HomeMy WebLinkAbout(0028) Rock Creek Ranch PID - Annual Service Plan Update - 2021-22 v1.4.pdfFort Worth Public
Improvement District No. 17
(Rock Creek Ranch)
Annual Service Plan Update - Fiscal Year 2022
August 241h, 2021
For additional information, please contact:
Initial PID Administrator:
MuniCap, Inc.
600 E. John Carpenter Freeway, Suite 333
Irving, TX 75062
469-490-2800 main
866-648-8482 toll free
City of Fort Worth:
Department of Financial Management Services
City of Ft. Worth, Texas
200 Texas Street
Ft. Worth, Texas 76102
817-392-8500 (office)
FORT WORTH PUBLIC IMPROVEMENT DISTRICT No. 17
(ROCK CREEK RANCH)
FORT WORTH, TEXAS
ANNUAL SERVICE PLAN UPDATE
A. Introduction
The Fort Worth Public Improvement District No. 17 (Rock Creek Ranch) (the
"PID") was created pursuant to the PID Act and a resolution of the City Council on
December 13, 2016 to finance certain Authorized Improvements for the benefit of the
property in the PID. The City of Fort Worth, Texas Special Assessment Revenue Bonds,
Series 2017 (Fort Worth Public Improvement District No. 17 — Rock Creek Ranch —
Major Improvement Project) (the "Major Improvement Bonds"), in the aggregate
principal amount of $12,685,000 were issued to finance, refinance, provide or otherwise
assist in the acquisition, construction and maintenance of the Major Improvements that
benefited all of the property in the PID. In addition, the City of Fort Worth, Texas Special
Assessment Revenue Bonds, Series 2018 (Fort Worth Public Improvement District No.
17 — Rock Creek Ranch — Roadway Improvement Project) (the "Roadway Improvement
Bonds"), in the aggregate principal amount of $5,155,000 were issued to finance,
refinance, provide or otherwise assist in the acquisition, construction and maintenance of
the Roadway Improvements that benefited the Western Improvement Area within in the
PID.
The Service and Assessment Plan was initially prepared at the direction of the
City and approved by the City Council on August 15, 2017 identifying the Major
Improvements to be provided by the PID, the costs of the Major Improvements, the
indebtedness to be incurred for the Major Improvements, and the manner of assessing the
Assessed Property within the PID for the costs of the Major Improvements. The Service
and Assessment Plan was updated at the direction of the City and approved by the City
Council on June 5, 2018 (the "Updated Service and Assessment Plan") identifying the
Roadway Improvements to be provided by the PID, the costs of the Roadway
Improvements, the indebtedness to be incurred for the Roadway Improvements, and the
manner of assessing the Assessed Property within the Western Improvement Area of the
PID for the costs of the Roadway Improvements.
The Updated Service and Assessment Plan was amended and restated at the
direction of the City and approved by the City Council on January 26, 2021 (the
"Amended Service and Assessment Plan") allocating the Major Improvement Special
Assessments separately for the Major Improvements related to the Water Improvements
(the "Water Improvements portion of the Major Improvement Special
Assessments") and the Major Improvements related to the Sanitary Sewer Improvements
(the "Sanitary Sewer Improvements portion of the Major Improvement Special
Assessments"). In addition, The Amended Service and Assessment Plan established that
the Water Improvements Portion of the Major Improvements are being provided for the
benefit of all of the Assessed Property in the PID (in both the Eastern Improvement Area
and the Western Improvement Area excluding the Water Improvements Unserved
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Tracts). Similarly, the Sanitary Sewer Improvements Portion of the Major Improvements
are being provided for the benefit of all of the Assessed Property in the PID (in both the
Eastern Improvement Area and the Western Improvement Area excluding the Sanitary
Sewer Improvements Unserved Tracts).
Pursuant to the PID Act, the Service and Assessment Plan (as updated and/or
amended from time to time) must be reviewed and updated annually for the purpose of
determining the annual budget for the Authorized Improvements. This document is an
update of the Amended Service and Assessment Plan for fiscal year 2022 (the "Annual
Service Plan Update") and covers updates to the annual budget of the PID and Annual
Installments to be collected for fiscal year 2022.
The City also adopted assessment rolls (the "Assessment Rolls") identifying the
assessments on each Parcel of Assessed Property within the PID, based on the method of
assessment identified in the Service and Assessment Plan. This Annual Service Plan
Update also updates the Assessment Rolls for tax year 2021 and fiscal year 2022.
Capitalized terms not defined herein shall have the meaning specified in the
Amended Service and Assessment Plan.
B. Update of the Service Plan
Budget for the Authorized Improvements
The updated total estimated costs of the Major Improvements to be funded with
the Major Improvement Bonds (including bond issuance costs) was equal to $12,765,569
and the updated total estimated costs of the Major Improvements (including the Major
Improvements to be funded with the Major Improvement Bonds, the University
Improvements and the Non-PID Related Improvements) was equal to $14,362,900 as
shown in the Amended Service and Assessment Plan.
