HomeMy WebLinkAbout(0152) 1.26 FINAL Option 2 - Ordinance and Amended and Restated SAP.PDFAN ORDINANCE OF THE CITY OF FORT WORTH, TEXAS APPROVING AN AMENDED AND
RESTATED SERVICE AND ASSESSMENT PLAN FOR THE FORT WORTH PUBLIC
IMPROVEMENT DISTRICT NO. 17 (ROCK CREEK RANCH); APPROVING UPDATES AND
AMENDMENTS TO THE ASSESSMENT ROLLS FOR THE DISTRICT; ADJUSTING THE
METHOD OF ASSESSMENT; PROVIDING FOR A SEVERABILITY CLAUSE; PROVIDING AN
EFFECTIVE DATE; AND PROVIDING FOR RELATED MATTERS
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, the City Council of the City of Fort Worth, Texas established Fort Worth Public
Improvement District No. 17 (Rock Creek Ranch) (the "District") pursuant to Resolution No. 4724-12-
2016, which became effective with its publication on December 16, 2016; and
WHEREAS, on August 15, 2017, following notice and hearing in accordance with state law, the
City Council adopted an ordinance approving a service and assessment plan (the "SAP") and levying
assessments for major improvements ("Major Improvements") in the Eastern and Western Improvement
Areas of the District (Ordinance 22832-08-2017); and
WHEREAS, on August 15, 2017, the City Council also adopted an ordinance (Ordinance 22833-
08-2017) authorizing issuance and sale of revenue bonds to finance the Major Improvements, secured by
and payable from the Major Improvements assessments, with the issuance and sale subject to an approved
and attached form of indenture; and
WHEREAS, on June 5, 2018, following notice and hearing in accordance with state law, the City
Council adopted an ordinance updating the SAP and levying assessments for roadway improvements
("Roadway Improvements" and, collectively with the Major Improvements, the "Improvements") in the
Western Improvement Area of the District (Ordinance 23243-06-2018); and
WHEREAS, on June 5, 2018, the City Council also adopted an ordinance (Ordinance 23244-06-
2018) authorizing issuance and sale of revenue bonds to finance the Roadway Improvements, secured by
and payable from the Roadway Improvement assessments, with the issuance and sale subject to an approved
and attached form of indenture; and
WHEREAS, Section 372.015 of the Texas Local Government Code requires that the assessment
methodology by which the costs of the improvements are assessed results in imposing equal shares of costs
on property similarly benefitted; and
WHEREAS, a determination has been made by the initial Owner of the Assessed Property (as
defined in the SAP) (the "Initial Owner") and City administration that certain identified property within
the District will not receive benefit from the sewer portion of the Major Improvements; and
WHEREAS, since November 17, 2020, a determination has also been made by the Initial Owner
and City administration that certain identified property within the District will not receive benefit from the
water portion of the Major Improvements;
WHEREAS, the Initial Owner has sold the Assessed Property to an unaffiliated third party and, in
connection therewith, there has been a substantial revision to the original development plan for the Assessed
Property; and
WHEREAS, pursuant to Section IV.E.3 of the original, updated SAP, a determination of the
"Maximum Special Assessment per Unit," as defined in Section IV.E.3, was triggered by the sale by the
Initial Owner to an unaffiliated third party; and
WHEREAS, in order to address the recent events described above, on November 17, 2020, the
City Council adopted Resolution No. 5304-11-2020, accepting alternate preliminary amended and restated
service and assessment plans, including alternate proposed amended assessment rolls and calling a public
hearing to be held on December 1, 2020, at 7:00 p.m. at the City Council Chambers of City Hall at 200
Texas Street, Fort Worth, Texas 76102; and
WHEREAS, pursuant to Resolution No. 5304-11-2020, the alternate amended and restated service
and assessment plans were filed with the City Secretary and made available for public inspection, notice of
the public hearing was published on November 20, 2020 and copies of such notice were mailed to the last
known address of the owners of the property liable for such special assessments; and
WHEREAS, the hearing was initially opened by the City Council on December 1, 2020, and
continued and reconvened to December 15, 2020, January 12, 2021, and January 26, 2021, with owners of
property within the District and other members of the public provided the opportunity to provide input on
each such date; and
WHEREAS, the City Council reconvened the public hearing on January 26, 2021 at which all
persons who appeared, or requested to appear, in person or by their attorney, were given the opportunity to
contend for or to contest the Amended and Restated Service and Assessment Plan attached hereto as
EXHIBIT A (the "Amended and Restated Service and Assessment Plan"), including the amended
Assessment Rolls in the forms attached as APPENDIX A-1 and APPENDIX A-2 to the Service and
Assessment Plan (collectively, the "Amended Assessment Rolls"), and to offer testimony pertinent to any
issue presented in relation thereto; and
WHEREAS, the City Council closed the public hearing, and after considering all comments and
all written and documentary evidence presented at the hearing, including all written comments and
statements filed with the City, determined to proceed with the adoption of this Ordinance in conformity
with the requirements of the Act; and
WHEREAS, the City Council finds that there were no written objections or evidence submitted to
the City Secretary in opposition to the Amended and Restated Service and Assessment Plan; and
WHEREAS, the City Council finds that the costs of the Improvements are not being changed as a
result of the actions taken pursuant to this Ordinance; and
WHEREAS, the City Council finds that the method of apportionment of the costs of the
Improvements and Administrative Expenses set forth in the Amended and Restated Service and Assessment
Plan results in imposing equal shares of the costs of the Improvements on property similarly benefitted, and
results in a reasonable classification and formula for apportionment of such costs; and
WHEREAS, the City Council finds and determines that the Amended and Restated Service and
Assessment Plan and the Amended Assessment Rolls, which are incorporated herein for all purposes,
should be approved and adopted as provided in this Ordinance; and
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NOW THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF
FORT WORTH, TEXAS THAT:
Section 1. Findings.
The findings, determinations and recitations set out in the preambles of this Ordinance are found
to be true and correct and they are hereby adopted by the City Council and made a part hereof for all
purposes.
Section 2. Public Hearing.
The action of the City Council holding and closing the public hearing in these proceedings is hereby
ratified and confirmed.
Section 3. Terms.
Terms not otherwise defined herein are defined in the Amended and Restated Service and
Assessment Plan.
Section 4. Amended and Restated Assessment Plan.
The Amended and Restated Service and Assessment Plan substantially in the form attached to this
Ordinance is hereby accepted and approved pursuant to Sections 372.013 and 372.014 of the Act.
Section 5. Amended Assessment Rolls.
The Amended Assessment Rolls attached as APPENDIXA-1 andAPPENDIXA-2 to the Amended
and Restated Service and Assessment Plan are hereby approved.
Section 6. Method of Assessment.
The method of apportioning the Actual Costs of the Improvements and the related Administrative
Expenses is set forth in the Amended and Restated Service and Assessment Plan.
Section 7. Prior Assessment Ordinances.
Except as specifically modified herein, the terms of the prior Assessment Ordinances numbered
22832-08-2017 and 23243-06-2018 remain in full force and effect, including, without limitation, with
respect to the levy of assessments and the imposition and priority of the lien established thereby, the
provisions related to penalties, interest, and prepayments, the designation of the administrator of the
District, and the applicability of the Texas Tax Code.
Section 12. Applicability of Tax Code.
To the extent not inconsistent with this Ordinance, and not inconsistent with the Act or the other
laws governing public improvement districts, the provisions of the Texas Tax Code governing enforcement
of ad valorem tax liens (other than with respect to property subject to agriculture use valuation, including
redemption rights following a tax sale) shall be applicable to the imposition and collection of Roadway
Improvement Special Assessments by the City, and the Texas Tax Code shall otherwise be applicable to
the extent provided by the Act.
Section 13. Severability.
If any provision of this Ordinance or the application of any provision to any person or circumstance
is held invalid, the invalidity shall not affect other provisions or applications of the Ordinance which can
be given effect without the invalid provision or application, and to this end the provisions of this Ordinance
are declared to be severable.
Section 14. Effective Date.
This Ordinance shall take effect andshall become effective from and after its date of passage in
accordance with law.
Section 15.Open Meetings.
It is hereby officially found and determined that the meeting at which this Ordinance is passed was
open to the public as required and that public notice of the time, place, and purpose of said meeting was
given as required by the Texas Open Meetings Act.
Section 16. Filing in Land Records.
The City Secretary is directed to cause a copy of this Ordinance, including the Service and
Amended and Restated Assessment Plan, to be recorded in the real property records of Tarrant County,
Texas. The City Secretary is further directed to similarly file each Annual Service Plan Update approved
by the City Council.
AND IT IS SO ORDAINED.
F199tDI•/1IX.%V11171C177uFRO030Xff.'l 01 :1101*11in
Senior Assistant City Attorney
M&C:
Adopted and Effective:
4
Mary J. Kayser, City Secretary
EXHIBIT A
AMENDED AND RESTATED SERVICE AND ASSESSMENT PLAN
Fort Worth Public
Improvement District No. 17
(Rock Creek Ranch)
Amended and Restated Service and Assessment Plan (Scenario 2
- Land Purchase Contract, Capacity and Development Plan updates)
January 26, 2021
For additional information, please contact:
Initial PID Administrator:
Municap, Inc.
600 E. John Carpenter Fwy, Suite 333
Irving, TX 75038
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)
Table of Contents
Section I
Plan Description and Defined Terms.............................................................................................. 1
Section II
PropertyIncluded in the PID.......................................................................................................... 9
Section III
Description of the Authorized Improvements...............................................................................
13
Section IV
AssessmentPlan............................................................................................................................
18
Section V
ServicePlan..................................................................................................................................
41
Section VI
Terms of the Special Assessments................................................................................................
45
AssessmentRoll............................................................................................................................
51
Section VIII
Miscellaneous Provisions..............................................................................................................
55
Appendix A-1
Western Improvement Area Assessment Roll.............................................................................
57
Appendix A-2
Eastern Improvement Area Assessment Roll..............................................................................
63
Appendix B
Legal Description for Property Within the PID............................................................................
71
Appendix B-1
Legal Description for the Western Improvement Area.................................................................
77
Appendix B-2
Legal Description for the Eastern Improvement Area..................................................................
82
Appendix C
Map of the Authorized Improvements..........................................................................................
85
Appendix D
Map of the Sanitary Sewer Improvements Unserved Tracts .......................................................
89
List of Tables
Table II -A
Public Improvement District Boundaries...................................................................................... 10
Table II-B
Western Improvement Area Boundaries....................................................................................... 11
Table II-C
Eastern Improvement Area Boundaries........................................................................................ 12
m .. --- .
Cost of Authorized Improvements, Non-PID Related Improvements and University
Improvements...............................................................................................................................
16
Table IV -A
Updated Non -Benefited Area Costs of University Improvements — Major Improvements and
Roadway Improvements (Not to be Financed by the PID)...........................................................
19
Table IV-13.1
Western Improvement Area (Sanitary Sewer Improvements and Water Improvements Served
Tracts) — Updated Actual Cost Allocation....................................................................................
24
Table IV-B.2
Western Improvement Area (Sanitary Sewer Improvements Unserved Tracts) — Updated Actual
CostAllocation.............................................................................................................................
25
Table IV-B.3
Western Improvement Area (Water Improvements Unserved Tracts — Part of Parcels 4103629,
42423153, and 42423196) — Updated Actual Cost Allocation.....................................................
25
Table IV-C
Eastern Improvement Area — Updated Cost Allocation...............................................................
26
Table IV-D.1
Major Improvement Special Assessment and Roadway Improvements Special Assessment
Allocation — Updated Water Improvement Portion and Sanitary Sewer Improvement Portion
Allocation by Improvement Area.................................................................................................
- .. -1 -
27
Western Improvement Area (Sanitary Sewer Improvements and Water Improvements Served
Tracts) — Updated Major Improvements & Roadway Improvements Special Assessment
Allocationby Land Use................................................................................................................ 31
Table IV-D.3
Western Improvement Area (Sanitary Sewer Improvements Unserved Tract — Part of Parcel
4103269) — Updated Major Improvements & Roadway Improvements Special Assessment
Allocationby Land Use................................................................................................................ 32
Table IV-D.4
Western Improvement Area (Water Improvements Unserved Tract — Part of Parcels 4103629,
42423153, and 42423196) — Updated Major Improvements & Roadway Improvements Special
Assessment Allocation by Land Use............................................................................................ 33
Table IV-E.1
Western Improvement Area (Sanitary Sewer Improvements and Water Improvements Served
Tracts) — Updated Major Improvements & Roadway Improvements Estimated Value to Special
AssessmentRatios........................................................................................................................
34
Table IV-E.2
Western Improvement Area (Sanitary Sewer Improvements Unserved Tract — Part of Parcel
4103269) — Updated Major Improvements & Roadway Improvements Estimated Value to
SpecialAssessment Ratios...........................................................................................................
35
Table IV-E.3
Western Improvement Area (Water Improvements Unserved Tract — Part of Parcels 4103629,
42423153, and 42423196) — Updated Major Improvements & Roadway Improvements Estimated
Value to Special Assessment Ratios............................................................................................
36
Table IV-F.1
Eastern Improvement Area (Excluding Water Improvements Unserved Tracts) — Updated Major
Improvements Special Assessment Allocation.............................................................................
37
Table IV-F.2
Eastern Improvement Area (Water Improvements Unserved Tracts) — Updated Major
Improvements Special Assessment Allocation.............................................................................
38
Table IV-G.1
Eastern Improvement Area (Excluding Water Improvements Unserved Tracts) — Updated Major
Improvements Estimated Value to Special Assessment Ratios ....................................................
39
Table IV-G.2
Eastern Improvement Area (Water Improvements Unserved Tracts) — Updated Major
Improvements Estimated Value to Special Assessment Ratios ....................................................
39
Table V-A
Major Improvement Bonds — Updated Sources and Uses of Funds .............................................
42
Table V-B
Roadway Improvement Bonds — Updated Sources and Uses of Funds ........................................
43
Table VII-A
Western Improvement Area (Major Improvements) — Updated Special Benefit Summary.........
52
Table VII-B
Western Improvement Area (Roadway Improvements) — Updated Special Benefit Summary ...
53
Table VII-C
Eastern Improvement Area (Major Improvements) — Updated Special Benefit Summary..........
54
Exhibit A-1-A.1
Western Improvement Area (Sanitary Sewer Improvements and Water Improvements Served
Tracts) — Updated Special Assessments — Major Improvements and Roadway Improvements...
57
Exhibit A-1-B.1
Western Improvement Area (Sanitary Sewer Improvements and Water Improvements Served
Tracts) — Updated Annual Installments — Major Improvements and Roadway Improvements ... 58
Exhibit A-1-C.1
Western Improvement Area (Sanitary Sewer Improvements and Water Improvements Served
Tracts) — Updated 5-Year Annual Costs and Indebtedness — Major Improvements and Roadway
Improvements............................................................................................................................... 59
Exhibit A-1-A.2
Western Improvement Area (Sanitary Sewer Improvements Unserved Tracts) — Updated Special
Assessments — Major Improvements and Roadway Improvements ............................................. 60
Exhibit A-1-B.2
Western Improvement Area (Sanitary Sewer Improvements Unserved Tracts) — Updated Annual
Installments — Major Improvements and Roadway Improvements .............................................. 61
Exhibit A-1-C.2
Western Improvement Area (Sanitary Sewer Improvements Unserved Tracts) — Updated 5-Year
Annual Costs and Indebtedness — Major Improvements and Roadway Improvements ............... 62
Exhibit A-2-A.1
Eastern Improvement Area (Excluding Water Improvements Unserved Tracts) — Updated Special
Assessments — Major Improvements............................................................................................ 63
Exhibit A-2-B.1
Eastern Improvement Area (Excluding Water Improvements Unserved Tracts) — Updated Annual
Installments— Major Improvements............................................................................................. 64
Exhibit A-2-C.1
Eastern Improvement Area (Excluding Water Improvements Unserved Tracts) — Updated 5-Year
Annual Costs and Indebtedness — Major Improvements and Roadway Improvements ............... 65
Exhibit A-2-A.2
Eastern Improvement Area (Water Improvements Unserved Tracts) — Updated Special
Assessments — Major Improvements............................................................................................ 66
Exhibit A-2-B.2
Eastern Improvement Area (Water Improvements Unserved Tracts) — Updated Annual
Installments — Major Improvements............................................................................................. 67
Exhibit A-2-C.2
Eastern Improvement Area (Water Improvements Unserved Tracts) — Updated 5-Year Annual
Costs and Indebtedness — Major Improvements and Roadway Improvements ............................ 68
Exhibit A-3-A
Updated Development Plan (As Provided by the Developer in September 2020) ....................... 69
Exhibit A-3-B
Updated Development Plan (As Provided by the Developer in September 2020 and January
2021)............................................................................................................................................. 70
Section L• Plan Description and Defined Terms
Section I
PLAN DESCRIPTION AND DEFINED TERMS
A. Introduction
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, as amended and/or updated from time to time, (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 A-
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:
"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 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.
2. "Additional Interest" means the 0.50% additional interest charged on the applicable
Special Assessments pursuant to Section 372.018 of the PID Act to fund the Delinquency
and Prepayment Reserve, pursuant to Section IV.H.
3. "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.
4. "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.
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5. "Annual Installment" means, with respect to the Assessed Property, each annual payment
of. (i) the applicable 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.
6. "Annual Service Plan Update" has the meaning set forth in Section V.2 of this SAP.
7. "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-Benefitted Property.
8. "Assessment Ordinance" means, as applicable, the Major Improvement Assessment
Ordinance and/or the Roadway Improvements Assessment Ordinance.
9. "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.
10. "Authorized Improvements" means those improvement, including those listed in Table
III -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.
11. "City" means the City of Fort Worth, Texas.
12. "City Council" means the duly elected governing body of the City.
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.
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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. "Developer" means Walton Development & Management TX, LLC, a Delaware limited
liability company or their respective successors and assigns.
18. "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.
19. "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. The Eastern Improvement
Area Assessment Roll includes the portion of the Major Improvement Assessment
allocable to the Eastern Improvement Area.
20. "Indenture" means, as applicable, the Major Improvement Bonds Indenture and/or the
Roadway Improvement Bonds Indenture, or any Indenture related to the refinancing of
such Bonds.
21. "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.
22. "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.
23. "Major Improvements" means, collectively, the Water Improvements and the Sanitary
Sewer Improvements described in Section III.B.
24. "Major Improvement Assessment Ordinance" means Assessment Ordinance No.
22832-08-2017 adopted by the City Council on August 15, 2017 which initially approved
this SAP and levied the Major Improvement Special Assessments.
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25. "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.
26. "Major Improvement Bonds" means 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) in original principal amount of $12,685,000, issued
by the City under Ordinance No. 22833-08-2017 on August 15, 2017 and secured solely
by the Major Improvement 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.
27. "Major Improvement Bonds Indenture" means that certain Indenture of Trust, dated
August 15, 2017, as modified, supplemented or amended from time to time, authorizing
the issuance of, and setting forth the terms and other provisions relating to the Major
Improvement Bonds, including the collection of Assessments and/or Annual Installments
for the repayment of Bonds.
28. "Mandatory Prepayment" has the meaning set forth in Section VI.0 of this SAP.
29. "Maximum Special Assessment per Unit" means, for each Land Use category, the
Special Assessment per unit amounts shown in Table IV-D.2, Table IV-D.3, Table IV-
DA, Table IV.F.1 and Table IV-F.2 in this Service and Assessment Plan.
30. "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.
31. "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.
32. "Owner(s)" means Walton Texas, LP; WUSF 4 Rock Creek, LP, WUSF Rock Creek East,
LP or any other entity affiliated with Walton International Group (USA), Inc., or their
respective successors and assigns.
33. "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
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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.
34. "PID" means the Fort Worth Public Improvement District No. 17 (Rock Creek Ranch)
created by the City pursuant to Resolution No. 4724-12-2016 approved December 13,
2016.
35. "PID Act" means Chapter 372 of the Texas Local Government Code, as amended.
36. "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. The term
PID Bonds also includes any refunding bonds, as contemplated by Section VI.E.3.d.
37. "PID Reimbursement Agreement" means the "PID Reimbursement Agreement - Fort
Worth Public Improvement District No. 17 (Rock Creek Ranch)" approved by the City on
August 15, 2017, as amended by the Roadway Financing Agreement.
38. "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 a
Special Assessment.
39. "Project Engineer" means Goodwin & Marshall, Inc.
40. "Project Management Fees" means the fees as agreed to by the City and the Developer
for costs incurred by the Developer 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. 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.
41. "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.
42. "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.
43. "Roadway Improvement Assessment Ordinance" means Assessment Ordinance No.
23243-06-2018 adopted by the City Council on June 5, 2018 which approved the updates
Con
to the SAP relating to the issuance of the Roadway Improvement Bonds and levied the
Roadway Improvement Special Assessments.
44. "Roadway Improvement Bonds Indenture" means that certain Indenture of Trust, dated
as of June 1, 2018, as modified, supplemented or amended from time to time, authorizing
the issuance of, and setting forth the terms and other provisions relating to the Roadway
Improvement Bonds, including the collection of Assessments and/or Annual Installments
for the repayment of Bonds.
45. "Roadway Improvement Bonds" means 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) secured by Roadway Improvement
Special Assessments levied on the Assessed Property within the Western Improvement
Area to finance the Roadway Improvements for the benefit of such Assessed Property in
the Western Improvement Area.
46. "Roadway Improvement Special Assessment" means the Special Assessment levied
pursuant to the Roadway Improvement Assessment Ordinance on the Assessed Property
within the Western Improvement Area for the Roadway Improvements, as shown in the
Western Improvement Area Assessment Roll.
47. "Roadway Improvements" means those Authorized Improvements described in Section
III.B.3.b of this SAP.
48. "Roadway Financing Agreement" means that certain "Financing Agreement and Limited
Amendment to PID Reimbursement Agreement — 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 May 16, 2018, which sets forth the parties agreement as to the
financing of the Roadway Improvements and the Non-PID Related Improvements as
described Section III.B.4.b.
49. "Sanitary Sewer Improvements" has the meaning set forth in Section IILB.3.a.ii of this
SAP.
