HomeMy WebLinkAboutResolution 5616-09-2022 A Resolution
NO. 5616-09-2022
A RESOLUTION OF THE CITY OF FORT WORTH, TEXAS DETERMINING
THE COSTS OF CERTAIN PUBLIC IMPROVEMENTS TO BE FINANCED BY
THE FORT WORTH PUBLIC IMPROVEMENT DISTRICT NO. 16 (WALSH
RANCH/QUAIL VALLEY); ACCEPTING A PRELIMINARY SERVICE AND
ASSESSMENT PLAN UPDATE, INCLUDING PROPOSED UPDATED
ASSESSMENT ROLLS; DIRECTING THE FILING OF THE PROPOSED
UPDATED ASSESSMENT ROLLS WITH THE CITY SECRETARY TO MAKE
AVAILABLE FOR PUBLIC INSPECTION; CALLING A PUBLIC HEARING ON
SEPTEMBER 27, 2022 TO CONSIDER AN ORDINANCE LEVYING
ADDITIONAL ASSESSMENTS ON CERTAIN PROPERTY WITHIN THE
DISTRICT; DIRECTING CITY STAFF TO PUBLISH AND MAIL NOTICE OF
SAID PUBLIC HEARING; AND RESOLVING OTHER MATTERS INCIDENT
AND RELATED THERETO.
WHEREAS, Chapter 372, Texas Local Government Code (the"Act') authorizes the governing body(the
"City Council") of the City of Fort Worth, Texas (the "City"), to create a public improvement district within the
corporate limits and extraterritorial jurisdiction of the City; and
WHEREAS, on September 20, 2016, the City Council conducted a public hearing to consider a petition
received by the City on August 1, 2016 (the "Petition") requesting the creation of the Fort Worth Public
Improvement District No. 16 (Walsh Ranch/Quail Valley) (the "District')to undertake the construction of certain
public improvements described in the Petition(the"Authorized Improvements"); and
WHEREAS, on September 27, 2016, the City Council adopted Resolution No. 4686-09-2016 (the
"Authorization Resolution"), authorizing, establishing and creating the District; and
WHEREAS, the City Council previously adopted a Service and Assessment Plan (the "Service and
Assessment Plan") for the District pursuant to Ordinance 22707-05-2017, adopted on May 2, 2017; and(2)levied
assessments on Improvement Area#1 of the District(as defined in the Service and Assessment Plan); and
WHEREAS, the City Council previously adopted the Annual Service and Assessment Plan Update for
Improvement Area #2 (the "Service and Assessment Plan Improvement Area #2 Update") for the District
pursuant to Ordinance 24386-09-2020,adopted on September 1,2020; and(2)levied assessments on Improvement
Area#2 of the District(as defined in the Service and Assessment Plan); and
WHEREAS,the City Council now desires to levy additional special assessments on Improvement Area#3
of the District (as defined in the Service and Assessment Plan) for the purposes of financing the costs of certain
Authorized Improvements in Improvement Area#3 (the"Improvement Area#3 Improvements"); and
WHEREAS,the City Council and the City staff have been presented with a proposed update to the Service
and Assessment Plan for the District, including proposed updates to the assessment rolls attached thereto,including
the Improvement Area#3 Assessment Roll (the "Proposed Assessment Roll Updates") (the proposed update to
the Service and Assessment Plan and the Proposed Assessment Roll Update are referred to collectively as, the
1920.020\1 08668.1
"Proposed SAP Update"), a copy of which is attached hereto as Exhibit A and is incorporated herein for all
purposes; and
WHEREAS, the Proposed SAP Update sets forth the estimated total costs of the Improvement Area#3
Improvements and the Proposed Assessment Rolls Updates state the proposed assessments to be levied against each
parcel of land in Improvement Area#3, as determined by the assessment methodology chosen by the City Council
and set forth in the Proposed SAP Update; and
WHEREAS, the Act requires that the Proposed Assessment Rolls Update levying the assessments on
Improvement Area#3 be filed with the City Secretary of the City (the"City Secretary") and be subject to public
inspection; and
WHEREAS,the Act requires that a public hearing(the"Assessment Hearing") be called to consider the
proposed assessments on Improvement Area#3 and requires the City Council to hear and pass on any objections to
such proposed assessments at, or on the adjournment of,the Assessment Hearing; and
WHEREAS,the Act requires that notice of the Assessment Hearing be published in a newspaper of general
circulation in the City before the tenth (loth) day before the date of the Assessment Hearing and be mailed to
property owners liable for assessment; and
WHEREAS, after all objections have been heard and passed on at the Assessment Hearing, the City
Council may levy assessments on Improvement Area#3 to pay for the Improvement Area#3 Improvements.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF FORT WORTH, TEXAS:
SECTION 1. THAT the recitals set forth above in this Resolution are true and correct and are hereby
adopted as findings of the City Council and are incorporated into the body of this Resolution as if fully set forth
herein.
SECTION 2. THAT the City Council does hereby accept the Proposed SAP Update for the District,
including the Proposed Assessment Rolls Update, a copy of which is attached hereto as Exhibit A and is
incorporated herein for all purposes. All capitalized terms not otherwise defined herein shall have the meanings
given to such terms in the Proposed SAP Update.
SECTION 3. THAT the City Council hereby determines that estimated total cost of the Improvement Area
#3 Improvements to be funded through the assessments levied at this time in Improvement Area#3 of the District,
including financing costs,is approximately$10,750,000.
SECTION 4. THAT the City Council's final determination and approval of the costs of the Improvement
Area#3 Improvements, or any portion thereof, shall be subject to and contingent upon City Council approval of a
final Service and Assessment Plan update which will include final updates to the Assessment Rolls, including the
Improvement Area#3 Assessment Roll,after the properly noticed and held Assessment Hearing.
SECTION 5. THAT the City Council hereby authorizes and directs the filing of the Proposed SAP Update,
including the Proposed Assessment Rolls Update,with the City Secretary and the same shall be available for public
inspection.
SECTION 6. THAT the City Council hereby authorizes, and calls, a public hearing (the Assessment
Hearing as defined above)to be held on September 27,2022 at or after 10:00 a.m. at City Council Chamber, City
Hall,200 Texas Street,Fort Worth, Texas, at which the City Council shall, among other actions,hear and pass on
any objections to the proposed assessments;and,upon the adjournment of the Assessment Hearing,the City Council
1920.020\108668.1
will consider an ordinance levying the assessments on the property within the Improvement Area#3 of the District
(which ordinance shall specify the method of payment of the assessments).
SECTION 7. THAT the City Council hereby authorizes and directs the City Secretary to publish notice of
the Assessment Hearing in substantially the form attached hereto as Exhibit B and incorporated herein for all
purposes,in a newspaper of general circulation in the City,on or before September 15,2022,as required by Section
372.016(b) of the Act.
SECTION 8.THAT when the Proposed Assessment Rolls Update are filed with the City Secretary,the City
Council hereby authorizes and directs the City Secretary, on or before September 15, 2022, to mail to owners of
property liable for assessment notice of the Assessment Hearing as required by Section 372.016(c) of the Act.
SECTION 9. THAT City staff is authorized and directed to take such other actions as are required
(including,but not limited to,notice of the public hearing as required by the Texas Open Meetings Act)to place the
Assessment Hearing on the agenda for the September 27, 2022 meeting of the City Council.
SECTION 11. THAT this Resolution shall become effective from and after its date of passage in
accordance with law.
Adopted this 13th day of September 2022.
ATTEST:
(7�"'I 4l 9 S (7U0694
By:J L
annette S.Goodall(Sep 15,202214:53 COT)
Jannette S. Goodall, City Secretary
1920.020\108668.1
EXHIBIT A
PROPOSED SERVICE AND ASSESSMENT PLAN UPDATE
1920.020\108668.1
FORT WORTH PUBLIC
IMPROVEMENT DISTRICT NO. 16
(WALSH RANCH/QUAIL VALLEY)
CITY OF FORT WORTH, TEXAS
PRELIMINARY SERVICE AND ASSESSMENT PLAN
September 13, 2022
As updated for Improvement Area #2 on, September 1,
2020, and Improvement Area #3 on 12022.
PREPARED BY:
MUNICAP, INC.
PUBLIC FINANCE
FORT WORTH PUBLIC IMPROVEMENT DISTRICT
NO. 16 (WALSH RANCH/QUAIL VALLEY
PRELIMINARY SERVICE AND ASSESSMENT PLAN-UPDATED FOR IMPROVEMENT AREA#2
AND IMPROVEMENT AREA#3
TABLE OF CONTENTS
I. PLAN DESCRIPTION AND DEFINED TERMS...........................................................4
A. INTRODUCTION...........................................................................................................................4
B. DEFINITIONS...............................................................................................................................4
II. PROPERTY INCLUDED IN THE PID......................................................................12
A. PROPERTY INCLUDED IN THE PID..............................................................................................12
B. PROPERTY LOCATED IN IMPROVEMENT AREA#1,IMPROVEMENT AREA#2,AND IMPROVEMENT
AREA#3....................................................................................................................................13
C. PROPERTY INCLUDED IN FUTURE IMPROVEMENT AREAS..........................................................14
III. DESCRIPTION OF THE AUTHORIZED IMPROVEMENTS ........................................16
A. AUTHORIZED IMPROVEMENT OVERVIEW..................................................................................16
B. DESCRIPTIONS AND COSTS OF IMPROVEMENT AREA#1 FUNDED IMPROVEMENTS.....................16
C. DESCRIPTIONS AND COSTS OF IMPROVEMENT AREA#2 FUNDED IMPROVEMENTS.....................18
D. DESCRIPTIONS AND COSTS OF IMPROVEMENT AREA#3 FUNDED IMPROVEMENTS.....................20
E. FUTURE IMPROVEMENT AREA IMPROVEMENTS.........................................................................22
IV. ASSESSMENT PLAN............................................................................................23
A. INTRODUCTION..........................................................................................................................23
B. SPECIAL BENEFIT.......................................................................................................................23
C. ALLOCATION OF ACTUAL COSTS OF IMPROVEMENT AREA#1 FUNDED IMPROVEMENTS...........25
D. ALLOCATION OF ACTUAL COSTS OF IMPROVEMENT AREA#2 FUNDED IMPROVEMENTS...........25
E. ALLOCATION OF ACTUAL COSTS OF IMPROVEMENT AREA#3 FUNDED IMPROVEMENTS...........26
F. ALLOCATION OF ACTUAL COSTS OF FUTURE IMPROVEMENT AREA IMPROVEMENTS................27
G. ASSESSMENT METHODOLOGY....................................................................................................27
H. ASSESSMENT AND ANNUAL INSTALLMENTS................................................................................32
I. ADMINISTRATIVE EXPENSES.....................................................................................................32
J. ADDITIONAL INTEREST RATE....................................................................................................32
K. PREPAYMENT RESERVE.............................................................................................................33
L. DELINQUENCY RESERVE............................................................................................................33
V.SERVICE PLAN..........................................................................................................34
A. INTRODUCTION..........................................................................................................................34
VI.TERMS OF THE ASSESSMENTS.................................................................................40
A. AMOUNT OF ASSESSMENTS AND ANNUAL INSTALLMENTS FOR PARCELS LOCATED WITHIN
IMPROVEMENTAREA#1...........................................................................................................40
B. AMOUNT OF ASSESSMENTS AND ANNUAL INSTALLMENTS FOR PARCELS LOCATED WITHIN
IMPROVEMENTAREA#2...........................................................................................................40
C. AMOUNT OF ASSESSMENTS AND ANNUAL INSTALLMENTS FOR PARCELS LOCATED WITHIN
IMPROVEMENT AREA#3...........................................................................................................40
D. AMOUNT OF ASSESSMENTS AND ANNUAL INSTALLMENTS FOR PARCELS LOCATED WITHIN
FUTUREIMPROVEMENT AREAS.................................................................................................40
E. REALLOCATION OF ASSESSMENTS FOR PARCELS LOCATED WITHIN IMPROVEMENT AREA#1,
IMPROVEMENT AREA#2,AND IMPROVEMENT AREA#3............................................................41
F. REALLOCATION OF ASSESSMENTS FOR PARCELS LOCATED WITHIN FUTURE IMPROVEMENT
AREAS.......................................................................................................................................42
G. MANDATORY PREPAYMENT OF ASSESSMENTS...........................................................................42
H. REDUCTION OF ASSESSMENTS....................................................................................................42
I. PAYMENT OF ASSESSMENTS.......................................................................................................43
J. COLLECTION OF ANNUAL INSTALLMENTS.................................................................................44
VII.THE ASSESSMENT ROLL........................................................................................46
A. IMPROVEMENT AREA#1 ASSESSMENT ROLL.............................................................................46
B. IMPROVEMENT AREA#2 ASSESSMENT ROLL.............................................................................46
C. IMPROVEMENT AREA#3 ASSESSMENT ROLL.............................................................................47
D. FUTURE IMPROVEMENT AREA ASSESSMENT ROLL....................................................................48
E. ANNUAL ASSESSMENT ROLL UPDATES.......................................................................................48
VIII. MISCELLANEOUS PROVISIONS ...........................................................................49
A. ADMINISTRATIVE REVIEW.........................................................................................................49
B. TERMINATION OF ASSESSMENTS................................................................................................49
C. AMENDMENTS............................................................................................................................49
AMENDMENTS TO THE SERVICE AND ASSESSMENT PLAN MAY BE MADE AS PERMITTED
OR REQUIRED BY THE PID ACT AND TEXAS LAW..........................................................49
D. ADMINISTRATION AND INTERPRETATION OF PROVISIONS..........................................................50
E. SEVERABILITY............................................................................................................................50
APPENDIX A-1-IMPROVEMENT AREA#1 ASSESSMENT ROLL
APPENDIX A-2-IMPROVEMENT AREA#2 ASSESSMENT ROLL
APPENDIX A-3-PROPOSED IMPROVEMENT AREA#3 ASSESSMENT ROLL
APPENDIX B-LEGAL DESCRIPTION FOR PARCELS IN THE PID
APPENDIX C-PID DISCLOSURE
L PLAN DESCRIPTIONAND DEFINED TERMS
A. INTRODUCTION
On September 27, 2016, the City Council (the "City Council") of the City of Fort Worth, Texas
(the "City") approved Resolution 4686-09-2016, which authorized the creation of the Fort Worth
Public Improvement District No. 16 (Walsh Ranch/Quail Valley) (the "PID") to finance 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 or ETJ of the City.