(remainder of this page left intentionally blank)
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Table B-1
Major Improvement Bonds
Updated Sources and Uses of Funds
Major
Non-PID
Improvement
University
Related
Description
Bonds
Improvements
Improvements
Total
Sources of Funds
Gross Bond Amount $ 12,685,000 $
$ -
$
12,685,000
City of Fort Worth contribution $ - $
$ 1,111,047
$
1,111,047
Net premium $ 70,568 $
$
�$
70,568
Developer deposit to property tax account $ 10,000 $
$
$
10,000
Other contribution (a) $ - $ 486,284
$
$
486,284
Total Sources $ 12,765,568 $ 486,284
$ 1,111,047
$
14,362,900
Uses of Funds
Water $ 2,759,319 $ 155,045
$ 98,570
$
3,012,934
Sanitary sewer $ 5,724,317 $ 331,239
$ 1,012,477
$
7,068,033
Authorized/Off-Site Improvements Subtotal (b): $ 8,483,636 $ 486,284
$ 1,111,047
$
10,080,967
Other Fund Deposits:
Debt service reserve fund I`I $ 1,151,119 $ -
$ -
$
1,151,119
Capitalized interest (d) $ 1,898,149 $
$
$
1,898,149
Other Fund Deposits Subtotal: $ 3,049,268 $
$
$
3,049,268
Developer deposit to Property Tax Account $ 10,000 $
$
$
10,000
Costs of issuance (e) $ 844,283 $
$
$
844,283
Underwriter's costs/underwriter counsel (f) $ 378,382 $
$
$
378,382
Total uses of funds $ 12,765,569 $ 486,284
$ 1,111,047
$
14,362,900
(a) Under the PID Reimbursement Agreement, the Developer is obligated to fund any
cost overruns of the Major Improvements
and University Improvements in excess of the funds deposited with the trustee under
the Indenture related to the
Major
Improvement Bonds.
(b) See Table III -A, Table IV -A, and Table IV-B for details.
(c)The Major Improvement Bonds include a debt service reserve fund calculated at the maximum annual debt service
for the
Major Improvement Bonds. Such calculation is in accordance with the IRS rules and the Indenture.
(d) The Major Improvement Bonds include capitalized interest from September 14, 2017
through September 30, 2020.
(e) Inclusive of prepayment of a portion of the initial year's Administrative Expenses.
(f) Calculated at 2.98% of the Gross Bond Amount.
The updated total estimated costs of the Roadway Improvements to be funded
with the Roadway Improvement Bonds (including bond issuance costs) was equal to
$8,427,774 and the updated total estimated costs of the Roadway Improvements
(including the Roadway Improvements to be funded with the Roadway Improvement
Bonds, the Chisholm Trail Ranch Roadway Improvements and the University Road
Improvements) was equal to $10,960,362 as shown in the Updated Service and
Assessment Plan. According to the Developer, there have been no changes to the updated
total estimated costs of the Roadway Improvements as shown in the Amended Service
and Assessment Plan and summarized in Table B-2 on following page.
3
Table B-2
Roadway Improvement Bonds
Updated Sources and Uses of Funds
Roadway Chisholm Trail University
Improvement Ranch Roadway Road
Description Bonds Improvements Improvements Total
Sources of Funds
Gross bond amount $ 5,155,000 $ $ $ 5,155,000
Bond premium $ 88,228 $ $ $ 88,228
City of Fort Worth contribution (a) $ 3,184,546 $ 1,239,594 $ $ 4,424,140
Chisholm Trail contribution $ - $ 635,002 $ $ 635,002
Other contribution (b) $ - $ - $ 657,992 $ 657,992
Total Sources $ 8,427,774 $ 1,874,596 $ 657,992 $ 10,960,362
Uses of Funds
Authorized/Off-Site Improvements:
Roadway improvements $ 6,931,647 $ 1,874,596 $ 657,992 $ 9,464,235
Authorized/Off-site Improvements Subtotal: $ 6,931,647 $ 1,874,596 $ 657,992 $ 9,464,235
Other Fund Deposits:
Debt service reserve fund (c) $ 463,000 $ - $ - $ 463,000
Capitalized interest (d) $ 564,902 $ $ $ 564,902
Other Fund Deposits Subtotal: $ 1,027,902 $ - $ - $ 1,027,902
Costs of issuance (e) $ 314,100 $ $ $ 314,100
Underwriter's costs/underwriter counsel (f) $ 154,125 $ $ $ 154,125
Total uses $ 8,427,774 $ 1,874,596 $ 657,992 $ 10,960,362
(a) The total Roadway Improvement Costs are $9,464,235, which include $6,973,683 in construction costs, $375,000 in ROW, $90,956 in
project management fees, $150,000 in developer financing costs and $1,874,596 in Chisholm Trail improvement costs. The University
share of the Roadway Improvements (excluding the Chisholm Trail improvement cost) is $657,992 [($9,464,235 - $1,874,596) x
8.669609%)], which will be funded in full with private funds of the Developer. The City contribution for the Roadway Improvement Costs is
$3,184,546. In addition, the City contribution for Chisholm Trail improvements is $1,239,594 and the balance of the Chisholm Trail
improvement costs, $635,002 ($1,874,596 - $1,239,594), will be funded with private funds of the Developer.
(b) The Developer will fund all Major Improvements not funded by the Major Improvement Bonds. The Developer and the City will equally
share any cost overruns for the Roadway Improvements (excluding ROW costs, project management costs, or Developer financing
costs) under the terms of the Roadway Financing Agreement. The Owner's contributions include 100% of the University share of the
Roadway Improvement Costs, $657,992 ($7,589,639 x 8.669609%).
(c)The Roadway Improvement Bonds include a debt service reserve fund calculated in accordance with IRS rules.
(d) The Roadway Improvement Bonds include capitalized interest from June 22, 2018 through September 1, 2020.
(e) Inclusive of the initial year's Administrative Expenses.
(f) Calculated at 2.99% of the gross Roadway Improvement Bond amount.
A service plan must cover a period of five years. The Major Improvements are
expected to be built within a period of five years. The projected Annual Installments for
the Major Improvements over a period of five years is shown in Table B-3 on the
following page.
