments are the expenditures associated with the formation of the PID,
the costs of issuance and repayment of the Major Improvement PID Bonds allocated to the Western
Improvement Area PID as well as the administration of the PID. The debt service estimates are based on
an average 6.5%interest rate and a 20 year term. Administrative expenses are estimated to increase at a
rate of 2.0%per year.
Table V-D
Western Improvement Area
Annual Installments - Major Improvements and Roadway Improvements
Delinquency
Period Ending Principal Interest Administrative Prepayment Capitalized Annual PID
September 30 Payments Expense Expenses Reserve Interest Installments
2019 $ - $ 707,525 $ 45,900 $ 54,425 $ (707,525) $ 100,325
2020 $ - $ 707,525 $ 46,818 $ 54,425 $ (707,525) $ 101,243
2021 $ 370,000 $ 707,525 $ 47,754 $ 54,425 $ - $ 1,179,704
2022 $ 390,000 $ 683,475 $ 48,709 $ 52,575 $ - $ 1,174,759
2023 $ 420,000 $ 658,125 $ 49,684 $ 50,625 $ - $ 1,178,434
Total $ 1,180,000 $ 3,464,175 $ 238,865 $ 266,475 $ (1,415,050) $ 3,734,465
Note: The Projected Annual Installments are the expenditures associated with the formation of the PID,
the costs of issuance and repayment of the Major Improvement and Roadway Improvements PID Bonds as
well as the administration of the PID. The debt service estimates are based on an average 6.5%interest
rate and a 20 year term for the Major Improvement PID Bonds and a 19 year term for the Roadway
Improvements PID Bonds. Administrative expenses are estimated to increase at a rate of 2.0%per year.
5. The Annual Installments relating to the Major Improvements for the Eastern Improvement
Area for the first five years after the approval of this SAP for the Major Improvement Bonds
are presented in Table V-E. The Annual Installments are subject to revision and shall be
updated in the Annual Service Plan Update to reflect any change expected for each year.
33
2180.021\62459.6
Section V: Service Plan
Table V-E
Eastern Improvement Area
Annual Installments - Major Improvements
Delinquency
Period Ending Principal Interest Administrative Prepayment Capitalized Annual PID
September 30 Payments Expense Expenses Reserve Interest Installments
2018 $ - $ 481,975 $ 45,000 $ 37,075 $ (481,975) $ 82,075
2019 $ - $ 481,975 $ 45,900 $ 37,075 $ (481,975) $ 82,975
2020 $ - $ 481,975 $ 46,818 $ 37,075 $ (481,975) $ 83,893
2021 $ 250,000 $ 481,975 $ 47,754 $ 37,075 $ - $ 816,804
2022 $ 270,000 $ 465,725 $ 48,709 $ 35,825 $ - $ 820,25
Total $ 520,000 $ 2,393,625 $ 234,182 $ 184,125 $ (1,445,925) $ 1,886,007
Note: The Projected Annual Installments are the expenditures associated with the formation of the PID,
the costs of issuance and repayment of the Major Improvement PID Bonds allocated to the Eastern
Improvement Area as well as the administration of the PID. The debt service estimates are based on an
average 6.5%interest rate and a 20 year term. Administrative expenses are estimated to increase at a
rate of 2.0%per year.
34
2180.021\62459.6
Section VI: Terms of the Assessments
Section VI
TERMS OF THE SPECIAL ASSESSMENTS
A. Amount of Maior Improvement Special Assessments and Annual Installments
for Parcels Located Within the Assessed Property
1. The Major Improvement Special Assessments and Annual Installments for the Assessed
Property in the Western Improvement Area and the Eastern Improvement Area are shown
on the Assessment Roll in Appendix A-1 and Appendix A-2, respectively. The Major
Improvement Special Assessments and Annual Installments shall not be changed except
as authorized by this SAP and by the PID Act.
2. The Annual Installments of the Major Improvement Assessments shall be collected in an
amount sufficient (i) to pay the principal and interest on the Major Improvement Bonds,
(ii) to fund the Delinquency and Prepayment Reserve for the Major Improvement Bonds,
(iii) to cover the Administrative Expenses for the PID, and (iv) used to pay any costs
permitted by the PID Act.
B. Reallocation of Special Assessments for Parcels Located Within Assessed
Property
I. Upon Division Prior to Recording of Subdivision Plat
a. Upon the division of any Assessed Property (without the recording of subdivision plat),
the Administrator shall reallocate the Special Assessment for the Assessed Property prior
to the division among the newly divided Assessed Properties per the assessment
methodology as presented in Section IV.E.2.
b. If Lots are not platted in accordance with the approved entitlements, the Special
Assessments for each affected Lot will be allocated in an equitable manner.
c. The reallocation of an Special Assessment for Assessed Property that is a homestead
under Texas law may not exceed the Special Assessment prior to the increase or
reallocation. Any reallocation pursuant to this section shall be reflected in a Service and
Assessment Plan Update approved by the City Council. The reallocation herein shall be
considered an administrative action that will not require the City Council to issue notice
and hold a public hearing.
d. The sum of the Special Assessments for all newly divided Assessed Properties shall equal
the Special Assessment for the Assessed Property prior to subdivision. The calculation
shall be made separately for each newly divided Assessed Property. Any reallocation
pursuant to this section shall be reflected in an update to this SAP approved by the City
Council.
35
2180.021\62459.6
Section VI: Terms of the Assessments
2. Upon Subdivision by a Recorded Subdivision Plat
a. Once a Lot or a Parcel has an Special Assessment applied to it, as shown in Table IV-D
and Table IV-H, and is then subdivided again, such newly subdivided Lots or Parcels
will be the Special Assessment of the applicable Land Use as set forth in Table IV-D and
Table IV-H. In no event will the new subdivision cause the sum of the Special
Assessments for the newly subdivided Land Uses to be greater than the Special
Assessment for the undivided Land Use prior to its subdivision or greater than the
Maximum Special Assessment per Unit.
b. The allocation method used above is to insure there will not be an increase in the Special
Assessment for each specific Lot or Parcel. If Lots or Parcels are not platted in
accordance with the approved entitlements, the Special Assessments for each affected Lot
or Parcel will be allocated in an equitable manner.
3. Upon Consolidation
Upon the consolidation of two or more Assessed Properties, the Special Assessment for
the consolidated Assessed Property shall be the sum of the Special Assessments for the
Assessed Properties prior to consolidation. The reallocation of an Special Assessment for
an Assessed Property that is a homestead under Texas law may not exceed the Special
Assessment for such. Assessed Property prior to the reallocation. Any reallocation
pursuant to this section shall be calculated by the Administrator and reflected in an
update to this SAP approved by the City Council. The consolidation of any Assessed
Property as described herein shall be considered an administrative action and will not
require any notice or public hearing(as defined in the PID Act) by the City Council.
4. Upon Transfer between Parcels with Different Uses
a. Should an owner of an Assessed Property choose to transfer the intended land use
between all or a portion of one or more Parcels or Lots, in no event will the transfer cause
the sum of the Special Assessments for the affected Parcels or Lots to be greater than the
Special Assessment for those Parcels or Lots prior to the transfer of use.
b. If uses are transferred among Parcels or Lots, the Special Assessments for each affected
Parcel or Lot will be allocated in an equitable manner.
36
2180.021\62459.6
Section VI: Terms of the Assessments
C. Mandatory Prepayment of Special Assessments
If Assessed Property or a portion thereof is transferred to a party that is exempt from the
payment of the Special Assessment under applicable law, or if an owner causes a Parcel
or portion thereof to become Non-Benefited Property, the owner of such Parcel or portion
thereof shall pay to the City the full amount of the Special Assessment, plus all
Prepayment Costs, for such Parcel or portion thereof prior to any such transfer or act (a
"Mandatory Prepayment"). Should a Mandatory Prepayment of Special Assessments
occur, the owner of such Parcel or portion thereof shall notify the City and the
Administrator no later than thirty (30) days after the date of the payment of the
Mandatory Prepayment. The sum of the Special Assessments for all newly-divided
Assessed Properties shall equal the Special Assessments for the Assessed Property prior
to subdivision. If the Special Assessment for the Assessed Property prior to subdivision
exceeds the sum of the Special Assessments for all newly divided Assessed Properties
after such reallocation, the Parcel owner shall pay the Special Assessment in excess of
the Maximum Special Assessment per Unit amount as a Mandatory Prepayment.