50. "Service and Assessment Plan" or "SAP" means this Fort Worth Public Improvement
District No. 17 (Rock Creek Ranch) Service and Assessment Plan approved by the City
Council pursuant to the Major Improvement Assessment Ordinance, updated to include the
Roadway Improvement Special Assessment pursuant to the Roadway Improvement
Assessment Ordinance, and as otherwise amended, supplemented or updated by the City
Council from time to time.
51. "Special Assessment" means, as applicable, the Major Improvement Special Assessments
and/or the Roadway Improvement Special Assessments levied against a Parcel imposed
pursuant to an Assessment Ordinance and the provisions herein, as shown on any
7
Assessment Roll, subject to reallocation upon the subdivision or reduction of such Parcel
according to the provisions hereof and the PID Act.
52. "Trustee" means the trustee as specified in the applicable Indenture, and any successor
thereto permitted under such Indenture.
53. "University Improvements" has the meaning set forth in Section IV.A.2.
54. "University Property" is approximately 80 acres of land and is Public Property and Non-
Benefitted Property, as described in Section IVA.2.
55. "Water Improvements" has the meaning set forth in Section III.B.3.a.ii of this SAP.
56. "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.
57. "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 the Roadway Improvement Special
Assessment.
N.
Section IL Property Included in the PID
Section II
PROPERTY INCLUDED IN THE PID
A. Property Included in the PID
I. 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. Pursuant to the revised development plan provided by the
Developer, it is anticipated that the Property will be developed to include approximately
3,675 single family residential homes, approximately 2,520 multi -family residential units,
approximately 3,682,460 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 is depicted on
Table II-B and will include approximately 1,774 single family residential homes,
approximately 2,520 multi -family residential units, and approximately 1,177,760 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. The Western Improvement
Area, save and except for the University Property, is legally described and the Parcels
within the Western Improvement Area are shown in Appendix B-1.
3. The Eastern Improvement Area, encompassing approximately 833 acres is depicted on
Table II-C and will include approximately 1,901 single family residential homes and
approximately 2,504,700 square feet of commercial space. The Eastern Improvement Area
is legally described and the Parcels within the Eastern Improvement Area are shown in
Appendix B-2.
9
Section 11: Property Included in the PID
TABLE 11-A
Public Improvement District Boundaries
10
Section 11: Property Included in the PID
TABLE 11-B
Western Improvement Area Boundaries
L
Fl�
-TT T14-1
II
Section IL Property Included in the PID
TABLE II-C
Eastern Improvement Area Boundaries
12
Section III: Description of Authorized Improvements
Section IH
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.
13
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 Major Improvements are being funded from: (i) the net proceeds
of the Major Improvement Bonds, and (ii) funds deposited by the Developer with the Trustee
for the Major Improvement Bonds. Under the terms of the PID Reimbursement Agreement,
the Developer is responsible for paying any cost overruns for the Major Improvements. The
Actual Costs of the Roadway Improvements are to be funded from: (i) the net proceeds of the
Roadway Improvement Bonds when issued; (ii) funds contributed by the Developer with the
Trustee for the Roadway Improvement Bonds, and (iii) funds contributed by the City, in
accordance with the Roadway Financing Agreement and as described herein. Under the terms
of the Roadway Financing Agreement, the Developer and the City have agreed to share certain
cost overruns related to the Roadway Improvements and the Developer has agreed to remain
solely responsible for certain other cost overruns.
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 with the exception of the Water
Improvements Unserved Tracts. 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 Project Management Fees of $95,420 which will be paid to the Developer
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 except the Sanitary
Sewer Improvements Unserved Tract. 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 Project Management Fees of $222,039 which will be
paid to the Developer on a percentage of completion basis.
14
Section III: Description of Authorized Improvements
b. Roadway Improvements
Roadway Improvements — 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 being funded by the following sources:
(i) the net proceeds of the Roadway Improvement Bonds, secured by the Roadway
Improvement Special Assessments levied by the Roadway Improvements
Assessment Ordinance, (ii) funds contributed by the Developer with the Trustee for
the Roadway Improvement Bonds, and (iii) funds contributed by the City, in
accordance with the Roadway Financing Agreement and as described herein 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 that are to be financed in part from the net proceeds of the
Roadway Improvement Bonds and in part from separate funds of the City under the
terms of the Financing Agreement are $6,931,647 and do not include the costs of
associated University Improvements in the amount of $657,992 that will paid as
described in Section IV.A.2. Of the Actual Costs of the Roadway Improvements
that will be financed from the net proceeds of the Roadway Improvement Bonds
under the terms of the Financing Agreement, $562,555 will be applied as follows:
(i) $342,489 for costs of the right-of-way (ROW) for the Roadway Improvements,
(ii) $83,070 for Project Management Fees, and (iii) $136,996 financing soft costs
of the Developer. The Actual Costs of the Roadway Improvements do not include
the costs of associated University Improvements in the amount of $657,992 that
will paid as described in Section IV.A.2. The Actual Costs for the Project
Management Fees will be paid to the Developer on a percentage of completion
basis.
According to the Developer, the original estimates for the Roadway Improvements were based on
the preliminary designs and projected material costs at the time the initial estimates were prepared.
The original estimates have since been updated by the Project Engineer to reflect updated designs,
changes in City thoroughfare standards for sidewalks, street lights and piping and current bid prices
and such updated costs have been reviewed by the City. Table III -A below shows the updated
Actual costs of the Roadway Improvements.
15
Section III: Description of Authorized Improvements
Table III -A
Cost of Authorized Improvements, Non-PID Related Improvements and
University Improvements
Actual Costs of University
Authorized Non-PID Related Improvements Total Costs of
Description Improvements (a) Improvements (a) (a) Improvements (b)
Major Improvements
Water $2,759,319 $98,570 $155,045 $3,012,934
Sanitary Sewer $5,724,317 $1,012,477 $331,239 $7,068,033
Total Major Improvements $8,483,636 $1,111,047 $486,284 $10,080,967
Roadway Improvements
Roadway(c) $6,931,647 $1,874,596 $657,992 $9,464,235
Total Roadway Improvements $6,931,647 $1,874,596 $657,992
$9,464,235
(a) The Actual Costs of the Major Improvements will be funded by the proceeds of the Major Improvement Bonds, the costs of the Non-PID Related
Improvements will be funded by lawfully available funds of the City and private funds of the Developer and the University Improvements will be
funded by private funds of the Developer. The Actual Costs of the Roadway Improvements will be funded in part by the proceeds of the Roadway
Improvement Bonds and in part by the City under the terms of the Roadway Financing Agreement. The costs of the Non-PID Related Improvements
and the University Improvements will be funded by separate funds of the City and other private funding sources under the terms of the Roadway
Financing Agreement.
(b) Updated costs provided by the Project Engineer and include project management, soft costs and contingency allocations. According to the
Developer, the Actual Costs for the water and sanitary sewer improvements remains the same as the initial budget and the water improvements
portion and the sanitary sewer improvement portion of the Non-PID Related Improvements increased by $98,570 and $187,389, respectively. The
figures shown in Table III -A will be revised in Annual Service Plan Updates.
(c) The Roadway Improvements costs of $6,931,617 will be funded by lawfully available funds of the City of Fort Worth in the amount of $3,184,546
and from the net proceeds of the Roadway Bonds in the amount of $3,747,101. The Non-PID Related Improvements (Chisholm Trail improvements)
in the amount of $1,874,596 will be funded by lawfully available funds of the City in the amount of $1,239,594 and the balance of $635,002 will be
funded with private funds of the developer of the Chisholm Trail Ranch project. The City is expected to appropriate its portion of the Roadway
Improvements concurrently with the issuance of the Roadway Improvement PID Bonds. The University Roadway Improvements ($657,992), will be
funded with private funds of the Developer deposited with the Trustee for the Roadway Improvement Bonds. The Roadway Improvements also
include $375,000 for the acquisition right of way, $90,956 for project management fees and $150,000 in Developer bond financing costs that are
allocated between the PID and the University Property based on the total acreage of the University Property within the Western Improvement Area
and the University Property portion of these costs will be funded by the Developer. The total acreage of the University Property is approximately 80
acres and the Western Improvement Area is approximately 922.763 acres. As a result, the proportional share of the University Property is 8.67%(80
922.763 = 8.67%rounded).
4. The Non-PID Related Improvements 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 do not benefit the Assessed Property within the PID.
ii. The Non-PID Related Improvements associated with the Sanitary Sewer Improvements
in the amount of $1,012,477 will be funded 100% by the City concurrent with the
Actual Costs for the Sanitary Sewer Improvements being funded by the Developer and
the proceeds of the Major Improvement Bonds through one or more 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 associated with the Roadway Improvements
serve property not located within the PID and do not provide a special benefit to the
Assessed Property within the PID; however, such improvements are integral to the
overall development of the Property within the PID.
16
Section III: Description of Authorized Improvements
ii. As set forth in the Roadway Financing Agreement, 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 Developer.
c. Water Improvements
i. Subsequent to the issuance of the Major Improvement Bonds, additional Non-PID
Related Improvements associated with the Water Improvements consisting of
oversizing additions to the water system were agreed to by the Developer and the City
in order to accommodate future growth in adjacent areas. The Non-PID Related
Improvements associated with the Water Improvements are not required to service the
Assessed Property within the PID.
ii. The Non-PID Related Improvements associated with the Water Improvements in the
amount of $98,570 will be funded 100% by the City concurrent with the Actual Costs
for the Water Improvements being funded by the Developer and the proceeds of the
Major Improvement Bonds through a City Facilities Agreement executed separate and
apart from this SAP.
17
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 were being constructed on the
University Property. In addition, certain improvements related to the Authorized
Improvements were 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 initial allocated costs of the
University Improvements were be funded directly by the Developer. No University
Improvements will be financed by Special Assessments or the proceeds of PID Bonds nor will
any Special Assessments be levied in the future for the purpose of reimbursing the Developer
for the costs of the University Improvements. The University Improvements were being
paid from funds deposited by the Developer concurrently with the issuance of the Major
Improvement Bonds and the Roadway Improvement Bonds and would not be paid by
Special Assessments or the proceeds of PID Bonds; and, therefore, the University
Property shall be treated as Non-Benefitted Property. The initial actual costs of the
University Improvements related to the Authorized Improvements consisting of the Water
Improvements and Sanitary Sewer Improvements were initially 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 City is currently reviewing the actual usage of the University
Improvements in comparison with the initial estimated usage and the outcome of such review
may result in additional adjustments to the initial allocation determinations based on the initial
estimated usage.
The initial actual costs of the University Improvements related to the Authorized Improvement
benefitting the Western Improvement Area consisting of the 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 updated costs of the University
Improvements.
Section IV: Assessment Plan
Table IV -A
Non-Benefitted Area
Updated Non-Benefitted Area Costs of University Improvements - Major Improvements and Roadway Improvements
(not to be financed by the PID)
City of Fort Chisholm Trail
Worth Non-PID Ranch Non-PID Total Non-PID
University
Related Related Related
Total Costs -
University Authorized
Share
Description Total Costs (a)
Improvements Improvements Improvements
Project
Improvements Improvements
(b)
Major Improvements
Water $ 3,012,934
$ 98,570 $ $ 98,570
$ 2,914,364
$ 155,045 $ 2,759,319
5.30
Sanitary Sewer $ 7,068,033
$ 1,012,477 $ $ 1,012,47;
$ 6,055,556
$ 331,239 $ 5,724,317
5.50%
Total Major Improvements $ 10,080,967
$ 1,111,047 $ $ 1,111,047
$ 8,969,920
$ 486,284 $ 8,483,636
Roadway Improvements
Roadway $ 9,464,235
$ 1,239,594 $ 635,002 $ 1,874,596
$ 7,589,639
$ 657,992 $ 6,931,647
8.67%
Total Roadway Improvement $ 9,464,235
$ 1,239,594 $ 635,002 $ 1,874,596
$ 7,589,639
$ 657,992 $ 6,931,647
(a) Total Costs include the Actual Costs of Authorized Improvements, the Non-PID Related Improvements and the University Improvements per Table III -A
(b) Percentages for the University Property and for the Roadway Improvements based on the University Property's pro•rata
share of the total Western Improvement Area acreage as shown
in Note
(c) in Table III -A
According to the Developer, the original estimates for the Roadway Improvements were based
on the preliminary designs and projected material costs at the time the initial estimates were
prepared. The original estimates have since been updated by the Project Engineer to reflect
updated designs, changes in City thoroughfare standards for sidewalks, street lights and piping
and current bid prices and such updated costs have been reviewed by the City. Table IV -A
above shows the updated Actual costs of the Major Improvements and the Roadway
Improvements (as described in Section III and shown in Table III -A), as well as the updated
costs of the University Improvements related to the Roadway Improvements based on the
University Property's pro-rata share of the total acreage of the Western Improvement Area as
described in Section IV.A.2 above.
Additionally, the Owners and the City anticipate dedicating approximately 12 acres of property
to the City for use as a police, fire or other public facility. Upon such conveyance, the
provisions of Section VI.0 shall apply and a Mandatory Prepayment shall be calculated in
accordance with the terms of this Service and Assessment Plan.
The Major Improvements include Water Improvements and Sanitary Sewer Improvements as
described in Section III.B of this SAP and were initially projected to benefit all of the Assessed
Property within the PID (in both the Eastern Improvement Area and the Western Improvement
Area), while the Roadway Improvements benefit only the Assessed Property within the
Western Improvement Area. The Actual Costs of the Major Improvements were, therefore,
allocated to the Assessed Property in the District (in both the Eastern Improvement Area and
the Western Improvement Area) that is served with the respective Major Improvements based
on estimated build out value as described in Section IV.E, below, which resulted in imposing
equal shares of cost on properties similarly benefitted.
Prior to issuance and sale of the Major Improvement Bonds, a Limited Offering Memorandum
was issued. Appendix I to the memorandum was a report from the Project Engineer, which
included "Water and Sewer Layout Information." That document reflected that the property
within the District fell across two pressure planes — Southside 3 and Southside 4 ("SS3" and
"SS4" respectively). It is anticipated that water service for SS3 and SS4 will eventually be
interconnected as part of an overarching system. However, the execution of a contract for the
sale of a portion of the land within the District triggered the requirement for the establishment
of the Maximum Assessment Rate per Unit. Because development in the area continues to be
19
Section IV: Assessment Plan
in a preliminary state, the property in the SS4 plane, consisting of approximately 565 acres,
will not be connected to or receive any immediate direct or indirect benefit from the Water
Major Improvements as of December of 2020 given the differences in elevation between SS3
and SS4 and the lack of connectivity. This area, which is depicted on Appendix D, is
designated as the "Water Improvement Unserved Tracts" and is being excluded for
purposes of allocating the costs of the Water Major Improvements and establishing the
Maximum Assessment Rate per Unit. As development continues, the area designated as the
Water Improvement Unserved Tracts will be revised to the extent it is determined that such
tracts receive a benefit from the Water Major Improvements, and the costs of the Water Major
Improvements will be allocated to such tracts accordingly.
Similarly, according to the letter submitted to the City by Goodwin & Marshall, Inc. dated as
of December 18, 2020, (the "Sewer Capacity Engineer's Letter"), the Sanitary Sewer
Improvements constructed and installed will not have the capacity to serve the entire 1,755.613
acres of the Assessed Property if developed as currently anticipated. In addition, due to
differences in topography and drainage, a tract consisting of approximately 62 acres and
located in the northwest quadrant of the Western Improvement Area of the PID (the "Sanitary
Sewer Improvement Unserved Tract") as depicted in the exhibit included as Appendix D
will require one of the following in order to obtain service from the Sanitary Sewer
Improvements: (1) extension of an off -site gravity sewer line connecting to the lift station
installed as part of the PID improvements, (2) installation of a force main, or (3) construction
of a deep-set gravity line. The needs of this 62-acre Unserved Tract were not included in the
peak flow capacity at build out of the sanitary sewer lift station and force main. As
development progresses, additional sanitary sewer improvements will be added to the existing
system to provide service to meet any additional capacity needs. Such improvements may
include, but are not be limited to: an additional parallel force main; an additional wet -well with
pumps, pipes, fittings and vaults; a back-up generator; an odor control unit; fence screening;
and other minor appurtenances at an estimated cost of $4,025,000 (together with the Unserved
Tract Improvements, collectively referred to as the "Additional Sanitary Sewer Major
Improvements"). As a result of the above, the Major Improvement Special Assessments are
being allocated 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"). The Water
Improvements portion of the Major Improvement Special Assessments are being allocated to
the entire 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-
1, below, which resulted in imposing equal shares of cost on properties similarly benefitted.
The Sewer Capacity Engineer's Letter also sets forth certain preconditions to the City's
acceptance of a preliminary plat after a prescribed threshold of existing sewer capacity has
been met. Demonstrating compliance with such preconditions contained in the Sewer
Capacity Engineer's Letter constitutes required "supporting information" for purposes
of the acceptance for filing and processing of a plat application under the City of Fort
Worth Subdivision Ordinance, Section 31-62.
20
Section IV: Assessment Plan
The Actual Costs of the Roadway Improvements are being allocated solely to the Assessed
Property in the Western Improvement Area because the Roadway Improvements benefit only
the Assessed Property within the Western Improvement Area. The Actual Costs of the
Roadway Improvements are allocated to the Assessed Property within the Western
Improvement Area based on updated estimated build out value calculated in Appendix A-3
based on the updated development plan provided by the Developer and described in Section
IV.E, below, which will result in imposing equal shares of cost on properties similar
benefitted.
3. Table IV-B.1 and IV-B.2 detail the updated allocation of costs of the Authorized
Improvements to the Western Improvement Area Assessed Property (both the Tracts
Excluding the Sanitary Sewer Improvements Unserved Tract and the remainder of the Western
Improvement Area Assessed Property) based on the updated development plan and related
updated projected build out values shown in Appendix A-3.
4. Table IV-C details the updated allocation of costs of the Authorized Improvements to the
Eastern Improvement Area Assessed Property based on the updated development plan and
related updated projected build out values shown in Appendix A-3.
6. The Roadway Improvement Assessment Ordinance levying the Roadway Improvement
Special Assessments approves the updates to this Service and Assessment Plan contained
herein, including the updated Assessment Rolls.
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 Owners 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 Water Improvements Portion of the Major Improvements are 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 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).
The Roadway Improvements are being provided only for the benefit of the Assessed Property
in the Western Improvement Area.
21
Section IV: Assessment Plan
3. When the City Council initially approved this SAP, the Owners owned 100% of the Assessed
Property within the PID. In connection with the issuance of the Major Improvement Bonds,
the Owners executed a consent certificate that acknowledged the Major Improvements confer
a special benefit on the Assessed Property and consented to the levy of the Major Improvement
Special Assessments to pay for the Actual Costs associated therewith.
4. When the City Council approves this SAP update, the Owners will still own 100% of the
Assessed Property within the PID. In connection with the issuance of the Roadway
Improvement Bonds, the Owners will execute a consent certificate that (i) acknowledges that
the Roadway Improvements confer a special benefit on the Assessed Property within the
Western Improvement Area and that the Major Improvements confer a special benefit on the
Assessed Property within the entire PID (in both the Eastern Improvement Area and the
Western Improvement Area), (ii) consents to the levy of the Roadway Improvement Special
Assessments to pay for the Actual Costs of the Roadway Improvements as shown on the
updated Western Improvement Assessment Rolls; and (iii) consents to the reallocation of the
Major Improvement Special Assessments to pay for the Actual Costs of the Major
Improvements based on the updated development plan and updated estimated build -out value
as shown on the updated Assessment Rolls.
5. 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 VLC
herein. As of the date of this SAP update, there has been no subdivision of Assessed Property
and no Mandatory Prepayment triggered under Section VI.C.
6. The City Council determined that funding a portion of the Actual Costs for the Major
Improvements through the issuance of the Major Improvement Bonds secured by the Major
Improvement Special Assessments is beneficial to the City and confers a special benefit to the
respective Assessed Property within the PID. Such special benefit exceeds or equals the
amount of the Major Improvement Special Assessments levied on the Assessed Property
within the PID. This conclusion is supported by the evidence, information, and testimony
provided to the City Council.
7. The Eastern Improvement Area and the Western Improvement Area are separated by the
Chisholm Trail Parkway (the "Parkway"). Within the PID, no roadway access currently exists
through the Parkway to connect the two improvement areas. As a result, the Roadway
Improvements do not provide access and, therefore, consistent with Section IV.B.2 above, do
not confer any special benefit to the Eastern Improvement Area. The City Council has
therefore determined that no special benefit is conferred on the Eastern Improvement Area by
virtue of the Roadway Improvements, and that the Eastern Improvement Area cannot be
assessed any portion of the costs thereof. The City Council has also determined that funding a
portion of the Actual Costs for the Roadway Improvements through the issuance of the
Roadway Improvement Bonds secured by the Roadway Improvement Special Assessments is
beneficial to the City and confers a special benefit to the Assessed Property within the Western
Improvement Area. Such special benefit exceeds or equals the amount of the Roadway
22
Section IV: Assessment Plan
Improvement Special Assessments levied on the Assessed Property within the Western
Improvement Area. This conclusion is supported by the evidence, information, and testimony
provided to the City Council.
C. Allocation of Actual Costs to the Western Improvement Area
Major Improvements
1. In the Major Improvement Assessment Ordinance, the City Council determined that the Major
Improvements benefit all of the Assessed Property within the PID and allocated the Actual
Costs of the Major Improvements to the Western Improvement Area Assessed Property. As
described below, the Actual Costs of the Major Improvements have since been updated based
on the updated development plan and updated estimated build -out value as shown in Table
IV-B.1, IV-B.2 and IV-C. The Actual Costs of the Major Improvements 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.