Table B-3
In Five Year Service plan - Projected Annual Installments - Major Improvements
Delinquency
Period
&
Other
Projected
Ending
Principal
Interest
Administrative
Prepayment
Capitalized
Available
Annual PID
September 1
Payments
Expense
Expenses
Reserve
Interest
Funds (a)
Installments
2018-2020
$0
$1,897,444
$133,924
$1_90205
($1,876,099)
($78,415)
$267,059
2021
$480,000
$639,721
$79,424
$63,355
$0
($84,500)
$1,178,000
2022
$505,000
$615,719
$70,326
$60,955
$0
$0
$1,252,000
2023
$530,000
$590,669
$71,765
$58,450
$0
$0
$1,250,884
$73,201
$55,800
2024
$564,169
$0
$0
$1,253,170
2025
_$560,000
$590,000
$536,169
$74,665
$53,000
$0
$0
$1,253,834
2026
$620,000
$506,669
$76,158
$50,050
$0
$0
$1252,877
2027
$645,000
$475,669
$77,681
$46,950
$0
$0
$1,245,300
Total
$3,930,000
$5,826,229
1 $657,144
1 $578,765
1 ($1,876,099)
($162,915)1
$8,953,124
(a) Other Available Funds includes available excess PID Annual Installments from a prior year, available excess administrative expense fiords, available excess
excess funds held in the pledged revenue fund, and available interest income earned.
The Roadway Improvements are also expected to be built within a period of five
years. The projected Annual Installments for the Roadway Improvements over a period
of five years is shown in Table B-4 below.
Table B-4
Five Year Service plan - Projected Annual Installments - Roadway Improvements
Delinquency
Period
&
Other
Projected
Ending
Principal
Interest
Administrative
Prepayment
Capitalized
Available
Annual PID
September 1
Payments
Expense
Expenses
Reserve
Interest
Funds (a)
Installments
2019-2020
$0
$561,550
$90,912
$51,215
($556,584)
($80,868)
$66,225
2021
$195,000
$254,398
$52,162
$25,440
$0
($28,000)
$499,000
2022
$205,000
$244,648
$47,754
$24,465
$0
($23,867)
$498,000
2023
$220,000
$234,500
$48,709
$23,450
$0
$0
$526,659
2024
$225,000
$223,500
$49,684
$22,350
$0
$0
$520,534
2025
$235,000
$212,250
$50,677
$21,225
$0
$0
$519,152
2026
$245,000
$200,500
$51,691
$20,050
$0
$0
$517,241
2027
$260,000
$188,250
$52,725
$18,825
$0
$0
$519,800
Total
$1,585,000
$2,119,596
1 $444,314
1 $207,020
1 ($556,584)
($132,735)1
$3,666,611
(a) Other Available Funds includes available excess PID Annual Installments from a prior year, available excess administrative expense funds, available excess
excess funds held in the pledged revenue fund, and available interest income earned.
Debt Service and Administrative Expenses
Major Improvement Bonds - Annual Installments
The Major Improvement Special Assessments imposed on any Parcel may be paid
in full at any time. If not paid in full, the Major Improvement Special Assessment shall be
payable in twenty Annual Installments of principal and interest beginning with the tax
year following the issuance of the Major Improvement Bonds, of which sixteen (16)
Annual Installments currently remain outstanding.
Pursuant to the Service and Assessment Plan, each Major Improvement Special
Assessment on the Assessed Property within the Western Improvement Area and Eastern
Improvement Area of the PID shall bear interest at the rate on the Major Improvement
Bonds plus 0.5% as described below commencing with the issuance of the Major
Improvement Bonds. The effective interest rate on the Major Improvement Bonds is
5.05% per annum for fiscal year 2022. Pursuant to Section 372.018 of the PID Act, the
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interest rate for that assessment may not exceed a rate that is one-half of one percent
(0.5%) higher than the actual interest rate (the Additional Interest rate), paid on the debt.
Accordingly, the effective interest rate on the Major Improvement Bonds plus Additional
Interest of one-half of one percent (5.55%) is used to calculate the interests on the Major
Improvement Special Assessments. These payments, the "Annual Installments" of the
Major Improvement Special Assessments, shall be billed by the City (or another parry
designated by the City) in 2021 and will be delinquent on February 1, 2022. Each Annual
Installment shall be reduced by any credits applied under applicable documents including
the Service and Assessment Plan and applicable Indenture, such as capitalized interest
and interest earnings on any account balances and by any other funds available to the
PID.
Annual Budget for the Repayment of Indebtedness
Debt service will be paid on the Major Improvement Bonds from the collection of
the Annual Installments of the Major Improvement Special Assessments levied against
the Assessed Property within the Western Improvement Area and Eastern Improvement
Area of the PID. In addition, Administrative Expenses are to be collected with the Annual
Installments to pay expenses related to the collection of the Annual Installments and
administration of the PID. The Additional Interest collected with the Annual Installments
will be used to fund the Delinquency and Prepayment Reserve amounts as described in
the Service and Assessment plan and the applicable Indenture.
Major Improvement Annual Installments to be collected for fiscal year 2022
The budget for Major Improvements of the PID will be paid from the collection of
Annual Installments collected for fiscal year 2022 as shown by Table B-5-1 on the
following page.
2
Table B-5-1
IRL Budget for the Major Improvement Annual Installments
To be collected for Fiscal Year 2022
Major Improvement
Bonds
Interest payment on March 1, 2021(a)
$307,859.54
Interest payment on September 1, 2021(a)
$307,859.54
Principal payment on September 1, 2021(a)
$505,000.00
Subtotal debt service on bonds
$1,120, 719.08
Administrative expenses
$70,325.69
Additional interest for Delinquency and Prepayment Reserves
$60,955.23
Total Uses
$1,252,000.00
Available reserve fund income
$0.00
Available capitalized interest funds
$0.00
Available administrative expense funds
$0.00
Subtotal funds available
$0.00
Annual Installments
$1,252,000.00
Total Sources
$1,252,000.00
(a) Budgeted amounts to be collected for debt service are based upon the current outstanding Major
Improvement Special Assessments. Variances between amounts budgeted for debt service and actual
debt service may be funded by the prepayment reserve account and/or any
other available funds, if any.