D. Reduction of Special Assessments
1. If after all Authorized Improvements to be funded with PID Bonds have been completed
and the Actual Costs for the Authorized Improvements are less than the Actual Costs
used to calculate the Special Assessments securing such PID Bonds, resulting in excess
PID Bond proceeds, then the City may, at its discretion and in accordance with the
Indenture related to such series of PID Bonds, reduce the Special Assessment securing
the series of PID Bonds for each Assessed Property pro rata such that the sum of the
resulting reduced Special Assessments for all Assessed Properties equals the reduced
Actual Costs and such excess PID Bond proceeds shall be applied to redeem PID Bonds
of such series. The Special Assessments shall not be reduced to an amount less than the
principal amount of the related outstanding series of PID Bonds.
2. Similarly, if any of the Authorized Improvements to be funded with a series of PID
Bonds are not undertaken resulting in excess PID Bond proceeds then the City may, at its
discretion and in accordance with the Indenture related to such series of PID Bonds,
reduce the Special Assessment securing the PID Bonds for each Assessed Property pro-
rata to reflect only the Actual Costs that were expended and apply such excess PID Bond
proceeds as described in the paragraph immediately above. The Special Assessments
shall not be reduced to an amount less than the principal amount of the related
outstanding series of PID Bonds.
37
2180.021\62459.6
Section VI: Terms of the Assessments
E. Payment of Special Assessments
1. Payment in Full
a. The Special Assessment for any Parcel or Lot may be paid in full at any time in
accordance with the PID Act. The payment shall include all Prepayment Costs, if any. If
prepayment in full will result in redemption of PID Bonds, the payment amount shall be
reduced by the applicable portion of the proceeds from a debt service reserve fund
applied to the redemption pursuant to the Indenture, net of any other costs applicable to
the redemption of PID Bonds.
b. If an Annual Installment has been billed prior to payment in full of a Special Assessment,
the Annual Installment shall be due and payable and shall be credited against the payment
in full amount upon payment.
c. Upon payment in full of an Special Assessment and all Prepayment Costs, the City shall
deposit the payment in accordance with the related Indenture; whereupon, the Special
Assessment for the Parcel or Lot shall be reduced to zero, and the Parcel or Lot owner's
obligation to pay the Special Assessment and Annual Installments thereof shall
automatically terminate. The City shall provide the owner of the affected Assessed
Property a recordable "Notice of PID Special Assessment Termination."
2. Partial Payment
a. At the option of a Parcel or Lot owner, the Special Assessment on any Parcel or Lot may
be paid in part in an amount equal to the amount of prepaid Special Assessments plus
Prepayment Costs, if any, with respect thereto. Upon the payment of such amount for a
Parcel or Lot, the Special Assessment for the Parcel or Lot shall be reduced by the
amount of such partial payment in a manner conforming to the provisions of the
Indenture, the Special Assessment Roll shall be updated to reflect such partial payment,
and the obligation to pay the Annual Installment for such Parcel or Lot shall be reduced
to the extent the partial payment is made. For any Partial Payment made, the amount
which is paid may be adjusted if required by the terms of the Indenture to conform with
the denomination of any individual bond.
3. Payment of Annual Installments
a. If a Special Assessment is not paid in full, the PID Act authorizes the City to collect
interest and collection costs on the outstanding Special Assessment. An Special
Assessment for a Parcel or Lot that is not paid in full will be collected in Annual
Installments each year in the amounts shown in the Special Assessment Roll, which
includes interest on the outstanding Special Assessment and Administrative Expenses.
The interest on the Special Assessments or Annual Installments thereof, includes the
interest generated from the Additional Interest Rate as described in Section W.H.
38
2180.021162459.6
Section VI: Terms of the Assessments
b. The Annual Installments as listed on the Assessment Roll have been calculated assuming
a weighted average interest rate on the PID Bonds of 6.5%. The principal amounts of
Annual Installments may not exceed the amounts shown on the Assessment Roll except
pursuant to any amendment or update to this SAP. The interest on the Special
Assessments or Annual Installments thereof, includes the interest generated from the
Additional Interest Rate as described in Section W.H.
c. The Annual Installments shall be reduced to equal the actual costs of repaying the related
series of PID Bonds plus the interest generated from the Additional Interest Rate and
actual Administrative Expenses (as provided for in the definition of such term), taking
into consideration any other available funds for these costs, such as interest income on
account balances.
d. The City reserves and shall have the right and option to refund PID Bonds in accordance
with Section 372.027 of the PID Act and the Indenture related to such PID Bonds. In the
event of issuance of refunding bonds, the Administrator shall recalculate the Annual
Installments, and if necessary, may adjust, or decrease, the amount of the Annual
Installment so that total Annual Installments of Special Assessments will be produced in
annual amounts that are required to pay the debt service on the refunding bonds when due
and payable as required by and established in the ordinance and/or the indenture
authorizing and securing the refunding bonds plus interest generated from the Additional
Interest Rate, and such refunding bonds shall constitute "PID Bonds" for purposes of this
SAP.
F. Collection of Annual Installments
1. The Administrator shall, no less frequently than annually, prepare and submit to the City
Council for its approval, an Annual Service Plan Update to allow for the billing and
collection of Annual Installments. Each Annual Service Plan Update shall include an
updated Assessment Roll and a calculation of the Annual Installment for each Assessed
Property. Administrative Expenses shall be allocated among Assessed Properties in
proportion to the amount of the Annual Installments for the Assessed Property. Each
Annual Installment shall be reduced by any credits applied under the applicable
Indenture, such as capitalized interest, interest earnings on any account balances, and any
other funds available to the Trustee for such purpose, and existing deposits for a
Delinquency and Prepayment Reserve. Annual Installments may be collected by the City
(or such entity to whom the City directs) in the same manner and at the same time as ad
valorem taxes. Annual Installments shall be subject to the penalties, procedures, and
foreclosure sale in case of delinquencies as set forth in the PID Act. The City Council
may provide for other means of collecting the Annual Installments to the extent permitted
under the PID Act. The Special Assessments shall have lien priority as specified in the
PID Act.
39
2180.021\62459.6
Section VI: Terms of the Assessments
2. Any sale of Assessed Property for nonpayment of the delinquent Annual Installments
shall be subject to the lien established for the remaining unpaid Special Assessment
against such Assessed Property and such Assessed Property may again be sold at a
judicial foreclosure sale if the purchaser thereof fails to make timely payment of the non-
delinquent Annual Installments against such Assessed Property as they become due and
payable.
3. Each Annual Installment, including the interest on the unpaid amount of an Special
Assessment, shall be updated annually. Each Annual Installment together with interest
thereon shall be delinquent if not paid on or before January 31 of the following year. The
initial Annual Installments for the Major Improvement Special Assessments will be due
when billed, and will be delinquent if not paid on or before January 31, 2018.
G. Surplus Funds Remaining in the PID Bond Account
1. If proceeds from a series PID Bonds still remain after all of the Authorized Improvements
to be funded with such PID Bonds are constructed and accepted by the City, the proceeds
may be utilized in accordance with Section VI.D of this SAP.
40
2180.021162159.6
Section VII: Assessment Roll
Section VII
ASSESSMENT ROLL
A. Assessment Roll
1. The City Council has evaluated each Parcel (based on numerous factors such as the
applicable zoning for the developable area, the Public Property, the types of Authorized
Improvements, and other development factors deemed relevant by the City Council) to
determine the amount of Assessed Property within the Parcel.
2. The Western Improvement Area Assessed Property will be assessed for the special benefits
conferred upon the Assessed Property by the Major Improvements. Table VII-A summarizes
the $6,580,468 in special benefit received by Assessed Property from the Major
Improvements, a portion of the costs that relate to the establishment, administration and
operation of the PID, and the Major Improvement Bonds issuance costs. The par amount of
the Major Improvement Bonds allocated to the Western Improvement Area is $6,580,000
which is less than the benefit received by the Assessed Property within the Western
Improvement Area from the Major Improvements.