Chapter 372 of the Texas Local Government Code (as amended, the "PID Act"), governs the
creation and operation of public improvement districts within the State of Texas. This Service and
Assessment Plan (this"SAP") was prepared pursuant to the PID Act. The PID Act requires that a
service plan"cover a period of at least five years and must also define the annual indebtedness and
the projected costs for improvements and include a copy of the notice form required by Section
5.014, Property Code." 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. The copy of the notice form required by
Section 5.014 of the Texas Property Code, as amended, is attached hereto as Appendix C.
It is anticipated that the PID will finance the Actual Costs of only a portion of the Authorized
Improvements being constructed for the Property. The Property is expected to be developed in
seven phases. For each phase developed, the City will levy and collect Assessments for the
benefitted Property pursuant to multiple Assessment Ordinances.
The Assessment Rolls for the PID are attached as Appendix A-1, Appendix A-2, and Appendix
A-3,and are addressed in Section VII. The Assessments shown on the Assessment Rolls are based
on the method for establishing and levying the Assessments described in Sections IV and VI.
Unless otherwise specified, references in this SAP to a "Section," a "Table," or an "Appendix"
shall mean a Section of, Table in, or Appendix to this SAP for all purposes.
B. DEFINITIONS
Capitalized terms used herein shall have the meanings ascribed to them as follows:
"Actual Costs" means, with respect to, Authorized Improvements,the demonstrated, reasonable,
allocable, and allowable costs of constructing such Authorized Improvements. Actual Costs may
include (i) the costs incurred for the design, planning, financing, administration/management,
acquisition, installation, construction and/or implementation of such Authorized Improvements,
(ii) the costs incurred in preparing the construction plans for such Authorized Improvements, (iii)
the fees paid for obtaining permits, licenses or other governmental approvals for such Authorized
Improvements, (iv) the costs incurred for external professional costs, such as engineering,
geotechnical, surveying, land planning,architectural landscapers,appraisals, legal,accounting and
similar professional services, taxes (property and franchise) related to the Authorized
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Improvements, (v) 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 Improvements, and (vi) 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.
For the avoidance of doubt, not all the Authorized Improvements and the Actual Costs thereof
are being funded through the PID. Only certain Authorized Improvements described herein,
and the PID-Funded Actual Costs thereof, as defined below, are being funded through the PID.
"Additional Interest" means the 0.50% additional interest charged on Assessments pursuant to
Section 372.018 of the PID Act to fund the Prepayment Reserve and the Delinquency Reserve
pursuant to Sections IV.K and IV.L.
"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) 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 Assessments or the Annual Installments thereof, (iv) maintaining the record
of Assessments, including payments, reallocations and/or cancellations of the Assessments or
Annual Installments thereof,(v) issuing,making debt service payments on,and redeeming the PID
Bonds, (vi) investing or depositing the Assessments or other monies, (vii)complying with the PID
Act with respect to the PID, (viii) paying the paying agent/registrar's and trustee's fees and
expenses (including the fees and expenses of their respective legal counsel) related to the PID
Bonds, and (ix) City costs of administering the construction of that portion of the Authorized
Improvements to be funded through the PID.Administrative Expenses do not include the amounts
for payment of the actual principal of, redemption premium, if any, and interest on the 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.
"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.
"Annual Installment" means, with respect to the Assessed Property, each annual payment of: (i)
the applicable Assessment (including the principal of and interest thereon) as shown on the
Assessment Rolls as updated each year by the Annual Service Plan Update in accordance with this
SAP and calculated as provided in Section VI, (ii) Administrative Expenses as updated each year
by the Annual Service Plan Update, and (iii) the Additional Interest. The Annual Installment is
subject to update and adjustment from time to time, including upon the issuance of PID Bonds, if
any.
"Annual Service Plan Update" is defined in Section V.A.
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"Assessed Property"or"Assessed Properties"means property within the PID that benefits from
the Authorized Improvements and on which Assessments have been levied as shown on the
Assessment Rolls and which currently includes all Parcels other than Non-Benefited Property.
"Assessment"means the assessment levied against a Parcel pursuant to an Assessment Ordinance
and the provisions of this SAP, as shown on any Assessment Roll, subject to reallocation upon the
subdivision or reduction of such Parcel according to this SAP and the PID Act.The term includes,
as applicable, the Improvement Area #1 Assessment, the Improvement Area #2 Assessment, the
Improvement Area #3 Assessment, and any assessment levied against a Parcel pursuant to an
Assessment Ordinance in a Future Improvement Area.
"Assessment Ordinance"means each ordinance adopted by the City Council approving this SAP
(or amendments or supplements to the SAP)and levying the Assessments,including,as applicable,
the Improvement Area #1 Assessment Ordinance, the Improvement Area #2 Assessment
Ordinance, the Improvement Ares #3 Assessment Ordinance, and any assessment ordinance
adopted which levies an Assessment on a Future Improvement Area.
"Assessment Roll" or "Assessment Rolls" means collectively or separately as applicable, the
Improvement Area #1 Assessment Roll, the Improvement Area #2 Assessment Roll, and the
Improvement Area#3 Assessment Roll included in this SAP as Appendix A-1,Appendix A-2,and
Appendix A-3, respectively, as each 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 Term also includes an Assessment Roll for any Future Improvement Area.
"Authorized Improvements" means those improvements, including those listed in Section III.A
and described in Section III.B, III.C, and III.D, authorized by Section 372.003 of the PID Act,
regardless of whether such improvements are funded through the PID. Only a portion of the
Authorized Improvements constructed within the PID will be funded through the PID,and such
improvements will be acquired, constructed, or installed in accordance with this SAP, and any
future updates and/or amendments.
"City" means the City of Fort Worth Texas.
"City Council"means the duly elected governing body of the City.
"County"means either Parker County, Texas or Tarrant County, Texas.
"Delinquency Reserve"has the meaning set forth in Section IV.L.
"Delinquent Collection Costs" means interest, penalties and expenses incurred or imposed with
respect to any delinquent Assessment, or an Annual Installment thereof, in accordance with the
PID Act which includes the costs related to pursuing collection of such delinquent 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 by the PID Act.
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"Developer" means QUAIL VALLEY DEVCO I, LLC, a Texas limited liability company,
QUAIL VALLEY DEVCO II, LLC, a Texas limited liability company, QUAIL VALLEY
DEVCO III, a Texas limited liability company, QUAIL VALLEY VLO, LLC, a Texas Limited
Liability company, and WALSH RANCHES LIMITED PARTNERSHIP, a Texas limited
partnership, and their respective successors and assigns.
"ETJ" means the extraterritorial jurisdiction of the City.
"Future Improvement Areas" means those Future Improvement Areas to be defined and
developed after Improvement Area #1, Improvement Area #2, and Improvement Area #3 within
the boundaries of the PID on that portion of the Property shown on Table II-D and described in
Appendix B.
"Future Improvement Areas Assessed Property" means, for any year, all Parcels within the
Future Improvement Areas and listed on the Future Improvement Areas Assessment Roll, other
than Non-Benefited Property.
"Future Improvement Areas Assessment Roll" means, as applicable, the Future Improvement
Areas Assessment Roll as may be updated, modified or amended from time to time in accordance
with the procedures set forth in this SAP and in the PID Act, including updates prepared in
connection with any future issuance of PID Bonds or in connection with any Annual Service Plan
Update.
"Future Improvement Area Bonds" means bonds issued to fund Future Improvement Area
Improvements (or a portion thereof) in a Future Improvement Area that are secured by
Assessments levied on Assessed Property within such Future Improvement Area. In connection
with Future Improvement Area Bonds, Assessments related to such Future Improvement Area
Bonds will be levied only on property located within the applicable Future Improvement Area to
finance Public Improvements which will only benefit such Future Improvement Area
"Future Improvement Areas Improvements" means those Authorized Improvements which
confer a special benefit on Future Improvement Areas and the costs of which are to be PID-Funded
Actual Costs.
"Improvement Area #1" means that portion of the Property shown on Table II-B, described in
Appendix B.
"Improvement Area#1 Assessed Property"means,for any year,all Parcels within Improvement
Area #1 and listed on the Improvement Area #1 Assessment Roll, other than Non-Benefited
Property.
"Improvement Area#1 Assessment"means the Assessment levied pursuant to the Improvement
Area#1 Assessment Ordinance on the Improvement Area#1 Assessed Property.
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"Improvement Area #1 Assessment Ordinance" means Assessment Ordinance No. 22706-05-
2017, adopted by the City Council on May 2, 2017, which levied the Improvement Area #1
Assessment.
"Improvement Area#1 Assessment Roll" means the Assessment Roll included as Appendix A-
1.
"Improvement Area#1 Funded Improvements" means those Authorized Improvements which
confer a special benefit on Improvement Area #1 and the costs of which are to be PID-Funded
Actual Costs.
"Improvement Area #1 Reimbursement Agreement" means that certain Fort Worth Public
Improvement District No. 16 (Walsh Ranch/Quail Valley) Reimbursement Agreement, effective
May 2, 2017, by and between the City and the Developer pursuant to which the Developer agrees
to fund the Actual Costs of all Authorized Improvements in Improvement Area#1 of the District
and the City agrees to reimburse the Developer for the Actual Costs of the Improvement Area#1
Funded Improvements, with interest, as permitted by the PID Act.
"Improvement Area #2" means that portion of the Property shown on Table II-B, described in
Appendix B.
"Improvement Area#2 Assessed Property"means,for any year,all Parcels within Improvement
Area #2 and listed on the Improvement Area #2 Assessment Roll, other than Non-Benefited
Property.
"Improvement Area#2 Assessment"means the Assessment levied pursuant to the Improvement
Area#2 Assessment Ordinance on the Improvement Area#2 Assessed Property.
"Improvement Area #2 Assessment Ordinance" means Assessment Ordinance No. 24386-09-
2020, adopted by the City Council on September 1, 2020, which levied the Improvement Area#2
Assessment.
"Improvement Area#2 Assessment Roll" means the Assessment Roll included as Appendix A-
2.
"Improvement Area#2 Funded Improvements" means those Authorized Improvements which
confer a special benefit on Improvement Area #2 and the costs of which are to be PID-Funded
Actual Costs.