As shown in Table B-5-1 on above, the total Annual Installment of the Major
Improvement Special Assessments to be collected for fiscal year 2022 is equal to
$1,252,000.00 for payments that will be due within the fiscal year 2022. The total debt
service portion of the Annual Installments to be collected for the Major Improvement
Bonds, the Administrative Expenses, and the excess interest for Delinquency and
Prepayment Reserve to be collected for fiscal year 2022 are shown as $1,120,719.08,
$70,325.69 and $60,955.23, respectively. The total debt service portion of the Annual
Installments to be collected for the Major Improvement Bonds within the fiscal year 2022
represent two semi-annual interest payments of $307,859.54 each due on March 1, 2022
and September 1, 2022, and $505,000.00 in principal payment due on September 1, 2022
for the fiscal year 2022. There are no other funds anticipated to be available to pay a
portion of the above shown expenses during fiscal year 2022.
Pursuant to the Service and Assessment Plan, the Major Improvement Special
Assessments and the related Annual Installments shall be allocated to the Assessed
Property within the Western Improvement Area and Eastern Improvement Area based on
the ratio of the estimated buildout values for each area.
As described in the introduction section of this Annual Service Plan Update, the
Amended Service and Assessment Plan was approved for allocating the Water
Improvements portion of the Major Improvement Special Assessments and the Sanitary
Sewer Improvements portion of the Major Improvement Special Assessments. In
addition, the Amended Service and Assessment Plan established that the Water
Improvements Portion of the Major Improvements are being provided for the benefit of
all of the Assessed Property in the PID (in both the Eastern Improvement Area and the
Western Improvement Area excluding the Water Improvements Unserved Tracts).
Similarly, the Sanitary Sewer Improvements Portion of the Major Improvements are
being provided for the benefit of all of the Assessed Property in the PID (in both the
Eastern Improvement Area and the Western Improvement Area excluding the Sanitary
7
Sewer Improvements Unserved Tracts). Accordingly, the outstanding Major
Improvement Special Assessment and fiscal year 2022 Major Improvement Annual
Installments are calculated in Table B-5-2 on the following page based on the allocation
percentages applicable to each category of Tracts [i.e., (i)Western Improvement Area —
Major Improvements (Sanitary Sewer Improvements and Water Improvements served
Tracts), (ii) Western Improvement Area — Major Improvements (Sanitary Sewer
Improvements Unserved Tracts), (iii) Western Improvement Area — Major Improvements
(Water Improvements Unserved Tracts), (iv) Eastern Improvement Area — Major
Improvements (Excluding Water Improvements Unserved Tracts), and (v) Eastern
improvement Area — Major Improvements (Water Improvements Unserved Tracts) that
were calculated and included in the Amended Service And Assessment Plan.
Table B-5-2
Allocation of the Major Improvement Annual Installments (Fiscal Year 2022)
Total Major
Water Improvement
Total Major
Improvement Annual
Portion of
Allocated Major
Sanitary Sewer
Allocated Major
Improvement Special
Installments (Water
Outstanding Major
Improvement Annual
Improvement Portion
Improvement Annual
Assessments(Water
and Sewer
Improvement Special
Installments (Water
of Major Improvement
Installments (Sewer
and Sewer
Improvement
Improvement Area
Assessments
%(a)
Improvement Portion)
Special Assessments
%(a)
Improvement Portion)
Improvement Portions)
Portions)
Western Improvement Area - (Sewer Improvements Unserved
Tracts)
$140,727.49
3.55%
$14,452.48
$0.00
0.000%
$0.00
$140,727.49
$14,452.48
Western Improvement Area - (Water Improvements Unserved
Tracts)
$0.00
0.001/0
$0.00
$300,169.65
3.649%
$30,826.92
$300,169.65
$30,826.92
Western Improvement Area - (Sewer Improvements and
Water Improvement served Tracts)
$2,612,590.231
65.89%
$268,308.63
$3,762,992.66
45.746%
$386,453.03
$6,375,582.89
$654,761.65
Eastern Improvement Area -(Water Improvements Unserved
Tracts)
$0.00
0.00%
$0.00
$2,417267.64
29.386%
$248249.32
$2,417267.64
$248249.33
Eastern Improvement Area - (Excluding Water Improvement
Unserved Tracts)
$1,411,843.71
30.56%
$124,454.31
$1,745,455.12
21.219%
$179255.31
$2,957298.83
$303,709.62
Total - Water Improvement Portion
$3,965,161.43
100.00%
$407215.42
Total - Serer Improvement Portion
$8,225,885.07
100.00%
$844,784.58
Grand Total -All Tracts
$12,191,046.50
51,252,000.00
(a) The percentages shown above are calculated and shown in Table IVD.1 of the Amended Service and Assessment Plan.
The list of Parcels within the Western Improvement Area and the Eastern
Improvement Area of the PID, the aggregate Major Improvement Special Assessments
for the Western Improvement Area and the Eastern Improvement Area, and the aggregate
Annual Installments to be collected from each Parcel for fiscal year 2022 are shown in:
Appendix A-1 — Western Improvement Area — Major Improvements
Assessment Roll Summary 2021-22 (Sanitary Sewer Improvements and Water
Improvements served Tracts) attached herein,
Appendix A-2 — Western Improvement Area — Major Improvements
Assessment Roll Summary 2021-22 (Sanitary Sewer Improvements Unserved
Tracts) attached herein,
Appendix A-3 — Western Improvement Area — Major Improvements
Assessment Roll Summary 2021-22 (Water Improvements Unserved Tracts)
attached herein,
Appendix A-4 — Eastern Improvement Area — Major Improvements
Assessment Roll Summary 2021-22 (Excluding Water Improvements Unserved
Tracts) attached herein, and
Appendix A-5 — Eastern improvement Area — Major Improvements
Assessment Roll Summary 2021-22 (Water Improvements Unserved Tracts)
attached herein.