3. The Special Assessment for each Parcel of Assessed Property within the Western
Improvement Area is calculated based on the allocation methodologies described in Section
IV-D.2. The Western Improvement Area Assessment Roll is attached hereto as Appendix A-
1.
Table VII-A
Western Improvement Area
Major Improvements
Special Benefit Summary
Special Benefit Total Cost
Total Authorized Improvements $ 3,986,568
PID Formation/Bond Cost of Issuance
Debt Service Reserve Fund $ 652,800
Capitalized Interest $ 1,283,100
Underwriter's Discount/Underwriter Counsel $ 197,400
Cost of Issuance $ 460,600
PID Formation/Bond Cost of Issuance $ 2,593,900
Total Special Benefit $ 6,580,468
Special Benefit
Total Special Benefit $ 6,580,468
Projected PID Special Assessment $ 6,580,000
Excess Benefit $ 468
41
2180.021\62459.6
Section VII: Assessment Roll
4. The Western Improvement Area Assessed Property will be assessed for the special benefits
conferred upon the Assessed Property by the Roadway Improvements. Table VII-B
summarizes the $7,521,523 in special benefit received by Assessed Property from the
Roadway Improvements, a portion of the costs of relating to the establishment,
administration and operation of the PID, and the Roadway Improvements PID Bonds
issuance costs. The par amount of the Roadway Improvement Bonds allocated to the
Western Improvement Area is expected to be $4,305,000 which is less than the benefit
received by the Assessed Property within the Western Improvement Area from the Roadway
Improvements.
5. The Special Assessment for each Parcel of Assessed Property within the Western
Improvement Area is calculated based on the allocation methodologies described in Section
IV-D.2. The Western Improvement Area Assessment Roll is attached hereto as Appendix A-
1.
Table VII-B
Western Improvement Area
Roadway Improvements
Special Benefit Summary
Special Benefit Total Cost
Total Authorized Improvements $ 6,102,698
PID Formation/Bond Cost of Issuance
Debt Service Reserve Fund $ 428,675
Capitalized Interest $ 559,650
Underwriter's Discount/Underwriter Counsel $ 129,150
Cost of Issuance $ 301,350
PID Formation/Bond Cost of Issuance $ 1,418,825
Total Special Benefit $ 7,521,523
Special Benefit
Total Special Benefit $ 7,521,523
Projected PID Special Assessment $ 4,305,000
Excess Benefit $ 3,216,523
6. The Eastern Improvement Area Assessed Property will be assessed for the special benefits
conferred upon the Assessed Property by the Major Improvements. Table VII-C summarize
the $7,420,242 in special benefit received by Assessed Property from the Major
Improvements, a portion of the costs that relate to the establishment, administration and
operation of the PID, and.the Major Improvement Bonds issuance costs. The par amount of
the Major Improvement Bonds allocated to the Eastern Improvement Area is $7,415,000
which is less than the benefit received by the Assessed Property within the Eastern
Improvement Area from the Major Improvements.
42
2180.021\62459.6
Section VII: Assessment Roll
7. The Special Assessment for each Parcel of Assessed Property within the Eastern
Improvement Area is calculated based on the allocation methodologies described in Section
IV-D.3. The Eastern Improvement Area Assessment Roll is attached hereto as Appendix A-
2.
Table VII-C
Eastern Improvement Area
Major Improvements
Special Benefit Summary
Special Benefit Total Cost
Total Authorized Improvements $ 4,497,067
PID Formation/Bond Cost of Issuance
Debt Service Reser\e Fund $ 735,750
Capitalized Interest $ 1,445,925
Underwriter's Discount/Underwriter Counsel $ 222,450
Cost of Issuance $ 519,050
PID Formation/Bond Cost of Issuance $ 2,923,175
Total Special Benefit $ 7,420,242
Special Benefit
Total Special Benefit $ 7,420,242
Projected PID Special Assessment $ 7,415,000
Excess Benefit $ 5,242
8. The adoption of an Assessment Ordinance levying the Roadway Improvement Special
Assessments will be deferred until a later date that is agreed upon by the City and the
Owners. At this time, it is expected that the Roadway Improvement Special Assessment will
be levied in 2018 but it is subject to change which will be reflected in future Service Plan
Updates
43
2180.021\62459.6
Section VII: Assessment Roll
B. Annual Assessment Roll Updates
1. The Administrator shall prepare, in consultation with City staff, and shall submit to the City
Council for approval, updates to the Assessment Roll and the Annual Service Plan Update to
reflect changes such as (i) the identification of each Parcel, (ii) the Special Assessment for
each Assessed Property, including any adjustments authorized by this SAP or the PID Act;
(iii) the Annual Installment for the Assessed Property for the year (if the Special Assessment
is payable in installments); and (iv) payments of the Special Assessment, if any, as provided
by Section VI.E of this SAP.
2. The Service and Assessment Plan Update shall reflect the actual interest on the PID Bonds
on which the Annual Installments shall be paid plus the Additional Interest Rate, any
reduction in the Special Assessments, and any revisions in the Actual Costs to be funded by
the PID Bonds and Owner funds.
44
2180.021\62459.6
Section VIII: Miscellaneous Provisions
Section VIII
MISCELLANEOUS PROVISIONS
A. Administrative Review
1. The City may elect to designate a third party who is not an officer or employee of the
City to serve as Administrator of the PID.
2. To the extent consistent with the PID Act, if an owner of the Assessed Property claims
that a calculation error has been made in the Assessment Roll, including the calculation
of the Annual Installment, that owner must send a written notice describing the error to
the Administrator no later than thirty (30) days after the date the invoice or other bill for
the Annual Installment is received. If the owner fails to give such notice, such owners
shall be deemed to have accepted the calculation of the Assessment Roll (including the
Annual Installments) and to have waived any objection to the calculation. The
Administrator shall, in consultation with City staff, promptly review the notice, and if
necessary, meet with the Assessed Property owner, consider written and oral evidence
regarding the alleged error and decide whether, in fact, such a calculation error occurred.
3. If the Administrator, in consultation with City staff, determines that a calculation error
has been made and the Assessment Roll should be modified or changed in favor of the
Assessed Property owner, such change or modification shall be presented to the City
Council for approval, to the extent permitted by the PID Act. A cash refund may not be
made for any amount previously paid by the Assessed Property owner (except for the
final year during which the Annual Installment shall be collected), but an adjustment may
be made in the amount of the Annual Installment to be paid in the following year. The
decision of the Administrator regarding a calculation error relating to the Assessment
Roll may be appealed to City Council. Any amendments made to the Assessment Roll
pursuant to calculation errors shall be made pursuant to the PID Act.
B. Termination of Special Assessments
1. Each Special Assessment shall terminate on the date the Special Assessment is paid in full,
including payment of any unpaid Annual Installments and Delinquent Collection Costs, if
any. After the termination of the Special Assessment, and the collection of any delinquent
Annual Installments and Delinquent Collection Costs, the City shall provide the owner of the
affected Parcel a recordable Notice of the PID Special Assessment Termination.
C. Amendments
1. Amendments to this SAP may be made as permitted or required by the PID Act and Texas
law.
45
2180.021\62459.6
Section VIII: Miscellaneous Provisions
D. Administration and Interpretation of Provisions
1. The City Council shall administer(or cause the administration of) the PID, an approved SAP,
and all Annual Service Plan Updates consistent with the PID Act.
E. Severability
1. If any provision, section, subsection, sentence, clause or phrase of an approved SAP, or the
application of same to an Assessed Parcel or any person or set of circumstances is for any
reason held to be unconstitutional, void or invalid, the validity of the remaining portions of
the approved SAP or the application to all or any portion of the Property or other persons or
sets of circumstances shall not be affected thereby, it being the intent of the City Council in
adopting the SAP that no part thereof, or provision or regulation contained herein shall
become inoperative or fail by reason of any unconstitutionality, voidness or invalidity of any
other part hereof, and all provisions of this SAP are declared to be severable for that purpose.