"Improvement Area #2 Reimbursement Agreement" means that certain Fort Worth Public
Improvement District No. 16 (Walsh Ranch/Quail Valley) Reimbursement Agreement, effective
September 1 2020, by and between the City and the Developer pursuant to which the Developer
agrees to fund the Actual Costs of all Authorized Improvements in Improvement Area #2 of the
District and the City agrees to reimburse the Developer for the Actual Costs of the Improvement
Area#2 Funded Improvements, with interest, as permitted by the PID Act.
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"Improvement Area #3" means that portion of the Property shown on Table II-B, described in
Appendix B.
"Improvement Area#3 Assessed Property"means,for any year,all Parcels within Improvement
Area #3 and listed on the Improvement Area #3 Assessment Roll, other than Non-Benefited
Property.
"Improvement Area#3 Assessment"means the Assessment levied pursuant to the Improvement
Area#3 Assessment Ordinance on the Improvement Area#3 Assessed Property.
"Improvement Area #3 Assessment Ordinance" means Assessment Ordinance
o. _ adopted by the City Council on 2022, which levied the
Improvement Area#3 Assessment.
"Improvement Area#3 Assessment Roll" means the Assessment Roll included as Appendix A-
3.
"Improvement Area#3 Funded Improvements" means those Authorized Improvements which
confer a special benefit on Improvement Area #3 and the costs of which are to be PID-Funded
Actual Costs.
"Improvement Area #3 Reimbursement Agreement" means that certain Fort Worth Public
Improvement District No. 16 (Walsh Ranch/Quail Valley) Reimbursement Agreement, effective
, 2022, by and between the City and the Developer pursuant to which the Developer
agrees to fund the Actual Costs of all Authorized Improvements in Improvement Area #3 of the
District and the City agrees to reimburse the Developer for the Actual Costs of the Improvement
Area#3 Funded Improvements,with interest, as permitted by the PID Act.
"Indenture"means an indenture of trust,trust agreement,ordinance or similar document between
the City and the Trustee, authorizing the issuance of, and setting forth the terms and other
provisions relating to the collection of annual installments,any PID Bonds as modified, amended,
and/or supplemented from time to time.
"Lot" means (i) for any portion of the Property for which a subdivision plat has been recorded in
the official public records of a County, a tract of land described by "Lot" and 'Block" in such
subdivision plat, and(ii) for any portion of the Property for which a subdivision plat has not been
recorded in the official public records of a County, a tract of land anticipated to be described by
"Lot"and 'Block" in a final recorded subdivision plat.
"Lot Type" 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 by the Administrator and confirmed by the City Council.Single family residential Lots
shall be further classified based on the front footage of the Lot as determined by the Administrator
and confirmed by the City Council. Improvement Area#1 has Lot Types classified as 35 ft, 50 ft,
60 ft, 70 ft, and 100 ft front footage lots. Improvement Area#2 will have six Lot Types classified
as Townhome, Garden Home, and 35 ft, 50 ft, 60 ft, and 70 ft front footage lots. Improvement
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Area #3 will have 7 Lot Types classified as Townhome (25'-33'), 4-pack, and 35 ft, 50 ft, 55 ft,
60 ft, and 70 ft front footage lots.
"Mandatory Prepayment" shall have the meaning set forth in Section VI.G.
"Maximum Assessment Per Unit" means, for each Lot Type within an Improvement Area, the
Assessment per unit amounts shown in Section IV.G (Table IV-D and Table IV-E) of the SAP for
Improvement Area#l, the Assessment per unit amounts shown in Section IV.G (Table IV-F and
Table IV-G) of the SAP for Improvement Area#2, and the Assessment per unit amounts shown in
Section IV.G (Table IV-H and Table IV-I) of the SAP for Improvement Area#3.
"Non-Benefited Property" means Parcels that accrue no special benefit from the Authorized
Improvements being funded through the PID, including Public Property and easements that create
an exclusive use for a public utility provider. Property identified as Non-Benefited Property at the
time the Assessments (i) are imposed or (ii) are reallocated pursuant to a subdivision of a Parcel,
is not assessed. Assessed Property converted to Non-Benefited Property, if the Assessments may
not be reallocated pursuant to the provisions herein, remains subject to the Assessments and
requires the Assessments to be prepaid as provided for in Section VI.G.
"Notice of PID Assessment Termination" is defined in Section VIII.B.
"Parcel" means property within the PID that is identified by (1) a tax map identification number
assigned by the Parker County Appraisal District or the Tarrant Appraisal District, as the case may
be, for real property tax purposes, (2) a metes and bounds, (3) lot and block number in a final
subdivision plat recorded in the official public records of a County, or (4) any other means
determined by the City Council.
"PID" is defined in Section I.A.
"PID Act" means Chapter 372 of the Texas Local Government Code, as amended.
"PID Bonds" mean bonds which may be issued by the City from time to time to finance the
acquisition of a portion of the Authorized Improvements.
"PID-Funded Actual Costs" means the Actual Costs to be paid through the PID of a specified
portion of the Authorized Improvements, as described in Section III.B.2 and as shown on Table
III-A. PID-Funded Actual Costs includes all payments for Administrative Expenses.
"PID Reimbursement Agreement" means collectively or as applicable,the following:
a. the Master Reimbursement Agreement, effective as of July 17, 2017 entered into by
and between the City and the Developer, pursuant to which the Developer agrees to
fund the Actual Costs of all Authorized Improvements and the City agrees to reimburse
the Developer for the PID-Funded Actual Costs related to a portion of the Authorized
Improvements, with interest, as permitted by the PID Act;
MuniCap 110
b. the Improvement Area#1 Reimbursement Agreement;
c. the Improvement Area#2 Reimbursement Agreement;
d. the Improvement Area#3 Reimbursement Agreement;
e. any PID Reimbursement Agreement entered into with respect to any Future
Improvement Area, by and between the City and the Developer, pursuant to which the
Developer agrees to fund the Actual Costs of all Authorized Improvements in the
applicable Future Improvement Area of the District and the City agrees to reimburse
the Developer for the PID-Funded Actual Costs of the corresponding Future
Improvement Area Improvements, with interest, as permitted by the PID Act.
"Prepayment Costs" mean interest and Administrative Expenses, to the extent not paid in an
Annual Installment, plus any additional amounts due pursuant to the Indenture related to the PID
Bonds, if any, reasonably expected to be incurred by or imposed upon the City as a result of any
prepayment of an Assessment and the PID Bonds secured by such Assessment, each to the date of
prepayment and to the extent each is allowable by law.
"Prepayment Reserve" has the meaning set forth in Section IV.K of this SAP.
"Property" is defined in Section II.A.
"Public Improvements" mean the Authorized Improvements designed, constructed,and installed
in accordance with this SAP for which Assessments are levied against the Assessed Property that
receives a special benefit from such improvement. The term includes the Improvement Area #1
Funded Improvements, the Improvement Area #2 Funded Improvements, and the Improvement
Area#3 Funded Improvements.
"Public Property"means real property,right-of-way and easements located within the boundaries
of the PID owned by or irrevocably offered for dedication to the federal government, the State of
Texas, the County, the City, a school district, a public utility provider or any other political
subdivision or public agency,whether in fee simple,through an easement,prescription, or by plat.
"Service and Assessment Plan' or "SAP" is defined in Section LA, including updates,
modifications, and amendments approved by the City Council from time to time in accordance
with the procedures set forth in this SAP and in the PID Act, including updates prepared in
connection with the future issuance of PID Bonds, if any, and in connection with any Annual
Service Plan Update,and in connection with the approval by the City Council of each Assessment
Ordinance.
"Trustee" means the trustee as specified in an Indenture, and any successor thereto permitted
under such Indenture.
(remainder of this page is intentionally left blank)
MuniCap Ill
IL PROPERTYINCLUDED IN THE PID
A. PROPERTY INCLUDED IN THE PID
The PID is comprised of the Property shown in Table II-A.Legal descriptions for all Parcels within
the PID are included in Appendix B. The PID, encompassing approximately 1,703.5682 acres, is
located within the corporate limits and ETJ of the City. It is anticipated that the Property will be
developed in seven phases containing approximately 3,317 single family homes.
Table II-A
Public Improvement District Boundaries
I
II I
I � j
-- � 1REIU10ERP��1AD I
I
AM PROPERTY i I
BOUNDARY . �•
- 1
l \�
wVALLEY �I I
DUT�acrBOUNDARY gji i
I 1 �J MERlTA7�70 I -
e
WALSH MARCH OUM YALLRY
~•_--� \ \/ PMTRMMOUNOARY
'\ WALSH RANCH
\ CAWL VALLEY
' ncrrrr.AP
I N.TAL
MuniCap 112
B. PROPERTY LOCATED IN IMPROVEMENT AREA 91,IMPROVEMENT AREA#2,AND
IMPROVEMENT AREA#3
Improvement Area #1 consists of approximately 251.01 acres consisting of 587 single family
residential lots, developed in one phase and which are specially benefitted by the Authorized
Improvements described in Section III.B.
Improvement Area#2 consists of approximately 185.66 acres and projected to consist of 553 single
family residential lots,to be developed in one phase and which will be specially benefitted by the
Improvement Area#2 Improvements described in Section III.C.
Improvement Area#3 consists of approximately 150.77 acres and projected to consist of 701 single
family residential lots,to be developed in one phase and which will be specially benefitted by the
Improvement Area#3 Improvements described in Section III.D.
A map of the property within Improvement Area #1, Improvement Area #2, and Improvement
Area#3 is shown in Table II-B. Legal descriptions for all Parcels within the PID are included in
Appendix B.
(remainder of this page is intentionally left blank)
MuniCap 113
Table II-B
IA#1,IA#2,and IA#3 Boundary
OLD UWATiffiRFOW ROAD
r
=AlSD PROPERTY l
BOUNDARY
(EXCLUDED HiOM PX) 1
_� OlIERSTATE]0
S WALSH RANCH QUAIL
} VALLEYPUBLIC
IMPROVEMENT
F � DISTRICT BOUNDARY
o
L
x
LEGEND PID IAA3 VICINITY MAP
� lMPROVEMENTAREA/f
t IMPROVEMENT AREA$2 WALSH RANCH
N ® IMPROVEMENT AREA#3 QUAd VALLEY
14M�M1�1Mrwe
aupuat2,2C22
C. PROPERTY INCLUDED IN FUTURE IMPROVEMENT AREAS
The Future Improvement Areas are depicted on Table II-C and will include approximately 1,476
single family residential lots As Future Improvement Areas are developed and in connection with
the issuance of any Future Improvement Area Bonds, this Service and Assessment Plan will be
amended to revise the table shown in Section II.B above (e.g. Table II-B will be revised to show
the addition of such Future Improvement Area).
MuniCap 114
A map of the projected property within each Future Improvement Area is shown in Table II-C.
The Future Improvement Area is shown for illustrative purposes only and is subject to adjustment
in the future.
Table II-C
Proposed Future Improvement Areas
L
anima
AfSl7 PftoPEF.-,
--- 80UNDARY
(EXCLUOEO FROM PID)
FITIRMTIFM
r -
i �— �— A1v LSIr RANCH QUAIL
VALLEY PUBLIC
LMPROVEMENT
p �� DISTRICT BOUNDARY
LEGEND FUTURE IA VIdNLTY MAP I
FUTURE IMPROVEMENT AREA
= WALSH RANCH
QUAIL VALLEY
8
August 2,2D22 nrweM7as�oeo Ms�roiowai
MuniCap 115
III. DESCRIPTION OF THE A UTHORIZED IMPROVEMENTS
A. AUTHORIZED IMPROVEMENT OVERVIEW
Section 372.003 of the PID Act identifies the authorized improvements that a City may choose to
undertake with the establishment of a PID. The Authorized Improvements identified in the PID
Act include:
(i) landscaping;
(ii) erection of fountains, distinctive lighting, and signs;
(iii) acquiring, constructing, improving, widening, narrowing, closing, or rerouting of
sidewalks or of streets, any other roadways, or their rights-of way;
(iv) construction or improvement of pedestrian malls;
(v) acquisition and installment of pieces of art;
(vi) acquisition, construction or improvement of libraries;
(vii) acquisition, construction or improvement of off-street parking facilities;
(viii) acquisition, construction, improvement or rerouting of mass transportation
facilities;
(ix) acquisition, construction or improvement of water, wastewater, or drainage
facilities or improvements;
(x) the establishment or improvement of parks;
(xi) projects similar to those listed in Subdivisions(i)-(x)
(xii) acquisition, by purchase or otherwise, of real property in connection with an
authorized improvement;
(xiii) 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;
(xiv) payment of expenses incurred in the establishment,administration and operation of
the district; and
(xv) development,rehabilitation, or expansion of affordable housing.