Roadway Bonds - Annual Installments
The Roadway Improvement Special Assessment imposed on any Parcel may be
paid in full at any time. If not paid in full, the Special Assessment shall be payable in
nineteen Annual Installments of principal and interest beginning with the 2018 tax year,
of which sixteen (16) Annual Installments currently remain outstanding.
Pursuant to the Service and Assessment Plan, each Roadway Improvement
Special Assessment on Assessed Property within the Western Improvement Area of the
PID shall bear interest at the rate on the Roadway Bonds plus 0.5% as described below
commencing with the issuance of the Roadway Improvement Bonds. The effective
interest rate on the Roadway Bonds is 5.00 percent per annum for fiscal year 2022.
Pursuant to Section 372.018 of the PID Act, the interest rate for that assessment may not
exceed a rate that is one-half of one percent (0.5%) higher than the actual interest rate
(the Additional Interest rate), paid on the debt. Accordingly, the effective interest rate on
the Roadway Improvement Bonds plus Additional Interest of one-half of one percent
(5.50%) is used to calculate the interests on the Roadway Improvement Special
Assessments. These payments, the "Annual Installments" of the Roadway Improvement
Special Assessments, shall be billed by the City (or another party designated by the City)
in 2021 and will be delinquent on February 1, 2022. Each Annual Installment shall be
reduced by any credits applied under applicable documents including the Service and
Assessment Plan and applicable Indenture, such as capitalized interest and interest
earnings on any account balances and by any other funds available to the PID.
Annual Budget for the Repayment of Indebtedness
Debt service will be paid on the Roadway Improvement Bonds from the
collection of the Annual Installments of the Roadway Improvement Special Assessment
levied on the Assessed Property within the Western Improvement Area. In addition,
Administrative Expenses are to be collected with the Annual Installments to pay expenses
related to the collection of the Annual Installments and administration of the PID. The
Additional Interest collected with the Annual Installments will be used to fund the
Delinquency and Prepayment Reserve amounts as described in the Service and
Assessment plan and the applicable Indenture.
Roadway Annual Installments to be collected for fiscal year 2022
The budget for Roadway Bonds that lies within the Western Improvement Area of
the PID will be paid from the collection of Annual Installments collected for the fiscal
year 2022 as shown by Table B-6-1 on the following page.
0
Table B-6-1
Budget for the Roadway Improvement Annual Installments
To be collected for Fiscal Year 2022
Roadway
Bonds
Interest payment on March 1, 2022 (a)
$122,324.05
Interest payment on September 1, 2022(a)
$122,324.05
Principal payment on September 1, 2022(a)
$205,000.00
Subtotal debt service on bonds
$449,648.10
Administrative expenses
$47,754.37
Additional interest for Delinquency and Prepayment Reserves
$24,464.81
Total Uses
$521,867.28
Available reserve fund income
$0.00
Available capitalized interest account
$0.00
Available Administrative Expense account
$23,867.28
Subtotal funds available
$23,867.28
Annual Installments
$498,000.00
Total Sources
$521,867.28
(a) Budgeted amounts to be collected for debt service are based upon the current outstanding Roadway
Improvement Special Assessments. Variances between amounts budgeted for debt service
and actual debt
service may be funded by the prepayment reserve account and/or any other available funds, if any.
As shown in Table B-6-1 above, the total Annual Installment of the Roadway
Improvement Special Assessments to be collected for fiscal year 2022 is equal to
$498,000.00 for payments that will be due within the fiscal year 2022. The total debt
service portion of the Annual Installments to be collected for the Roadway Improvement
Bonds, the Administrative Expenses and the excess interest for Delinquency and
Prepayment Reserve to be collected for fiscal year 2022 are shown as $449,648.10,
$23,887.09 ($47,754.37 - $23,867.28 = $23,887.09) and $24,464.81, respectively. The
total debt service portion of the Annual Installments to be collected for the Roadway
Improvement Bonds within the fiscal year 2022 represent two semi-annual interest
payments of $122,324.05 each due on March 1, 2022 and September 1, 2022, and
$205,000.00 in principal payments due on September 1, 2022 for the fiscal year 2022.
The projected excess administrative expense funds are available to pay Administrative
Expenses during the fiscal year 2022 in the amount of $23,867.28.
Pursuant to the Amended Service and Assessment Plan, the Roadway
Improvement Special Assessments and the related Annual Installments shall be allocated
to the Assessed Property within the Western Improvement Area based on the ratio of the
estimated buildout values for each Parcel. The outstanding Roadway Improvement
Special Assessment and fiscal year 2022 Roadway Improvement Annual Installments are
calculated in Table B-6-2 on the following page based on the allocation percentages
applicable to each category of Tracts [i.e., (i)Western Improvement Area — Roadway
Improvements (Sanitary Sewer Improvements and Water Improvements served Tracts),
(ii) Western Improvement Area — Roadway Improvements (Sanitary Sewer
Improvements Unserved Tracts), and (iii) Western Improvement Area — Roadway
Improvements (Water Improvements Unserved Tracts that were calculated and included
in the Amended Service And Assessment Plan.