2. If any provision of the SAP is determined by a court to be unenforceable, the unenforceable
provision shall be deleted from the SAP and the unenforceable provision shall, to the extent
possible, be rewritten to be enforceable and to give effect to the intent of the City.
46
2180.021\62459.6
Appendix A-1
Western Improvement Area
Assessment Roll
JIFW ExhibitA-1-A
Western Improvement Area
Special Assessment by Parcel-Major Improvemen
Major
Net Improvement Special
Tax Parcel Developable Estimated Build Bond Special Assessment
ID Owner Acres Out Value Assessment per Acre
WahonTexas,LP 749 $ 1,198,818,000 $ 6,580,000 $ 8,783
Totals 749 $ 1,198,818,000 $ 6,580,000
Note:Preliminary and subject to change
47
2180.021\62459.6
ExhibitA-1-13
MEL -
Western Improvement Area
r Improvements
PID Bonds
Delinquency
& Annual
Net Debt Administrative Prepayment Capitalized Installment
Year(a) Principal Interest(b) Service Expenses(c) Reserve Interest (d)
09/30/18 $ $ 427,700 $ 427,700 $ 45,000 $ 32,900 $ (427,700) $ 77,900
09/30/19 $ $ 427,700 $ 427,700 $ 45,900 $ 32,900 $ (427,700) $ 78,800
09/30/20 $ $ 427,700 $ 427,700 $ 46,818 $ 32,900 $ (427,700) $ 79,718
09/30/21 $ 225,000 $ 427,700 $ 652,700 $ 47,754 $ 32,900 $ $ 733,354
09/30/22 $ 235,000 $ 413,075 $ 648,075 $ 48,709 $ 31,775 $ - $ 728,559
09/30/23 $ 255,000 $ 397,800 $ 652,800 $ 49,684 $ 30,600 $ $ 733,084
09/30/24 $ 270,000 $ 381,225 $ 651,225 $ 50,677 $ 29,325 $ $ 731,227
09/30/25 $ 285,000 $ 363,675 $ 648,675 $ 51,691 $ 27,975 $ $ 728,341
09/30/26 $ 305,000 $ 345,150 $ 650,150 $ 52,725 $ 26,550 $ $ 729,425
09/30/27 $ 325,000 $ 325,325 $ 650,325 $ 53,779 $ 25,025 $ $ 729,129
09/30/28 $ 345,000 $ 304,200 $ 649,200 $ 54,855 $ 23,400 $ $ 727,455
09/30/29 $ 370,000 $ 281,775 $ 651,775 $ 55,952 $ 21,675 $ $ 729,402
09/30/30 $ 395,000 $ 257,725 $ 652,725 $ 57,071 $ 19,825 $ $ 729,621
09/30/31 $ 420,000 $ 232,050 $ 652,050 $ 58,212 $ 17,850 $ $ 728,112
09/30/32 $ 445,000 $ 204,750 $ 649,750 $ 59,377 $ 15,750 $ $ 724,877
09/30/33 $ 475,000 $ 175,825 $ 650,825 $ 60,564 $ 13,525 $ $ 724,914
09/30/34 $ 505,000 $ 144,950 $ 649,950 $ 61,775 $ 11,150 $ $ 722,875
09/30/35 $ 540,000 $ 112,125 $ 652,125 $ 63,011 $ 8,625 $ $ 723,761
09/30/36 $ 575,000 $ 77,025 $ 652,025 $ 64,271 $ 4,780 $ $ 721,076
09/30/371 $ 610,000 $ 39,650 $ 649,650 $ 65,557 $ 1,220 $ $ 716,427
Totals $ 6,580,000 $5,767,125 $12,347,125 $ 1,093,382 $ 440,650 $ (1,283,100) $ 12,598,057
(a)The 9/30/)red
p the fiscal year end for the Bonds
GrInterest including interest from bond closing through 9/1/2020
Pre' . Assumes a 2%increase per year. The administrative charges will be revised in Annual Service
n Updates based on actual costs.
Annual Installments are calculated assuming an average 6.5°%interest rate on the Bonds plus the Additional Interest
sAdministrative Expenses.
Exhibit A-1-C
tern Improvement Area
Special Assessment b ;J111111ILWaior Improvements and Roadway Improvements
Major
Improvement
Bond and
Roadway
Net Improvement Special
Tax Parcel Developable Estimated Build Bond Special Assessment
ID Owner Acres Out Value Assessment per Acre
Walton Texas,LP 749 $ 1,198,818,000 $ 10,885,000 $ 14,529
Totals 749 $ 1,198,818,000 $ 10,885,000
48
2180.021\62459.6
Exhibit A-1-D
Western Improvement Area
Annual Installments -Major Improvements and Roadway Improvements
PID Bonds
Delinquency
& Annual
Net Debt Administrative Prepayment Capitalized Installment
Year(a) Principal Interest(b) Service Expenses(c) Reserve Interest (d)
09/30/18 $ $ 427,700 $ 427,700 $ 45,000 $ 32,900 $ (427,700) $ 77,900
09/30/19 $ $ 707,525 $ 707,525 $ 45,900 $ 54,425 $ (707,525) $ 100,325
09/30/20 $ $ 707,525 $ 707,525 $ 46,818 $ 54,425 $ (707,525) $ 101,243
09/30/21 $ 370,000 $ 707,525 $ 1,077,525 $ 47,754 $ 54,425 $ $ 1,179,704
09/30/22 $ 390,000 $ 683,475 $ 1,073,475 $ 48,709 $ 52,575 $ $ 1,174,759
09/30/23 $ 420,000 $ 658,125 $ 1,078,125 $ 49,684 $ 50,625 $ - $ 1,178,434
09/30/24 $ 445,000 $ 630,825 $ 1,075,825 $ 50,677 $ 48,525 $ $ 1,175,027
09/30/25 $ 475,000 $ 601,900 $ 1,076,900 $ 51,691 $ 46,300 $ - $ 1,174,891
09/30/26 $ 505,000 $ 571,025 $ 1,076,025 $ 52,725 $ 43,925 $ $ 1,172,675
09/30/27 $ 540,000 $ 538,200 $ 1,078,200 $ 53,779 $ 41,400 $ - $ 1,173,379
09/30/28 $ 570,000 $ 503,100 $ 1,073,100 $ 54,855 $ 38,700 $ $ 1,166,655
09/30/29 $ 610,000 $ 466,050 $ 1,076,050 $ 55,952 $ 35,850 $ $ 1,167,852
09/30/30 $ 655,000 $ 426,400 $ 1,081,400 $ 57,071 $ 32,800 $ $ 1,171,271
09/30/31 $ 695,000 $ 383,825 $ 1,078,825 $ 58,212 $ 29,525 $ $ 1,166,562
09/30/32 $ 735,000 $ 338,650 $ 1,073,650 $ 59,377 $ 26,050 $ $ 1,159,077
09/30/33 $ 785,000 $ 290,875 $ 1,075,875 $ 60,564 $ 22,375 $ $ 1,158,814
09/30/34 $ 835,000 $ 239,850 $ 1,074,850 $ 61,775 $ 18,450 $ $ 1,155,075
09/30/35 $ 895,000 $ 185,575 $ 1,080,575 $ 63,011 $ 14,275 $ - $ 1,157,861
09/30/36 $ 950,000 $ 127,400 $ 1,077,400 $ 64,271 $ 8,655 $ $ 1,150,326
09/30/37 $ 1,010,000 $ 65,650 $ 1,075,650 $ 65,557 $ 3,220 $ $ 1,144,427
Totals 1 $10,885,000 $9,261,200 $20,146,200 1 $ 1,093,382 1 $ 709,425 1 $ (1,842,750)1 $ 20,106,257
Note: Preliminary and subject to change
(a)The 9/301XX dates represent the fiscal year end for the Bonds.
(b)Gross of Capitalized Interest including interest from bond closing through 9/1/2020
(c)Preliminary Estimate.Assumes 2%increase per year. The administrative charges will be revised in Annual Service
Plan Updates based on actual costs.