As shown in Table IV-D.1, the revised total estimated buildout value of Lots and Parcels
within the Western Improvement Area Sanitary Sewer Improvements Unserved Tracts, the
Western Improvement Area Water Improvements Unserved Tracts, the remainder of the
Western Improvement Area(i.e. Western improvement Area Water Improvement and Sanitary
Sewer Improvements served Tracts), the Eastern Improvement Area Excluding the Water
Improvements Unserved Tracts and the Eastern Improvement Area Water Improvements
Unserved Tracts are $53,550,000, 79,302,200, $994,149,800, $461,134,000 and
$638,621,OOO,respectively. , resulting in an estimated $1,508,833,800 in total buildout value
within the PID that is served with the Water Improvements (i.e. $53,550,000 + $994,149,800
+ $461,134,000), $1,047,699,800 in total buildout value within the Western Improvement Area
of the PID that is served with the Water Improvements and $2,173,207,000 ($53,550,000 +
$994,149,800) and $461,134,000 in total buildout value within the Eastern Improvement Area
of the PID that is served with the Water Improvements. Accordingly, the proportionate share
of the Major Improvements consisting of the Water Improvements allocated to the Western
Improvement Area Sanitary Sewer Unserved Tract is 3.55% ($53,550,000 - $1,508,833,800
= 3.55%), the proportionate share of the Major Improvements consisting of the Water
Improvements allocated to the remainder of Western Improvement Area served with the Water
Improvements is 65.89% ($991,149,800 - $1,508,833,800 = 3.55%) and the proportionate
share of the Major Improvements consisting of the Water Improvements allocated to the
Eastern Improvement Area served with the Water Improvements is 30.56% ($461,134,000
$1,508,833,800 = 30.56%). In addition, the proportionate share of the Major Improvements
consisting of the Water Improvements allocated to the Water Improvements Unserved Tracts
within the Western Improvement Area is 0.00% as these areas are not served by such
improvements. Table IV-B.1, IV-B.2 and IV-B.3 show the updated allocation of Actual Costs
to the Western Improvement Area.
As shown in Appendix A-3 and Table IV-D.1, the revised total estimated buildout value of
Lots and Parcels within the Western Improvement Area Water Improvements Unserved Tract,
the Sanitary Sewer Improvements Unserved Tract, the remainder of Western Improvement
23
Section IV: Assessment Plan
Area served with the Sanitary Sewer Improvements and Eastern Improvement Area are
$79,302,200, $53,550,000, $994,149,800, and $1,099,755,000 respectively, resulting in an
estimated $2,226,757,000 in total buildout value within the PID. Accordingly, the
proportionate share of the Major Improvements consisting of the Water Improvements
allocated to the Western Improvement Area Excluding the Sanitary Sewer Improvements
Unserved Tract is 48.21 % ($1,073,452,000 - $2,226,757,000 = 48.21 %) and the proportionate
share of the Major Improvements consisting of the Water Improvements allocated to the
Sanitary Sewer Improvements Unserved Tract within the Western Improvement Area is 2.40%
($53,550,000 - $2,226,757,000 = 2.40%). Accordingly, the proportionate share of the Major
Improvements consisting of the Sanitary Sewer Improvements allocated to the Western
Improvement Area Water Improvements Unserved Tract is 3.65% [$79,302,200
($2,226,757,000 - $53,550,000) = 3.65%], the proportionate share of the Major Improvements
consisting of the Sanitary Sewer Improvements allocated to the remainder of Western
Improvement Area served with the Sanitary Sewer Improvements is 45.75% [$994,149,800
($2,226,757,000 - $53,550,000) = 45.75%] and the proportionate share of the Major
Improvements consisting of the Sanitary Sewer Improvements allocated to the Sanitary Sewer
Improvements Unserved Tract within the Western Improvement Area is 0.00% as that area is
not served by such improvements . Table IV-B.1, IV-B.2 and IV-B.3 show the updated
allocation of Actual Costs to the Western Improvement Area.
Table IV-13.1
Western Improvement Area (Sanitary Sewer Improvements and Water Improvement served Tracts)
Updated Actual Cost Allocation
City of Fort Chisholm
Western
Worth Non- Trail Ranch
Improvement
PID Related Non-PID University Total Costs -
Area Share of
Authorized Improvements Total Costs (a) Improvements Related Improvements Project
Costs (c)
Water $ 3,012,934 $ 98,570 $ $ 155,045 $ 2,759,319
$ 1,818,077
Sanitary Sewer $ 7,068,033 $ 1,012,477 $ $ 331,239 $ 5,724,317
$ 2,618,632
Roadway (b) $ 9,464,235 $ 1,239,594 $ 635,002 $ 657,992 $ 6,931,647
$ 6,114,537
Total Authorized Improvements $ 19,545,202 $ 2,350,641 $ 635,002 $ 1,144,276 $ 15,415,283
$ 10,551,246
(a) See Table III -A and III-A-1 for details.
(b) The Roadway Improvements costs of $6,931,617 will be funded by lawfully available funds of the City of FortWorth in the amount of $3,184,546 and from the
net proceeds of the Roadway Bonds in the amount of $3,747,101. The Non-PID Related Improvements in the amount of $1,239,594 will be funded
by the City and
the balance of $635,002 will be funded with private funds of the Developer. The University Improvements will be fully funded with private funds
of the Developer.
(c) See Table IV-D.1 for caluclations of percentages for allocating the Water and Sewer Improvements.
24
Section IV: Assessment Plan
Table IV-13.2
Western Improvement Area (Sanitary Sewer Improvements unserved Tract - Part of Parcel 4103629)
Updated Actual Cost Allocation AM
City of Fort Chisholm Western
Worth Non- Trail Ranch Improvement
PID Related Non-PID University Total Costs - Area Share of
Authorized Improvements Total Costs a Improvements Related Improvements Project Costs c
Water $ 3,012,934 $ 98,570 $ $ 155,045 $ 2,759,319 $ 97,931
Sanitary Sewer $ 7,068,033 $ 1,012,477 $ $ 331,239 $ 5,724,317 $ -
Roadway (b) $ 9,464,235 $ 1,239,594 $ 635,002 $ 657,992 $ 6,931,647 $ 329,360
Total Authorized Improvement $ 19,545,202 $ 2,350,641 $ 635,002 $ 1,144,276 $ 15,415,283 $ 427,291
(a) See Table III -A and III-A-1 for details.
(b) The Roadway Improvements costs of $6,931,617 will be funded by lawfully available funds of the City of Fort Worth in the amount of $3,184,546 and from
the net proceeds of the Roadway Bonds in the amount of $3,747,101. The Non-PID Related Improvements in the amount of $1,239,594 will be funded by the
City and the balance of $635,002 will be funded with private funds of the Developer. The University Improvements will be fully funded with private funds of the
Developer.
(c) See Table IV-D.1 for caluclations of percentages for allocating the Water and Sewer Improvements.
Table IV-13.3
Western Improvement Area ( Water Improvements unserved Tracts - Part of Parcels 4103629, 4243153 and 42423196)
Updated Actual Cost Allocation
City of Fort Chisholm Western
Worth Non- Trail Ranch Improvement
PID Related Non-PID University Total Costs - Area Share of
Authorized Improvements Total Costs (a) Improvements Related Improvements Project Costs (c)
Water $ 3,012,934 $ 98,570 $ $ 155,045 $ 2,759,319 $ -
Sanitary Sewer $ 7,068,033 $ 1,012,477 $ $ 331,239 $ 5,724,317 $ 208,885
Roadway (b) $ 9,464,235 $ 1,239,594 $ 635,002 $ 657,992 $ 6,931,647 $ 487,750
Total Authorized Improvement $ 19,545,202 $ 2,350,641 $ 635,002 $ 1,144,276 $ 15,415,283 $ 696,635
(a) See Table III -A and III-A-1 for details.
(b) The Roadway Improvements costs of $6,931,617 will be funded by lawfully available funds of the City of Fort Worth in the amount of $3,184,546 and from
the net proceeds of the Roadway Bonds in the amount of $3,747,101. The Non-PID Related Improvements in the amount of $1,239,594 will be funded by the
City and the balance of $635,002 will be funded with private funds of the Developer. The University Improvements will be fully funded with private funds of the
Developer.
(c) See Table IV-D.1 for caluclations of percentages for allocating the Water and Sewer Improvements.
Roadway Improvements
1. The Roadway Improvements will provide a special benefit to only the Western Improvement
Area Assessed Property. The Actual Costs detailed in Table IV-13.1 and IV.B.2 are updated
to reflect the updated Roadway Improvements budget.
D. Allocation of Actual Costs to the Eastern Improvement Area
In the Major Improvement Assessment Ordinance, the City Council determined that the benefit
all of the Assessed Property within the PID and allocated the Actual Costs of the Major
Improvements to the Eastern Improvement Area Assessed Property. As described below, the
Actual Costs of the Major Improvements has been updated based on the updated development
plan and updated estimated build -out value as shown in Table IV-C. The Actual Costs of the
Major Improvements 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
25
Section IV: Assessment Plan
Table IV-C
ILM Eastern Improvement Area
1W
Updated Actual Cost Allocation
Chisholm Trail
Eastern
City of Fort Worth Ranch Non-PID
Improvement
Non-PID Related Related
University
Total Costs -
area Share of
Authorized Improvements Total Costs ('I Improvements Improvements
Improvements
Project
Costsl`I
Water $ 3,012,934 $ 98,570 $
$ 155,045
$ 2,759,319
$ 1,362,778
Sanitary Sewer $ 7,068,033 $ 1,012,477 $
$ 331,239
$ 5,724,317
$ 2,896,800
Roadwaylbl $ 9,464,235 $ 1,239,594 $ 635,002
$ 657,992
$ 6,931,647
$ -
Total Authorized Improvement: $ 19,545,202 $ 2,350,641 $ 635,002
$ 1,144,276
$ 15,415,283
$ 4,259,578
(a) See Table III -A and III-A-1 for details.
(b) The Roadway Improvements costs of $6,931,617 will be funded by lawfully available funds of the City of Fort Worth
in the amount of
$3,184,546 and from the net proceeds
of the Roadway Bonds in the amount of $3,747,101. The Non-PID Related Improvements in the amount of $1,239,594
will be funded bythe
City and the balance of $635,002 will
be funded with private funds of the Developer. The University Improvements will be fully funded with private funds
of the Developer.
(c) See Table IV-D.1 for caluclations of percentages for allocating the Swater and Sewer Improvements.
As shown in Table IV-F.1 and Table IV-F.2, the revised total estimated buildout value of
Lots and Parcels within the Eastern Improvement Area Water Improvement Unserved Tracts,
the remainder of the Eastern Improvement Area served with the Water Improvements and the
combined Western Improvement Area and Eastern Improvement Area served with the Water
Improvements are 638,621,000 and $461,134,000 and $1,508,833,800, respectively.
Accordingly, the proportionate share of the Major Improvements consisting of the Water
Improvements allocated to the Eastern Improvement Area Excluding Water Improvement
Unserved Tracts is 30.56% ($461,134,000 - 1,508,833,800 = 30.56%) and the proportionate
share of the Major Improvements consisting of the Sanitary Sewer Improvements allocated to
the Eastern Improvement Area is 50.11% [$1,235,340,000 - ($2,551,758,000 - $86,400,000)
= 50.11%]. Similarly, the proportionate share of the Major Improvements consisting of the
Sanitary Sewer Improvements allocated to the Eastern Improvement Area Water
Improvements Unserved Tracts is 29.39% [i.e., $638,134,000 - ($2,226,757,000 -
$53,550,000) = 29.39%] and the proportionate share of the Major Improvements consisting of
the Sanitary Sewer Improvements allocated to the remainder of Eastern Improvement Area
served with the Sanitary Sewer Improvements is 21.22% [$461,134,000 - ($2,226,757,000 -
$53,550,000) = 21.22%] and In addition, the proportionate share of the Major Improvements
consisting of the Water Improvements allocated to the Water Improvements Unserved Tracts
within the Eastern Improvement Area is 0.00% as such areas are not served by the current
water improvements. Table IV-C.1 and shows the updated allocation of Actual Cost to the
Eastern Improvement Area.
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.
For purposes of this SAP, the City Council has determined that the Actual Costs of a portion
of the Major Improvements shall be allocated to the Assessed Property within the PID by
spreading the entire Major Improvement Special Assessment across all of the Assessed
Property within the PID (both the Eastern Improvement Area and Western Improvement Area)
26
Section IV: Assessment Plan
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. For purposes of this SAP, the City Council has also determined
that the Actual Costs of a portion of the Roadway Improvements shall be allocated to the
Assessed Property within the Western Improvement Area of the PID by spreading the entire
Roadway Improvement Special Assessment across all of the Assessed Property within the
Western Improvement Area of the PID. Table IV-D summarizes the assessment methodology
described in this Section IV.E.2 for the Major Improvement Special Assessment and the
Roadway Improvement Special Assessment.
Table W-D.1
Major Improvement Special Assessment and Roadway Improvement Special Assessment Allocation
Updated Water Improvement Portion andSanitary Sewer Improvement Portion Allocation
by Improv
Water
Sanitary Sewer
Improvement
Allocation of
Improvement
Percentage of
Percentage of Allocation of Portion of Major Percentage of
Authorized
Portion of Major
Major Imporvement
Buildout Value -
Roadway
Projected
Buildout Value Authorized Imporvement Buildout Value (for
Improvement
Imporvement
Special
for Roadway
Improvements
Buildout Value
(for Water Improvement Special Sanitary Sewer
Costs -Sanitary
Special
Assessments-
Improvements
Special
Improvement Area (a)
Allocation)(b) Costs - Water Assessments Allocation)(c)
Sewer
Assessments
Combined
Allocation(d)
Assessment
Western Improvement Area -
(Sewer Improvements
Unserved Tracts) $53,550,000
3.55% $97,931 $146429 0.00%
$0
$0
$146,429
4.75%
$244,942
Western Improvement Area -
(Water Improvements
Unserved Tracts) $79,302,200
0.00% $0 $0 3.650/6
$208,885
$312,332
$312,332
7.04%
$362,735
Western Improvement Area -
(Sewer Improvements and
Water Improvement served
Tracts) $994,149,800
65.89% $1,818,077 $2,718,446 45.75%
$2,618,632
$3,915,461
$6,633,907
88.21%
$4,547,323
Eastern Improvement Area -
(Water Improvements
Unsered Tracts) $638,621,000
0.00% $0 $0 29.39%
$1,682,154
$2,515,210
$2,515,210
0.00%
$0
Eastern Improvement Area -
(Excluding Water
Improvement Unserved
Track) $461,134,000
30.56% $843,311 $1,260,945 21.22%
$1,214,646
$1,816,1771
$3,077,122
0.00%
$0
Total - Water Improvement
Seared Tracts $1,508,833,800
100.00%
Total - Sener Improvement
Served Tracts
$2,173,207,000
100.00%
Grand Total -All Tracts $2,226,757,000
100.00% $2,759,319 $4,125,821 100.00%
$5,724,317
$8,559,179
$12,685,0001
100.00%
$5,155,000
32.53%
67.47%
Major Improvement Special Assessments
$4,125,821
$8,559,179
$12,685,000
Roadway Improvements Special Assessments
$5,155,000
Notes
(a)The projected build out values are calculated using
estimated number of units anticipated to be built Parcel 4103629 (estimated 1,003 residential units ) thatconstitues 215.9 acres prior to subdivision. Partofthis Pared includes
the Sanitary
Sewer Improvements Unserved Tract (62 acres), which is estimated to contain approximately 170 units [(62 acres a 139.76 acres)
. 383 units = 170
units]. Total Estimated buildout value is $53,550,000 ($315,000
x 170 units)
(b) The percentage of buildout value allocation is used for allocation ofthe Water Improvements portion ofthe Major Improvement Special
Assessments that
is allocated to all tracts within the PID.
(c) The percentage of buildoutwlue allocation is used for allocation ofthe SanitarySewer Improvements portion of the Major Improvement
Special Assessments that is allocated to all tracts within the PID exceptthe SanitarySewer Improvements
Unsened Tract (Pan of Parcel 4103629).
(d) The percentage ofbuildout value all 'on is used for allocation ofthe Roadway Improvement Special Assessments that is allocated to all tracts within the Western Improvement Area ofthe PID.
Table IV-D.1 summarizes the allocation of the Water Improvements Portion of the Major
Improvement Special Assessments, the Sanitary Sewer Improvements Portion of the Major
Improvement Special Assessments and the Roadway Improvement Special Assessments
allocated to the Western Improvement Area Excluding the Water Improvements Unserved
Tract, the Western Improvement Area Water Improvements Unserved Tract, the Western
Improvement Area Excluding the Sanitary Sewer Improvements Unserved Tract and Sanitary
Sewer Improvements Unserved Tract within in the Western Improvement Area based on the
projected buildout values shown in Appendix A-3-A and A-3-13.
Table IV-D.1 also summarizes the allocation of the Water Improvements Portion of the Major
Improvement Special Assessment and the Sanitary Sewer Improvements Portion of the Major
Improvement Special Assessments allocated to the Eastern Improvement Area Excluding
Water Improvement Unserved Tracts, the Eastern Improvement Area Water Improvement
Unserved Tracts and the Eastern Improvement Area (for Sanitary Sewer Improvement portion
of the Major Improvements) based on the projected buildout values shown in Appendix A-3-
A and A-3-13. and also summarizes for each Land Use of Assessed Property within the Western
27
Section IV: Assessment Plan
Improvement Area: (1) the Major Improvement Special Assessment for each Land Use; (2) the
projected average Annual Installment of the Major Improvement Special Assessment for each
Land Use; and (3) the projected average Annual Installment of the Major Improvement Special
Assessment as an equivalent tax rate for each Land Use based on estimated build out value.
Table IV-D.2 summarizes for each Land Use of Assessed Property within the Western
Improvement Area Excluding the Sanitary Sewer Improvements Unserved Tracts and the
Western Improvement Area Water Improvements Unserved Tracts: (1) the Roadway
Improvement Special Assessment for each Land Use; (2) the projected average Annual
Installment of the Roadway Improvement Special Assessment for each Land Use; and (3) the
projected average Annual Installment of the Roadway Improvement Special Assessment as an
equivalent tax rate for each Land Use based on estimated build out values. Table IV-D.2 also
summarizes for each Land Use of Assessed Property within the Western Improvement Area
Excluding the Sanitary Sewer Improvements Unserved Tract and : (1) the combined Major
Improvement Special Assessment and Roadway Improvement Special Assessment for each
Land Use; (2) the combined projected average Annual Installment of the Major Improvement
Special Assessment and Roadway Improvement Special Assessment for each Land Use; and
(3) the combined projected average Annual Installment of the Major Improvement Special
Assessment and Roadway Improvement Special Assessment as an equivalent tax rate for each
Land Use based on estimated build out value.
Table IV-D.3 summarizes for each Land Use of Assessed Property within the Sanitary Sewer
Improvements Unserved Tract within the Western Improvement Area: (1) the Roadway
Improvement Special Assessment for each Land Use; (2) the projected average Annual
Installment of the Roadway Improvement Special Assessment for each Land Use; and (3) the
projected average Annual Installment of the Roadway Improvement Special Assessment as an
equivalent tax rate for each Land Use based on estimated build out values. Table IV-D.3 also
summarizes for each Land Use of Assessed Property within the Sanitary Sewer Improvements
Unserved Tract within the Western Improvement Area: (1) the combined Major Improvement
Special Assessment and Roadway Improvement Special Assessment for each Land Use; (2)
the combined projected average Annual Installment of the Major Improvement Special
Assessment and Roadway Improvement Special Assessment for each Land Use; and (3) the
combined projected average Annual Installment of the Major Improvement Special
Assessment and Roadway Improvement Special Assessment as an equivalent tax rate for each
Land Use based on estimated build out value.
Table IV-DA summarizes for each Land Use of Assessed Property within the Water
Improvements Unserved Tract within the Western Improvement Area: (1) the Roadway
Improvement Special Assessment for each Land Use; (2) the projected average Annual
Installment of the Roadway Improvement Special Assessment for each Land Use; and (3) the
projected average Annual Installment of the Roadway Improvement Special Assessment as an
equivalent tax rate for each Land Use based on estimated build out values. Table IV-DA also
summarizes for each Land Use of Assessed Property within the Water Improvements Unserved
Tract within the Western Improvement Area: (1) the combined Major Improvement Special
Assessment and Roadway Improvement Special Assessment for each Land Use; (2) the
combined projected average Annual Installment of the Major Improvement Special
Assessment and Roadway Improvement Special Assessment for each Land Use; and (3) the
Section IV: Assessment Plan
combined projected average Annual Installment of the Major Improvement Special
Assessment and Roadway Improvement Special Assessment as an equivalent tax rate for each
Land Use based on estimated build out value.
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 Excluding the Sanitary Sewer
Unserved Tract are shown on the Western Improvement Area Assessment Roll attached as
Appendix A-1-A.1. The Major Improvement Special Assessments and the Annual
Installments thereof for Assessed Property located in the Sanitary Sewer Unserved Tract
of the Western Improvement area are shown on the Western Improvement Area
Assessment Roll attached as Appendix A-1-A.2. 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-A. No Special Assessment shall be changed except as authorized by this
SAP and the PID Act. Table IV-F summarizes the updated allocation of the Major
Improvement Special Assessment to the Eastern Improvement Area Assessed Property
based on the updated development plan and updated estimated buildout value provided by
the Developer and shown in Appendix A-3. Table IV-G summarizes the updated
estimated build out value to the Major Improvement Special Assessments ratio for the
Eastern Improvement Area Assessed Property based on the updated development plan and
updated estimated buildout value provided by the Developer and shown in Appendix A-3.
c. The Roadway Improvement Special Assessments are being levied only on the Assessed
Property within the Western Improvement Area of the PID pursuant to the Roadway
Improvement Assessment Ordinance approving this updated Service and Assessment Plan.
2. In the Major Improvement Bonds Indenture, the City reserved 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 was 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 Developer 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;
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
29
Section IV: Assessment Plan
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 Improvements described herein to be financed by the Roadway Improvement
Bonds) as set forth in the Roadway Improvements Financing Agreement.
In connection with the levy of Roadway Special Assessments and issuance of the Roadway Bonds,
the City has confirmed the above described conditions have all been satisfied.
3. 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 and the City, which will then trigger the
determination of and approval of the Maximum Special Assessment per Unit within each Land
Use category. The Developer has agreed with the City, in the PID Reimbursement Agreement,
to provide notice of intent by any Owner to enter into a contract for sale an unaffiliated third
party, excluding the University.
As described in Section IV.E.2.b above, Table IV-D.1, Table IV-D.2, Table IV-D.3 and Table
IV-DA have been updated based on the updated development plan.
Table IV-E.1 summarizes the estimated build out value to the Major Improvement Special
Assessments and Roadway Improvement Special Assessment ratios for the Western Improvement
Area Excluding the Sanitary Sewer Unserved Tracts and the Water Improvements Unserved
Tracts.