10
Table B-6-2
Allocation of the Roadway Improvement Annual Installments (Fiscal Year
2022)
Outstanding
Total Roadway
Roadway
Improvement Annual
Improvement Special
Installments (Western
Improvement Area
Assessments
%
Improvement Area)
Western Improvement Area - (Sewer Improvements Unserved
Tracts)
$232,491.27
4.75%
$23,662.69
Western Improvement Area - (Water Improvements Unserved
Tracts)
$344,296.34
7.04%
$35,042.08
Western Improvement Area - (Sewer Improvements and
Water Improvement served Tracts)
$4,316,174.59
88.21%
$439,295.23
Eastern Improvement Area - (Water Improvements Unserved
Tracts)
$0.00
0.00%
$0.00
Eastern Improvement Area - (Excluding Water Improvement
Unserved Tracts)
$0.00
0.00%
$0.00
Total - Western Improvement Area
$4,892,962.20
100.00%
$498,000.00
Total - Eastern Improvement Area
Grand Total - All Tracts
$4,892,962.20
$498,000.00
(a) The percentages shown above are calculated and shown in Table IV-D.1 of the Amended Service and Assessment Plan.
The list of Parcels within the Western Improvement Area, the aggregate Roadway
Improvement Special Assessments for the Western Improvement Area, and the aggregate
Annual Installments to be collected from each Parcel for fiscal year 2022 are shown in:
Appendix A-6 — Western Improvement Area — Roadway Improvements
Assessment Roll Summary 2021-22 (Sanitary Sewer Improvements and Water
Improvements served Tracts) attached herein,
Appendix A-7 — Western Improvement Area — Roadway Improvements
Assessment Roll Summary 2021-22 (Water Improvements Unserved Tracts)
attached herein, and
Appendix A-8 — Western Improvement Area — Roadway Improvements
Assessment Roll Summary 2021-22 (Sanitary Sewer Improvements Unserved
Tracts) attached herein.
C. Update of the Assessment Plan
The Updated Service and Assessment Plan adopted by the City Council provided
that the cost of Authorized Improvement shall be allocated to the Assessed Property
based on the ratio of estimated buildout value anticipated to be built on each Parcel once
such property is fully developed, and that such method of allocation will result in the
imposition of equal shares of the costs of the Authorized Improvement to Parcels
similarly benefited.
This method of assessing property has not been changed and Assessed Property
will continue to be assessed as provided for in the Amended Service and Assessment
Plan.
D. Update of the Assessment Roll
Pursuant to the Service and Assessment Plan, the Assessment Roll shall be
updated each year to reflect:
11
(i) the identification of each Parcel; (ii) the Special Assessment for each Parcel of
Assessed Property, including any adjustments authorized by this Service and
Assessment Plan or in 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 VII.0 of
the Service and Assessment Plan.
The summary Assessment Rolls are shown in Appendices A-1 through A-8
attached herein. Each Parcel in the PID is identified, along with the aggregate Special
Assessment for the applicable improvement area and the Annual Installments to be
collected from each Parcel.
Parcel Updates
According to the Service and Assessment Plan, upon the subdivision of any
Parcel, the Administrator shall reallocate the Special Assessment for the Parcel prior to
the subdivision among the new subdivided Parcels according to the formula shown in the
Updated Service and Assessment Plan.
According to the Developer, a final plat was approved by the City on February 15,
2019 for Brewer Boulevard, a 25.957-acre roadway located entirely within the Western
Improvement Area of the PID. Table D-1 on the following page shows the list of Parcels
within the Western Improvement Area and the aggregate Major Improvement Special
Assessments prior to and after subdivision; while Table D-2 on page fourteen of this
report shows the list of Parcels within the Western Improvement Area and the aggregate
Roadway Improvement Special Assessments prior to and after subdivision.
12
Table D-1
Western Improvement Area - Parcel Subdivision and Aggregate
Ma'or Improvement Bond Si3ecial Assessment
Prior to Subdivision
Parcel IDO
Parcel Acreage(.)
Special Assessment
4103629
221.000
6839851
215.526
411.211
$6,536,824
3710890
Total
847.737
$6,536,824
After Subdivision
Parcel IW"')
Parcel Acreage(,)
Special Assessment
4103629
139.760
42423153
76.144
42423145
5.096
$6,536,824
Subtotal
221.000
6839851
109.445
95.689
10.392
42423196
42423188
Subtotal
215.526
3710890
381.211
23.650
42423218
6.138
42423200
Subtotal
410.999
Total
847.525
$6,536,824
(a) The Parcel ID and Parcel acreage reflect 2018 certified Parcel
information as provided by the Tarrant County Appraisal District.
(b) The Parcel ID and Parcel acreage reflect 2020 certified Parcel
information as provided by the Tarrant County Appraisal District.
(c) Parcel42423145, Parcel42423188, and Parcel42423200 will be
non -Assessed Parcels as those Parcels represent Brewer Boulevard
according to the Tarrant County Appraisal District online records.
(remainder ofpage left intentionally blank)
13
Table D-2
Western Improvement Area - Parcel Subdivisions and Aggregate
Roadway Improvement Bond Special Assessment
Prior to Subdivision
Parcel ID(')
Parcel Acreage()
Special Assessment
4103629
221.000
215.526
411.211
$5,087,962
6839851
3710890
Total
847.737
$5,087,962
After Subdivision
ParcelIDO")
ParcelAcreage(b'`)
Special Assessment
4103629
42423153
42423145
139.760
76.144
5.096
$5,087,962
Subtotal
221.000
6839851
42423196
42423188
109.445
95.689
10.392
Subtotal
215.526
3710890
381.211
42423218
23.650
42423200
6.138
Subtotal
410.999
Total
847.525
$5,087,962
(a) The Parcel ID and Parcel acreage reflect 2018 certified Parcel
information as provided by the Tarrant County Appraisal District.
(b) The Parcel ID and Parcel acreage reflect 2020 certified Parcel
information as provided by the Tarrant County Appraisal District.
(c) Parcel42423145, Parcel42423188, and Parcel42423200 will be
non -Assessed Parcels as those Parcels represent Brewer Boulevard
according to the Tarrant County Appraisal District online records.