The City has determined that of the improvements authorized under the PID Act, it will undertake
at this time only those Authorized Improvements more particularly described in Section III.B,
Section IILC, and Section III.D. Any change to the list of Authorized Improvements, including
any Future Improvement Area Improvements as described in Section III.E, will require the
approval of the City.
B. DESCRIPTIONS AND COSTS OF IMPROVEMENT AREA#1 FUNDED IMPROVEMENTS
The Improvement Area#1 Funded Improvements are that portion of the Authorized Improvements
that confer a special benefit solely on Improvement Area#1 and the costs of which are PID-Funded
Actual Costs that will be financed from the Improvement Area #1 Assessments and from the
proceeds of PID Bonds, if any, secured by such Assessments. For the avoidance of doubt,not all
MuniCap 116
Authorized Improvements benefitting Improvement Area #1 are Improvement Area #1 Funded
Improvements.
The Improvement Area #1 Funded Improvements are described below. Table III-A shows the
Actual Costs to construct the Improvement Area#1 Funded Improvements are $27,477,293. The
costs shown in Table III-A may be revised in Annual Service Plan Updates. The PID-Funded
Actual Costs of the Improvement Area #1 Funded Improvements are to be funded from: (i) the
principal portion of the Annual Installments collected from the Improvement Area#1 Assessment
in accordance to the Improvement Area #1 Reimbursement Agreement; (ii) the proceeds of PID
Bonds, if any,secured by the Improvement Area#1 Assessment, issued in one or more series; and
(iii) funds from any other lawfully available and unencumbered source.
The Authorized Improvements being constructed in Improvement Area #1 and the Actual Costs
thereof are described below. The Improvement Area #1 Funded Improvements and the PID-
Funded Actual Costs thereof are described below and are also shown on Table III-A.
Earthwork&Erosion Control Improvements
The Erosion and Sedimentation Control Measures (temporary BMPs) of the improvements will
include stabilized construction entrances, silt fence located downstream of all disturbed area,
rock berms, inlet protection, and protection of mature trees and vegetation.
Storm Drainage Improvements
The storm drainage improvements consist of the construction of the installation of pipes, inlets,
manholes, detention facilities, easements, encasements, and appurtenances necessary to provide
storm drainage for streets and surrounding development in Improvement Area#1.The storm drain
improvements will be constructed according to City standards, determined in the City's sole
discretion.
Water Improvements
The water improvements consist of the construction of the installation of pipes, valves, blow-off
and air release valves, easements, encasements, and appurtenances necessary to provide a water
distribution system for Improvement Area #1. The water improvements will be constructed
according to City standards, determined in the City's sole discretion.
Wastewater Improvements
The wastewater improvements consist of the construction of the installation of pipes,service lines,
manholes, force mains, lift stations, easements encasements, and appurtenances necessary to
provide sanitary service for Improvement Area #1. The wastewater improvements will be
constructed according to the City standards, determined in the City's sole discretion.
MuniCap 117
Roadway Improvements
The roadway improvements consist of the construction of road and thoroughfare improvements,
including related earthwork, retaining walls to support the roadways, signage, traffic signals and
traffic control devices for Improvement Area #1. The road improvements will be constructed
according to City standards, determined in the City's sole discretion.
Open Space and Trail Improvements
The open space and trail improvements consist of the construction of park facilities, playground
equipment, restrooms, landscape, irrigation, and hike/bike trails to serve Improvement Area #1.
The open space and trail system improvements will be constructed according to City standards,
determined in the City's sole discretion.
Table III-
Improvement Area#1 Costs
Actual Costs Actual Costs
Reimbursed by Funded by
Authorized Improvements Actual Costs Assessments' Developer
Authorized Improvements
Bonds&Mobilization $233,175 $0 $233,175
Earthwork&Erosion Control Improvements $3,772,522 $0 $3,772,522
Storm Drainage Improvements $2,157,384 $0 $2,157,384
Water Improvements $2,862,099 $0 $2,862,099
Wastewater Improvements $3,249,108 $0 $3,249,108
Roadway Improvements' $5,725,852 $5,712,973 $12,879
Open Space&Trail Improvements' $3,301,388 $637,027 $2,664,361
Project Contingency $0 $0 $0
Engineering $3,004,337 $0 $3,004,337
City Inspection and Fees $1,320,095 $0 $1,320,095
Professional Fees $214,393 $0 $214,393
Construction Fees $1,636,939 $0 $1,636,939
Total Authorized Improvements $27,477,293 $6,350,000 $21,127,293
Note: Costs provided by Huitt-Zollars Engineering. The figures shown in Table III-A may be revised in Annual
Service Plan Updates and such revisions shall not increase the principal amount of the Improvement Area #1
Assessments.
'Represent the PID-Funded Actual Costs of the Improvement Area#1 Funded Improvements.
'The Improvement Area#1 Funded Improvements include a portion of the roadway improvements and open space
and trail improvements.
C. DESCRIPTIONS AND COSTS OF IMPROVEMENT AREA#2 FUNDED IMPROVEMENTS
The Improvement Area#2 Funded Improvements are that portion of the Authorized Improvements
that confer a special benefit solely on Improvement Area#2 and the costs of which are PID-Funded
Actual Costs that will be financed from the Improvement Area #2 Assessment and from the
proceeds of PID Bonds, if any, secured by such Assessments. For the avoidance of doubt,not all
MuniCap 118
Authorized Improvements benefitting Improvement Area #2 are Improvement Area #2 Funded
Improvements.
The Improvement Area #2 Funded Improvements are described below. Table III-B shows the
Actual Costs to construct the Improvement Area #2 Funded Improvements are $27,333,341,
including the PID-Funded Actual Costs of the Improvement Area #2 Funded Improvements. The
costs shown in Table III-B may be revised in Annual Service Plan Updates. The PID-Funded
Actual Costs of the Improvement Area #2 Funded Improvements are to be funded from: (i) the
principal portion of the Annual Installments collected from the Improvement Area#2 Assessments
in accordance to the Improvement Area #2 Reimbursement Agreement; (ii) the proceeds of PID
Bonds, if any, secured by Improvement Area#2 Assessment, issued in one or more series; and(iii)
funds from any other lawfully available and unencumbered source.
The Authorized Improvements being constructed in Improvement Area #2 and the Actual Costs
thereof are described below. The Improvement Area #2 Funded Improvements and the Actual
Costs thereof are described below and are also shown on Table III-B.
Earthwork& Erosion Control Improvements
The Erosion and Sedimentation Control Measures (temporary BMPs) of the improvements will
include stabilized construction entrances, silt fence located downstream of all disturbed area,
rock berms, inlet protection, and protection of mature trees and vegetation.
Storm Drainage Improvements
The storm drainage improvements consist of the construction of the installation of pipes, inlets,
manholes, detention facilities, easements, encasements, and appurtenances necessary to provide
storm drainage for streets and surrounding development in Improvement Area#2. The storm drain
improvements will be constructed according to City standards, determined in the City's sole
discretion.
Water Improvements
The water improvements consist of the construction of the installation of pipes, valves, blow-off
and air release valves, easements, encasements, and appurtenances necessary to provide a water
distribution system for Improvement Area #2. The water improvements will be constructed
according to City standards, determined in the City's sole discretion.
Wastewater Improvements
The wastewater improvements consist of the construction of the installation of pipes, service lines,
manholes, force mains, lift stations, easements encasements, and appurtenances necessary to
provide sanitary service for Improvement Area #2. The wastewater improvements will be
constructed according to the City standards, determined in the City's sole discretion.
MuniCap 119
Roadway Improvements
The roadway improvements consist of the construction of road and thoroughfare improvements,
including related earthwork, retaining walls to support the roadways, signage, traffic signals and
traffic control devices for Improvement Area #2. The road improvements will be constructed
according to City standards, determined in the City's sole discretion.
Landscaping Improvements
The open space and trail improvements consist of the construction of park facilities, playground
equipment, restrooms, landscape, irrigation, and hike/bike trails to serve Improvement Area #2.
The open space and trail system improvements will be constructed according to City standards,
determined in the City's sole discretion
Table III-B
Improvement Area#2 Costs
Actual Costs Actual Costs
Estimated Reimbursed by Funded by
Authorized Improvements Costs Assessments' Developer
Authorized Improvements
Bonds&Mobilization $270,616 $0 $270,616
Earthwork&Erosion Control Improvements $4,020,550 $0 $4,020,550
Storm Drainage Improvements $2,125,362 $0 $2,125,362
Water Improvements $2,598,771 $0 $2,598,771
Wastewater Improvements $2,341,564 $0 $2,341,564
Roadway Improvements $5,132,890 $5,013,226 $119,664
Landscaping ImprovementS2 $5,710,148 $836,774 $4,873,374
Project Contingency $117,814 $0 $117,814
Engineering $3,967,735 $0 $3,967,735
Construction Fees $1,047,891 $0 $1,047,891
Total Authorized Improvements $27,333,341 $5,850,000 $21,483,341
Note: Costs provided by Huitt-Zollars Engineering. The figures shown in Table III-B may be revised in Annual
Service Plan Updates and such revisions shall not increase the principal of the Improvement Area#2 Assessments.
I Represent the PID-Funded Actual Costs of the Improvement Area#2 Funded Improvements
2 The Improvement Area#2 Funded Improvements include a portion of the roadway improvements and landscaping
improvements.
D. DESCRIPTIONS AND COSTS OF IMPROVEMENT AREA 43 FUNDED IMPROVEMENTS
The Improvement Area#3 Funded Improvements are that portion of the Authorized Improvements
that confer a special benefit solely on Improvement Area#3 and the costs of which are PID-Funded
Actual Costs that will be financed from the Improvement Area #3 Assessment and from the
proceeds of PID Bonds, if any, secured by such Assessments. For the avoidance of doubt,not all
Authorized Improvements benefitting Improvement Area #3 are Improvement Area #3 Funded
Improvements.
MuniCap 120
The Improvement Area #3 Funded Improvements are described below. Table 111-C shows the
estimated costs to construct the Improvement Area #3 Funded Improvements are $37,191,518,
including the PID-Funded Actual Costs of the Improvement Area#3 Funded Improvements. The
costs shown in Table 111-C may be revised in Annual Service Plan Updates. The PID-Funded
Actual Costs of the Improvement Area #3 Funded Improvements are to be funded from: (i) the
principal portion of the Annual Installments collected from the Improvement Area#3 Assessments
in accordance to the Improvement Area #3 Reimbursement Agreement; (ii) the proceeds of PID
Bonds,if any,secured by Improvement Area#3 Assessment, issued in one or more series; and(iii)
funds from any other lawfully available and unencumbered source.
The Authorized Improvements being constructed in Improvement Area#3 and the estimated costs
thereof are described below. The Improvement Area#3 Funded Improvements and the estimated
costs thereof are described below and are also shown on Table III-C.
Earthwork&Erosion Control Improvements
The Erosion and Sedimentation Control Measures (temporary BMPs) of the improvements will
include stabilized construction entrances, silt fence located downstream of all disturbed area,
rock berms, inlet protection, and protection of mature trees and vegetation.
Storm Drainage Improvements
The storm drainage improvements consist of the construction of the installation of pipes, inlets,
manholes, detention facilities, easements, encasements, and appurtenances necessary to provide
storm drainage for streets and surrounding development in Improvement Area#3.The storm drain
improvements will be constructed according to City standards, determined in the City's sole
discretion.
Water Improvements
The water improvements consist of the construction of the installation of pipes, valves, blow-off
and air release valves, easements, encasements, and appurtenances necessary to provide a water
distribution system for Improvement Area #3. The water improvements will be constructed
according to City standards,determined in the City's sole discretion.
Wastewater Improvements
The wastewater improvements consist of the construction of the installation of pipes,service lines,
manholes, force mains, lift stations, easements encasements, and appurtenances necessary to
provide sanitary service for Improvement Area #3. The wastewater improvements will be
constructed according to the City standards, determined in the City's sole discretion.