Table IV-E.2 summarizes the estimated build out value to the Major Improvement Special
Assessments and Roadway Improvement Special Assessment ratios for the Sanitary Sewer
Unserved Tract within the Western Improvement Area.
Table IV-E.3 summarizes the estimated build out value to the Major Improvement Special
Assessments and Roadway Improvement Special Assessment ratios for the Water Improvements
Unserved Tract within the Western Improvement Area.
Table IV-G.1 summarizes the estimated build out value to the Major Improvement Special
Assessments ratios for the Eastern Improvement Area Excluding Water Improvement Unserved
Tracts.
Table IV-G.2 summarizes the estimated build out value to the Major Improvement Special
Assessments ratios for the Eastern Improvement Area Water Improvement Unserved Tracts.
kro
Section IV: Assessment Plan
Table IV-D.2
Western Improvement Area (Sanitary Sewer Improvements and Water
Improvements served Tracts)
Updated Major Improvements & Roadway Improvements Special Assessment
Allocation
by Land Use
Average
%
Maximum
Equivalent
Equivalent
Estimated
Estimated
Allocation Major
Special Average
Tax Rate (per
Tax Rate (per
Improved
Build Out Estimated
of Total Improvement
Average
Assessment Annual
$100/AV) -
$100/AV) -
Land Value
Value Per Improved
Estimated Build Special Special
Annual
Per Unit/SF Installment
Improved
Build Out
Land Use Units/SF per Unit
Unit Land Value
Out Value Assessment Assessment
Installment
(a) Per Unit/SF
Land Value
Value
SF Residential 1,354 $ 65,000
$ 315,000 $ 88,010,000
$ 426,510,000 42.9% $ 2,846,078
$ 280,988
$ 2,101.98 $ 207.52
$ 0.32
$ 0.07
Multifamily 2,520 $ 8,000
$ 132,000 $ 20,160,000
$ 332,640,000 33.5% $ 2,219,688
$ 219,146
$ 880.83 $ 86.96
$ 1.09
$ 0.07
Commercial 1,174,999 $ 8
$ 200 $ 9,399,992
$ 234,999,800 23.6% $ 1,568,141
$ 154,820
$ 1.33 $ 0.13
$ 1.65
$ 0.07
Total
$117,569,992
$ 994,149,800 100.0% $ 6,633,907
$ 654,954
$ 0.56
$ 0.07
Average
%
Maximum
Equivalent
Equivalent
Estimated
Estimated
Allocation Roadway
Special Average
Tax Rate (per
Tax Rate (per
Improved
Build Out Estimated
of Total Improvement
Average
Assessment Annual
$100/AV) -
$100/AV) -
Land Value
Value Per Improved
Estimated Build Special Special
Annual
Per Unit/SF Installment
Improved
Build Out
Land Use Units/SF per Unit
Unit Land Value
Out Value Assessment Assessment
Installment
(a) Per Unit/SF
Land Value
Value
SF Residential 1,354 $ 65,000
$ 315,000 $ 88,010,000
$ 426,510,000 42.9% $ 1,950,892
$ 200,007
$ 1,440.84 $ 147.72
$ 0.23
$ 0.05
Multifamily 2,520 $ 8,000
$ 132,000 $ 20,160,000
$ 332,640,000 33.5% $ 1,521,523
$ 155,988
$ 603.78 $ 61.90
$ 0.77
$ 0.05
Commercial 11174,999 $ 8
$ 200 $ 9,399,992
$ 234,999,800 23.6% $ 1,074,908
$ 110,200
$ 0.91 $ 0.09
$ 1.17
$ 0.05
Total
$117,569,992
$ 994,149,800 100.0% $ 4,547,323
$ 466,195
$ 0.40
$ 0.05
Average
%
Maximum
Equivalent
Equivalent
Estimated
Estimated
Allocation
Special Average
Tax Rate (per
Tax Rate (per
Improved
Build Out Estimated
of Total
Average
Assessment Annual
$100/AV) -
$100/AV) -
Land Value
Value Per Improved
Estimated Build Special Total Special
Annual
Per Unit/SF Installment
Improved
Build Out
Land Use Units/SF per Unit
Unit Land Value
Out Value Assessment Assessment
Installment
(a) Per Unit/SF
Land Value
Value
SF Residential 1,354 $ 65,000
$ 315,000 $ 88,010,000
$ 426,510,000 42.9% $ 4,796,970
$ 480,995
$ 3,542.81 $ 355.24
$ 0.55
$ 0.11
Multifamily 2,520 $ 8,000
$ 132,000 $ 20,160,000
$ 332,640,000 33.5% $ 3,741,211
$ 375,134
$ 1,484.61 $ 148.86
$ 1.86
$ 0.11
Commercial 1,174,999 $ 8
$ 200 $ 9,399,992
$ 234,999,800 23.6% $ 2,643,049
$ 265,020
$ 2.25 $ 0.23
$ 2.82
$ 0.11
Total
$117,569,992
$ 994,149,800 100.0% $ 11,181,230
$ 1,121,149
$ 0.95
$ 0.11
a The Special Assessment per Unit is being updated to reflect the Maximum Special Assessment per Unitas determined in accordance with Section VI.E of the SAP.
Note: Estimates based on information available
as of 3/15/2018. Although the actual unit counts and estimated unimproved land value may vary from
the estimates shown above, the total amountofthe Major
Improvement Special AssessmentwiII not change
unless modified in an Annual
Service Plan Update approved by the CityCounci1, subject to the terms of this SAP, the PI Act, and in accordance with the terms
and provisions of the Indenture, PID ReimbursementAgreement, and otherdocuments
related to the Major Improvement Bonds.
The above estimate
assumes an average 5.07%
interest rate and a 20 year term for
the Major Improvement Bonds, an average 5.00%
interest rate and a 19 year term on the Roadway Improvement Bonds and annual
administrative expense of $79,203 increasing at 2.0% per year.
Allocations
between Land Use maybe updated and reallocated
amongstthe Assessed Property in an Annual Service Plan Update until the initial Owner of the
Assessed Prope rty s e I Is any portion of the Assessed Property to
an unaffiliated third party, excluding the U n ive
rs ity a n d the City, which will then
tri g g er a p prova I of the Mapmum Special Assessment per Unit within
each Land Use category ag ai n s
t each Parcel of Assessed
Property.
31
Section IV: Assessment Plan
Table IV-D.3
Western Improvement Area (Sanitary Sewer Improvements Unserved Tract - Part of Parcel 4103269)
Updated Major Improvements & Roadway Improvements Special Assessment Allocation by Land Use
Average
% Maximum
Equivalent Equivalent
Estimated
Estimated Allocation Major Special Average
Tax Rate (per Tax Rate (per
Improved
Build Out Estimated of Total Improvement Average Assessment Annual
$100/AV) - $100/AV) -
Land Value
Value Per Improved Estimated Build Special Special Annual Per Unit/SF Installment
Improved Build Out
Land Use
Units/SF per Unit
Unit Land Value Out Value Assessment Assessment Installment (a) Per UniVSF
Land Value Value
SF Residential
170 $ 65,000
$ 315,000 $ 11,050,000 $ 53,550,000 100.0% $ 146,429 $ 14,457 $ 861.35 $ 85.04
$ 0.13 $ 0.03
Multifamily
0 $ 8,000
$ 132,000 $ - $ - 0.0% $ - $ -
Commercial
0 $ 8
$ 200 $ - $ - 0.0% $ - $ -
Total
$ 11,050,000 $ 53,550,000 100.0% $ 146,429 $ 14,457
$ 0.13 $ 0.03
Average
% Maximum
Equivalent Equivalent
Estimated
Estimated Allocation Roadway Special Average
Tax Rate (per Tax Rate (per
Improved
Build Out Estimated of Total Improvement Average Assessment Annual
$100/AV) - $100/AV) -
Land Value
Value Per Improved Estimated Build Special Special Annual Per Unit/SF Installment
Improved Build Out
Land Use
UnitslSF per Unit
Unit Land Value Out Value Assessment Assessment Installment (a) Per UniVSF
Land Value Value
SF Residential
170 $ 65,000
$ 315,000 $ 11,050,000 $ 53,550,000 100.0% $ 244,942 $ 25,112 $ 1,440.84 $ 147.72
$ 0.23 $ 0.05
Multifamily
0 $ 8,000
$ 132,000 $ - $ - 0.0% $ - $ -
Commercial
0 $ 8
$ 200 $ - $ - 0.0% $ - $ -
Total
$ 11,050,000 $ 53,550,000 100.0% $ 244,942 $ 25,112
$ 0.23 $ 0.05
Average
% Maximum
Equivalent Equivalent
Estimated
Estimated Allocation Special Average
Tax Rate (per Tax Rate (per
Improved
Build Out Estimated of Total Average Assessment Annual
$100/AV) - $100/AV) -
Land Value
Value Per Improved Estimated Build Special Total Special Annual Per Unit/SF Installment
Improved Build Out
Land Use
Units/SF per Unit
Unit Land Value Out Value Assessment Assessment Installment (a) Per UniVSF
Land Value Value
SF Residential
170 $ 65,000
$ 315,000 $ 11,050,000 $ 53,550,000 100.0% $ 391,372 $ 39,568 $ 2,302.19 $ 232.76
$ 0.36 $ 0.07
Multifamily
0 $ 8,000
$ 132,000 $ - $ - 0.0% $ - $ -
Commercial
0 $ 8
$ 200 $ - $ - 0.0% $ - $ -
Total
$ 11,050,000 $ 53,550,000 100.0% $ 391,372 $ 39,568
$ 0.36 $ 0.07
�a The Special Assessment per Unit is being updated to reflect the Maximum Special Assessment per Unitas determined in accordance with Section VI.E of the SAP.
Note: Estimates based on information available
as of 3/15/2018. Although the actual unit counts and estimated unimproved land value may vary from the estimates shown above,
the total amount of the Major
Im provement Special
Assessment will not change unless modified in an Annual Service Plan Update approved bythe City Council, subject to the terms of this SAP, the PID Act, and
in accordance with the terms
and provisions of
the Indenture, P I D Reimbursement Agreement, and other documents related to the Major Improvement Bonds. The above estimate assumes an average 5.07%
interest rate and a 20 year term for
the Major Improvement
Bonds, an average 5.00%
interest rate and a 19 year term on the Roadway Improvement Bonds and annual administrative expense of $79,203 increasing
at 2.0% per year. Allocations
between Land Use
maybe updated and reallocated
amongstthe Assessed Property in an Annual Service Plan Update until the initial Owner of the Assessed Prope rty s e I I s any portion of the Assessed Property to
an unaffiliated third party, excluding the University and the City, which will then trigger approval of the Maximum Special Assessment per Unit within each Land Use category against each Parcel of Assessed
Property.
32
Section IV: Assessment Plan
Table IV-D.4
Western Improvement Area (Water Improvements Unserved Tracts - Part of Parcels 4103269, 42423153 and 42423196)
Updated Major Improvements & Roadway Improvements Special Assessment Allocation by Land Use
Average
% Maximum
Equivalent Equivalent
Estimated
Estimated Allocation Major Special Average
Tax Rate (per Tax Rate (per
Improved
Build Out Estimated of Total Improvement Average Assessment Annual
$100/AV) - $100/AV) -
Land Value
Value Per Improved Estimated Build Special Special Annual Per Unit/SF Installment
Improved Build Out
Land Use
Units/SF per Unit
Unit Land Value Out Value Assessment Assessment Installment (a) Per Unit/SF
Land Value Value
SF Residential
250 $ 65,000
$ 315,000 $ 16,250,000 $ 78,750,000 99.3% $ 310,157 $ 14,356 $ 1,240.63 $ 57.42
$ 0.09 $ 0.02
Multifamily
0 $ 8,000
$ 132,000 $ - $ - 0.0% $ - $ - $ - $ -
$ - $ -
Commercial
2,761 $ 8
$ 200 $ 22,088 $ 552,200 0.7% $ 2,175 $ 101 $ 0.79 $ 0.04
$ 0.46 $ 0.02
Total
$ 16,272,088 $ 79,302,200 100.0% $ 312,332 $ 14,457
$ 0.09 $ 0.02
Average
% Maximum
Equivalent Equivalent
Estimated
Estimated Allocation Roadway Special Average
Tax Rate (per Tax Rate (per
Improved
Build Out Estimated of Total Improvement Average Assessment Annual
$100/AV) - $100/AV) -
Land Value
Value Per Improved Estimated Build Special Special Annual Per Unit/SF Installment
Improved Build Out
Land Use
Units/SF per Unit
Unit Land Value Out Value Assessment Assessment Installment (a) Per Unit/SF
Land Value Value
SF Residential
250 $ 65,000
$ 315,000 $ 16,250,000 $ 78,750,000 99.3% $ 360,209 $ 24,937 $ 1,440.84 $ 99.75
$ 0.15 $ 0.03
Multifamily
0 $ 8,000
$ 132,000 $ - $ - 0.0% $ - $ - $ - $ -
$ - $ -
Commercial
2,761 $ 8
$ 200 $ 22,088 $ 552,200 0.7% $ 2,526 $ 175 $ 0.91 $ 0.06
$ 0.79 $ 0.03
Total
$ 16,272,088 $ 79,302,200 100.0% $ 362,735 $ 25,112
$ 0.15 $ 0.03
Average
% Maximum
Equivalent Equivalent
Estimated
Estimated Allocation Special Average
Tax Rate (per Tax Rate (per
Improved
Build Out Estimated of Total Average Assessment Annual
$100/AV) - $100/AV) -
Land Value
Value Per Improved Estimated Build Special Total Special Annual Per Unit/SF Installment
Improved Build Out
Land Use
Units/SF per Unit
Unit Land Value Out Value Assessment Assessment Installment (a) Per Unit/SF
Land Value Value
SF Residential
250 $ 65,000
$ 315,000 $ 16,250,000 $ 78,750,000 99.3% $ 670,366 $ 39,293 $ 2,681.46 $ 157.17
$ 0.24 $ 0.05
Multifamily
0 $ 8,000
$ 132,000 $ - $ - 0.0% $ - $ - $ - $ -
$ - $ -
Commercial
2,761 $ 8
$ 200 $ 22,088 $ 552,200 0.7% $ 4,701 $ 276 $ 1.70 $ 0.10
$ 1.25 $ 0.05
Total
$ 16,272,088 $ 79,302,200 100.0% $ 675,067 $ 39,568
$ 0.24 $ 0.05
(a)The Special Assessment per Unit is being updated to reflect the Mabmum Special Assessment per Unit as determined in accordance with Section VI.E of the SAP.
Note: Estimates based on information available
as of 3/15/2018. Although the actual unit counts and estimated unimproved land value may vary from the estimates shown above, the total amountofthe Major
Improvement Special
Assessment will not change
unless modified in an Annual Service Plan Update approved by the City Council, subject to the terms of this SAP, the PID Act, and in accordance with the terms
and provisions of
the Indenture, P I D ReimbursementAgreement, and other documents related to the Major Improvement Bonds. The above estimate assumes an average 5.07%
interest rate and a 20 year term for
the Major Improvement
Bonds, an average 5.00%
interest rate and a 19 year term on the Roadway Improvement Bonds and annual administrative expense of $79,203 increasing at 2.0% per year. Allocations
between Land Use
maybe updated and reallocated
amongst the Assessed Property in an Annual Service Plan Update until the initial Owner of the Assessed Prope rty s el Is any portion of the Assessed Property to
an unaffiliated third party, excluding the U n ive rs ity and the City, which will then trigger approval of the Mabmum Special Assessment per Unit within each Land Use categoryagainsteach Parcel of Assessed
Property.
33
Section IV: Assessment Plan
Table IV-E.1 below summarized the estimated build out value to the Major Improvement Special Assessments and Roadway Improvement Special Assessment
ratios for the Western Improvement Area Excluding the Sanitary Sewer Improvements Unserved Tract and the Water Improvement Unserved Tract
Table IV-E.1
Western Improvement Area (Sanitary Sewer Improvements and Water Improvements served Tracts)
Updated Major Improvements & Roadway Improvements Estimated Value to Special
Assessment Ratios
Estimated
Maximum
Improved
Estimated
%Allocation
Total Major
Special Average
Improved
Land
Build Out Estimated
of Total
Improvement
Average
Assessment Annual
Land to
Build Out Value
Value per
Value Per Improved Land Estimated Build
Special
Special
Annual
Per Unit/SF Installment
Assessment
to Assessment
Land Use Units/SF Unit
Unit Value Out Value
Assessment
Assessment
Installment
(a) Per UniUSF
Leverage
Leverage
F Residential 1,354 $ 65,000
$ 315,000 $ 88,010,000 $ 426,510,000
42.9%
$ 2,846,078
$280,988
$2,101.98 $207.52
30.92
149.86
Multifamily 2,520 $ 8,000
$ 132,000 $ 20,160,000 $ 332,640,000
33.5%
$ 2,219,688
$219,146
$880.83 $86.96
9.08
149.86
Commercial 1,174,999 $ 8
$ 200 $ 9,399,992 $ 234,999,800
23.6%
$ 1,568,141
$154,820
$1.33 $0.13
5.99
149.86
Total
$ 117, 569, 992 $ 994,149, 800
100.0%
$6, 633, 907
$654, 954
17.72
149.86
Estimated
Total
Maximum
Improved
Estimated
%Allocation
Roadway
Special Average
Improved
Land
Build Out Estimated
of Total
Improvement
Average
Assessment Annual
Land to
Build Out Value
Value per
Value Per Improved Land Estimated Build
Special
Special
Annual
Per Unit/SF Installment
Assessment
to Assessment
Land Use Units/SF Unit
Unit Value Out Value
Assessment
Assessment
Installment
(a) Per Unit/SF
Leverage
Leverage
F Residential 1,354 $ 65,000
$ 315,000 $ 88,010,000 $ 426,510,000
42.9%
$1,950,892
$200,007
$1,440.84 $147.72
45.11
218.62
Multifamily 2,520 $ 8,000
$ 132,000 $ 20,160,000 $ 332,640,000
33.5%
$1,521,523
$155,988
$603.78 $61.90
13.25
218.62
Commercial 1,174,999 $ 8
$ 200 $ 9,399,992 $ 234,999,800
23.6%
$1,074,908
$110,200
$0.91 $0.09
8.74
218.62
Tota 1
$ 117, 569, 992 $ 994,149, 800
100.0%
$4, 547, 323
$466,195
25.85
218.62
Estimated
Maximum
Improved
Estimated
%Allocation
Special Average
Improved
Land
Build Out Estimated
of Total
Average
Assessment Annual
Land to
Build Out Value
Value per
Value Per Improved Land Estimated Build
Special
Total Special
Annual
Per Unit/SF Installment
Assessment
to Assessment
Land Use Units/SF Unit
Unit Value Out Value
Assessment
Assessment
Installment
(a) Per Unit/SF
Leverage
Leverage
F Residential 1,354 $ 65,000
$ 315,000 $ 88,010,000 $ 426,510,000
42.9%
$4,796,970
$480,995
$3,542.81 $355.24
18.35
88.91
Multifamily 2,520 $ 8,000
$ 132,000 $ 20,160,000 $ 332,640,000
33.5%
$3,741,211
$375,134
$1,484.61 $148.86
5.39
88.91
Commercial 1,174,999 $ 8
$ 200 $ 9,399,992 $ 234,999,800
23.6%
$2,643,049
$265,020
$2.25 $0.23
3.56
88.91
Total
$ 117,569,992 $ 994,149,800
100.0%
$11,181,230
$1,121,149
10.51
88.91
aiThe Special Assessment per Unit is being updated to reflect the Maximum Special Assessment per Unitas determined in accordance with Section VI.E ofthe SAP.
Note: Estimates based on information available as of 3/15/2018. Although the actual unit counts and estimated unimproved land value mayvaryfrom
the estimates shown above, the total amount ofthe Major
Improvement Special Assessment will not
change unless modified in an Annual Service Plan Update approved
bythe City Council, subject to the
terms ofthis SAP, the PID Act,
and in accordance with the terms
and provisions of the Indenture, PID Reimbursement
Agreement, and other documents related to the Major Improvement
Bonds. The above estimate
assumes an average 5.07% interest rate and
a 20 year term for
the Major Improvement Bonds, an average 5.00% interest rate and a 19 year term on the Roadway Improvement
Bonds and annual administrative
expense of $79,203 increasing at 2.0% per year.
Allocations
between Land Use maybe updated and reallocated amongst the Assessed Property 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 Univers
ity and the City, which will then trigger approval of the Maximum
Special Assessment
per Unit within each Land Use category against each Parcel
of Assessed
Property.
34
Section IV: Assessment Plan
Table IV-E.2 below summarized the estimated build out value to the Major Improvement Special Assessments and Roadway Improvement Special
Assessment ratios for the Sanitary Sewer Improvements Unserved Tract within the Western Improvement Area.