(d)Annual Installments are calculated assuming an average 6.5%interest rate on the Bonds plus the Additional Interest
plus Administrative Expenses.
49
2180.021\62459.6
Appendix A-2
Eastern Improvement Area
Assessment Roll
Major
Net Improvement Special
Tax Parcel Developable Estimated Build Bond Special Assessment
ID Owner Acres Out Value Assessment per Acre
Walton Texas,LP 795 $ 1,352,400,000 $ 7,415,000 $ 9,327
Totals 795 $ 1,352,400,000 $ 7,415,000
50
2180.021\62459.6
Ex h i b it A-2-B
Eastern Improvement Area
Annual Instal tints-Major Improvements
PID Bonds
Delinquency
& Annual
Net Debt Administrative Prepayment Capitalized Installment
Year(a) Principal Interest(b) Service Expenses(c) Reserve Interest (d)
09/30/18 $ $ 481,975 $ 481,975 $ 45,000 $ 37,075 $ (481,975) $ 82,075
09/30/19 $ $ 481,975 $ 481,975 $ 45,900 $ 37,075 $ (481,975) $ 82,975
09/30/20 $ - $ 481,975 $ 481,975 $ 46,818 $ 37,075 $ (481,975) $ 83,893
09/30/21 $ 250,000 $ 481,975 $ 731,975 $ 47,754 $ 37,075 $ - $ 816,804
09/30/22 $ 270,000 $ 465,725 $ 735,725 $ 48,709 $ 35,825 $ - $ 820,259
09/30/23 $ 285,000 $ 448,175 $ 733,175 $ 49,684 $ 34,475 $ - $ 817,334
09/30/24 $ 305,000 $ 429,650 $ 734,650 $ 50,677 $ 33,050 $ - $ 818,377
09/30/25 $ 325,000 $ 409,825 $ 734,825 $ 51,691 $ 31,525 $ - $ 818,041
09/30/26 $ 345,000 $ 388,700 $ 733,700 $ 52,725 $ 29,900 $ - $ 816,325
09/30/27 $ 365,000 $ 366,275 $ 731,275 $ 53,779 $ 28,175 $ - $ 813,229
09/30/28 $ 390,000 $ 342,550 $ 732,550 $ 54,855 $ 26,350 $ - $ 813,755
09/30/29 $ 415,000 $ 317,200 $ 732,200 $ 55,952 $ 24,400 $ - $ 812,552
09/30/30 $ 445,000 $ 290,225 $ 735,225 $ 57,071 $ 22,325 $ - $ 814,621
09/30/31 $ 470,000 $ 261,300 $ 731,300 $ 58,212 $ 20,100 $ - $ 809,612
09/30/32 $ 505,000 $ 230,750 $ 735,750 $ 59,377 $ 17,750 $ - $ 812,877
09/30/33 $ 535,000 $ 197,925 $ 732,925 $ 60,564 $ 15,225 $ - $ 808,714
09/30/34 $ 570,000 $ 163,150 $ 733,150 $ 61,775 $ 12,550 $ - $ 807,475
09/30/35 $ 605,000 $ 126,100 $ 731,100 $ 63,011 $ 9,700 $ - $ 803,811
09/30/36 $ 645,000 $ 86,775 $ 731,775 $ 64,271 $ 5,480 $ - $ 801,526
09/30/37 $ 690,000 $ 44,850 $ 734,850 $ 65,557 $ 1,380 $ $ 801,787
Totals 1 $ 7,415,000 $6,497,075 $13,912,075 $ 1,093,382 $ 496,510 $ (1,445,925)1 $ 14,056,042
Note: Preliminary and subject to change
(a)The 9130/XX dates represent the fiscal year end for the Bonds.
(b)Gross of Capitalized Interest including interest from bond closing through 9/1/2020
(c)Preliminary Estimate. Assumes 2%increase per year.The administrative charges will be revised in Annual Service
Plan Updates based on actual costs.
(d)Annual Installments are calculated assuming an average 6.5%interest rate on the Bonds plus the Additional Interest
plus Administrative Expenses.
51
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Appendix B
Legal Description for Property within PID
ROCK CREEK P.I.D.
LEGAL DESCRIPTION
TRACT 1
All that certain lot, tract, or parcel of land, situated in a portion of the Juan Jose Albirado Survey,
Abstract No. 4,the John H. Bostick Survey, Abstract No. 195, the J. W. Haynes Survey, Abstract No.
787, the J. W. Muhlinghaus Survey, Abstract No. 1157, the B. F. Pace Survey, Abstract No. 1254,
the Stephen B. Wilson Survey, Abstract No. 1676, City of Fort Worth, Tarrant County, Texas, being
all of that certain called 220.826 acre tract and part of that certain called 701.937 acre tract described
in a deed to WUSF 4 Rock Creek, LP recorded in Instrument No. D214146610 of the Deed Records
of Tarrant County, Texas (DRTCT), and said 842.756 acres being more completely described as two
Parcels as follows,to-wit:
BEGINNING at a 1" iron pipe found for the Northeast corner of said 220.826 acre tract, the
Southeast corner of a called 0.629 acre tract described in a deed to Gabriel Southwest, LLC recorded
in Instrument No. D217046244 (DRTCT), and the West line of a called 157.060 acre tract described
in a deed to Fort Worth and Crowley Partners, Ltd. recorded in Instrument No. D207114613
(DRTCT);
THENCE South 01 deg. 09 min. 30 sec. East along the East line of said 220.826 acre tract and the
West line of said 157.060 acre tract, a distance of 1829.93 feet to a spike found with washer stamped
"GORRONDONA" for the most easterly Southeast corner of said 220.826 acre tract;
THENCE South 89 deg. 07 min. 16 sec. West departing the West line of said 157.060 acre tract and
continue along a South line of said 220.826 acre tract, a distance of 63.96 feet to a 5/8" capped iron
rod found stamped"BURY";
THENCE South 01 deg. 09 min. 36 sec. East along a southerly East line of said 220.826 acre tract, a
distance of 129.34 feet to a 5/8"capped iron rod found stamped "BURY";
THENCE South 54 deg. 54 min. 24 sec. West along a southeast line of said 220.826 acre tract, a
distance of 40.86 feet to a 5/8" iron rod found for the most southerly Southeast corner of said
220.826 acre tract and being in the North line of a called 13.703 acre tract described in a deed to
Texas Electric Service Company recorded in Volume 3569, Page 410 (DRTCT);
THENCE South 87 deg. 37 min. 52 sec. West along the South line of said 220.826 acre tract and the
North line of said 13.703 acre tract, a distance of 15.73 feet to a 5/8" iron rod found;
THENCE North 89 deg. 52 min. 56 sec. West along said North and South lines, a distance of
4860.60 feet to a P.K. nail found with washer stamped "BURY" for the Southwest corner of said
220.826 acre tract and the Northwest corner of said 13.703 acre tract;
THENCE North 00 deg. 42 min. 38 sec. West along the West line of said 220.826 acre tract, a
distance of 1894.07 feet to a 3/8" iron rod found for the Northwest corner of same;
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THENCE North 89 deg. 07 min. 20 sec. East along the North line of said 220.826 acre tract, a
distance of 978.28 feet to a 1" iron pipe found;
THENCE North 89 deg. 03 min. 46 sec. East along said North line, a distance of 3979.93 feet to the
POINT OF BEGINNING, containing 9,618,027 square feet or 220.800 acres of land, more or less.
TRACT 2A
All that certain lot, tract, or parcel of land, situated in a portion of the Juan Jose Albirado Survey,
Abstract No. 4,the John H. Bostick Survey,Abstract No. 195, the J. W. Haynes Survey, Abstract No.