(remainder of this page is intentionally left blank)
MuniCap 121
Roadway Improvements
The roadway improvements consist of the construction of road and thoroughfare improvements,
including related earthwork, retaining walls to support the roadways, signage, traffic signals and
traffic control devices for Improvement Area #3. The road improvements will be constructed
according to City standards, determined in the City's sole discretion.
Landscaping Improvements
The open space and trail improvements consist of the construction of park facilities, playground
equipment, restrooms, landscape, irrigation, and hike/bike trails to serve Improvement Area #3.
The open space and trail system improvements will be constructed according to City standards,
determined in the City's sole discretion.
Table III-C
Improvement Area#3 Costs
Actual Costs Actual Costs
Estimated Reimbursed by Funded by
Authorized Improvements Costs Assessments' Developer
Authorized Improvements
Bonds&Mobilization $0 $0 $0
Earthwork&Erosion Control Improvements $3,304,958 $0 $3,304,958
Storm Drainage Improvements $3,337,653 $0 $3,337,653
Water Improvements $3,185,148 $0 $3,185,148
Wastewater Improvements $4,643,234 $0 $4,643,234
Roadway ImprovementS2 $10,792,203 $10,750,000 $42,203
Landscaping Improvements $3,018,076 $0 $3,018,076
Project Contingency $1,894,872 $0 $1,894,872
Engineering $6,601,380 $0 $6,601,380
Construction Fees $413,995 $0 $413,995
Total Authorized Improvements $37,191,518 $10,750,000 $26,441,518
Note: Costs provided by r' The figures shown in Table III-C may be revised in Annual Service Plan
Updates and such revisions shall not increase the principal of the Improvement Area#3 Assessments.
I Represent the PID-Funded Actual Costs of the Improvement Area#3 Funded Improvements
2 The Improvement Area#3 Funded Improvements include a portion of the roadway improvements.
E. FUTURE IMPROVEMENT AREA IMPROVEMENTS
As Future Improvement Areas are developed and Assessments are levied against the property
within the Future Improvement Areas and/or Future Improvement Area Bonds are issued,this SAP
will be amended to identify the specific Future Improvement Area Improvements that confer a
special benefit to the property inside each Future Improvement Area (e.g. a Table III-D will be
added to show the costs for the specific Future Improvement Area Improvements financed within
the specific Future Improvement Area being developed.)
MuniCap 122
IV. ASSESSMENT PLAN
A. INTRODUCTION
The PID Act requires the City Council to apportion the PID-Funded Actual Costs of the Authorized
Improvements to be funded through the PID based on the special benefits conferred on each Parcel
from the Authorized Improvements. The PID Act provides that the PID-Funded 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.
Table IV-A details the allocation of PID-Funded Actual Costs of the Improvement Area#1 Funded
Improvements to the Improvement Area #1 Assessed Property. Table IV-B details the allocation
of PID-Funded Actual Costs of the Improvement Area #2 Funded Improvements to the
Improvement Area#2 Assessed Property. Table IV-C details the allocation of PID-Funded Actual
Costs of the Improvement Area #3 Funded Improvements to the Improvement Area #3 Assessed
Property.
This Section IV is intended to: (1) describe the special benefit conferred upon each Parcel within
Improvement Area #1, Improvement Area #2, and Improvement Area #3 as a result of the
Improvement Area#1 Funded Improvements, Improvement Area#2 Funded Improvements, and
Improvement Area #3 Funded Improvements; (2) provide the basis and justification for the
determination by the City Council that these special benefits exceed the amount of the applicable
Assessments levied; and (3) explain the methodologies by which the City Council allocates and
reallocates the special benefits of the Improvement Area#1 Funded Improvements, Improvement
Area #2 Funded Improvements, and improvement Area #3 Funded Improvements to Parcels so
that equal shares of the PID-Funded Actual Costs being apportioned to Parcels that are similarly
benefited. The determination by the City Council of the assessment methodologies set forth in
this Section IV 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 Developer and all future owners and developers of any Assessed Property.
B. SPECIAL BENEFIT
The Assessed Property must receive a direct and special benefit from the Authorized
Improvements being funded through the PID that is equal to or greater than the amount of the
Assessments.The Improvement Area#1 Funded Improvements are provided solely for the benefit
of the Improvement Area#1 Assessed Property, and the benefit received from such Improvement
Area #1 Funded Improvements must be equal to or greater than the Improvement Area #1
Assessment. The Improvement Area#2 Funded Improvements are provided solely for the benefit
of the Improvement Area#2 Assessed Property, and the benefit received from such Improvement
Area #2 Funded Improvements must be equal to or greater than the Improvement Area #2
Assessment. The Improvement Area#3 Funded Improvements are provided solely for the benefit
MuniCap 123
of the Improvement Area#3 Assessed Property, and the benefit received from such Improvement
Area #3 Funded Improvements must be equal to or greater than the Improvement Area #3
Assessment.
When the City Council approved this SAP for Improvement Area#1,the Developer owned 100%
of the Improvement Area #1 Assessed Property. The Developer: (i) has acknowledged that the
Improvement Area #1 Funded Improvements confer a special benefit on the Improvement Area
#1 Assessed Property; and (ii) has consented to the imposition of the Assessments to pay for the
PID-Funded Actual Costs of the Improvement Area#1 Funded Improvements and Improvement
Area#2 Funded Improvements.
When the City Council approved this SAP for Improvement Area#2,the Developer owned 65.4%
of the Improvement Area #2 Assessed Property. The Developer: (i) has acknowledged the
Improvement Area #2 Funded Improvements confer a special benefit on the Improvement Area
#2 Assessed Property; (ii) has consented to the imposition of the Improvement Area #2
Assessments to pay for the PID-Funded Actual Costs of the Improvement Area #2 Funded
Improvements; and (iii) has consented to pay in full the amount of any Improvement Area #2
Assessments on each Lot that have closed with homebuyers as of the date of the levy of the
Improvement Area#2 Assessments.
When the City Council approved this SAP for Improvement Area#3,the Developer owned "D
of the Improvement Area #3 Assessed Property. The Developer: (i) has acknowledged the
Improvement Area #3 Funded Improvements confer a special benefit on the Improvement Area
#3 Assessed Property; (ii) has consented to the imposition of the Improvement Area #3
Assessments to pay for the PID-Funded Actual Costs of the Improvement Area #3 Funded
Improvements; and (iii) has consented to pay in full the amount of any Improvement Area #3
Assessments on each Lot that have closed with homebuyers as of the date of the levy of the
Improvement Area#3 Assessments.
If Lots are not platted in accordance with the approved entitlements, the Assessments for each
affected Lot will be allocated in an equitable manner, but in no event will such new allocation
increase the Maximum Assessment Per Unit for each Parcel as identified in Table IV-D,Table IV-
F, and Table IV-H. If the Assessment for the Assessed Property prior to subdivision exceeds the
sum of the Assessments for all newly divided Assessed Properties after such reallocation, the
excess amount shall be prepaid as a Mandatory Prepayment as provided under Section VI.G herein.
The City Council determined that funding the PID-Funded Actual Costs through the PID is
beneficial to the City and confers a special benefit on the Improvement Area#1 Assessed Property,
Improvement Area#2 Assessed Property, and Improvement Area#3 Assessed Property. The City
Council has also determined that the special benefit from Improvement Area #1 Funded
Improvements, Improvement Area #2 Funded Improvements, and Improvement Area #3 Funded
Improvements exceeds the amount of the Improvement Area #1 Assessment, the Improvement
Area #2 Assessment, and the Improvement Area #3 Assessment respectively. This conclusion is
supported by the evidence, information, and testimony provided to the City Council.
MuniCap 124
C. ALLOCATION OF ACTUAL COSTS OF IMPROVEMENT AREA#1 FUNDED IMPROVEMENTS
The Improvement Area#1 Funded Improvements will provide a special benefit to that portion of
the Property, other than the Non-Benefited Property, in Improvement Area #1. The PID-Funded
Actual Costs of the Improvement Area#1 Funded Improvements are,therefore, allocated entirely
to the Improvement Area #1 Assessed Property as shown in Table IV-A. The costs detailed in
Table IV-A are subject to revision through the Annual Service Plan Updates but may not result in
increased Assessments except as authorized by this SAP and the PID Act.
Table IV-
Cost Allocation of Improvement Area#1
% Share of PID Funded
Authorized Improvements Total Costs' Allocation Costs Costs
Authorized Improvements
Bonds&Mobilization $233,175 0% $0 $0
Earthwork&Erosion Control Improvements $3,772,522 0% $0 $0
Storm Drainage Improvements $2,157,384 0% $0 $0
Water Improvements $2,862,099 0% $0 $0
Wastewater Improvements $3,249,108 0% $0 $0
Roadway Improvements $5,725,852 99.78% $5,712,973 $5,712,973
Open Space&Trail Improvements $3,301,388 19.300/. $637,027 $637,027
Project Contingency $0 0% $0 $0
Engineering $3,004,337 0% $0 $0
City Inspection and Fees $1,320,095 0% $0 $0
Professional Fees $214,393 0% $0 $0
Construction Fees $1,636,939 0% $0 $0
Total Authorized Improvements $27,477,293 $6,350,000 $6,350,000
'See Table III-A for details.
D. ALLOCATION OF ACTUAL COSTS OF IMPROVEMENT AREA#2 FUNDED IMPROVEMENTS
The Improvement Area#2 Funded Improvements will provide a special benefit to that portion of
the Property, other than the Non-Benefited Property, in Improvement Area #2. The PID-Funded
Actual Costs of the Improvement Area#2 Funded Improvements are,therefore, allocated entirely
to the Improvement Area #2 Assessed Property as shown in Table IV-B. The costs detailed in
Table IV-B are subject to revision through the Annual Service Plan Updates but may not result in
increased Assessments except as authorized by this SAP and the PID Act.
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MuniCap 125
Table IV-B
Cost Allocation of Improvement Area#2
% Share of PID Funded
Authorized Improvements Total Costs' Allocation Costs Costs
Authorized Improvements
Bonds&Mobilization $270,616 0% $0 $0
Earthwork&Erosion Control Improvements $4,020,550 0% $0 $0
Storm Drainage Improvements $2,125,362 0% $0 $0
Water Improvements $2,598,771 0% $0 $0
Wastewater Improvements $2,341,564 0% $0 $0
Roadway Improvements $5,132,890 97.67% $5,013,226 $5,013,226
Landscaping Improvements $5,710,148 14.65% $836,774 $836,774
Project Contingency $117,814 0% $0 $0
Engineering $3,967,735 0% $0 $0
Construction Fees $1,047,891 0% $0 $0
Total Authorized Improvements $27,333,341 $5,850,000 $5,850,000
'See Table III-B for details.
E. ALLOCATION OF ACTUAL COSTS OF IMPROVEMENT AREA#3 FUNDED IMPROVEMENTS
The Improvement Area#3 Funded Improvements will provide a special benefit to that portion of
the Property, other than the Non-Benefited Property, in Improvement Area #3. The PID-Funded
Actual Costs of the Improvement Area#3 Funded Improvements are, therefore, allocated entirely
to the Improvement Area #3 Assessed Property as shown in Table IV-C. The costs detailed in
Table IV-C are subject to revision through the Annual Service Plan Updates but may not result in
increased Assessments except as authorized by this SAP and the PID Act.
Table IV-C
Cost Allocation of Improvement Area#3
% Share of PID Funded
Authorized Improvements Total Costs' Allocation Costs Costs
Authorized Improvements
Bonds&Mobilization $0 0% $0 $0
Earthwork&Erosion Control Improvements $3,304,958 0% $0 $0
Storm Drainage Improvements $3,337,653 0% $0 $0
Water Improvements $3,185,148 0% $0 $0
Wastewater Improvements $4,643,234 0% $0 $0
Roadway Improvements $10,792,203 99.61% $10,750,000 $10,750,000
Landscaping Improvements $3,018,076 0.00% $0 $0
Project Contingency $1,894,872 0% $0 $0
Engineering $6,601,380 0% $0 $0
Construction Fees $413,995 00ru $0 $0
Total Authorized Improvements $37,191,518 $10,750,000 $10,750,000
'See Table III-C for details.