Table IV-E.2
Western Improvement Area (Sanitary Sewer Improvements Unserved
Tract - Part of Parcel 4103629)
Updated Major Improvements & Roadway Improvements Estimated Value to Special Assessment Ratios
Estimated
Maximum
Improved
Estimated %Allocation
Total Major
Special Average
Improved
Land
Build Out Estimated of Total
Improvement
Average Assessment Annual
Land to
Build Out Value
Value per
Value Per Improved Land Estimated Build Special
Special
Annual Per Unit/SF Installment
Assessment
to Assessment
Land Use Units/SF Unit
Unit Value Out Value Assessment
Assessment
Installment (a) Per Unit/SF
Leverage
Leverage
F Residential 170 $ 65,000
$ 315,000 $ 11,050,000 $ 53,550,000 100.0%
$146,429
$14,457 $861.35 $85.04
75.46
365.71
Multifamily 0 $ 8,000
$ 132,000 $ - $ - 0.0%
$0
$0.00
Commercial 0 $ 8
$ 200 $ - $ - 0.0%
$0
$0.00
Total
$ 11,050,000 $ 53,550,000 100.0%
$146,429
$14,457
75.46
365.71
Estimated
Total
Maximum
Improved
Estimated %Allocation
Roadway
Special Average
Improved
Land
Build Out Estimated of Total
Improvement
Average Assessment Annual
Land to
Build Out Value
Value per
Value Per Improved Land Estimated Build Special
Special
Annual Per Unit/SF Installment
Assessment
to Assessment
Land Use Units/SF Unit
Unit Value Out Value Assessment
Assessment
Installment (a) Per Unit/SF
Leverage
Leverage
F Residential 170 $ 65,000
$ 315,000 $ 11,050,000 $ 53,550,000 100.0%
$244,942
$25,112 $1,440.84 $147.72
45.11
218.62
Multifamily 0 $ 8,000
$ 132,000 $ - $ - 0.0%
$0
$0
Commercial 0 $ 8
$ 200 $ - $ - 0.0%
$0
$0
Total
$ 11,050,000 $ 53,550,000 100.0%
$244,942
$25,112
45.11
218.62
Estimated
Maximum
Improved
Estimated %Allocation
Special Average
Improved
Land
Build Out Estimated of Total
Average Assessment Annual
Land to
Build Out Value
Value per
Value Per Improved Land Estimated Build Special
Total Special
Annual Per Unit/SF Installment
Assessment
to Assessment
Land Use Units/SF Unit
Unit Value Out Value Assessment
Assessment
Installment (a) Per Unit/SF
Leverage
Leverage
F Residential 170 $ 65,000
$ 315,000 $ 11,050,000 $ 53,550,000 100.0%
$391,372
$39,568 $2,302.19 $232.76
28.23
136.83
Multifamily 0 $ 8,000
$ 132,000 $ - $ - 0.0%
$0
$0
Commercial 0 $ 8
$ 200 $ - $ - 0.0%
$0
$0
Total
$ 11,050,000 $ 53,550,000 100.0%
$391,372
$39,568
28.23
136.83
al The Special Assessment per Unit is being
updated to reflect the Maximum Special Assessment per Unit as
determined in accordance with Section VI.E ofthe SAP.
Note: Estimates based on information available as of 3/15/2018. Although the actual unit counts and estimated unimproved land value may vary from the estimates shown above, the total amount
of the Major
Improvement Special Assessment will not
change unless modified in an Annual Service Plan Update approved
bythe City Council, subject to the terms ofthis SAP, the PID Act,
and in accordance with the terms
and provisions of the Indenture, PID Reim
bursement Agreement, and other documents related to the Major Improvement
Bonds. The above estimate assumes an average 5.07% interest rate and
a 20 year term for
the Major Improvement Bonds, an average 5.00% interest rate and a 19 year term on the Roadway Improvement
Bonds and annual administrative expense of $79,203 increasing at 2.0% per year.
Allocations
between Land Use may be updated and reallocated amongst the Assessed Property 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 Univers
ity and the City, which will then trigger approval of the Maximum
Special Assessment
per Unit within each Land Use category against each Parcel
of Assessed
Property.
35
Section IV: Assessment Plan
Table IV-E.3 below summarized the estimated build out value to the Major Improvement Special Assessments and Roadway Improvement Special
Assessment ratios for the Water Improvements Unserved Tract within the Western Improvement Area.
Table IV-E.3
Western Improvement Area (Water Improvements Unserved Tracts - Part of Parcels 4103269, 42423153 and 42423196)
Updated Major Improvements & Roadway Improvements Estimated Value to Special
Assessment Ratios
Estimated
Maximum
Improved
Estimated %Allocation
Total Major
Special Average
Improved
Land
Build Out Estimated of Total
Improvement
Average
Assessment Annual
Land to
Build Out Value
Value per
Value Per Improved Land Estimated Build Special
Special
Annual
Per Unit/SF Installment
Assessment
to Assessment
Land Use Units/SF Unit
Unit Value Out Value Assessment
Assessment
Installment
(a) Per Unit/SF
Leverage
Leverage
F Residential 250 $ 65,000
$ 315,000 $ 16,250,000 $ 78,750,000 99.3%
$145,410
$14,356
$581.64 $57.42
111.75
541.57
Multifamily 0 $ 8,000
$ 132,000 $ - $ - 0.0%
$0
$0.00
$0.00 $0.00
0.00
0.00
Commercial 2,761 $ 8
$ 200 $ 22,088 $ 552,200 0.7%
$1,020
$100.67
$0.37 $0.04
21.66
541.57
Total
$ 16,272,088 $ 79,302,200 100.0%
$146,429
$14,457
111.13
541.57
Estimated
Total
Maximum
Improved
Estimated %Allocation
Roadway
Special Average
Improved
Land
Build Out Estimated of Total
Improvement
Average
Assessment Annual
Land to
Build Out Value
Value per
Value Per Improved Land Estimated Build Special
Special
Annual
Per Unit/SF Installment
Assessment
to Assessment
Land Use Units/SF Unit
Unit Value Out Value Assessment
Assessment
Installment
(a) Per Unit/SF
Leverage
Leverage
F Residential 250 $ 65,000
$ 315,000 $ 16,250,000 $ 78,750,000 99.3%
$243,237
$24,937
$972.95 $99.75
66.81
323.76
Multifamily 0 $ 8,000
$ 132,000 $ - $ - 0.0%
$0
$0
$0.00 $0.00
0.00
0.00
Commercial 2,761 $ 8
$ 200 $ 22,088 $ 552,200 0.7%
$1,706
$175
$0.62 $0.06
12.95
323.76
Total
$ 16,272,088 $ 79,302,200 100.0%
$244,942
$25,112
66.43
323.76
Estimated
Maximum
Improved
Estimated %Allocation
Special Average
Improved
Land
Build Out Estimated of Total
Average
Assessment Annual
Land to
Build Out Value
Value per
Value Per Improved Land Estimated Build Special
Total Special
Annual
Per Unit/SF Installment
Assessment
to Assessment
Land Use Units/SF Unit
Unit Value Out Value Assessment
Assessment
Installment
(a) Per Unit/SF
Leverage
Leverage
F Residential 250 $ 65,000
$ 315,000 $ 16,250,000 $ 78,750,000 99.3%
$388,646
$39,293
$1,554.59 $157.17
41.81
202.63
Multifamily 0 $ 8,000
$ 132,000 $ - $ - 0.0%
$0
$0
$0.00 $0.00
0.00
0.00
Commercial 2,761 $ 8
$ 200 $ 22,088 $ 552,200 0.7%
$2,725
$276
$0.99 $0.10
8.11
202.63
Total
$ 16,272,088 $ 79,302,200 100.0%
$391,372
$39,568
41.58
202.63
al The Special Assessment per Unit is being
updated to reflect the Maximum Special Assessment per Unit as
determined in accordance with Section VI.E ofthe SAP.
Note: Estimates based on information available as of 3/15/2018. Although the actual unit counts and estimated unimproved land value may vary
from the estimates shown above, the total amount
of the Major
Improvement Special Assessment will not
change unless modified in an Annual Service Plan Update approved
bythe City Council, subject to the
terms ofthis SAP, the PID Act,
and in accordance with the terms
and provisions of the Indenture, PID Reim
bursement Agreement, and other documents related to the Major Improvement
Bonds. The above estimate
assumes an average 5.07% interest rate and
a 20 year term for
the Major Improvement Bonds, an average 5.00% interest rate and a 19 year term on the Roadway Improvement
Bonds and annual administrative
expense of $79,203 increasing at 2.0% per year.
Allocations
between Land Use may be updated and reallocated amongst the Assessed Property 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 Univers
ity and the City, which will then trigger approval of the Maximum
Special Assessment
per Unit within each Land Use category against each Parcel
of Assessed
Property.
36
Section IV: Assessment Plan
Table IV-F.1
Eastern Improvement Area (Excluding Water Improvement Unserved Tracts)
Updated Major Improvements Special Assessment Allocation
Average
Estimated Maximum Equivalent Equivalent
Improved Estimated %Allocation Special Average Tax Rate (per Tax Rate
Land Build Out Estimated Estimated of Total Total Average Assessment Annual $100/AV) - (per $100/AV)
Value per Value Per Improved Build Out Special Special Annual Per Unit/SF Installment Improved - Build Out
Land Use Units/SF Unit Unit Land Value Value Assessment Assessment Installment (a) Per Unit/SF Land Value Value
SF Residential 646 $65,000 $315,000 $41,990,000 $203,490,000 44.1% $1,357,878 $134,061 $2,101.98 $207.52 $0.32 $0.07
Commercial 1,288,220 $8.00 $200.00 $10,305,760 $257,644,000 55.9% $1,719,244 $169,738 $1.33 $0.13 $1.65 $0.07
Total $52,295,760 $461,134,000 100.0% $3,077,122 $303,799 $0.58 $0.07
(a)The Special Assessment per Unit is being updated to reflect the Mapmum Special Assessment per Unitas determined in accordance with Section WE of the SAP.
Note: Estimates based on information available as of 3/15/2018. Although the actual unit counts and estimated unimproved land value mayvaryfrom the estimates shown above, the total amount of the
Major Improvement Special Assessment will not change unless modified in an Annual Service Plan Update approved bythe City Council, subject to the terms ofthis SAP, the PID Act, and in accordance with
the terms and provisions of the Indenture, PID Reimbursement Agreement, and other documents related to the Major Improvement Bonds. The above estimate assumes an average 5.07% interest rate and
a 20 yearterm forthe Major Improvement Bonds and annual administrative expense of$32,097 increasing at2.0% peryear. Allocations between Land Use maybe updated and reallocated amongstthe
Assessed Property in an Annual Service Plan Update until the initial Owner of the Assessed Propertysells anyportion ofthe Assessed Propertyto an unaffiliated third party, excluding the Universityand the
City, which will then trigger approval of the Mabmum Special Assessment per Unit within each Land Use category against each Parcel of Assessed Property.
37
Section IV: Assessment Plan
Table IV-F.2
Eastern Improvement Area (Water Improvement Unserved Tracts)
Updated Major Improvements Special Assessment Allocation
Average
Estimated Maximum Equivalent Equivalent
Improved Estimated %Allocation Special Average Tax Rate (per Tax Rate
Land Build Out Estimated Estimated of Total Total Average Assessment Annual $100/AV) - (per $100/AV)
Value per Value Per Improved Build Out Special Special Annual Per Unit/SF Installment Improved - Build Out
Land Use Units/SF Unit Unit Land Value Value Assessment Assessment Installment (a) Per Unit/SF Land Value Value
SF Residential 1,255 $65,000 $315,000 $81,575,000 $395,325,000 61.9% $1,556,988 $153,719 $1,240.63 $122.49 $0.19 $0.04
Commercial 1,216,480 $8.00 $200.00 $9,731,840 $243,296,000 38.1% $958,222 $94,604 $0.79 $0.08 $0.97 $0.04
Total $91,306,840 $638,621,000 100.0% $2,515,210 $248,322 $0.27 $0.04
(a)The Special Assessment per Unit is being updated to reflect the Maximum Special Assessment per Unitas determined in accordance with Section WE of the SAP.
Note: Estimates based on information available as of 3/15/2018. Although the actual unit counts and estimated unimproved land value may vary from the estimates shown above, the total amount of the
Major Improvement Special Assessment will not change unless modified in an Annual Service Plan Update approved by the City CounciI, subject to the terms of this SAP, the PID Act, and in accordance with
the terms and provisions of the Indenture, PID Reim burs ementAgreement, and other documents related to the Major Improvement Bonds. The above estimate assumes an average 5.07% interest rate and
a 20 year term for the Major Improvement Bonds and annual administrative expense of$32,097 increasing at2.0% per year. Allocations between Land Use maybe updated and reallocated amongst the
Assessed Property in an Annual Service Plan Update until the initial Owner of the Assessed Property sel Is any portion of the Assessed Property to an unaffiliated third parry, excluding the University and the
City, which will then trigger approval of the Maximum Special Assessment per Unit within each Land Use category against each Parcel of Assessed Property.
ME
Section IV: Assessment Plan
Table IV-G.1
Eastern Improvement Area (Excluding Water Improvement Unserved Tracts)
Updated Major Improvements Estimated Value to Special Assessment Ratios
Estimated Maximum
Improved Estimated %Allocation Special Average Improved
Land Build Out Estimated of Total Total Average Assessment Annual Land to Build Out Value
Value per Value Per Improved Estimated Build Special Special Annual Per Unit/SF Installment Assessment to Assessment
Land Use Units/SF Unit Unit Land Value Out Value Assessment Assessment Installment (a) Per Unit/SF Leverage Leverage
F Residential 646 $65,000 $315,000 $41,990,000 $20� 44.1%T 7,878 $134,061 $2,101.98 $207.52 30.92 149.86
Commercial 1,288,220 $8.00 $200 $10,305,760 $257,644,000 55.9% $1,719,244 $169,738 $1.33 $0.13 5.99 149.86
Total $52,295,760 $461,134,000 100.0% $3,077,122 $303,799 17.00 149.86
PFrhe Special Assessment per Unit is being updated to reflect the Maximum Special Assessment per Unitas determined in accordance with Section WE of the SAP.
Note: Estimates based on information available as of 3/15/2018. Although the actual unit counts and estimated unimproved land value mayvaryfrom the estimates shown above, the total amount ofthe Major
Improvement Special Assessment will not change unless modified in an Annual Service Plan Update approved by the City Council, subject to the terms of this SAP, the PID Act, and in accordance with the terms
and provisions of the Indenture, PID Reim bursement Agreem ent, and other documents related to the Major Improvement Bonds. The above estimate assumes an average 5.07% interest rate and a 20 year
term for the Major Improvement Bonds and annual administrative expense of $32,097 increasing at 2.0% peryear. Allocations between Land Use maybe updated and reallocated amongst the Assessed
Property in an Annual Service Plan Update until the initial Owner of the Assessed Propertysells any portion of the Assessed Property to an unaffiliated third party, excluding the Univers ity and the City, which will
then trigger approval of the Maximum Special Assessment per Unit within each Land Use category against each Parcel of Assessed Property.
Table IV-G.1
Eastern Improvement Area (Excluding Water Improvement Unserved Tracts)
Updated Major Improvements Estimated Value to Special Assessment Ratios
Estimated Maximum
Improved Estimated %Allocation Special Average Improved
Land Build Out Estimated of Total Total Average Assessment Annual Land to Build Out Value
Value per Value Per Improved Estimated Build Special Special Annual Per Unit/SF Installment Assessment to Assessment
Land Use Units/SF Unit Unit Land Value Out Value Assessment Assessment Installment (a) Per Unit/SF Leverage Leverage
F Residential 1,255 $65,000 $315,000 $81,575,000 $395,325, 000 i 61.9% $1,556,988 $153,719 $1,240.63 $122.49 52.39 253.90
Commercial 1,216,480 $8.00 $200 $9,731,840 $243,296,000 38.1% $958,222 $94,604 $0.79 $0.08 10.16 253.90
Total $91,306,840 $638,621,000 100.0% $2,515,210 $248,322 36.30 253.90
The Special Assessment per Unit is being updated to reflect the Maximum Special Assessment per Unit as determined in accordance with Section ME of the SAP.
Note: Estimates based on information available as of 3115/2018. Although the actual unit counts and estimated unimproved land value may vary from the estimates shown above, the total am ount of the Major
Im provement Special Assess ment will not change unless modified in an Annual Service Plan Update approved by the City Council, subject to the terms of this SAP, the PID Act, and in accordance with the terms
and provisions of the Indenture, PID Reim bursement Agreement, and other documents related to the Major Improvement Bonds. The above estimate assumes an average 5.07% interest rate and a 20 year
term for the Major Improvement Bonds and annual administrative expense of$32,097 increasing at 2.0% per year. Allocations between Land Use maybe updated and reallocated am ongst the Assessed
Property 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 Univers ity and the City, which will
then trigger approval of the Maxi m um Special Assess ment per Unit within each Land Use category against each Parcel of Asses sed Property.
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 first Annual
Installments of the Major Improvement Special Assessments securing the Major Improvement
Bonds were due no later than January 31, 2018; and, subsequent Annual Installments shall be due
no later than January 31 of each year in the amounts shown on the updated Assessment Rolls until
the Major Improvement Special Assessments are paid in full. The Annual Installments of the
Roadway Improvement Special Assessments securing 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.
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-A.1, A-1-A.2, A-1-A.3 and Appendix A-2-A.1 and A-2-A.2 which are subject to
revision through Annual Service Plan Updates.
W
Section IV: Assessment Plan
H. Delinquency and Prepayment Reserve
The interest rate on Special Assessments may exceed the interest rate on PID Bonds by the
Additional Interest. The Additional Interest shall be collected as part of each Annual Installment.
Under each 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 applicable 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, a Delinquency and Prepayment
Reserve Account is fully funded, the Additional Interest will be allocated for the additional
purposes set forth in the applicable Indenture, which purposes include: (i) covering deficiencies in
funds available to pay debt service on the applicable PID Bonds, (ii) paying costs associated with
the prepayment of any applicable Special Assessment; (iii) paying the costs of Administrative
Expenses related to the applicable PID Bonds, and/or (iv) paying the costs associated with the
redemption of the applicable PID Bonds.
.O
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. Construction of the Major
Improvements commenced in October 2017 and the Water Improvements are substantially
complete by April 2018 and the Sanitary Sewer Improvements are expected to be
completed by February 2019.
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.
3. The Actual Costs for the Roadway Improvements plus costs related to the issuance of the
Roadway Improvement Bonds, and payment of expenses incurred in the establishment,
administration and operation of the PID are shown in Table V-B.
4. 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
Rolls shown on Appendix A-1-A.1, A-1-A.2, and A-1-A.3 and the Eastern Improvement
Area Assessment Roll shown on Appendix A-2-A.1 and A-2-A.2. Any update to this SAP
is herein referred to as an "Annual Service Plan Update."
5. 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 of the Major Improvements.
6. Table V-B summarizes the sources and uses of funds required to construct the Roadway
Improvements and issue the Roadway Improvement 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 of the Roadway Improvements.
41
Section V: Service Plan
Table V-A
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 ° $ 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(a) $ 844,283 $
$ -
$
844,283
Underwriter's costs/underwriter counsel $ 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.
:N
Section V: Service Plan
Table V-B
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 $ 8,427,773 $ 1,874,596 $ 657,992 $ 10,960,362
Uses of Funds
Authorized/Off-Site Improvements (c):
Roadway improvements $ 6,931,647 $ 1,874,596 $ 657,992 $ 9,464,235
Total Authorized/Off-site Improvements $ 6,931,647 $ 1,874,596 $ 657,992 $ 9,464,235
Other Fund Deposits:
Debt service reserve fund (d) $ 463,000 $ - $ - $ 463,000
Capitalized interest (e) $ 564,902 $ - $ - $ 564,902
$ 1,027,902 $ - $ - $ 1,027,902
Costs of issuance (f) $ 314,100 $ $ $ 314,100
Underwriter's costs/underwriter counsel (g) $ 154,125 $ $ $ 154,125
Total uses $ 8,427,773 $ 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 8.67%)], 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 notfunded bythe Major Improvement Bonds. The Developer and the City
will equallyshare anycost 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 8.67%).
(c) See Table III -A, Table IV -A, and Table IV-B for details.
(d)The Roadway Improvement Bonds include a debt service reserve fund calculated in accordance with IRS rules.
(e) The Roadway Improvement Bonds include capitalized interest from June 22, 2018 through September 1, 2020.
(f) Inclusive of the initial year's Administrative Expenses.
(g) Calculated at 2.99% of the gross Roadway Improvement Bond amount.
The updated projected Annual Installments of the Major Improvement Special Assessments
relating to the Major Improvements and the updated projected Annual Installments of the Roadway
43
Section V: Service Plan
Improvement Special Assessments relating to the Roadway Improvements for the Western
Improvement Area Excluding the Sanitary Sewer Improvements Unserved Tract for the five years
following the approval of this SAP updated are presented in Appendix A-1-C-1. The updated
projected Annual Installments of the Major Improvement Special Assessments relating to the
Major Improvements and the updated projected Annual Installments of the Roadway Improvement
Special Assessments relating to the Roadway Improvements for the Sanitary Sewer Improvements
Unserved Tract within the Western Improvement Area for the five years following the approval of
this SAP updated are presented in Appendix A-1-C-2. The Service Plan is being updated to reflect
the levy of the Roadway Improvement Special Assessments and the issuance of the Roadway
Improvement Bonds. The Annual Installments are subject to revision and shall be updated in
Annual Service Plan Updates to reflect any changes expected for each year.
The updated Annual Installments of the Major Improvement Special Assessments for the Eastern
Improvement Area for the five years after the approval of this SAP update are presented in
Appendix A-2-C. The Annual Installments are subject to revision and shall be updated in the
Annual Service Plan Updates to reflect any changes expected for each year.
Section VI: Terms of the Assessments
Section VI
TERMS OF THE SPECIAL ASSESSMENTS
A. Amount of Major Improvement Special Assessments and Annual Installments for
Parcels Located Within the Assessed Property
The Major Improvement Special Assessments, the Roadway Improvement Special
Assessments, and the projected Annual Installments associated with each of the foregoing,
for the Assessed Property in the Western Improvement Area Excluding the Sanitary Sewer
Improvements Unserved Tract are shown on the updated Assessment Roll in Appendix A-
1-A.1. The Major Improvement Special Assessments, the Roadway Improvement Special
Assessments, and the projected Annual Installments associated with each of the foregoing,
for the Assessed Property in the Sanitary Sewer Improvements Unserved Tract within
Western Improvement Area are shown on the updated Assessment Roll in Appendix A-1-
A.2. The Major Improvement Special Assessments and the projected Annual Installments
for the Assessed Property in the Eastern Improvement Area are shown on the updated
Assessment Roll in Appendix A-2-A. The Major Improvement Special Assessments, the
Roadway 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 and the Roadway
Improvement Special Assessments shall be collected in an amount sufficient (i) to pay the
principal and interest on the applicable PID Bonds, (ii) to fund the Delinquency and
Prepayment Reserve for the applicable PID Bonds, and (iii) to cover a proportional share
of the Administrative Expenses for the PID.
B. Reallocation of Special Assessments for Parcels Located Within Assessed
Property
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.
The reallocation of a 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.
45
Section VI: Terms of the Assessments
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.
2. Upon Subdivision by a Recorded Subdivision Plat
a. Once a Lot or a Parcel has a Special Assessment applied to it, as shown in Table IV-D.2,
Table IV-D.3, Table IV-D.4, Table IV-F.1 and Table IV-F.2, 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.2, Table IV-D.3, Table IV-D.4, Table
IV-F.1 and Table IV-F.2,. 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 a 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.