Prepayment of Assessments
As of June 30, 2020, the Developer donated a twelve -acre tract of Assessed
Property to the City for use as a police station, a fire station, or other public facility.
Pursuant to Section VI.0 of the Service and Assessment Plan, any transfer of Assessed
Property to a parry 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 would trigger a Mandatory Prepayment.
As a result, the net amount of Special Assessment for the Series 2017 Major
Improvement Bonds to be prepaid was $12,687.27, and the net amount of Special
Assessment for the Series 2018 Roadway Improvement Bonds to be prepaid was
$61,016.75, which totaled a Mandatory Prepayment of $73,704.02. The respective
Mandatory Prepayment amounts were calculated pursuant to Sections IV(3) and VI(C) of
the Service and Assessment Plan (as updated for the Roadway Improvement Bonds).
According to the Trustee, the Mandatory Prepayment funds associated with the twelve -
acre land donation were received in April 2019. Series 2017 Major Improvement Bonds
and the Series 2018 Roadway Improvement Bonds were proportionally redeemed on
December 1, 2020 with proceeds of these prepayments.
There were no additional prepayments through June 30, 2021.
14
Appendix A-1
Western Improvement Area - Major Improvements
Assessment Roll Summary 2021-22 (Sanitary Sewer Improvements and Water Improvements served Tracts)
Outstanding
Additional
Major
Major
Interest for
Improvement
Improvement
Delinquency and
Special
Annual
Administrative
Prepayment
Fiscal Year 2022
Tax Parcel ID
Assessment a
Assessments b
Expenses b
Reserve b
Annual Installments
04103629 (Part of)
$296,958.63
$27,299.31
$1,713.05
$1,484.79
$30,497.15
42423153 (Part of)
$177,771.15
$16,342.45
$1,025.50
$888.86
$18,256.81
$0.00
42423145
$0.00
$0.00
$0.00
$0.000
$791,889.69
06839851
$72,798.17
$4,568.12
$3,959.45
$81,325.74
42423196 (Part of)
$1,172,280.20
$3,637,315.82
$107,767.35
$334,377.30
$6,762.46
$20,982.35
$5,861.40
$18,186.58
$120,391.21
$373,546.23
03710890
42423218
$299,367.39
$27,520.75
$1,726.94
$1,496.84
$30,744.53
42423200
$0.00
$0.00
$0.00
$0.00
$0.000
41524853
$0.00
$0.00
$0.00
$0.00
$0.000
42617357
$0.00
$0.00
$0.00
$0.00
$0.000
Total
$6,375,582.88
$586,105.33
$36,778.42
$31,877.92
$654,761.67
(a) The Initial Major Improvement Special Assessments are shown in Appendix A-1-A.1 ofthe Amended Service and Assessment Plan.
(b) The amount represents the prorated debt service amount due, Administrative Expenses due, and the Additional
Interest for Delinquency and Prepayment Reserves due from Parcels within the Western Improvement Area for
fiscal year 2022 based on the percentages shown in Table B-5-2.
15
Appendix A-2
Western Improvement Area - Major Improvements
Assessment Roll Summary 2021-22 (Sanitary Sewer Improvements Unserved Tracts)
Outstanding
Major
Major
Additional Interest for
Improvement
Improvement
Delinquency and
Fiscal Year
Special
Annual
Administrative
Prepayment Reserve
2022 Annual
Tax Parcel ID
Assessment a
Assessments
Expenses
Installments
4103629 (Part of)
$140,727.49
$12,937.031
$811.811
$703.64
$14,452.48
Total
1 $140,727.491
$12,937.031
$811.811
$703.641
$14,452.48
(a) The Initial Major Improvement Special Assessments are shown in AppendixA-1-A.2 ofthe Amended Service and Assessment Plan.
(b) The amount represents the prorated debt service amount due, Administrative Expenses due, and the Additional
Interest for Delinquency and Prepayment Reserves due fromParcels within the Western Improvement Area for
fiscal year 2022 based on the percentages shown in Table B-5-2
16
Appendix A-3
Western Improvement Area- Major Improvements
Assessment Roll Summary 2021-22 (Water Improvements Unserved Tracts)
Outstanding
Major
Major
Additional Interest
Improvement
Improvement
for Delinquencyand
Special
Annual
Administrative
Prepayment
Fiscal Year2022
Tax Parcel ID
Assessment a
Assessments
Expenses
Reserve b
Annual Installments
4103629 (Part of)
$78,692.99
$7,234.22
$453.95
$393.461
$8,081.63
$20,168.13
$22,530.62
42423153 (Part of)
$219,386.51
$1,265.56
$1,096.93
42423196 (Part of)
$2,090.15
$192.15
$12.06
$10.45
$214.66
Total
$300,169.65
$27,594.50
$1,731.57
$1,500.841
$30,826.91
(a) The Initial Major Improvement Special Assessments are shown in AppendixA-1-A.3 of the Amended Service and Assessment Plan.
(b) The amount represents the prorated debt service amount due, Administrative Expenses due, and the Additional
Interest for Delinquency and Prepayment Reserves due fromParcels within the Western Improvement Area for
fiscal year 2022 based on the percentages shown in Table B-5-2
17
Appendix A-4
Eastern Improvement Area - Major Improvements
Assessment Roll Summary 2021-22 (Excluding Water Improvements Unserved Tracts)
Outstanding
Major
Major
Additional Interest
Improvement
Improvement
for Delinquencyand
Special
Annual
Administrative
Prepayment
Fiscal Year2022
Tax Parcel ID
Assessment a
Assessments b
Expenses
Reserve b
Annual Installments
41295149 (Part of)
$578,068.54
$53,141.66
$3,334.67
$2,890.34
$59,366.67
41291522
$2,379230.29
$218,721.89
$13,724.91
$11,896.151
$244,342.95
Total
1 $2,957,298.831
$271,863.551
$17,059.581
$14,786.491
$303,709.62
(a) The Initial Major Improvement Special Assessments are shown in AppendixA-1-A.3 ofthe Amended Service and Assessment Plan.