MuniCap 126
F. ALLOCATION OF ACTUAL COSTS OF FUTURE IMPROVEMENT AREA IMPROVEMENTS
As Future Improvement Areas are developed and Assessments are levied against the property
within the Future Improvement Areas and/or Future Improvement Area Bonds are issued,this SAP
will be amended to identify the specific Future Improvement Area Improvements that confer a
special benefit to the property inside such Future Improvement Areas (e.g. Table IV-D will be
created and amended to show the allocation of Actual Costs for Future Improvement Area
Improvements.)
G. ASSESSMENT METHODOLOGY
The City Council may assess the PID-Funded Actual Costs against Assessed Property so long as
the special benefit conferred upon the Assessed Property by the corresponding Authorized
Improvements equals or exceeds the amount of the Assessments. The PID-Funded Actual Costs
may be assessed using any methodology that results in the imposition of equal shares of the PID-
Funded Actual Costs on Assessed Property similarly benefited.
Assessment Methodology for Improvement Area #1
For purposes of this SAP, the City Council has determined that the PID-Funded Actual Costs of
the portion of the Improvement Area #1 Funded Improvements shall be allocated to the
Improvement Area #1 Assessed Property by spreading the entire Improvement Area #1
Assessment across all Lots of Assessed Property within Improvement Area#1 based on the ratio
of the estimated build out value of each Lot to the total build out value for all Parcels within
Improvement Area #1. The assessment methodology described in this section is summarized in
Table IV-D. Table IV-D also summarizes for each Lot Type of Assessed Property within
Improvement Area#1: (1)the Assessment for each Lot Type; (2) the Annual Installment for each
Lot Type; and (3) the equivalent tax rate for each Lot Type based on estimated finished lot value
and estimated completed home price. This assessment methodology is anticipated to be used for
each Future Improvement Area, subject to the approval of the City Council. Table IV-E also
summarizes for each Lot Type of Assessed Property within Improvement Area #1: (1) the
estimated finished lot to Assessment ratio and (2) the estimated completed home price to
Assessment ratio.
Based on the PID-Funded Actual Costs for the Improvement Area#1 Funded Improvements, the
City Council has determined that the benefit to the Improvement Area#1 Assessed Property from
the Improvement Area #1 Funded Improvements is at least equal to the Improvement Area #1
Assessments.
The Improvement Area #1 Assessments and Annual Installments for each Lot of Assessed
Property located in Improvement Area #1 are shown on the Improvement Area #1 Assessment
Roll attached as Appendix A-1, and no such Assessment shall be changed except as authorized by
this SAP and the PID Act. Table IV-D and Table IV-E summarizes the initial allocation of the
Improvement Area#1 Assessment at the time the in Improvement Area#1 Assessment Ordinance
was adopted by the City Council.The information in Table IV-D and Table IV-E may be modified
MuniCap 127
in a Service Plan Update approved by the City Council, subject to the terms of this SAP, the PID
Act, and any other documents associated with the PID.
Table IV-D
Improvement Area#1
Assessment Allocation
Equivalent
Equivalent Tax Rate
Initial Tax Rate (Per
Total Initial Year (Per $100/AV)
Estimated Estimated Estimated Improvement Year Maximum Annual $100/AV) Completed
Lot Finished Completed Build Out Area#1 Annual Assessment Installment Finished Home
Size Units Lot Value Home Value Value Assessment Installment Per Unit Per Unit Lot Value Value
35' 28 $53,410 $286,900 $8,033,200 $192,408 $14,466 $6,872 $517 $0.97 $0.18
50' 239 $72,856 $356,700 $85,251,300 $2,041,909 $153,516 $8,544 $642 $0.88 $0.18
60' 182 $89,479 $439,000 $79,898,000 $1,913,688 $143,876 $10,515 $791 $0.88 $0.18
70' 98 $113,861 $559,500 $54,831,000 $1,313,293 $98,737 $13,401 $1,008 $0.88 $0.18
Custom 40 $170,000 $927,600 $37,104,000 $888,702 $66,815 $22,218 $1,670 $0.98 $0.18
Total 587 $114,711,600 $265,117,500 $6,350,000 $477,409
Note:Estimates are based on information available as of the date the original SAP was adopted by the City Council.The above estimate assumes an average 6.0%
interest rate for the initial two years,a 5.0%interest rate for the remaining 28 years,a 30 year term for the collection of PID assessments,and an annual administrative
expense of$45,000 increasing by 2.0%per year.This information may be modified in a Annual Service Plan Update approved by the City Council,subject to the
terms of this SAP,the PID Act,and any other document associated with the PID.
Table IV-E
Improvement Area#1
Estimated Value to Assessment Ratios
Initial
Total Initial Year Finished Completed
Estimated Estimated Estimated Improvement Year Maximum Annual Lot to Home to
Lot Finished Completed Build Out Area#1 Annual Assessment Installment Assessment Assessment
Size Units Lot Value Home Value Value Assessment Installment Per Unit Per Unit Leverage Leverage
35' 28 $53,410 $286,900 $8,033,200 $192,408 $14,466 $6,872 $517 7.77 41.75
50' 239 $72,856 $356,700 $85,251,300 $2,041,909 $153,516 $8,544 $642 8.53 41.75
60' 182 $89,479 $439,000 $79,898,000 $1,913,688 $143,876 $10,515 $791 8.51 41.75
70' 98 $113,861 $559,500 $54,831,000 $1,313,293 $98,737 $13,401 $1,008 8.50 41.75
Custom 40 $170,000 $927,600 $37,104,000 $888,702 $66,815 $22,218 $1,670 7.65 41.75
Total 587 $114,711,600 $265,117,500 $6,350,000 $477,409
Note:Estimates are based on information available as of the date the original SAP was adopted by the City Council.The above estimate assumes an average 6.0%
interest rate for the initial two years,a 5.0%interest rate for the rcmaining 28 years,a 30 year term for the collection of PID assessments,and an annual administrative
expense of$45,000 increasing by 2.0%per year.This information may be modified in an Annual Service Plan Update approved by the City Council,subject to the
terms of this SAP,the PID Act,and any other document associated with the PID.
Assessment Methodology for Improvement Area 42
For purposes of this SAP, the City Council has determined that the PID-Funded Actual Costs of
the portion of the Improvement Area 42 Funded Improvements shall be allocated to the
Improvement Area 42 Assessed Property by spreading the entire Improvement Area 42
Assessment across all Lots of Assessed Property within Improvement Area 42 based on the ratio
of the estimated build out value of each Lot to the total build out value for all Parcels within
Improvement Area 42. The assessment methodology described in this section is summarized in
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Table IV-F. Table IV-F also summarizes for each Lot Type of Assessed Property within
Improvement Area#2: (1)the Assessment for each Lot Type; (2)the Annual Installment for each
Lot Type; and (3)the equivalent tax rate for each Lot Type based on estimated finished lot value
and estimated completed home price. This assessment methodology is anticipated to be used for
each Future Improvement Area, subject to the approval of the City Council. Table IV-G also
summarizes for each Lot Type of Assessed Property within Improvement Area #2: (1) the
estimated finished lot to Assessment ratio and (2) the estimated completed home price to
Assessment ratio.
Based on the PID-Funded Actual Costs for the Improvement Area#2 Funded Improvements, the
City Council has determined that the benefit to the Improvement Area#2 Assessed Property from
the Improvement Area #2 Funded Improvements is at least equal to the Improvement Area #2
Assessments.
The Improvement Area #2 Assessments and Annual Installments for each Lot of Assessed
Property located in Improvement Area #2 are shown on the Improvement Area #2 Assessment
Roll attached as Appendix A-2,and no such Assessment shall be changed except as authorized by
this SAP and the PID Act. Table IV-F and Table IV-G summarizes the initial allocation of the
Improvement Area #2 Assessment at the time the Improvement Area #2 Assessment Ordinance
was adopted by the City Council.The information in Table IV-F and Table IV-G may be modified
in a Service Plan Update approved by the City Council, subject to the terms of this SAP, the PID
Act, and any other documents associated with the PID
Table IV-F
Improvement Area #2
Assessment Allocation
Equivalent
Equivalent Tax Rate
Initial Tax Rate (Per
Estimated Total Initial Year (Per $100/AV)
Estimated Completed Estimated Improvement Year Maximum Annual $100/AV) Completed
Finished Home Build Out Area 92 Annual Assessment Installment Finished Home
Lot Size Units Lot Value Value Value Assessment Installment Per Unit Per Unit Lot Value Value
35' 61 $55,040 $3115,000 $19,215,000 $463,987 $33,292 $7,6G6 $546 $^v.77 $0.17
50' 152 $72,740 $415,000 $63,080,000 $1,523,200 $109,294 $10,021 $719 $0.99 $0.17
60' 165 $88,430 $505,000 $83,325,000 $2,012,058 $144,371 $12,194 $875 $0.99 $0.17
70' 67 $114,530 $655,000 $43,885,000 $1,059,696 $76,036 $15,816 $1,135 $0.99 $0.17
Townhome 96 $52,090 $310,000 $29,760,000 $718,618 $51,563 $7,486 $537 $1.03 $0.17
Garden 12 $40,000 $250,000 $3,000,000 $72,441 $5,198 $6,037 $433 $1.08 $0.17
Home
Total 553 $242,265,000 $5,850,000 $419,754
Note:Estimates are based on information available as of XYJXX/20.The above assumes a 4.62%interest rate,a 30-year term for the collection of PID assessments,
and an average annual administrative expense of$55,526 per year. This information may be modified in an Annual Service Plan Update approved by the City
Council,subject to the terms of this SAP,the PID Act,and any other document associated with the PID.
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MuniCap 129
Table IV-G
Improvement Area 92
Estimated Value to Assessment Ratios
Initial
Estimated Total Initial Year Finished Completed
Estimated Completed Estimated Improvement Year Maximum Annual Lot to Home to
Finished Home Build Out Area#2 Annual Assessment Installment Assessment Assessment
—Lot.'Size Units Lot Value Value Value A-J J r y nt Installment Per U^;t Per Unit Leverage Leverage
35' 61 $55,040 $315,000 $19,215,000 $463,987 $33,292 y•$7,606 $546 7.24 41.41
50' 152 $72,740 $415,000 $63,080,000 $1,523,200 $109,294 $10,021 $719 7.26 41.41
60' 165 $88,430 $505,000 $83,325,000 $2,012,058 $144,371 $12,194 $875 7.25 41.41
70' 67 $114,530 $655,000 $43,885,000 $1,059,696 $76,036 $15,816 $1,135 7.24 41.41
Townhome 96 $52,090 $310,000 $29,760,000 $718,618 $51,563 $7,486 $537 6.96 41.41
Garden 12 $40,000 $250,000 $3,000,000 $72,441 $5,198 $6,037 $433 6.63 41.41
Home
Total 553 $242,265,000 $5,850,000 $419,754
Note:Estimates are based on information available as of XX/XX/20.The above assumes 4.62%interest rate,a 30-year term for the collection of PID assessments,
and an average annual administrative expense of$55,526 per year. This information may be modified in an Annual Service Plan Update approved by the City
Council,subject to the terms of this SAP,the PID Act,and any other document associated with the PID.
Assessment Methodology for Improvement Area #3
For purposes of this SAP, the City Council has determined that the PID-Funded Actual Costs of
the portion of the Improvement Area #3 Funded Improvements shall be allocated to the
Improvement Area #3 Assessed Property by spreading the entire Improvement Area #3
Assessment across all Lots of Assessed Property within Improvement Area#3 based on the ratio
of the estimated build out value of each Lot to the total build out value for all Parcels within
Improvement Area#3. The assessment methodology described in this section is summarized in
Table IV-H. Table IV-H also summarizes for each Lot Type of Assessed Property within
Improvement Area#3: (1)the Assessment for each Lot Type; (2)the Annual Installment for each
Lot Type; and (3) the equivalent tax rate for each Lot Type based on estimated finished lot value
and estimated completed home price. This assessment methodology is anticipated to be used for
each Future Improvement Area, subject to the approval of the City Council. Table IV-I also
summarizes for each Lot Type of Assessed Property within Improvement Area #3: (1) the
estimated finished lot to Assessment ratio and (2) the estimated completed home price to
Assessment ratio.
Based on the PID-Funded Actual Costs for the Improvement Area#3 Funded Improvements, the
City Council has determined that the benefit to the Improvement Area#3 Assessed Property from
the Improvement Area #3 Funded Improvements is at least equal to the Improvement Area #3
Assessments.