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
we
Section VI: Terms of the Assessments
portion thereof to become Non-Benefitted 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 be anticipated under this Section VI.C,
the owner of such Parcel or portion thereof shall notify the City and the Administrator no
later than thirty (30) days prior to the anticipated date of transfer. The amount of a
Mandatory Prepayment of Special Assessment shall be calculated in accordance with the
terms of this Service and Assessment Plan. Following a Mandatory Prepayment of Special
Assessment under this Section, 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.
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
47
Section VI: Terms of the Assessments
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.
Upon payment in full of a 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. A 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.
b. The Annual Installments as listed on the Assessment Rolls have been calculated assuming
a weighted average interest rate on the PID Bonds (1) issued as Major Improvement Bonds
of 5.07% and (2) issued as Roadway Improvement Bonds of 5.00%. 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.
Section VI: Terms of the Assessments
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
I. 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, which may be performed by the City, the Administrator,
or a third -party selected by the City. 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.
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.
2. Each Annual Installment, including the interest on the unpaid amount of a 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
Section VI: Terms of the Assessments
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.
50
Section VII: Assessment Roll
Section VII
ASSESSMENT ROLL
A. Assessment Roll
1. The City Council has evaluated each Assessed Property 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.
2. The Western Improvement Area Assessed Property was assessed for the special benefits
conferred upon the Assessed Property by the Major Improvements pursuant to the Major
Improvement Assessment Ordinance. The special benefit received by Western Improvement
Area 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 was calculated to be $5,998,703. The par amount of the Major Improvement
Bonds originally allocated to the Western Improvement Area was $5,960,843 which was less
than the benefit received by the Assessed Property within the Western Improvement Area from
the Major Improvements.
The original calculated special benefits conferred by the Major Improvements to the Western
Improvement Area Assessed Property have been revised. Pursuant to the updated development
plan and related projected estimated build out values shown in Appendix A-3-A and A-3-13.
Table VII-A summarizes the revised calculated $6,356,060 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 reallocated to the Western
Improvement Area is $6,315,945 which was 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 Rolls is attached hereto as Appendix A-1-Al,
Appendix A-1-A.2 and Appendix A-1-A.3.
51
Section VII: Assessment Roll
Table VII-A
Western Improvement Area
Major Improvements
Undated Special Benefit Sumrr
Sanitary Sewer
Water
Remainder of
Improvements
Improvements
Western
Special Benefit
Total Cost
Unserved Tract
Unserved Tracts
Improvement area
Total Authorized Improvements
$ 4,743,525
$ 97,931
$ 208,885
$ 4,436,709
PID Formation/Bond Cost of Issuance
Debt Service Reserve Fund
$ 643,634
$ 13,288
$ 28,343
$ 602,003
Capitalized Interest
$ 1,061,327
$ 21,911
$ 46,736
$ 992,679
Underwriter's Discount/Underwriters Counsel
$ 211,568
$ 4,368
$ 9,317
$ 197,884
Cost of Issuance
$ 477,662
$ 9,861
$ 21,034
$ 446,766
$ 2,394,191
$ 49,429
$ 105,430
$ 2,239,332
PID Formation/Bond Cost of Issuance
Total Special Benefit 1 $ 7,137,716 1 $ 147,359 1 $ 314,316 1 $ 6,676,041
Special Benefit
Total Special Benefit
$ 7,137,716
$ 147,359
$ 314,316
$ 6,676,041
Projected PID Special Assessment
$ 7,092,668
$ 146,429
$ 312,332
$ 6,633,907
$ 45,048
$ 930
$ 1,984
$ 42,134
Excess Benefit
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 $8,427,773 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 fully allocated to the Western Improvement Area
is $5,155,000 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 the 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-Al, Appendix A-1-
A.2 and Appendix A-1-A.3.
52
Section VII: Assessment Roll
Table VII-B
Western Improvement Area
Roadway Improvements
Updated Special Benefit Summary
Sanitary Sewer
Water
Remainderof
Improvements
Improvements
Western
Special Benefit
Total Cost
Unserved Tract
Unserved Tracts
Improvementarea
Total Authorized Improvements
$ 6,931,647
$ 329,360
$ 487,750
$
6,114,537
PID Formation/Bond Cost of Issuance
Debt Service Reserve Fund
$ 463,000
$ 22,000
$ 32,579
$
408,421
Capitalized Interest
$ 564,902
$ 26,842
$ 39,750
$
498,311
Underwriter's Discount/Underwriters Counsel
$ 154,125
$ 7,323
$ 10,845
$
135,956
Cost of Issuance
$ 314,100
$ 14,925
$ 22,102
$
277,074
$ 1,496,127
$ 71,089
$ 105,276
$
1,319,762
PID Formation/Bond Cost of Issuance
Total Special Benefit
$ 8,427,773
$ 400,449
$ 593,026
$
7,434,299
Special Benefit
Total Special Benefit
$ 8,427,773
$ 400,449
$ 593,026
$ 7,434,299
Projected PID Special Assessment
$ 5,155,000
$ 244,942
$ 362,735
$ 4,547,323
$ 3,272,773
$ 155,507
$ 230,291
$ 2,886,975
Excess Benefit
6. The Eastern Improvement Area Assessed Property was assessed for the special benefits
conferred upon the Assessed Property by the Major Improvements. The 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 was calculated to be $6,766,865. The par amount of the Major
Improvement Bonds originally allocated to the Eastern Improvement Area was $6,724,157
which is less than the benefit received by the Assessed Property within the Eastern
Improvement Area from the Major Improvements.
The original calculated special benefits conferred by the Major Improvements to the Eastern
Improvement Area Assessed Property have been revised. Pursuant to the updated development
plan and related projected estimated build out values shown in Appendix A-3. Table VII-C
summarizes the revised calculated $6,409,507 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 reallocated to the Eastern Improvement Area
is $6,369,055 which was less than the benefit received by the Assessed Property within the
Western Improvement Area from the Major Improvements.
7. The Special Assessment for the 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-A.
53
Section VII: Assessment Roll
Table VII-C
Eastern Improvement Area
Major Improvements
Updated Special Benefit Sumn
Remainder of
Water
Eastern
Improvements
Improvement
Special Benefit
Total Cost
Unserved Tracts
Area
Total Authorized Improvements
$
3,740,111
$
1,682,154
$
2,057,957
PID Formation/Bond Cost of Issuance
Debt Service Reserve Fund
$
507,484
$
228,246
$
279,238
Capitalized Interest
$
836,821
$
376,369
$
460,452
Underwriter's Discount/Underwriters Counsel
$
166,815
$
75,027
$
91,788
Cost of Issuance
$
376,620
$
169,389
$
207,231
$
1,887,740
1 $
849,031
$
1,038,709
PID Formation/Bond Cost of Issuance
Total Special Benefit $ 5,627,851 $ 2,531,185 $ 3,096,666
Special Benefit
Total Special Benefit
$ 5,627,851
$ 2,531,185
$ 3,096,666
Projected PID Special Assessment
$ 5,592,332
$ 2,515,210
$ 3,077,122
$ 35,519
$ 15,975
$ 19,544
Excess Benefit
8. The Roadway Improvement Assessment Ordinance levies the Roadway Improvement Special
Assessments securing the Roadway Improvement Bonds in the amounts shown in the Western
Improvement Area Assessment Roll attached to this updated SAP.
B. Annual Assessment Roll Updates
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 Developer funds.
54
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 maybe made as permitted or required by the PID Act and Texas law.
55
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
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.
56
Appendix A-1
Western Improvement Area
Assessment Roll
Exhibit A 1-A1
Western Improvement Area (Sanitary Sewer Improvements and Water Improvements served Tracts)
Updated Special
Assessments - Major
Improvements and Roadway Improvements
Total Major
Improvement
Special
Assessment and
Major
Roadway
Roadway
Improvement
Improvement
Improvement
Estimated Build
Special
Special
Special
Tax Parcel ID
Out Value (a)
Assessment (b)
Assessment (b)
Assessment
04103629 (Part of)
$ 46,305,000
$ 308,991
$ 211,803
$ 520,794
42423153 (Part of)
$ 27,720,000
$ 184,974
$ 126,794
$ 311,768
42423145
$ -
$ -
$ -
$ -
06839851
$ 123,480,000
$ 823,975
$ 564,808
$ 1,388,783
42423196 (Part of)
$ 182,794,600
$ 1,219,778
$ 836,118
$ 2,055,896
03710890
$ 567,169,600
$ 3,784,692
$ 2,594,280
$ 6,378,972
42423218
$ 46,680,600
$ 311,497
$ 213,521
$ 525,018
42423200
$ -
$ -
$ -
$ -
41524853
$ -
$ -
$ -
$ -
42617357
$ -
$ -
$ -
$ -
Total
$ 994,149,800
$ 6,633,907
$ 4,547,323
$ 11,181,230
(a) Estimated build -out value is based on the estimated build out value shown in Table IV-D calculated using the current
development plan attached as Appendix A-3-A and A-3-13.
(b) The Special Assessments are shown have been allocated to each Parcels within the Western Improvement Area
based on the updated development plan provided by the Developer in September 2020 and used for the calculation of the
Maximum Special Assessment Per Unit amounts shown in this SAP.
57
Exhibit Pr1-13.1
Western Improvement Area - (Sanitary Sewer Improvements and Water Improvements served Tracts)
Updated Annual Installments - Maior Improvements and Roadwav Improvements
Major
Improvement
Bonds
Roadway Improvement
Bonds
Net Debt
Net Debt
Year (a)
Principal
Interest
(b)
Service
Principal
Interest
(b)
Service
9/30/2018
$
-
$
318,456
$
318,456
$
-
$
-
$ -
9/30/2019
$
-
$
334,925
$
334,925
$
-
$
270,945
$ 270,945
9/30/2020
$
-
$
334,925
$
334,925
$
-
$
227,366
$ 227,366
9/30/2021
$
251,027
$
334,925
$
585,952
$
172,013
$
227,366
$ 399,379
9/30/2022
$
264,101
$
322,373
$
586,475
$
180,834
$
218,765
$ 399,600
9/30/2023
$
277,175
$
309,168
$
586,344
$
194,066
$
209,724
$ 403,790
9/30/2024
$
292,865
$
295,310
$
588,174
$
202,887
$
200,020
$ 402,908
9/30/2025
$
308,554
$
280,666
$
589,220
$
211,709
$
189,876
$ 401,585
9/30/2026
$
324,243
$
265,239
$
589,482
$
220,530
$
179,291
$ 399,820
9/30/2027
$
339,932
$
249,026
$
588,959
$
233,762
$
168,264
$ 402,026
9/30/2028
$
358,236
$
232,030
$
590,266
$
246,993
$
156,576
$ 403,569
9/30/2029
$
376,540
$
214,118
$
590,658
$
260,225
$
144,226
$ 404,452
9/30/2030
$
397,459
$
195,291
$
592,750
$
273,457
$
131,215
$ 404,672
9/30/2031
$
418,378
$
175,418
$
593,796
$
286,689
$
117,542
$ 404,231
9/30/2032
$
441,912
$
154,499
$
596,411
$
299,920
$
103,208
$ 403,128
9/30/2033
$
462,831
$
132,404
$
595,234
$
317,563
$
88,212
$ 405,775
9/30/2034
$
488,979
$
108,684
$
597,663
$
335,205
$
72,334
$ 407,539
9/30/2035
$
515,128
$
83,623
$
598,751
$
352,848
$
55,573
$ 408,421
9/30/2036
$
543,891
$
57,223
$
601,114
$
370,490
$
37,931
$ 408,421
9/30/2037
$
572,655
$
29,349
$
602,004
$
388,132
$
19,407
$ 407,539
Total
$
6,633,907
$
4,427,651
$ 11,061,558
$
4,547,3231
$
2,817,843
$ 7,365,166
Administrativ
e Expenses
(c)
Delinquenc
y &
Prepayment
Reserve
Capitalized
Interest
Annual
Installment
(d)
$
10,318
$
33,170
$ (322,830)
$
39,113
$
79,673
$
58,945
$ (642,077)
$
102,410
$
81,267
$
58,945
$ (592,675)
$
109,827
$
77,373
$
55,906
$ -
$
1,118,610
$
78,920
$
53,791
$ -
$
1,118,786
$
80,499
$
51,566
$ -
$
1,122,199
$
82,109
$
49,210
$ -
$
1,122,401
$
83,751
$
46,731
$ -
$
1,121,287
$
85,426
$
44,130
$ -
$
1,118,858
$
87,134
$
41,406
$ -
$
1,119, 525
$
88,877
$
38,538
$ -
$
1,121,250
$
90,655
$
35,512
$ -
$
1,121,276
$
92,468
$
32,328
$ -
$
1,122,218
$
94,317
$
28,973
$ -
$
1,121,317
$
96,204
$
25,448
$ -
$
1,121,191
$
98,128
$
21,739
$ -
$
1,120, 875
$
100,090
$
17,837
$ -
$
1,123,129
$
102,092
$
13,716
$ -
$
1,122,980
$
104,134
$
9,376
$ -
$
1,123,045
$
106,216
$
4,804
$ -
$
1,120,563
$
1,719,650
$
722,068
$(1,557,581)
$ 19,310,860
(a) The 9/30/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 updated each year in the Annual Service Plan Updates based on actual costs.
(d) Annual Installments are calculated using an average 5.07% interest rate on the Major Improvement Bonds, an average 5.00% interest rate on the Roadway Improvement Bonds, plus the
Additional Interest and estimated Administrative Expenses.
58
Appendix A 1-C.1
Western Improvement Area (Sanitary Sewer Improvements and Water Improvements served Tracts)
Updated 5-Year Annual Costs and Indebtedness - Major Improvements and Roadway Improvements
Major Improvement Bonds
Roadway Improvement BondE
Delinquency
Projected
Principal
Interest
Principal
Interest
Period Ending
Administrative
& Prepayment
Capitalized
Annual PID
September 30
Payments
Expense
Payments
Expense
Expenses
Reserve
Interest
Installments
2018
$0
$318,456
$0
$0
$10,318
$33,170
($322,830)
$39,113
2019
$0
$334,925
$0
$270,945
$79,673
$58,945
($642,077)
$102,410
2020
$0
$334,925
$0
$227,366
$81,267
$58,945
($592,675)
$109,827
2021
$251,027
$334,925
$172,013
$227,366
$77,373
$55,906
$0
$1,118,610
2022
$264,101
$322,373
$180,834
$218,765
$78,920
$53,791
$0
$1,118,786
2023
$277,175
$309,168
$194,066
$209,724
$80,499
$51,566
$0
$1,122,199
Total
$792,303
$1,954,772
$546,914
$1,154,166
$408,050
$312,322
($1,557,581)
$3,610,945
Note: The Projected Annual Costs and Indebtedness 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 amounts are based on an average 5.07% interest rate and
a 20 year term for the Major Improvement PID Bonds and an average 5.00% and a 19 year term for the Roadway Improvement PID Bonds. Administrative expenses are
estimated to increase at rate of2.0% per year will be updated each year as part of the Annual Service Plan Updates.
59
Appendix A 1-A.2
Western Improvement Area
Assessment Roll
Exhibit A-1-A.2
Western Improvement Area (Sanitary Sewer Improvements Unserved Tract)
Updated Special Assessments - Major Improvements and Roadway Improvements
Major
Roadway
Total Major Improvement
Improvement
Improvement
Special Assessment and
Estimated Build
Special
Special
Roadway Improvement
Tax Parcel ID
Out Value (a)
Assessment (b)
Assessment (b)
Special Assessment
4103629 (Part of)
$ 53,550,000
$ 146,429
$ 244,942
$ 391,372
Total
$ 53,550,000
$ 146,429
$ 244,942
$ 391,372
(a) Estimated build -out value is based on the estimated build out value shown in Table IV-D calculated using the current
development plan attached as Appendix A-3-A and A-3-13.
(b) The Special Assessments are shown have been allocated to each Parcels within the Western Improvement Area based on
the updated development plan provided by the Developer in September 2020 and used for the calculation of the Maximum
Special Assessment Per Unit amounts shown in this SAP.
60
Exhibit A,1-13.2
Western Improvement Area -(Sanitary Sewer Improvements Unserved Tract)
Updated Annual Installments - Major Improvements and Roadway Improvements
Major
Improvement Bonds
Roadway Improvement
Bonds
Net Debt
Net Debt
Year (a)
Principal
Interest (b)
Service
Principal
Interest (b)
Service
9/30/2018
$
-
$
-
$
-
$
-
$
-
$ -
9/30/2019
$
-
$
7,393
$
7,393
$
-
$
14,594
$ 14,594
9/30/2020
$
-
$
7,393
$
7,393
$
-
$
12,247
$ 12,247
9/30/2021
$
5,541
$
7,393
$
12,934
$
9,266
$
12,247
$ 21,513
9/30/2022
$
5,829
$
7,116
$
12,945
$
9,741
$
11,784
$ 21,524
9/30/2023
$
6,118
$
6,824
$
12,942
$
10,453
$
11,297
$ 21,750
9/30/2024
$
6,464
$
6,518
$
12,983
$
10,929
$
10,774
$ 21,703
9/30/2025
$
6,811
$
6,195
$
13,006
$
11,404
$
10,228
$ 21,631
9/30/2026
$
7,157
$
5,855
$
13,012
$
11,879
$
9,658
$ 21,536
9/30/2027
$
7,503
$
5,497
$
13,000
$
12,592
$
9,064
$ 21,655
9/30/2028
$
7,907
$
5,122
$
13,029
$
13,304
$
8,434
$ 21,738
9/30/2029
$
8,311
$
4,726
$
13,038
$
14,017
$
7,769
$ 21,786
9/30/2030
$
8,773
$
4,311
$
13,084
$
14,730
$
7,068
$ 21,798
9/30/2031
$
9,235
$
3,872
$
13,107
$
15,443
$
6,331
$ 21,774
9/30/2032
$
9,754
$
3,410
$
13,165
$
16,155
$
5,559
$ 21,715
9/30/2033
$
10,216
$
2,923
$
13,139
$
17,106
$
4,752
$ 21,857
9/30/2034
$
10,793
$
2,399
$
13,192
$
18,056
$
3,896
$ 21,952
9/30/2035
$
11,370
$
1,846
$
13,216
$
19,006
$
2,993
$ 22,000
9/30/2036
$
12,005
$
1,263
$
13,268
$
19,956
$
2,043
$ 22,000
9/30/2037
$
12,640
$
648
$
13,288
$
20,907
$
1,045
$ 21,952
Total
$
146,429
$
90,702
$
237,131
$
244,942
$
151,783
$ 396,726
Administrativ
e Expenses
(c)
Delinquenc
y&
Prepayment
Reserve
Capitalized
Interest
Annual
Installment
(d)
$
2,904
$
1,957
$ -
$
26,848
$
2,962
$
1,957
$ -
$
24,558
$
3,021
$
1,957
$ -
$
39,424
$
3,081
$
1,883
$ -
$
39,434
$
3,143
$
1,805
$ -
$
39,640
$
3,206
$
1,722
$ -
$
39,613
$
3,270
$
1,635
$ -
$
39,542
$
3,335
$
1,544
$ -
$
39,427
$
3,402
$
1,449
$ -
$
39,506
$
3,470
$
1,348
$ -
$
39,586
$
3,539
$
1,242
$ -
$
39,605
$
3,610
$
1,131
$ -
$
39,622
$
3,682
$
1,013
$ -
$
39,576
$
3,756
$
890
$ -
$
39,525
$
3,831
$
760
$ -
$
39,587
$
3,908
$
624
$ -
$
39,676
$
3,986
$
479
$ -
$
39,681
$
4,066
$
328
$ -
$
39,661
$
4,147
$
168
$ -
$
39,555
$
66,318
$
23,892
$ -
$
724,067
(a) The 9/30/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 updated each year in the Annual Service Plan Updates based on actual costs.
(d) Annual Installments are calculated using an average 5.07% interest rate on the Major Improvement Bonds, an average 5.00% interest rate on the Roadway Improvement Bonds, plus the
Additional Interest and estimated Administrative Expenses.
61
Appendix A-1-C.2
Western Improvement Area (Sanitary Sewer Improvements Unserved Tract)
Updated 5-Year Annual Costs and Indebtedness - Major Improvements and Roadway Improvements
Major Improvement Bonds
Roadway Improvement BondE
Delinquency
Projected
Principal
Interest
Principal
Interest
Period Ending
Administrative&
Prepayment
Capitalized
Annual PID
September 30
Payments
Expense
Payments
Expense
Expenses
Reserve
Interest
Installments
2018
$0
$0
$0
$0
$0
$0
$0
$0
2019
$0
$7,393
$0
$14,594
$2,904
$1,957
$0
$26,848
2020
$0
$7,393
$0
$12,247
$2,962
$1,957
$0
$24,558
2021
$5,541
$7,393
$9,266
$12,247
$3,021
$1,957
$0
$39,424
2022
$5,829
$7,116
$9,741
$11,784
$3,081
$1,883
$0
$39,434
2023
$6,118
$6,824
$10,453
$11,297
$3,143
$1,805
$0
$39,640
Total
$17,488
$36,118
$29,460
$62,169
$15,110
$9,558
$0
$169,904
Note: The Projected Annual Costs and Indebtedness 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 amounts are based on an average 5.07% interest rate and
a 20 year term for the Major Improvement PID Bonds and an average 5.00% and a 19 year term for the Roadway Improvement PID Bonds. Administrative expenses are
estimated to increase at rate of2.0% per year will be updated each year as part of the Annual Service Plan Updates.
62
Appendix A-2
Eastern Improvement Area
Assessment Roll
Exhibit A 2-A1
Eastern Improvement Area (Excluding Water Improvement Unserved Tracts)
Updated Special Assessments - Major Improvements
Estimated Build Out
Major Improvement
Tax Parcel ID
Value (a)
Special Assessment (b)
41295149 (Part of)
$ 349,317,000
$ 2,330,973
41291522
$ 111,817,000
$ 746,149
Total
$ 461,134,000
$ 3,077,122
(a) Estimated build -out value is based on the estimated build out value shown in Table IV-D
calculated using the current development plan attached as Appendix A-3-13.
(b) The Special Assessments are shown have been allocated to each Parcels within the Eastern
Improvement Area based on the updated development plan provided by the Developer in September
2020 and used for the calculation of the Maximum Special Assessment Per Unit amounts shown in
this SAP.