787, the J. W. Muhlinghaus Survey, Abstract No. 1157, the B. F. Pace Survey, Abstract No. 1254,
the Stephen B. Wilson Survey, Abstract No. 1676, City of Fort Worth, Tarrant County, Texas, being
all of that certain called 220.826 acre tract and part of that certain called 701.937 acre tract described
in a deed to WUSF 4 Rock Creek, LP recorded in Instrument No. D214146610 of the Deed Records
of Tarrant County, Texas (DRTCT), and said 842.756 acres being more completely described as two
Parcels as follows, to-wit:
BEGINNING at a P.K. nail found with washer stamped "BURY" for the most northerly Northwest
corner of said 701.937 acre tract and the Southwest corner of a called 13.703 acre tract described in a
deed to Texas Electric Service Company recorded in Volume 3569, Page 410 (DRTCT), and being in
the East line of TXU Rocky Creek Substation Addition recorded in Cabinet A, Slide 6910 of the Plat
Records of Tarrant County, Texas (PRTCT);
THENCE South 89 deg. 53 min. 01 sec. East along the North line of said 701.937 acre tract and the
South line of said 13.703 acre tract, a distance of 4702.41 feet to a 5/8" capped iron rod found
"illegible" for the Northeast corner of said 701.937 acre tract and being in the Northwest right-of-
way line of State Highway No. 121 (Chisholm Trail Parkway);
THENCE in a southwesterly direction departing the South line of said 13.703 acre tract and continue
along the Southeast line of said 701.937 acre tract and the Northwest right-of-way line of said State
Highway No. 121 the following five (5) courses;
South 55 deg. 05 min. 56 sec. West, a distance of 412.64 feet to a 5/8" capped iron rod found
stamped"GORRONDONA";
South 47 deg. 09 min. 45 sec. West, a distance of 2000.00 feet to a 5/8" capped iron rod found
stamped"GORRONDONA";
South 39 deg. 13 min. 20 sec. West, a distance of 767.36 feet to a 5/8" capped iron rod found
stamped "GORRONDONA";
South 47 deg. 09 min. 45 sec. West, a distance of 1316.80 feet to a 5/8" capped iron rod found
stamped "GORRONDONA" for a Point of Curvature of a circular curve to the left, having a radius
of 5849.58 feet, a central angle of 24 deg. 55 min. 46 sec., and being subtended by a chord which
bears South 34 deg. 41 min. 51 sec. West- 2525.13 feet;
Continue in a southwesterly direction along said curve to the left, a distance of 2545.16 feet to a 5/8"
iron rod found;
THENCE North 15 deg. 42 min. 10 sec. East non-tangent to said curve, departing the Southeast line
of said 701.937 acre tract and said Northwest right-of-way line, a distance of 627.38 feet to a 5/8"
capped iron rod found stamped "STANTEC" for a Point of Curvature of a circular curve to the right,
having a radius of 2340.00 feet, a central angle of 21 deg. 21 min. 37 sec., and being subtended by a
chord which bears North 26 deg. 22 min. 58 sec. East- 867.33 feet;
THENCE in a northeasterly direction along said curve to the right, a distance of 872.37 feet to a 5/8"
capped iron rod found"illegible";
THENCE North 07 deg. 54 min. 08 sec. West non-tangent to said curve, a distance of 14.14 feet to a
5/8" iron rod found;
THENCE North 52 deg. 54 min. 31 sec. West, a distance of 980.00 feet to a 5/8" capped iron rod
found stamped "BURY";
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THENCE South 82 deg. 05 min. 29 sec. West, a distance of 14.14 feet to a 5/8" capped iron rod
found stamped`BURY";
THENCE South 37 deg. 05 min. 29 sec. West, a distance of 101.97 feet to a 5/8" capped iron rod
found stamped "BURY" for a Point of Curvature of a circular curve to the left, having a radius of
470.00 feet, a central angle of 21 deg. 43 min. 51 sec., and being subtended by a chord which bears
South 26 deg. 13 min. 34 sec. West- 177.19 feet;
THENCE in a southwesterly direction along said curve to the left, a distance of 178.26 feet to a 5/8"
capped iron rod found stamped "BURY";
THENCE South 15 deg. 21 min. 38 sec. West tangent to said curve, a distance of 133.43 feet to a
5/8" capped iron rod found stamped "BURY" for a Point of Curvature of a circular curve to the right,
having a radius of 530.00 feet, a central angle of 20 deg. 20 min. 20 sec., and being subtended by a
chord which bears South 25 deg. 31 min. 48 sec. West- 187.15 feet;
THENCE in a southwesterly direction along said curve to the right, a distance of 188.14 feet to a
5/8" capped iron rod found stamped "BURY";
THENCE South 35 deg. 41 min. 58 sec. West tangent to said curve, a distance of 252.58 feet to a
5/8" capped iron rod found stamped "BURY" for a Point of Curvature of a circular curve to the left,
having a radius of 970.00 feet, a central angle of 11 deg. 53 min. 35 sec., and being subtended by a
chord which bears South 29 deg. 45 min. 10 sec. West-200.98 feet;
THENCE in a southwesterly direction along said curve to the left, a distance of 201.35 feet to a 5/8"
capped iron rod found stamped"BURY";
THENCE South 23 deg. 48 min. 23 sec. West tangent to said curve, a distance of 1308.94 feet to a
5/8" capped iron rod found stamped "BURY" for a Point of Curvature of a circular curve to the right,
having a radius of 680.00 feet, a central angle of 49 deg. 07 min. 45 sec., and being subtended by a
chord which bears South 48 deg. 22 min. 15 sec. West - 565.38 feet;
THENCE in a southwesterly direction along said curve to the right, a distance of 583.08 feet to a
5/8" capped iron rod found stamped"BURY";
THENCE South 17 deg. 03 min. 51 sec. East radial to said curve, a distance of 644.36 feet to a 5/8"
capped iron rod found stamped "BURY";
THENCE South 81 deg. 03 min. 32 sec. East, a distance of 1157.78 feet to a 5/8" iron rod found in
the East line of said 701.937 acre tract and the West right-of-way line of said State Highway No. 121,
said point being a Point of Curvature of a non-tangent circular curve to the left, having a radius of
5849.58 feet, a central angle of 6 deg. 34 min. 29 sec., and being subtended by a chord which bears
South 05 deg. 40 min. 14 sec. West- 670.87 feet;
THENCE in a southerly direction along said curve to the left, the West line of said 701.937 acre
tract, and said West right-of-way line, a distance of 671.24 feet to a 5/8" iron rod found for the
Southeast corner of said 701.937 acre tract and the most easterly Northeast corner of a called 226.469
acre tract described in a deed to Chesapeake Land Development Company, LLC recorded in
Instrument No. D210208370 (DRTCT);
THENCE in a northwesterly direction non-tangent to said curve, departing said West right-of-way
line and continue along the South and Southwest lines of said 701.937 acre tract and the Northeast
lines of said 226.469 acre tract the following twenty (20) courses;
North 82 deg. 50 min. 47 sec. West, a distance of 29.89 feet to a 5/8" iron rod found;
South 02 deg. 27 min. 08 sec. West, a distance of 15.17 feet to a 5/8" iron rod found;
North 82 deg. 58 min. 57 sec. West, a distance of 136.36 feet to a 5/8" iron rod found;
South 75 deg. 04 min. 09 sec. West, a distance of 708.84 feet to a 5/8" iron rod found;
North 37 deg. 45 min. 54 sec. West, a distance of 196.24 feet to a 5/8" iron rod found;
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North 87 deg. 28 min. 41 sec. West, a distance of 405.77 feet to a 5/8" iron rod found;
North 02 deg. 42 min. 07 sec. East, a distance of 35.15 feet to a 5/8" iron rod found;
North 48 deg. 37 min. 57 sec. West, a distance of 39.60 feet to a 5/8" iron rod found;
North 87 deg. 22 min. 16 sec. West, a distance of 39.81 feet to a 5/8" iron rod found;
South 41 deg. 47 min. 09 sec. West, a distance of 34.77 feet to a 5/8" iron rod found;
North 48 deg. 27 min. 57 sec. West, a distance of 443.43 feet to a 5/8" iron rod found "bent";
North 84 deg. 16 min. 12 sec. West, a distance of 449.53 feet to a 5/8" iron rod found;
North 45 deg. 40 min. 34 sec. West, a distance of 659.63 feet to a 5/8" iron rod found;
North 09 deg. 31 min. 22 see. East, a distance of 707.57 feet to a 5/8" iron rod found;
North 29 deg. 41 min. 47 sec. West, a distance of 867.72 feet to a 5/8" iron rod found;
North 83 deg. 07 min. 09 sec. West, a distance of 1017.67 feet to a 5/8" iron rod found;
North 41 deg. 16 min. 14 sec. West, a distance of 566.61 feet to a 5/8" iron rod found;
North 45 deg. 58 min. 44 sec. West, a distance of 221.79 feet to a 5/8" iron rod found;
North 56 deg. 09 min. 20 sec. West, a distance of 592.53 feet to a 5/8" iron rod found;
North 28 deg. 06 min. 03 sec. East, a distance of 1961.12 feet to a corner from which a 5/8" iron rod
found bears South 30 deg. 55 min. 20 sec. West—0.31 feet for the most westerly Northwest corner of
said 701.937 acre tract, the most northerly Northeast corner of said 226.469 acre tract, and being in
the South line of a called 31.87 acre tract described in a deed to Wesley A. Davis, et al recorded in
Instrument No. D212254877 (DRTCT);
THENCE North 89 deg. 38 min. 02 sec. East along the North line of said 701.937 acre tract and the
South line of said 31.87 acre tract, a distance of 835.75 feet to a 5/8" capped iron rod found stamped
"BURY" for the Southeast corner of said 31.87 acre tract and the Southwest corner of a called 160
acre tract described in said deed to Wesley A. Davis, et al;
THENCE North 89 deg. 24 min. 20 sec. East along the North line of said 701.937 acre tract and the
South line of said 160 acre tract, a distance of 3753.51 feet to a 1/2" iron rod found for the Southeast
corner of said 160 acre tract;
THENCE North 00 deg. 42 min. 32 sec. West along the West line of said 701.937 acre tract and the
East lines of said 160 acre tract and TXU Rocky Creek Substation Addition, a distance of 2051.33
feet to the POINT OF BEGINNING, containing 27,092,401 square feet or 621.956 acres of land,
more or less.