The Improvement Area #3 Assessments and Annual Installments for each Lot of Assessed
Property located in Improvement Area #3 are shown on the Improvement Area #3 Assessment
Roll attached as Appendix A-3, and no such Assessment shall be changed except as authorized by
this SAP and the PID Act. Table IV-H and Table IV-1 summarizes the initial allocation of the
Improvement Area #3 Assessment at the time the Improvement Area #3 Assessment Ordinance
was adopted by the City Council. The information in Table IV-H and Table IV-1 may be modified
MuniCap 130
in a Service Plan Update approved by the City Council, subject to the terms of this SAP,the PID
Act, and any other documents associated with the PID
Table IV-H
Improvement Area#3
Assessment Allocation
Equivalent
Equivalent Tax Rate
Initial Tax Rate (Per
Estimated Total Initial Year (Per $100/AV)
Estimated Completed Estimated Improvement Year Maximum Annual $100/AV) Completed
Finished Home Build Out Area 93 Annual Assessment Installment Finished Home
Lot Size Units Lot Value Value Value Assessment Installment Per Unit Per Unit Lot Value Value
35' 78 $67,701 $550,000 $42,900,000 $997,991 $76,010 $12,795 $974 $1.44 $0.18
50' 139 $94,411 $656,667 $91,276,667 $2,123,387 $161,723 $15,276 $1,163 $1.23 $0.18
55' 105 $92,400 $665,000 $69,825,000 $1,624,353 $123,715 $15,470 $1,178 $1.28 $0.18
60' 115 $111,600 $758,333 $87,208,333 $2,028,744 $154,514 $17,641 $1,344 $1.20 $0.18
70' 88 $122,898 $903,333 $79,493,333 $1,849,269 $140,845 $21,014 $1,601 $1.30 $0.18
Townhome 140 $52,447 $550,000 $77,000,000 $1,791266 $136,427 $12,795 $974 $1.86 $0.18
(25'-33) '
4-Pack 36 $51,750 $400,000 $14,400,000 $334,990 $25,514 $9,305 $709 $1.37 $0.18
Total 701 $462,103,333 $10,750,000 $818,747
Note:Estimates are based on information available as of XX/XX/22.The above assumes a 5.55%interest rate,a 30-year term for the collection of PID assessments,
and an average annual administrative expense of$75,000 per year. This information may be modified in an Annual Service Plan Update approved by the City
Council,subject to the terms of this SAP,the PID Act,and any other document associated with the PID.
Table IV-I
Improvement Area#3
Estimated Value to Assessment Ratios
Initial
Estimated Total Initial Year Finished Completed
Estimated Completed Estimated Improvement Year Maximum Annual Lot to Home to
Finished Home Build Out Area#3 Annual Assessment Installment Assessment Assessment
Lot Size Units Lot Value Value Value Assessment Installment Per Unit Per Unit Leverage Leverage
35' 78 $67,701 $550,000 $42,900,000 $997,991 $76,010 $12,795 $974 5.29 42.99
50' 139 $94,411 $656,667 $91,276,667 $2,123,387 $161,723 $15,276 $1,163 6.18 42.99
55' 105 $92,400 $665,000 $69,825,000 $1,624,353 $123,715 $15,470 $1,178 5.97 42.99
60' 115 $111,600 $758,333 $87,208,333 $2,028,744 $154,514 $17,641 $1,344 6.33 42.99
70' 88 $122,898 $903,333 $79,493,333 $1,849,269 $140,845 $21,014 $1,601 5.85 42.99
Townhome 140 $52,447 $550,000 $77,000,000 $1,791,266 $136,427 $12,795 $974 4.10 42.99
(25-33)
4-Pack 36 $51,750 $400,000 $14,400,000 $334,990 $25,514 $9,305 $709 5.56 42.99
Total 701 $462,103,333 $10,750,000 $818,747
Note:Estimates are based on information available as of XX/XX/22.The above assumes an estimated 5.55%interest rate,a 30-year term for the collection of PID
assessments,and an average annual administrative expense of$75,000 per year.This information may be modified in an Annual Service Plan Update approved by
the City Council,subject to the terms of this SAP,the PID Act,and any other document associated with the PID.
Assessment Methodology for Future Improvement Areas
When and if the Future Improvement Areas are developed and Assessments are levied against
Property within the Future Improvement Areas and/or the issuance of Future Improvement Area
MuniCap 131
Bonds are contemplated, this SAP will be amended to determine the assessment methodology
necessary to apply equal shares of the Actual Costs of Future Improvement Area Improvements
on Assessed Property similarly benefited within that Future Improvement Area.
H. ASSESSMENT AND ANNUAL INSTALLMENTS
The Improvement Area#1 Assessments for the Improvement Area#1 Funded Improvements have
been levied on each Lot of Improvement Area#1 Assessed Property according to the Improvement
Area#1 Assessment Roll.The Improvement Area#1 Annual Installments will be due no later than
January 31 of each year beginning in 2019 and will be due in the amounts shown on the
Improvement Area#1 Assessment Roll, subject to any revisions made during an Annual Service
Plan Update. The Improvement Area #2 Assessments for the Improvement Area #2 Funded
Improvements will be levied on each Lot of Improvement Area #2 Assessed Property according
to the Improvement Area #2 Assessment Roll. The Improvement Area #2 Annual Installments
will be due no later than January 31 of each year beginning in 2021 and will be due in the amounts
shown on the Improvement Area #2 Assessment Roll, subject to any revisions made during an
Annual Service Plan Update. The Improvement Area #3 Assessments for the Improvement Area
#3 Funded Improvements will be levied on each Lot of Improvement Area#3 Assessed Property
according to the Improvement Area #3 Assessment Roll. The Improvement Area #3 Annual
Installments will be due no later than January 31 of each year beginning in 2024 and will be due
in the amounts shown on the Improvement Area#3 Assessment Roll,subject to any revisions made
during an Annual Service Plan Update.
I. 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 Assessment remaining on such
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 Improvement Area#1 Assessment Roll,the
Improvement Area#2 Assessment Roll,and the Improvement Area#3 Assessment Roll shown on
Appendix A-1, Appendix A-2, and Appendix A-3, respectively, which are subject to revision
through Annual Service Plan Updates.
J. ADDITIONAL INTEREST RATE
Pursuant to the PID Act, if PID Bonds are issued,the interest rate for Assessments may exceed the
actual interest rate per annum paid on bonds issued by a PID by no more than one half of one
percent (0.50%) per annum, (the "Additional Interest Rate"). Forty percent (40.0%) of the funds
generated by the Additional Interest Rate (i.e. 0.20%) per annum will be dedicated to fund the
Prepayment Reserve as described in Section IV.K below. The remaining sixty percent (60.0%)
balance of the funds generated by the Additional Interest Rate(i.e. 0.30%)per annum is dedicated
to the Delinquency Reserve as described in Section IV.L below.
MuniCap 132
K. PREPAYMENT RESERVE
As described in Section IV.J above, if PID Bonds are issued, a portion of the funds generated by
the Additional Interest Rate will be allocated to fund the associated interest charged between the
date of prepayment of an Assessment and the date on which related PID Bonds are actually
redeemed (the 'Prepayment Reserve"). If PID Bonds are issued, a Prepayment Reserve shall be
funded each year until it reaches 1.5%of the par amount of the related PID Bonds, but in no event
will the annual collections be more than 0.20%per annum higher than the actual interest rate paid
on the related PID Bonds. If the PID Act is subsequently amended to allow a prepayment of an
Assessment to include all applicable interest from the date of prepayment through and including
the date of the regularly scheduled PID Bond payments to be charged upon the prepayment of the
Assessment, the 0.20% per annum allocated to fund the associated interest charged between the
date of prepayment of the Assessment and the date on which PID Bonds are actually prepaid may
be eliminated at the election of the City. If the Prepayment Reserve requirement is so eliminated
or in a given year the additional reserve is fully funded at 1.5%of the par amount of the PID Bonds,
the City can allocate the Prepayment Reserve component of the Additional Interest Rate collected
during that year to the Delinquency Reserve or to pay Administrative Expenses as set forth in the
applicable Indenture.
L. DELINQUENCY RESERVE
As described in Section IV.J above, if PID Bonds are issued, a portion of the funds generated by
the Additional Interest Rate will be allocated to offset any possible delinquent payments. This
additional reserve (the "Delinquency Reserve") shall be funded each year up to 4.0% of the par
amount of the related PID Bonds, but in no event will the annual collection of the Delinquency
Reserve be more than 0.30%per annum higher than the actual interest rate paid on the related PID
Bonds. If in a given year the additional reserve is fully funded at 4.0% of the par amount of the
related PID Bonds, the City can allocate the Delinquency Reserve component of the Additional
Interest Rate collected during that year to the Prepayment Reserve, or to pay Administrative
Expenses or to redeem PID Bonds as set forth in the applicable Indenture.
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MuniCap 133
V. SERVICE PLAN
A. INTRODUCTION
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. The timetable for Future Improvement Areas Improvements will
be determined and included in future updates to this SAP.
The Service Plan shall be reviewed and updated at least annually for purposes of determining the
annual budget for Administrative Expenses, updating the estimated costs of the Authorized
Improvements, and updating the Assessment Rolls shown on Appendix A-1, Appendix A-2, and
Appendix A-3. Any update to this SAP is herein referred as an"Annual Service Plan Update."
Table V-A summarizes the sources and uses of funds required to construct the Improvement Area
#1 Funded Improvements and establish the PID. The sources and uses of funds shown in Table V-
A shall be updated each year in the Annual Service Plan Update to reflect any revisions to the
Actual Costs and additional PID Bond issues, if any.
Table V-B summarizes the sources and uses of funds required to construct the Improvement Area
#2 Funded Improvements and establish the PID. The sources and uses of funds shown in Table V-
B shall be updated each year in the Annual Service Plan Update to reflect any revisions to the
Actual Costs and additional PID Bond issues, if any.
Table V-C summarizes the sources and uses of funds required to construct the Improvement Area
#3 Funded Improvements and establish the PID. The sources and uses of funds shown in Table V-
C shall be updated each year in the Annual Service Plan Update to reflect any revisions to the
Actual Costs and additional PID Bond issues, if any.
PID Bonds for Improvement Area #1 will not be issued until a final plat has been recorded for
Improvement Area #2. If no final plat has been recorded with respect to Improvement Area #2
within five (5) years of the date hereof, then no PID Bonds for Improvement Area #1 will be
issued, and the payment of the any amount owed to the Developer under the Improvement Area
#1 Reimbursement Agreement will be limited to quarterly payments by the City to the Developer
from the Assessment Revenues deposited into the District Fund.
PID Bonds for Improvement Area #2 will not be issued until a final plat has been recorded for
Improvement Area #3. If no final plat has been recorded with respect to Improvement Area #3
within five (5) years of the date hereof, then no PID Bonds for Improvement Area #2 will be
issued, and the payment of the any amount owed to the Developer under the Improvement Area
#2 Reimbursement Agreement will be limited to quarterly payments by the City to the Developer
from the Assessment Revenues deposited into the District Fund.
PID Bonds for Improvement Area #3 will not be issued until a final plat has been recorded for
Improvement Area #4. If no final plat has been recorded with respect to Improvement Area #4
within five (5) years of the date hereof, then no PID Bonds for Improvement Area #3 will be
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issued, and the payment of the any amount owed to the Developer under the Improvement Area
#3 Reimbursement Agreement will be limited to quarterly payments by the City to the Developer
from the Assessment Revenues deposited into the District Fund.
Future Improvement Area PID Bonds for a given improvement area will not be issued until a final
plat has been recorded for the next improvement area in the District ("Subsequent Improvement
Area").If no final plat has been recorded with respect to the Subsequent Improvement Area within
five (5) years of the date that the Assessments are levied on the prior improvement area, then no
Future Improvement Area PID Bonds for the prior improvement area will be issued, and the
payment of any amount owed to the Developer under a Reimbursement Agreement will be limited
to quarterly payments by the City to the Developer from the Assessment Revenues deposited into
the District Fund.
The Improvement Area#1 Assessments have been levied. As a result,the sources and uses are
shown in Table V-A.