63
Exhibit A 2-B.1
Eastern Improvement Area (Excluding Water Improvement Unserved Tracts)
Updated Annual Installments - Malor Improvements
PID Bonds
Net Debt
Year (a)
Principal
Interest
(b)
Service
9/30/2018
$
-
$
149,744
$
149,744
9/30/2019
$
-
$
155,354
$
155,354
9/30/2020
$
-
$
155,354
$
155,354
9/30/2021
$
116,438
$
155,354
$
271,792
9/30/2022
$
122,503
$
149,532
$
272,035
9/30/2023
$
128,567
$
143,407
$
271,974
9/30/2024
$
135,845
$
136,979
$
272,823
9/30/2025
$
143,122
$
130,186
$
273,308
9/30/2026
$
150,399
$
123,030
$
273,430
9/30/2027
$
157,677
$
115,510
$
273,187
9/30/2028
$
166,167
$
107,626
$
273,793
9/30/2029
$
174,657
$
99,318
$
273,975
9/30/2030
$
184,360
$
90,585
$
274,946
9/30/2031
$
194,064
$
81,367
$
275,431
9/30/2032
$
204,980
$
71,664
$
276,644
9/30/2033
$
214,683
$
61,415
$
276,098
9/30/2034
$
226,812
$
50,413
$
277,225
9/30/2035
$
238,941
$
38,788
$
277,729
9/30/2036
$
252,283
$
26,543
$
278,825
9/30/2037
$
265,625
$
13,613
$
279,238
Total
1 $
3,077,122
$ 2,055,784
$
5,132,906
Administrative
Expenses (c)
Delinquency
&
Prepayment
Capitalized
Interest
Annual
Installment
(d)
$
4,852
$
15,386
$
(149,744)
$
20,237
$
16,083
$
15,386
$
(155,354)
$
31,469
$
16,405
$
15,386
$
(155,354)
$
31,790
$
16,733
$
15,386
$
-
$
303,911
$
17,067
$
14,803
$
-
$
303,906
$
17,409
$
14,191
$
-
$
303,574
$
17,757
$
13,548
$
-
$
304,128
$
18,112
$
12,869
$
-
$
304,289
$
18,474
$
12,153
$
-
$
304,057
$
18,844
$
11,401
$
-
$
303,432
$
19,221
$
10,613
$
-
$
303,627
$
19,605
$
9,782
$
-
$
303,362
$
19,997
$
8,909
$
-
$
303,852
$
20,397
$
7,987
$
-
$
303,815
$
20,805
$
7,017
$
-
$
304,466
$
21,221
$
5,992
$
-
$
303,311
$
21,646
$
4,918
$
-
$
303,788
$
22,078
$
3,784
$
-
$
303,592
$
22,520
$
2,590
$
-
$
303,935
$
22,970
$
1,328
$
-
$
303,536
$
372,197
$
203,427
1 $
(460,452)1
$
5,248,078
(a) The 9/30/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 5.07% interest rate on the Bonds plus the Additional Interest plus Administrative
Expenses.
64
Appendix A 2-C.1
Eastern Improvement Area (Excluding Water Improvement Unserved Tracts)
Updated 5-Year Annual Costs and Indebtedness - Major Improvements
Major Improvement Bonds
Delinquency
Projected
Principal
Interest
Period Ending
Administrative
& Prepaymeni
Capitalized
Annual PID
September 30
Payments
Expense
Expenses
Reserve
Interest
Installments
2018
$0
$149,744
$4,852
$15,386
($149,744)
$20,237
2019
$0
$155,354
$16,083
$15,386
($155,354)
$31,469
2020
$0
$155,354
$16,405
$15,386
($155,354)
$31,790
2021
$116,438
$155,354
$16,733
$15,386
$0
$303,911
2022
$122,503
$149,532
$17,067
$14,803
$0
$303,906
2023
$128,567
$143,407
$17,409
$14,191
$0
$303,574
Total
$367,508
$908,745
$88,548
$90,537
($460,452)
$994,886
Note: The Projected Annual Costs and Indebtedness Installments are the expenditures associated with the formation of the PID, the costs
of issuance and repayment of the Major Improvement PID Bonds as well as the administration of the PID. The debt service amounts are
based on an average 5.07% interest rate and a 20 year term for the Major Improvement PID Bonds. Administrative expenses are estimated
to increase at a rate of 2.0% per year will be updated each year as part of the Annual Service Plan Updates.
65
Appendix A 2-A.2
Eastern Improvement Area
Assessment Roll
Exhibit A-2-A.2
Eastern Improvement Area (Water Improvement Unserved Tracts)
Updated Special Assessments - Major Improvements
Estimated Build Out
Major Improvement
Tax Parcel ID
Value (a)
Special Assessment (b)
05700906
$ 124,832,400
$ 491,653
41295149 (Part of)
$ 513,788,600
$ 2,023,557
Total __7$
638,621,000
$ 2,515,210
(a) Estimated build -out value is based on the estimated build out value shown in Table IV-D
calculated using the current development plan attached as Appendix A-3-13.
(b) The Special Assessments are shown have been allocated to each Parcels within the Eastern
Improvement Area based on the updated development plan provided by the Developer in September
2020 and used for the calculation of the Maximum Special Assessment Per Unit amounts shown in
this SAP.
66
Exhibit A-2-13.2
Eastern Improvement Area (Water Improvement Unserved Tracts)
Updated Annual Installments - Maior Improvements
PID Bonds
Net Debt
Year (a)
Principal
Interest (b)
Service
9/30/2018
$
-
$
122,399
$
122,399
9/30/2019
$
-
$
126,985
$
126,985
9/30/2020
$
-
$
126,985
$
126,985
9/30/2021
$
95,175
$
126,985
$
222,160
9/30/2022
$
100,133
$
122,226
$
222,359
9/30/2023
$
105,090
$
117,219
$
222,309
9/30/2024
$
111,038
$
111,965
$
223,003
9/30/2025
$
116,987
$
106,413
$
223,400
9/30/2026
$
122,935
$
100,564
$
223,499
9/30/2027
$
128,883
$
94,417
$
223,300
9/30/2028
$
135,823
$
87,973
$
223,796
9/30/2029
$
142,763
$
81,182
$
223,945
9/30/2030
$
150,694
$
74,044
$
224,738
9/30/2031
$
158,626
$
66,509
$
225,135
9/30/2032
$
167,548
$
58,578
$
226,126
9/30/2033
$
175,480
$
50,200
$
225,680
9/30/2034
$
185,394
$
41,207
$
226,601
9/30/2035
$
195,308
$
31,705
$
227,013
9/30/2036
$
206,213
$
21,696
$
227,909
19/30/20371
$
217,119
1 $
11,127
1 $
228,246
Total
1 $
2,515,210
1 $ 1,680,378
1 $
4,195,588
Administrative
Expenses (c)
Delinquency
&
Prepayment
Capitalized
Interest
Annual
Installment
(d)
$
3,966
$
12,576
$
(122,399)
$
16,542
$
13,146
$
12,576
$
(126,985)
$
25,722
$
13,409
$
12,576
$
(126,985)
$
25,985
$
13,677
$
12,576
$
-
$
248,414
$
13,951
$
12,100
$
-
$
248,410
$
14,230
$
11,600
$
-
$
248,138
$
14,514
$
11,074
$
-
$
248,592
$
14,805
$
10,519
$
-
$
248,723
$
15,101
$
9,934
$
-
$
248,533
$
15,403
$
9,319
$
-
$
248,022
$
15,711
$
8,675
$
-
$
248,182
$
16,025
$
7,996
$
-
$
247,966
$
16,346
$
7,282
$
-
$
248,366
$
16,672
$
6,528
$
-
$
248,335
$
17,006
$
5,735
$
-
$
248,867
$
17,346
$
4,898
$
-
$
247,924
$
17,693
$
4,020
$
-
$
248,314
$
18,047
$
3,093
$
-
$
248,153
$
18,408
$
2,117
$
-
$
248,434
$
18,776
$
1,086
1 $
-
$
248,108
$
304,230
$
166,279
1 $
(376,369)1
$
4,289,729
(a) The 9/30/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 5.07% interest rate on the Bonds plus the Additional Interest plus Administrative
Expenses.
67
Appendix A-2-C.2
Eastern Improvement Area (Water Improvement Unserved Tracts)
Updated 5-Year Annual Costs and Indebtedness - Major Improvements
Major Improvement Bonds
Delinquency
Projected
Principal
Interest
Period Ending
Administrative
& Prepaymeni
Capitalized
Annual PID
September 30
Payments
Expense
Expenses
Reserve
Interest
Installments
2018
$0
$122,399
$3,966
$12,576
($122,399)
$16,542
2019
$0
$126,985
$13,146
$12,576
($126,985)
$25,722
2020
$0
$126,985
$13,409
$12,576
($126,985)
$25,985
2021
$95,175
$126,985
$13,677
$12,576
$0
$248,414
2022
$100,133
$122,226
$13,951
$12,100
$0
$248,410
2023
$105,090
$117,219
$14,230
$11,600
$0
$248,138
Total
$300,398
$742,799
$72,379
$74,004
($376,369)
$813,210
Note: The Projected Annual Costs and Indebtedness Installments are the expenditures associated with the formation of the PID, the costs
of issuance and repayment of the Major Improvement PID Bonds as well as the administration of the PID. The debt service amounts are
based on an average 5.07% interest rate and a 20 year term for the Major Improvement PID Bonds. Administrative expenses are estimated
to increase at a rate of 2.0% per year will be updated each year as part of the Annual Service Plan Updates.
68
Appendix A-3-A
Updated Development Plan (as provided by the Developer in September 2020)
Western Improvement Area (Sewer Improvement Served and Unserved Parts)
Projected Build Out Value per Unit or SF
$ 315,000
$ 132,000
$ 200
New Parcel ID
Old Parcel ID
Single Family
Units
Multifamily
Units
Commercial
SF
Total Projected
Build Out Value
4103629 (Sewer Served Part)
4103629
213
0
0
$ 67,095,000
4103629 (Sewer Unser cl Part)
170
0
0
$ 53,550,000
42423153
272
0
0
$ 85,680,000
42423145
0
0
0
$
Total Build Out Value
$ 206,325,000
$
$
$ 206,325,000
6839851
6839851
392
0
0
$ 123,480,000
42423196
0
960
283,134
$ 183,346,800
42423188
0
0
0
$
Total Build Out Value
$ 123, 480, 000
$126, 720, 000
$ 56, 626, 800
$ 306, 826, 800
3710890**
42423218
42423200
3779114
3958817
3710890
41017338
727
1560
661,223
$ 567,169,600
0
0
0
$
0
0
0
$
0
0
0
$ -
41047362
3779122
4070585
41291514
0
0
0
$
0
0
0
$
0
0
0
$
0
0
0
$
0
0
233,403
$ 46,680,600
0
0
0
$
Subtotal
727
1,560
894,626
Total Build Out Value
$ 229, 005, 000
$205, 920, 000
$ 178, 925, 200
$ 613,8 200
41524853
41524853
0
0
0
1
Grand Total
1,774
2,520
1,177,760
$ 1,127,002,000
**Apor0on of Tax Parcel #03710890 is zoned "MU-2" High Intensity Mixed -Use allowing "higher density, mixed -use, pedestrian -oriented
development for designated mixed -use growth centers and urban villages" including a varietyof housing types among the planned commercial
development Ifthe Developer's plans change to include high -density multi -family housing, the total assessments will be re -allocated in an
Annual Service Plan Update to include the additional high -density m ulti-fam ily units which will result in a reduction ofthe total assessments for
the units reflected above.'*
Summary of Western Improvement Area Projected Buildout Values
Sewer Improvement Uns—cl Tracts $ 53,550,000
Sewer Improvement Served Tracts $ 1,073,452,000
Grand Total Projected Buildout Value $ 1,127,002,000
Projected Build Out Value per Unit or SF
$ 315,000
$ 132,000
$ 200
New Parcel ID
Old Parcel ID
Single Family
Units
Multifamily
Units
Commercial
SF
Total Projected
Build Out Value
5700906
5700908
304
0
145,362
Total Build Out Value
$ 95,760,000
$
$ 29,072,400
$ 124,832,400
41291549
41291549
1,597
0
0
0
1,800,253
0
0
3983773
0
4009576
0
Subtotal
1,597
0
1,800,253
Total Build Out Value
$ 503,055,000
$
$ 360 050 600
$ 863,105,600
41291522
4009576
0
0
559,085
Total Build Out Value
$
$
$ 111, 817, 000
$ 111,817,000
Grand Total
1,901
0
2,504,700
$ 1,099,755,000
$ -
$ 1,099,755,000
Summarvof Eastern Im rovemem Area
Projected Buildout Values
Sewer Improvement Unserved Tracts
Sewer lmprowmentSenedTracts
Grand Total Projected Buildout Value
$ 1,099,755,000
Me
Appendix A-3-B
Updated Development Plan (as provided bythe Developer in September 2020 and January 2021)
1, Western Improvement Area (Water Improvement Served and Unserved Parts) M
Projected Build Out Valueper Unit or SF
$ 315,000
$ 132,000
$ 200
New Parcel ID
Old Parcel ID
Single Family
Units
Multifamily
Units
Commercial
SF
Total Projected
Build Out Value
4103629 (Water Served Part)
4103629
317
0
0
$ 99,855,000
4103629 (Water Unserved Part)
66
0
0
$ 20,790,000
42423153 (Water Served Part)
88
0
0
$ 27,720,000
42423153 (Water Unserved Part)
184
0
0
$ 57,960,000
42423145
0
0
0
$
Total Build Out Value
$ 148,365,000
$
$
$ 206,325,000
6839851
6839851
392
0
0
$ 123,480,000
42423196 (Water Served Part)
0
960
280,373
$ 182,794,600
42423196 (Water Unserved Part)
0
0
2,761
$ 552,200
42423188
0
0
0
$
Total Build Out Value
$ 123,480,000
$126,720,000
$ 56,626,800
$ 306,826,800
3710890**
42423218
42423200
3779114
3958817
3710890
41017338
41047362
3779122
4070585
41291514
1
727
1560
661,223
$ 567,169,600
0
0
0
$
0
0
0
$
0
0
0
$
0
0
0
$
0
0
0
$
0
0
0
$
0
0
0
$
0
0
233,403
$ 46,680,600
0
0
0
$
Subtotal
727
1,560
894,626
Total Build Out Value
$ 229, 0051000
$205, 920, 000
$ 178, 925, 200
$ 613, 850, 200
41524853
41524853
0
0
0
$
Grand Total
1,774
2,520
1,177,760
$ 1,127,002,000
J
**A portion of Tax Parcel #03710890 is zoned "MU-2" High Intensity Mixed -Use allowing "higher density, mixed -use, pedestrian -oriented
deveIopmentfor designated mixed -use growth centers and urban villages" including a varietyof housing types among the planned commercial
development. Ifthe Developer's plans change to include high -density m ulti-fam ily housing, the total assessments will be re -allocated in an
Annual Service Plan Update to include the additional high -density multi -family units which will result in a reduction of the total assessments for
the units reflected above..**
Summary of Western Improvement Area Projected Buildout Values
Water Improvement Unserved Tracts
Water Improvement Served Tracts
$ 79,302,200
$ 1,047,699,800
Grand Total Projected Buildout Value 1 1 $ 1,127,002,000
Eastern Improv aria
Projected Build Out Value per Unit or SF
$ 315,000
$ 132,000
$ 200
New Parcel ID
Old Parcel ID
Single Family
Units
Multifamily
Units
Commercial
SF
Total Projected
Build Out Value
5700906 (Water Unserved Tract)
5700908
304
0
145,362
Total Build Out Value
$ 95,760,000
$
$ 29,072,400
$ 124,832,400
41291549 (Water Served Part)
41291549
3983773
4009576
646
0
0
0 _
0 _
0
729,135
0
0
Subtotal
646
0
729,135
Total Build Out Value
$ 203,490,000
$
$ 145,827,000
$ 349,317,000
41291549 (Water Unserved Part)
41291549
3983773
4009576
951
0
0
0
1,071,118
0
0
0
0
Subtotal
951
1 0
1,071,118
Total Build Out Value
$ 299, 565, 000
$
$ 214, 223, 600 $ 513, 788, 600
41291522
4009576
0
0
559,085
Total Build Out Value
$
$
$ 111,817,000 $ 111,817,000
Grand Total
1,901
0
2,504,700 $1,099,755,000
Summary of Eastern Improvement Area Projected Buildout Values
Water Improvement Unserved Tracts
638,621,000
Water Improvement Served Tracts $ 461,134,000
Grand Total Projected Buildout Value $ 1,099,755,000
70
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;
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.
71
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";
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';
72
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;
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 SEC. EAST, A DISTANCE OF 707.57 FEET TO A 518" IRON ROD FOUND;
NORTH 29 DEG. 41 MIN. 47 SEC. WEST, A DISTANCE OF 867.72 FEET TO A 5/8" IRON ROD FOUND;
73
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);
THENCE SOUTH 89 DEG. 41 MIN. 12 SEC. 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. DI85006143 (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;
74
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;
THENCE SOUTH O1 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)
75
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 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 SEC. WEST, A DISTANCE OF 59.11 FEET TO A 1/2" IRON ROD FOUND;
NORTH 34 DEG. 59 MIN. 41 SEC. 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 O1 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 SEC., 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.
76
Appendix B-1
Legal Description for the Western Improvement Area
SAVE AND EXCEPT the University Property
THE REMAINDER TRACT OF 842.763 ACRES OF LAND, MORE OR LESS, FROM AN ORIGINAL TRACT OF 922.763
ACRES OF LAND, MORE OR LESS, COMPRISED OF (1) TRACT 1 EQUALING 220.826 ACRES OF LAND, MORE OR
LESS, PLUS (2) TRACT 2A EQUALING 701.937 ACRES OF LAND, MORE OR LESS, SAVE AND EXCEPT THE 80 ACRES
OF LAND, MORE OR LESS, AS DESCRIBED BELOW.
TRACT I
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 O1 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 O1 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;
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
77
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";
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;
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 SEC. 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
79
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.