TRACT 2B
All that certain lot, tract, or parcel of land, situated in a portion of the Juan Jose Albirado Survey,
Abstract No. 4, the John Korticky Survey, Abstract No. 914, and the John R. Leath Survey, Abstract
No. 962, City of Fort Worth, Tarrant County, Texas, being all of that certain called 753.473 acre tract
described in a deed to WUSF 5 Rock Creek East, LP recorded in Instrument No. D216007268 of the
Deed Records of Tarrant County, Texas (DRTCT), and being more completely described as follows,
to-wit:
BEGINNING at a rail road spike found for the most eastern northeast corner of said 753.473 acre
tract, and being at the intersection of Stewart Feltz Road (County Road No. 1014—a public right-of-
way) and West Cleburne Road (County Road No. 1035—a public right-of-way);
THENCE South 00 deg. 14 min. 46 sec. East along the east line of said 753.473 acre tract and the
West right-of-way line of said West Cleburne Road, a distance of 4786.38 feet to a 5/8" capped iron
rod found stamped "BURY" for the Southeast corner of said 753.473 acre tract, being at the
intersection of said West Cleburne Road and Longhorn Trail (Farm-to-Market road No. 1081 — a
public right-of-way), and also being in the North line of a called 3.00 acre tract described in a deed to
Ronnie and Margie Benham, recorded in Volume 7182, Page 955 (DRTCT);
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THENCE South 89 deg. 41 min. 12 see. West along the South line of said 753.473 acre tract, the
North line of said Benham 3.00 acre tract, the North line of a called 3.00 acre tract described in a
deed to Franci and Maureen Mayeux, recorded in Volume 7068, Page 441 (DRTCT), the North line
of a called 1.0 acre tract described in a deed to Phillip Lee Fife, recorded in Instrument No.
D185006143 (DRTCT), and the North line of a called 113.287 acre tract described in a deed to C &
E Family Limited Partnership, LP, recorded in Vollume 12684, Page 1446 (DRTCT) a distance of
770.87 feet to a point in the South line of said 753.473 acre tract and the North line of said 113.287
acre tract;
THENCE South 89 deg. 27 min. 06 sec. West continue along the South line of said 753.473 acre
tract and the North line of said 113.287 acre tract, a distance of 4882.79 feet to a 1/2" iron rod found;
THENCE South 89 deg. 13 min. 38 sec. West continue along said North and South lines, a distance
of 44.52 feet to a PK nail found with washer stamped "BURY" for the Southeast corner of a called
9.137 acre tract described in a deed to Chesapeake Land Development Company, LLC, recorded in
Instrument No. D210208370 (DRTCT), and being an ell corner of said 753.437 acre tract;
THENCE North 06 deg. 32 min. 49 sec. West along the East line of said 9.137 acre tract, a distance
of 276.53 feet to a PK nail found for the Northeast corner of said 9.137 acre tract and being in the
South line of said 753.437 acre tract;
THENCE South 89 deg. 15 min. 28 sec. West along the North line of said 9.137 acre tract and the
South line of said 753.473 acre tract, a distance of 1427.14 feet to a point for the Southwest corner of
said 753.473 acre tract, the Northwest corner of said 9.137 acre tract, and being in the Southeasterly
right-of-way line of Chisholm Trail Parkway (Variable width right-of-way), from which a 5/8"
capped iron rod found stamped "TED HARP" bears South 00 deg. 20 min. 22 sec. West—0.93 feet,
said point being a Point of Curvature of a non-tangent circular curve to the right, having a radius of
5609.58 feet, a central angle of 44 deg. 38 min. 36 sec., and being subtended by a chord which bears
North 24 deg. 50 min. 26 sec. East-4261.10 feet;
THENCE along said Southeasterly right-of-way line of said Chisholm Trail Parkway and the West
line of said 753.473 acre tract,the following nine (9) calls:
Continue in a northeasterly direction along said curve to the right, a distance of 4370.83 feet to a 5/8"
capped iron rod found stamped "GORRONDONA";
North 47 deg. 09 min. 45 sec. East tangent to said curve, a distance of 1316.80 feet to a 5/8" capped
iron rod found stamped"GORRONDONA";
North 55 deg. 06 min. 09 sec. East, a distance of 767.36 feet to a 5/8" iron rod found;
North 47 deg. 09 min. 45 sec. East, a distance of 647.57 feet to a 5/8" capped iron rod found stamped
"GORRONDONA";
South 75 deg. 13 min. 44 sec. East, a distance of 292.96 feet to a 5/8" capped iron rod found stamped
"GORRONDONA";
North 12 deg. 51 min. 03 sec. East, a distance of 84.05 feet to a 5/8" capped iron rod found stamped
"GORRONDONA";
North 47 deg. 09 min. 45 sec. East, a distance of 1126.07 feet to a 5/8" capped iron rod found
stamped"GORRONDONA";
North 42 deg. 50 min. 15 sec. West, a distance of 200.00 feet to a 1/2" capped iron rod set stamped
"GOODWIN&MARSHALL";
North 39 deg. 13 min. 20 sec. East, a distance of 233.17 feet to a 5/8" capped iron rod found stamped
"GORRONDONA" for the Northwest corner of said 753.473 acre tract;
THENCE North 88 deg. 50 min. 50 sec. East along the North line of said 753.473 acre tract, a
distance of 164.10 feet to a 1/2" capped iron rod set stamped "GOODWIN & MARSHALL" for the
most northern northeast corner of said 753.473 acre tract and being in said Stewart Feltz Road;
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THENCE South 01 deg. 09 min. 02 sec. East along the northern most east line of said 753.473 acre
tract and continuing along said Stewart Feltz Road, a distance of 2187.24 feet to a 5/8" capped iron
rod found stamped "BURY";
THENCE North 89 deg. 18 min. 13 sec. East along a North line of said 753.473 acre tract and
continuing along said Stewart Feltz Road, a distance of 1929.06 feet to the POINT OF BEGINNING,
containing 32,821,292 square feet or 753.473 acres of land, more or less.