(b) The amount represents the prorated debt service amount due, Administrative Expenses due, and the Additional
Interest for Delinquency and Prepayment Reserves due from Parcels within the Western Improvement Area for
fiscal year 2022 based on the percentages shown in Table B-5-2
Appendix A-5
L:1 Eastern Improvement Area - Major Improvements
Assessment Roll Summary 2021-22 (Water Improvements Unserved Tracts)
Outstanding
Major
Major
Additional Interest
Improvement
Improvement
for Delinquency and
Special
Annual
Administrative
Prepayment
Fiscal Year2022
Tax Parcel ID
Assessment a
Assessments b
Expenses b
Reserve b
Annual Installments
05700906
$1,831,122.15
$168334.48
$10,563.07
$9,155.61
$188,053.16
41295149 (Part of)
$586,145.49
$53:884.17
$3,381.26
$2,930.73
$60,196.16
Total
$2,417,267.64
$222,218.651
$1 944.331
$12,086.341
$248,249.32
(a) The Initial Major Improvement Special Assessments are shown in AppendixA-1-A.3 of the Amended Service and Assessment Plan.
(b) The amount represents the prorated debt service amount due, Administrative Expenses due, and the Additional
Interest for Delinquency and Prepayment Reserves due from Parcels within the Western Improvement Area for
fiscal year 2022 based on the percentages shown in Table B-5-2
19
Appendix A-6
Western Improvement Area - Roadway Improvements
Assessment Roll Summary 2021-22 (Sanitary Sewer Improvements and Water Improvements served Tracts)
Outstanding
Additional
Roadway
Roadway
Interest for
Improvement
Improvement
Delinquency and
Special
Annual
Administrative
Prepayment
Fiscal Year2022
Tax Parcel ID
Assessment (a)
Assessments (b)
Expenses (b)
Reserve (b)
Annual Installments
04103629 (Part of)
$201,036.57
$18,474.64
$981.45
$1,005.18
$20,461.27
$587.53
42423153 (Part of)
$120,348.42
$11,059.65
$601.74
$12,248.92
42423145
$0.00
$0.00
$0.00
$0.00
$0.00
06839851
$536,097.52
$49,265.71
$2,617.19
$2,680.49
$54,563.39
42423196 (Part of)
$793,616.22
$2,462,408.60
$72,930.88
$226,287.74
$3,874.38
$12,021.30
$3,968.08
$12,312.04
$80,773.34
$250,621.08
03710890
_
42423218
$202,667.26
$18,624.49
$989.41
$1,013.34
$20,627.24
42423200
$0.00
$0.00
$0.00
$0.00
$0.00
41524853
$0.00
$0.00
$0.00
$0.00
$0.00
42617357
$0.00
$0.00
$0.00
$0.00
$0.00
Total
1 $4,316,174.591
$396,643.111
$21,071.261
$21,580.871
$439,295.24
(a) The Initial Roadway Improvement Special Assessments are shown in AppendixA-1-A.1 ofthe Amended Service and Assessment Plan.
(b) The amount represents the prorated debt service amount due, Administrative Expenses due, and the Additional
Interest for Delinquency and Prepayment Reserves due fromParcels within the Western Improvement Area for
fiscal year 2022 based on the percentages shown in Table B-6-2.
20
Appendix A-7
Western Improvement Area - Roadway Improvements
Assessment Roll Summary 2021-22 (Water Improvements Unserved Tracts)
Outstanding
Roadway
Roadway
Additional Interest
Improvement
Improvement
for Delinquencyand
Special
Annual
Administrative
Prepayment
Fiscal Year2022
Tax Parcel ID
Assessment a
Assessments
Expenses b
Reserve b
Annual Installments
4103629 (Part of)
$90,261.32
$8,294.74
$440.65
5451.31
$9,186.70
42423153 (Part of)
$251,637.61
$23,124.72
$1,228.48
$1,258.19
$25,611.39
42423196 (Part of)
$2,397.42
$220.32
$11.70
$11.991
$244.01
Total
$344,296.35
$31,639.78
$1,680.83
$1,721,49F
$35,042.10
(a) The Initial Major Improvement Special Assessments are shown in AppendixA-1-A.3 ofthe Amended Service and Assessment Plan.
(b) The amount represents the prorated debt service amount due, Administrative Expenses due, and the Additional
Interest for Delinquency and Prepayment Reserves due fromParcels within the Western Improvement Area for
fiscal year 2022 based on the percentages shown in Table B-6-2.
21
Appendix A-8
Western Improvement Area
Assessment Roll Summary 2021-22 (Sanitary Sewer Improvements Unserved Tracts)
Outstanding
Roadway
Roadway
Additional Interest for
Improvement
Improvement
De linque ncy and
Fiscal Year
Special
Annual
Administrative
Prepayment Reserve
2022 Annual
Tax Parcel ID
Assessment a
Assessments b
Expenses
Installments
4103629 (Part of)
$232,491.27
$21,365.23
$1,135.01
$1,162.46
$23,662.70
Total
1 $232,491.271
$21,365.231
$1,135.011
$1,162.46
$23,662.70
(a) The Initial Major Improvement Special Assessments are shown in AppendixA-1-A.2 of the Amended Service and Assessment Plan.
(b) The amount represents the prorated debt service amount due, Administrative Expenses due, and the Additional
Interest for Delinquency and Prepayment Reserves due fromParcels within the Western Improvement Area for
fiscal year 2022 based on the percentages shown in Table B-6-2.
22