SAVE AND EXCEPT:
BEING AN 80.000 ACRE TRACT OF LAND SITUATED IN THE JUAN JOSE ALBIRADO SURVEY ABSTRACT NO. 4,
THE JOHN H. BOSTICK SURVEY, ABSTRACT AO. 195 AND THE J M MUHLINGHAUS SURVEY ABSTRACT NO. 1157,
TARRANT COUNTY TEXAS AND BEING A PORTION OF A CALLED 701.937 ACRE TRACT OF LAND DESIGNATED
AS "TRACT 2A" IN THE DEED WITHOUT WARRANTY FROM THE STATE OF TEXAS TO WUSF 4 ROCK CREEK, LP,
RECORDED IN COUNTY CLERK'S FILE NUMBER D214115889, OFFICIAL PUBLIC RECORDS OF TARRANT COUNTY,
TEXAS, (O.P.R.T.C.T.); SAID 80.000 ACRE TRACT OF LAND BEING MORE PARTICULARLY DESCRIBED AS
FOLLOWS:
COMMENCING AT A 5/8-INCH IRON ROD WITH YELLOW PLASTIC CAP STAMPED "BURY" FOUND FOR THE
SOUTHEAST CORNER OF SAID 701.937 ACRE TRACT OF LAND SAME BEING THE NORTHEAST CORNER OF THAT
CALLED 226.469 ACRE TRACT OF LAND DESIGNATED AS "TRACT ONE" IN THE DEED WITHOUT WARRANTY TO
CHESAPEAKE LAND DEVELOPMENT COMPANY, L.L.C. RECORDED IN COUNTY CLERK'S FILE NUMBER
D210208370, O.P.R.T.C.T. AND BEING IN THE WESTERLY RIGHT-OF-WAY LINE OF STATE HIGHWAY 121, ALSO
KNOWN AS CHISHOLM TRAIL PARKWAY, (A VARIABLE WIDTH PUBLIC RIGHT-OF-WAY) AS DESCRIBED IN THE
DEED TO THE STATE OF TEXAS RECORDED IN COUNTY CLERK'S FILE NUMBER D207135727, O.P.R.T.C.T., AND
BEING THE POINT OF CURVATURE OF A CURVE TO THE RIGHT HAVING A RADIUS POINT WHICH BEARS SOUTH
81°02'31" EAST, A DISTANCE OF 5,849.58 FEET;
THENCE NORTHEASTERLY ALONG SAID WESTERLY RIGHT-OF-WAY LINE WITH SAID CURVE TO THE RIGHT
THROUGH A CENTRAL ANGLE OF 06034'29" FOR AN ARC LENGTH OF 671.25 FEET, A CHORD BEARING OF NORTH
05°40'14" EAST AND A CHORD DISTANCE OF 670.88 FEET TO A 5/8-INCH IRON ROD WITH YELLOW PLASTIC CAP
STAMPED "BURY" SET FOR THE POINT OF BEGINNING;
THENCE DEPARTING SAID WESTERLY RIGHT-OF-WAY LINE OVER AND ACROSS SAID 701.937 ACRE TRACT OF
LAND THE FOLLOWING FIFTEEN (15) CALLS:
NORTH 81003'32" WEST, A DISTANCE OF 1,157.78 FEET TO A 5/8-INCH IRON ROD WITH YELLOW PLASTIC CAP
STAMPED "BURY" SET FOR CORNER;
NORTH 17°03'51" WEST, A DISTANCE OF 644.36 FEET TO A 5/8-INCH IRON ROD WITH YELLOW PLASTIC CAP
STAMPED "BURY" SET FOR THE POINT OF CURVATURE OF A NON -TANGENT CURVE TO THE LEFT HAVING A
RADIUS POINT WHICH BEARS NORTH 17003'51" WEST, A DISTANCE OF 680.00 FEET;
NORTHEASTERLY WITH SAID CURVE TO THE LEFT THROUGH A CENTRAL ANGLE OF 49°07'45" FOR AN ARC
LENGTH OF 583.08 FEET, A CHORD BEARING OF NORTH 48°22'16" EAST AND A CHORD DISTANCE OF 565.38 FEET
TO A 5/8-INCH IRON ROD WITH YELLOW PLASTIC CAP STAMPED "BURY" SET FOR THE POINT OF TANGENCY;
NORTH 23048'23" EAST, A DISTANCE OF 1,308.94 FEET TO A 5/8-INCH IRON ROD WITH YELLOW PLASTIC CAP
STAMPED "BURY" SET FOR THE POINT OF CURVATURE OF A CURVE TO THE RIGHT HAVING A RADIUS OF 970.00
FEET;
NORTHEASTERLY WITH SAID CURVE TO THE RIGHT THROUGH A CENTRAL ANGLE OF 11053'34" FOR AN ARC
LENGTH OF 201.34 FEET, A CHORD BEARING OF NORTH 29°45'10" EAST AND A CHORD DISTANCE OF 200.98 FEET
TO A 5/8-INCH IRON ROD WITH YELLOW PLASTIC CAP STAMPED "BURY" SET FOR THE POINT OF TANGENCY;
NORTH 35041'58" EAST, A DISTANCE OF 252.58 FEET TO A 5/8-INCH IRON ROD WITH YELLOW PLASTIC CAP
STAMPED "BURY" SET FOR THE POINT OF CURVATURE OF A CURVE TO THE LEFT HAVING A RADIUS OF 530.00
FEET;
NORTHEASTERLY WITH SAID CURVE TO THE LEFT THROUGH A CENTRAL ANGLE OF 20020'20" FOR AN ARC
LENGTH OF 188.14 FEET, A CHORD BEARING OF NORTH 25-31'48" EAST AND A CHORD DISTANCE OF 187.15 FEET
TO A 5/8-INCH IRON ROD WITH YELLOW PLASTIC CAP STAMPED "BURY" SET FOR THE POINT OF TANGENCY;
NORTH 15021'38" EAST, A DISTANCE OF 133.43 FEET TO A 5/8-INCH IRON ROD WITH YELLOW PLASTIC CAP
STAMPED "BURY" SET FOR THE POINT OF CURVATURE OF A CURVE TO THE RIGHT HAVING A RADIUS OF 470.00
FEET;
NORTHEASTERLY WITH SAID CURVE TO THE RIGHT THROUGH A CENTRAL ANGLE OF 21043'51" FOR AN ARC
LENGTH OF 178.26 FEET, A CHORD BEARING OF NORTH 26013'33" EAST AND A CHORD DISTANCE OF 177.19 FEET
TO A 5/8-INCH IRON ROD WITH YELLOW PLASTIC CAP STAMPED "BURY" SET FOR THE POINT OF TANGENCY;
NORTH 37005'29" EAST, A DISTANCE OF 101.97 FEET TO A 5/8-INCH IRON ROD WITH YELLOW PLASTIC CAP
STAMPED "BURY" SET FOR CORNER;
NORTH 82005'29" EAST, A DISTANCE OF 14.14 FEET TO A 5/8-INCH IRON ROD WITH YELLOW PLASTIC CAP
STAMPED "BURY" SET FOR CORNER;
:1
SOUTH 52054'31" EAST, A DISTANCE OF 980.00 FEET TO A 5/8-INCH IRON ROD WITH YELLOW PLASTIC CAP
STAMPED "BURY" SET FOR CORNER;
SOUTH 0754'08" EAST, A DISTANCE OF 14.14 FEET TO A 5/8-INCH IRON ROD WITH YELLOW PLASTIC CAP
STAMPED "BURY" SET FOR THE POINT OF CURVATURE OF A NON -TANGENT CURVE TO THE LEFT HAVING A
RADIUS POINT WHICH BEARS SOUTH 52056'13" EAST, A DISTANCE OF 2,340.00 FEET;
SOUTHWESTERLY WITH SAID CURVE TO THE LEFT THROUGH A CENTRAL ANGLE OF 21°21'37" FOR AN ARC
LENGTH OF 872.37 FEET, A CHORD BEARING OF SOUTH 26°22'59" WEST AND A CHORD DISTANCE OF 867.33 FEET
TO A 5/8-INCH IRON ROD WITH YELLOW PLASTIC CAP STAMPED "BURY" SET FOR THE POINT OF TANGENCY;
SOUTH 15°42'10" WEST, A DISTANCE OF 627.38 FEET TO A 5/8-INCH IRON ROD WITH YELLOW PLASTIC CAP
STAMPED "BURY" SET FOR CORNER IN THE AFOREMENTIONED WESTERLY RIGHT-OF-WAY LINE OF SAID
STATE HIGHWAY 121 AND BEING THE POINT OF CURVATURE OF A NON -TANGENT CURVE TO THE LEFT
HAVING A RADIUS POINT WHICH BEARS SOUTH 67046'02" EAST, A DISTANCE OF 5,849.58 FEET;
THENCE SOUTHWESTERLY ALONG SAID WESTERLY RIGHT-OF-WAY LINE WITH SAID CURVE TO THE LEFT
THROUGH A CENTRAL ANGLE OF 13°16'30" FOR AN ARC LENGTH OF 1,355.29 FEET, A CHORD BEARING OF
SOUTH 15°35'43" WEST AND A CHORD DISTANCE OF 1,352.26 FEET TO THE POINT OF BEGINNING;
CONTAINING A COMPUTED AREA OF 3,484,811 SQUARE FEET OR 80.000 ACRES OF LAND, MORE OR LESS.
EX
Appendix B-2
Legal Description for the Eastern Improvement Area
A tract of land consisting of 823.85 acres of land, more or less, comprised of (1) Tract 2B equaling 753.473 acres of land, more or
less, plus (2) Tract 3 equaling 79.377 acres of land, more or less.
TRACT 2B
BEING A 753.473 ACRE TRACT OF LAND SITUATED IN THE JUAN JOSE ALBIRADO SURVEY ABSTRACT NO. 4,
THE JOHN KORTICKY SURVEY, ABSTRACT NO. 914, AND THE JOHN R. LEATH SURVEY, ABSTRACT NO. 962,
TARRANT COUNTY, TEXAS AND BEING A PORTION OF THAT CALLED 1762.1540 ACRE TRACT OF LAND
DESIGNATED AS "TRACT TWO" IN THE WARRANTY DEED FROM CRESTVIEW FARM L.L.C., TO THE STATE OF
TEXAS, FOR THE USE AND BENEFIT OF THE PERMANENT SCHOOL FUND RECORDED IN COUNTY CLERK'S FILE
NUMBER D205348086, OFFICIAL PUBLIC RECORDS OF TARRANT COUNTY, TEXAS, (O.P.R.T.C.T.), SAID 753.473
ACRE TRACT OF LAND BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS:
BEGINNING AT A RAILROAD SPIKE FOUND FOR THE MOST EASTERN NORTHEAST CORNER OF SAID 1762.1540
ACRE TRACT OF LAND AND BEING AT THE INTERSECTION OF STEWART FELTZ ROAD, (COUNTY ROAD NO. 1014
- A PUBLIC RIGHT-OF-WAY), TO THE WEST WITH CLEBURNE ROAD WEST, (COUNTY ROAD NO. 1035 - A PUBLIC
RIGHT-OF-WAY), TO THE SOUTH;
THENCE SOUTH 00014'46" EAST ALONG THE EAST LINE OF SAID 1762.1540 ACRE TRACT OF LAND AND WITH
SAID CLEBURNE ROAD, A DISTANCE OF 4786.38 FEET TO A 5/8-INCH IRON ROD WITH YELLOW PLASTIC CAP
STAMPED "BURY" SET FOR THE MOST EASTERLY SOUTHEAST CORNER OF SAID 1762.1540 ACRE TRACT OF
LAND AND BEING AT THE INTERSECTION OF SAID CLEBURNE ROAD WITH FARM TO MARKET ROAD NO. 1081
(A PUBLIC RIGHT-OF-WAY) RUNNING TO THE EAST;
THENCE SOUTH 89041'12" WEST ALONG THE SOUTH LINE OF SAID 1762.1540 ACRE TRACT OF LAND AND
CONTINUING WITH SAID CLEBURNE ROAD, A DISTANCE OF 770.87 FEET TO A 5/8-INCH IRON ROD WITH
YELLOW PLASTIC CAP STAMPED "BURY" SET FOR CORNER;
THENCE SOUTH 89027'06" WEST DEPARTING SAID CLEBURNE ROAD, CONTINUING ALONG SAID SOUTH LINE
SAME BEING THE NORTH LINE OF THAT CALLED 113.287 ACRE TRACT OF LAND DESCRIBED IN THE SPECIAL
WARRANTY DEED TO C & E FAMILY LIMITED PARTNERSHIP, L.P., A DISTANCE OF 4882.79 FEET TO A POINT FOR
CORNER FROM WHICH A 5/8-INCH IRON ROD FOUND BEARS SOUTH 37°59' 18" EAST, A DISTANCE OF 0.28 FEET;
THENCE SOUTH 89°13'38" WEST CONTINUING ALONG SAID SOUTH LINE, A DISTANCE OF 44.52 FEET TO A PK
NAIL WITH A WASHER STAMPED "BURY" SET FOR THE SOUTHEAST CORNER OF THAT CALLED 9.137 ACRE
TRACT IF LAND DESIGNATED AS "TRACT TWO" IN THE DEED TO CHESAPEAKE LAND DEVELOPMENT
COMPANY, L.L.C. RECORDED IN COUNTY CLERK'S FILE NUMBER D210208370, O.P.R.T.C.T. AND BEING IN THE
APPROXIMATE CENTER OF OLD GRANBURY ROAD, (COUNTY ROAD NO. 1089 - A PUBLIC RIGHT-OF-WAY),
CALLED TO BE 80-FEET WIDE AT THIS POINT PER TARRANT COUNTY ROAD MAP FOR PROJECT NUMBER 1089,
DATED APRIL 4, 1956);
THENCE NORTH 06°32'49" WEST ALONG THE EAST LINE OF SAID 9.137 ACRE TRACT OF LAND AND WITH SAID
OLD GRANBURY ROAD, A DISTANCE OF 276.53 FEET TO A PK NAIL WITH A WASHER STAMPED "BURY" SET FOR
THE NORTHEAST CORNER OF SAID 9.137 ACRE TRACT OF LAND;
THENCE SOUTH 89015'28" WEST ALONG THE NORTH LINE OF SAID 9.137 ACRE TRACT OF LAND, A DISTANCE OF
1427.14 FEET TO A 5/8-INCH IRON ROD WITH YELLOW PLASTIC CAP STAMPED "BURY" SET FOR CORNER IN THE
SOUTHEASTERLY RIGHT-OF-WAY LINE OF STATE HIGHWAY 121, ALSO KNOWN AS CHISHOLM TRAIL
PARKWAY, (A VARIABLE WIDTH PUBLIC RIGHT-OF-WAY) AS DESCRIBED IN THE DEED TO THE STATE OF
TEXAS RECORDED IN COUNTY CLERK'S FILE NUMBER D207135727, O.P.R.T.C.T. AND BEING THE POINT OF
CURVATURE OF A NON -TANGENT CURVE TO THE RIGHT HAVING A RADIUS POINT WHICH BEARS SOUTH
87°28'51" EAST, A DISTANCE OF 5609.58 FEET;
THENCE ALONG SAID SOUTHEASTERLY RIGHT-OF-WAY LINE OF CHISHOLM TRAIL PARKWAY, THE
FOLLOWING NINE (9) CALLS:
1) NORTHEASTERLY WITH SAID CURVE TO THE RIGHT THROUGH A CENTRAL ANGLE OF 44038'36" FOR
AN ARC LENGTH OF 4370.83 FEET, A CHORD BEARING OF NORTH 24050'26" EAST AND A CHORD
DISTANCE OF 426 1. 10 FEET TO THE POINT OF TANGENCY;
EX
2) NORTH 47009'45" EAST, A DISTANCE OF 1316.80 FEET TO A POINT FOR CORNER;
3) NORTH 55006'09" EAST, A DISTANCE OF 767.36 FEET TO A POINT FOR CORNER;
4) NORTH 47009'45" EAST, A DISTANCE OF 647.57 FEET TO A POINT FOR CORNER;
5) SOUTH 75013'44" EAST, A DISTANCE OF 292.96 FEET TO A POINT FOR CORNER;
6) NORTH 12051'03" EAST, A DISTANCE OF 84.05 FEET TO A PONT FOR CORNER;
7) NORTH 47009'45" EAST, A DISTANCE OF 1126.07 FEET TO A PONT FOR CORNER;
8) NORTH 42050'15" WEST, A DISTANCE OF 200.00 FEET TO A PONT FOR CORNER;
9) NORTH 39013'20" EAST, A DISTANCE OF 233.17 FEET TO THE SOUTHWEST CORNER OF THAT CALLED
0.364 ACRE TRACT OF LAND DESIGNATED AS PARCEL NO. 144 IN THE DEED TO NORTH TEXAS
TOLLWAY AUTHORITY RECORDED IN COUNTY CLERK'S FILE NO. D213222631, O.P.R.T.C.T.;
THENCE NORTH 88050'50" EAST ALONG THE SOUTH LINE OF SAID PARCEL NO. 144, A DISTANCE OF 164.10 FEET
TO A 5/8-INCH IRON ROD WITH YELLOW PLASTIC CAP STAMPED "BURY" SET FOR THE SOUTHEAST CORNER
OF SAID PARCEL NO. 144 AND BEING IN AN EAST LINE OF THE AFOREMENTIONED 1762.1540 ACRE TRACT OF
LAND AND BEING IN THE AFOREMENTIONED STEWART FELTZ ROAD;
THENCE SOUTH 01 °09'02" EAST ALONG AN EAST LINE OF SAID 1762.1540 TRACT OF LAND AND WITH STEWART
FELTZ ROAD, A DISTANCE OF 2187.24 FEET TO A 5/8-INCH IRON ROD WITH YELLOW PLASTIC CAP STAMPED
"BURY" SET FOR CORNER;
THENCE NORTH 89018'13" EAST ALONG A NORTH LINE OF SAID 1762.1540 ACRE TRACT OF LAND AND
CONTINUING WITH SAID STEWART FELTZ ROAD, A DISTANCE OF 1929.06 FEET TO THE POINT OF BEGINNING;
CONTAINING A COMPUTED AREA OF 32,821,292 SQUARE FEET OR 753.473 ACRES OF LAND, MORE OR LESS.
TRACT 3
BEING A 79.377 ACRE TRACT OF LAND SITUATED IN THE JOHN KORTICKY SURVEY, ABSTRACT NO. 914, CITY
OF FORT WORTH, TARRANT COUNTY, TEXAS AND BEING ALL OF THAT CALLED 79.375 ACRE TRACT OF LAND
DESCRIBED IN THE SPECIAL WARRANTY DEED FROM TRINITY/TARRANT PARTNERS, LTD. TO THE STATE OF
TEXAS FOR THE USE AND BENEFIT OF THE PERMANENT SCHOOL FUND RECORDED IN COUNTY CLERK'S FILE
NUMBER D206170014, OFFICIAL PUBLIC RECORDS OF TARRANT COUNTY, TEXAS, (O.P.R.T.C.T.), SAID 79.377
ACRE TRACT OF LAND BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS:
BEGINNING AT A 5/8-INCH IRON ROD WITH YELLOW PLASTIC CAP STAMPED "BURY" SET FOR THE NORTHEAST
CORNER OF SAID 79.3755 ACRE TRACT OF LAND AND BEING THE POINT OF INTERSECTION OF THE EASTERLY
RIGHT-OF-WAY LINE OF FUTURE WEST CLEBURNE ROAD, (A 55-FOOT PUBLIC RIGHT-OF-WAY), AS DEDICATED
BY THE FINAL PLAT OF PANTHER HEIGHTS, AN ADDITION TO THE CITY OF FORT WORTH ACCORDING TO THE
PLAT THEREOF RECORDED IN CABINET A, SLIDE 9826 OF THE PLAT RECORDS OF TARRANT COUNTY, TEXAS,
(P.R.T.C.T.) WITH THE WEST RIGHT-OF-WAY LINE OF SUMMER CREEK ROAD, (A 60-FOOT PUBLIC RIGHT-OF-
WAY) AS DEDICATED BY THE FINAL PLAT OF PANTHER HEIGHTS, PHASE 2, AN ADDITION TO THE CITY OF
FORT WORTH ACCORDING TO THE PLAT THEREOF RECORDED IN CABINET A, SLIDE 7768 P.R.T.C.T.;
THENCE SOUTH 00037'47" EAST ALONG THE COMMON LINE OF SAID 79.375 ACRE TRACT OF LAND AND SAID
PANTHER HEIGHTS, PHASE 2, A DISTANCE OF 1395.61 FEET TO A 5/8-INCH IRON ROD WITH YELLOW PLASTIC
CAP STAMPED "BURY" SET FOR THE MOST EASTERLY SOUTHEAST CORNER OF SAID 79.375 ACRE TRACT OF
LAND SAME BEING THE NORTHEAST CORNER OF THAT CALLED 6.887 ACRE TRACT OF LAND DESCRIBED IN
THE CORRECTION SPECIAL WARRANTY DEED RECORDED IN COUNTY CLERK'S FILE NUMBER D206091861,
O.P.R.T.C.T.;
THENCE SOUTH 89013'07" WEST ALONG THE COMMON LINE OF SAID 79.375 ACRE TRACT OF LAND AND SAID
6.887 ACRE TRACT OF LAND, A DISTANCE OF 500.00 FEET TO A POINT FOR THE NORTHWEST CORNER OF SAID
6.887 ACRE TRACT OF LAND;
THENCE SOUTH 00037'47" EAST CONTINUING ALONG SAID COMMON LINE, A DISTANCE OF 600.00 FEET TO A
5/8-INCH IRON ROD WITH YELLOW PLASTIC CAP STAMPED "BURY" SET FOR THE SOUTHWEST CORNER OF SAID
6.887 ACRE TRACT OF LAND AND BEING NORTH LINE OF WEST CLEBURNE ROAD, (COUNTY ROAD NO. 1035 - A
PUBLIC RIGHT-OF-WAY);
THENCE SOUTH 89010'54" WEST ALONG THE SOUTH LINE OF SAID 79.375 ACRE TRACT OF LAND AND THE
NORTH LINE OF SAID WEST CLEBURNE ROAD, A DISTANCE OF 299.16 FEET TO A 1/2-INCH IRON ROD FOUND
FOR CORNER;
THENCE NORTH 00048'10" WEST DEPARTING THE NORTH LINE OF SAID WEST CLEBURNE ROAD, A DISTANCE
OF 660.35 FEET TO A 5/8-INCH IRON ROD FOUND FOR CORNER;
THENCE SOUTH 89012'25" WEST, A DISTANCE OF 659.92 FEET TO A 5/8-INCH IRON ROD FOUND FOR CORNER;
THENCE SOUTH 00°46'53" EAST, A DISTANCE OF 660.05 FEET TO A 1/2-INCH IRON ROD FOUND FOR CORNER IN
THE NORTH LINE OF STEWART FELTZ ROAD, (COUNTY ROAD NO. 1014 - A PUBLIC RIGHT-OF-WAY);
THENCE ALONG THE SOUTH AND WEST LINES OF SAID 79.375 ACRE TRACT OF LAND WHICH ARE COMMON TO
THE NORTH AND EAST LINES OF SAID STEWART FELTZ ROAD, THE FOLLOWING SIX (6) CALLS;
1) SOUTH 89012'23" WEST, A DISTANCE OF 1260.49 FEET TO A 5/8-INCH IRON ROD FOUND FOR CORNER;
2) NORTH 75012'14" WEST, A DISTANCE OF 76.80 FEET TO A 5/8-INCH IRON ROD WITH YELLOW PLASTIC
CAP STAMPED "BURY" SET FOR CORNER;
3) NORTH 52013'00" WEST, A DISTANCE OF 59.17 FEET TO A 1/2-INCH IRON ROD FOUND FOR CORNER;
4) NORTH 34°55'30" WEST, A DISTANCE OF 63.75 FEET TO A 5/8-INCH IRON ROD WITH YELLOW PLASTIC
CAP STAMPED "BURY" SET FOR CORNER;
5) NORTH 14°00'44" WEST, A DISTANCE OF 55.98 FEET TO A 1/2-INCH IRON ROD FOUND FOR CORNER;
6) NORTH O1'01'20" WEST, A DISTANCE OF 1277.45 FEET TO A 5/8-INCH IRON ROD WITH YELLOW PLASTIC
CAP STAMPED "BURY" SET FOR THE NORTHEAST CORNER OF SAID 79.375 ACRE TRACT OF LAND SAME
BEING THE SOUTHWEST CORNER OF SAID PANTHER HEIGHTS ADDITION RECORDED IN CABINET A,
SLIDE 9826, P.R.T.C.T.;
THENCE NORTH 89012'27" EAST ALONG THE COMMON LINE OF SAID 79.375 ACRE TRACT OF LAND AND SAID
PANTHER HEIGHTS ADDITION, A DISTANCE OF 2739.79 FEET TO A 5/8-INCH IRON ROD WITH YELLOW PLASTIC
CAP STAMPED "BURY" SET FOR CORNER IN THE EAST LINE OF THE AFOREMENTIONED FUTURE WEST
CLEBURNE ROAD AND BEING THE POINT OF CURVATURE OF A NON -TANGENT CURVE TO THE LEFT HAVING
A RADIUS POINT WHICH BEARS NORTH 58°47'00" WEST, A DISTANCE OF 1050.00 FEET;
THENCE NORTHEASTERLY ALONG SAID EAST LINE WITH SAID CURVE TO THE LEFT THROUGH A CENTRAL
ANGLE OF 31 °49'21" FOR AN ARC LENGTH OF 583.18 FEET, A CHORD BEARING OF NORTH 15°18'19" EAST AND A
CHORD DISTANCE OF 575.71 FEET TO THE POINT OF BEGINNING;
CONTAINING A COMPUTED AREA OF 3,457,652 SQUARE FEET OR 79.377 ACRES OF LAND, MORE OR LESS.
Appendix C
Map of Authorized Improvements
CEO
ig
Water Improvements
,WWI
lI YID
iP IIR761
d7'IwD91
Q}OODWJNI
a
WATEREXMrT
TARI.E ON STATE
UNIVERSITY
S3Qaow.
�Aax r i
I%
Sanitary Sewer Improvements
wage
'e
SAMTARY SEWER
EMrf
TARIEMN STATE
UNfVRRSrrY
Roadway Improvements
x
e
ROADWAY E11MIr
TARMVi STAM
SmVSR.AIY
Appendix D
Map of Sanitary Sewer Improvements Unserved Tract
and
Maps of Water Improvements Unserved Tracts
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