TRACT 3
All that certain lot, tract, or parcel of land, situated in a portion of the John Korticky Survey,Abstract
No. 914, City of Fort Worth, Tarrant County, Texas, being all of that certain called 79.377 acre tract
described in a deed to WUSF 5 Rock Creek East, LP recorded in Instrument No. D216007268 of the
Deed Records of Tarrant County, Texas (DRTCT), and being more completely described as follows,
to-wit:
BEGINNING at a 5/8" capped iron rod found for the Northeast corner of said 79.377 acre tract,
being the point of intersection of the Easterly right-of-way line of Future West Cleburne Road (55'
right-of-way), as dedicated by the Final Plat of Panther Heights, an addition to the City of Fort
Worth, recorded in Cabinet A, Slide 9826 of the Plat Records of Tarrant County, Texas (PRTCT)
with the West right-of-way line of Summer Creek Road (60' right-of-way) as shown in the Final Plat
of Panther Heights, Phase 2, an addition to the City of Fort Worth, recorded in Cabinet A, Slide 7768
(PRTCT)
THENCE South 00 deg. 37 min. 47 sec. East along the East line of said 79.377 acre tract and the
West right-of-way line of said Summer Creek road, a distance of 1395.63 feet to a 5/8" capped iron
rod found stamped "BURY" for the most Easterly Southeast corner of said 79.377 acre tract and the
Northeast corner of a called 6.887 acre tract described in a deed to Tarrant Mineral Partners,recorded
in Instrument No. D206091861 (DRTCT);
THENCE South 89 deg. 13 min. 07 sec. West departing said West right-of-way line and along the
North line of said 6.887 acre tract and the South line of said 79.377 acre tract, a distance of 499.94
feet to a 1/2" capped iron rod set stamped"GOODWIN &MARSHALL" for the Northwest corner of
said 6.887 acre tract;
THENCE South 00 deg. 37 min. 47 sec. East along said South line and along the West line of said
6.887 acre tract, a distance of 599.98 feet to a 5/8" capped iron rod found stamped "BURY" for the
Southwest corner of said 6.887 acre tract and being in the North right-of-way line of West Cleburne
Road (County Road No. 1035—a variable width right-of-way);
THENCE South 89 deg. 12 min. 42 sec. West along the South line of said 79.377 acre tract and said
North right-of-way line, a distance of 299.20 feet to a 1/2" iron rod found for the Southeast corner of
a tract conveyed to Irving Wallerstein,recorded in Instrument No. D215123938 (DRTCT);
THENCE North 00 deg. 47 min. 41 sec. West departing said North right-of-way line and continue
along the East line of said Wallerstein tract, a distance of 660.19 feet to a 5/8" iron rod found for the
Northeast corner of same and being an ell corner of said 79.377 acre tract;
THENCE South 89 deg. 12 min. 22 sec. West along the North line of said Wallerstein tract and the
South line of said 79.377 acre tract, at 329.91 feet pass a 5/8" capped iron rod found for the
Northeast corner of a called 2.27 acre tract described in a deed to Mahanaim Christian Fellowship,
recorded in Instrument No. D205047689 (DRTCT), at 479.89 feet pass a 5/8" capped iron rod found
for the Northwest corner of said 2.27 acre tract, continue a total distance of 660.05 feet to a 5/8" iron
rod found for the Northwest corner of said Wallerstein tract and being an ell corner of said 79.377
acre tract;
THENCE South 00 deg. 47 min. 39 sec. East along the West line of said Wallerstein tract and an
East line of said 79.377 acre tract, a distance of 660.13 feet to a 1/2" iron rod found for the Southwest
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corner of said Wallerstein tract, an ell corner of said 79.377 acre tract and being in the North right-of-
way line of said West Cleburne Road;
THENCE along the South and West lines of said 79.377 acre tract and the North and East right-of-
way lines of said Stewart Feltz Road,the following six(6) calls:
South 89 deg. 12 min. 42 sec. West, a distance of 1260.89 feet to a 1/2" iron rod found;
North 75 deg. 09 min. 47 sec. West, a distance of 76.54 feet to a 5/8" capped iron rod found stamped
"BURY";
North 52 deg. 23 min. 28 see. West, a distance of 59.11 feet to a 1/2" iron rod found;
North 34 deg. 59 min. 41 see. West, a distance of 63.85 feet to a 1/2" iron rod found;
North 13 deg. 43 min. 00 sec. West, a distance of 56.08 feet to a 1/2" iron rod found;
North 01 deg. 01 min. 35 sec. West, a distance of 1277.43 feet to a 5/8" capped iron rod found
stamped"BURY" for the Northwest corner of said 79.377 acre tract and the Southwest corner of said
Panther Heights Addition;
THENCE North 89 deg. 12 min. 27 sec. East departing said East right-of-way line, and continue
along the North line of said 79.377 acre tract and the South line of said Panther Heights Addition, a
distance of 2739.81 feet to a 5/8" capped iron rod found stamped "BURY", said point being a Point
of Curvature of a non-tangent circular curve to the left, having a radius of 1050.00 feet, a central
angle of 31 deg. 49 min. 21 see., and being subtended by a chord which bears North 15 deg. 18 min.
19 sec. East- 575.71 feet;
THENCE in a northeasterly direction along said curve to the left and continue along the East line of
said Panther Heights Addition and the North line of said 79.377 acre tract, a distance of 583.18 feet
to the POINT OF BEGINNING, containing 3,457,721 square feet or 79.378 acres of land, more or
less.
58
2180.021\62459.6
Appendix C
Map of Authorized Improvements
59
2180.021\62459.6
Water Improvements
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EXHIBIT B
NOTICE OF PUBLIC HEARING
CITY OF FORT WORTH,TEXAS
NOTICE OF PUBLIC HE, TO CONSIDER
THE LEVY OF ASSESSMENTS AGAINST PROPERTY WITHIN
FORT WORTH PUBLIC IMPROVEMENT DISTRICT NO. 17 (ROCK CREEK RANCH)
Pursuant to Chapter 372, Texas Local Government Code (the "Act"), notice is hereby given that the City Council
of the City of Fort Worth, Texas(the"01y")will hold a public hearing(the"Public Hearing")to consider the levy
of assessments against property within Fort Worth Public Improvement District No. 17 (Rock Creek Ranch) (the
"District")to pay for certain improvements therein.
Date,Time and Place of Public Hearing.The Public Hearing will take place on August 15,2017, at or after 7:00
p.m., at the City Council Chamber, City Hall,200 Texas Street,Fort Worth, Texas.
General Nature of the Improvements. The general nature of the proposed public improvements, including the
improvements to be reimbursed through the levy of special assessments in the District, includes: (i) water
distribution improvements, (ii)wastewater improvements, and(iii)costs related to the creation and administration
of the District.
The property within the District is expected to be developed in multiple phases.Improvements that will benefit and
serve the entire District(the"Major Improvements")are to be installed and constructed in the first phase,and special
assessments will be levied within the Eastern Improvement Area and the Western Improvement Area to finance the
Major Improvements. Roadway improvements that will benefit only the Western Improvement Area of the District
(the"Roadway Improvements")are to be constructed in the second phase, and separate special assessments will be
levied at a future date on property within the Western Improvement Area to pay a portion of the costs of the
Roadway Improvements.
Cost of the Improvements. The estimated total cost of the Major Improvements to be funded through the special
assessments levied in the Eastern Improvement Area and the Western Improvement Area of the District, including
financing costs, is approximately$14,000,000.
Proposed Assessment Roll. The proposed assessment rolls providing for the costs of said Major Improvements to
be assessed, levied and apportioned against the property within the Eastern Improvement Area and the Western
Improvement Area,and the real and true owner or owners thereof,are on file and are available for public inspection
during regular business hours at the office of the City Secretary at City Hall,200 Texas Street,Fort Worth,Texas.
Boundaries of the District. The boundaries of the District encompass approximately 1,756 acres,and the District
is generally located along both sides of the Chisolm Trail Parkway south of McPherson Boulevard and north of FM
1187, in Tarrant County, Texas. The boundaries of the District are more particularly described by a metes and
bounds description available at the Fort Worth City Hall and available for public inspection.
Obiections Considered. All written or oral objections will be considered at the Public Hearing.