Table V-A
Improvement Area #1
Sources and Uses of Funds
Actual Costs Actual Costs
Reimbursed by Funded by
Description Costs' Assessments Developer
Sources:
PID Reimbursement Agreement Improvement Area#1 $6,350,000 $6,350,000 $0
Developer Cash Contribution $21,127,293 $0 $21,127,293
Total Sources $27,477,293 $6,350,000 $21,127,293
Uses:
Bonds&Mobilization $233,175 $0 $233,175
Earthwork&Erosion Control Improvements $3,772,522 $0 $3,772,522
Storm Drainage Improvements $2,157,384 $0 $2,157,384
Water Improvements $2,862,099 $0 $2,862,099
Wastewater Improvements $3,249,108 $0 $3,249,108
Roadway Improvements $5,725,852 $5,712,973 $12,879
Open Space&Trail Improvements $3,301,388 $637,027 $2,664,361
Project Contingency $0 $0 $0
Engineering $3,004,337 $0 $3,004,337
City Inspection and Fees $1,320,095 $0 $1,320,095
Professional Fees $214,393 $0 $214,393
Construction Fees $1,636,939 $0 $1,636,939
Total Authorized Improvements $272477,293 $6,350,000 $Z1,127,293
' See Table III-A and Table N-A for details.
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The Improvement Area#2 Assessments have been levied. As a result,the sources and uses are
shown in Table V-B.
Table V-B
Improvement Area#2
Sources and Uses of Funds
Actual Costs Actual Costs
Reimbursed by Funded by
Description Costs' Assessments Developer
Sources:
PID Reimbursement Agreement Improvement Area#2 $5,850,000 $5,850,000 $0
Developer Cash Contribution $21,483,341 $0 $21,483,341
Total Sources $27,333,341 $5,850,000 $21,483,341
Uses:
Bonds&Mobilization $270,616 $0 $270,616
Earthwork.&Erosion Control Improvements $4,020,550 $0 $4,020,550
Storm Drainage Improvements $2,125,362 $0 $2,125,362
Water Improvements $2,598,771 $0 $2,598,771
Wastewater Improvements $2,341,564 $0 $2,341,564
Roadway Improvements $5,132,890 $5,013,226 $119,664
Landscaping Improvements $5,710,148 $836,774 $4,873,374
Project Contingency $117,814 $0 $117,814
Engineering $3,967,735 $0 $3,967,735
Construction Fees $1,047,891 $0 $1,047,891
Total Authorized Improvements $27,333,341 $5,850,000 $21,483,341
1 See Table III-B and Table IV-B for details.
The Improvement Area#3 Assessments are being levied. As a result,the sources and uses are
shown in Table V-C.
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Table V-C
Improvement Area#3
Sources and Uses of Funds
Actual Costs Actual Costs
Reimbursed by Funded by
Description Costs, Assessments Developer
Sources:
PID Reimbursement Agreement Improvement Area#3 $10,750,000 $10,750,000 $0
Developer Cash Contribution $26,441,518 $0 $26,441,518
Total Sources $37,191,518 $10,750,000 $26,441,518
Uses:
Bonds&Mobilization $0 $0 $0
Earthwork&Erosion Control Improvements $3,304,958 $0 $3,304,958
Storm Drainage Improvements $3,337,653 $0 $3,337,653
Water Improvements $3,185,148 $0 $3,185,148
Wastewater Improvements $4,643,234 $0 $4,643,234
Roadway Improvements $10,792,203 $10,750,000 $42,203
Landscaping Improvements $3,018,076 $0 $3,018,076
Project Contingency $1,894,872 $0 $1,894,872
Engineering $6,601,380 $0 $6,601,380
Construction Fees $413,995 $0 $413,995
Total Authorized Improvements $37,191,518 $10,750,000 $26,4412518
' See Table III-C and Table N-C for details.
The projected Annual Installments for the Improvement Area #1 Funded Improvements are
presented in Table V-D. The projected Annual Installments are subject to revision and shall be
updated in the Annual Service Plan Update to reflect any change expected for each year.
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Table V-D
Improvement Area#1
Projected Annual Installments
Prepayment
Period Principal Interest Administrati Delinquency Annual PID
Ending 9/30 Payments Expense ve Expenses Reserves Installments
2022&Prior $340,839 $1,359,993 $172,345 $0 $1,873,177
2023 $125,060 $292,057 $47,848 $0 $464,966
2024 $130,365 $285,804 $48,796 $0 $464,966
2025 $135,917 $279,286 $49,763 $0 $464,966
2026 $141,727 $272,490 $50,749 $0 $464,966
2027 $147,807 $265,404 $51,755 $0 $464,966
2028 $154,171 $258,013 $52,781 $0 $464,966
Total $1,175,886 $3,013,047 $474,038 $0 $4,662,970
Note: The projected Annual Installments are the expenditures associated with the formation of the PID,
interest expense,and the administration of the PID.The debt service estimates are based on a 30 year term
for the PID and a 6.0%interest rate for the initial two years,a 5.0%interest rate for the remaining 28 years.
If and when bonds for Improvement Area#1 are issued,Table V-D will be updated with the debt service
estimates for the bonds.Administrative expenses are estimated to increase at a rate of 2.0%per year.
The projected Annual Installments for the Improvement Area #2 Funded Improvements are
presented in Table V-E below. The projected Annual Installments are subject to revision and shall
be updated in the Annual Service Plan Update to reflect any change expected for each year.
Table V-E
Improvement Area #2
Projected Annual Installments
Prepayment
Period Principal Interest Administrative Delinquency Annual PID
Ending 9/30 Payments Expense Expenses Reserves Installments
2022&Prior $183,473 $511,745 $108,659 $0 $803,877
2023 $97,062 $246,543 $55,526 $0 $399,131
2024 $101,479 $242,059 $55,526 $0 $399,064
2025 $106,168 $237,370 $55,526 $0 $399,064
2026 $111,073 $232,465 $55,526 $0 $399,064
2027 $116,204 $227,334 $55,526 $0 $399,064
2028 $121,573 $221,965 $55,526 $0 $399,064
Total $8372031 $1,919,482 $441,816 $0 $3,198,328
Note: The projected Annual Installments are the expenditures associated with the formation of the PID,
interest expense,and the administration of the PID.The debt service estimates are based on a 30 year term
for the PID and a 4.62%interest rate.If and when bonds for Improvement Area 42 are issued,Table V-E
will be updated with the debt service estimates for the bonds.
The projected Annual Installments for the Improvement Area #3 Funded Improvements are
presented in Table V-F. The projected Annual Installments are subject to revision and shall be
updated in the Annual Service Plan Update to reflect any change expected for each year.
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Table V-F
Improvement Area#3
Projected Annual Installments
Prepayment
Period &
Ending Principal Interest Administrative Delinquency Annual PID
9/30 Payments Expense Expenses Reserves installments
2024 $147,122 $596,62S $75,000 $0 $818,747
202S $155,287 $588,460 $75,000 $0 $818,747
2026 $163,906 $S79,841 $75,000 $0 $818,747
2027 $173,003 $570,744 $75,000 $0 $818,747
2028 $182,604 $561,143 $75,000 $0 $818,747
2029 $192,739 $551,008 $75,000 $0 $818,747
2030 $203,436 $540,311 $75,000 $0 $818,747
Total $1,014,662 $3,447,822 $450,000 $0 $4,912,483
Note: The projected Annual Installments are the expenditures associated with the formation of the PID,
interest expense, and the administration of the PID.The debt service estimates are based on a 30 year term
for the PID and an estimated 5.55%interest rate.If and when bonds for Improvement Area#3 are issued,
Table V-F will be updated with the debt service estimates for the bonds.
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MuniCap 139
VL TERMS OF THE ASSESSMENTS
A. AMOUNT OF ASSESSMENTS AND ANNUAL INSTALLMENTS FOR PARCELS LOCATED WITHIN
IMPRovEMENT AREA#1
The Improvement Area #1 Assessments and Annual Installments for the Improvement Area #1
Assessed Property are shown on the Improvement Area#1 Assessment Roll. Such Assessments
and Annual Installments shall not be changed except as authorized by this SAP and by the PID
Act and approved by City Council. The Improvement Area 41 Annual Installments shall be
collected in an amount sufficient to pay principal and interest on any PID Bonds, any amounts
payable pursuant to any PID Reimbursement Agreement(subject to the terms thereof),to fund the
Prepayment Reserve and the Delinquency Reserve, if PID Bonds are issued, and to pay the
Administrative Expenses.
B. AMOUNT OF ASSESSMENTS AND ANNUAL INSTALLMENTS FOR PARCELS LOCATED WITHIN
IMPROVEMENT AREA#2
The Improvement Area #2 Assessments and Annual Installments for the Improvement Area #2
Assessed Property are shown on the Improvement Area #2 Assessment Roll. Such Assessments
and Annual Installments shall not be changed except as authorized by this SAP and by the PID
Act and approved by City Council. The Improvement Area #2 Annual Installments shall be
collected in an amount sufficient to pay principal and interest on any PID Bonds, any amounts
payable pursuant to any PID Reimbursement Agreement(subject to the terms thereof),to fund the
Prepayment Reserve and the Delinquency Reserve, if PID Bonds are issued, and to pay the
Administrative Expenses.
C. AMOUNT OF ASSESSMENTS AND ANNUAL INSTALLMENTS FOR PARCELS LOCATED WITHIN
IMPROVEMENT AREA#3
The Improvement Area #3 Assessments and Annual Installments for the Improvement Area #3
Assessed Property are shown on the Improvement Area 43 Assessment Roll. Such Assessments
and Annual Installments shall not be changed except as authorized by this SAP and by the PID
Act and approved by City Council. The Improvement Area #3 Annual Installments shall be
collected in an amount sufficient to pay principal and interest on any PID Bonds, any amounts
payable pursuant to any PID Reimbursement Agreement(subject to the terms thereof),to fund the
Prepayment Reserve and the Delinquency Reserve, if PID Bonds are issued, and to pay the
Administrative Expenses.
D. AMOUNT OF ASSESSMENTS AND ANNUAL INSTALLMENTS FOR PARCELS LOCATED WITHIN
FUTURE IMPROVEMENT AREAS
When and if Future Improvement Areas are developed,this SAP will be amended to determine the
Assessment and Annual Installments associated with the costs of Future Improvement Area
Improvements for each Parcel or Lot located within a Future Improvement Area. The Assessment
shall not exceed the benefit received by the Assessed Property.
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E. REALLOCATION OF ASSESSMENTS FOR PARCELS LOCATED WITHIN IMPROVEMENT AREA
#1,IMPROVEMENT AREA#2,AND IMPROVEMENT AREA#3
Upon Division Prior to Recording of Subdivision Plat
Upon the division of any Assessed Property (without the recording of subdivision plat), the
Administrator shall reallocate the Assessment for the Assessed Property prior to the division
among the newly divided Assessed Properties in accordance with the assessment methodology as
presented in Section W.G.
If Lots are not platted in accordance with the approved entitlements, the Assessments for each
affected Lot will be allocated in an equitable manner, but in no event will such new allocation
increase the total Assessment for each Parcel as identified in Table IV-D, Table IV-F and Table
IV-H.
The reallocation of an Assessment for Assessed Property that is a homestead under Texas law may
not exceed the 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.
The sum of the Assessments for all newly divided Assessed Properties shall equal the 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 Service and Assessment Plan approved by the City Council.
Upon Subdivision by a Recorded Subdivision Plat
Once a Lot has an Assessment applied to it,as shown in Table IV-D, Table IV-F and Table IV-H,
and is then subdivided again, such newly subdivided lots will be the Assessment of the applicable
lot size as set forth in Table IV-D,Table IV-F and Table IV-H.In no event will the new subdivision
cause the sum of the Assessments for the newly subdivided Lots to be greater than the Assessment
for the undivided Lot prior to its subdivision.
The allocation method used above is to insure there will not be an increase in the Assessment for
each specific Parcel. If Lots are not platted in accordance with the approved entitlements, the
Assessments for each affected Lot will be allocated in an equitable manner.
Upon Consolidation
Upon the consolidation of two or more Assessed Properties, the Assessment for the consolidated
Assessed Property shall be the sum of the Assessments for the Assessed Properties prior to
consolidation. The reallocation of an Assessment for an Assessed Property that is a homestead
under Texas law may not exceed the 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
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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.
Upon Transfer between Parcels with Different Uses
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
Assessments for the affected Parcels or Lots to be greater than the Assessment for those Parcels or
Lots prior to the transfer of use.
If uses are transferred among Parcels or Lots, the Assessments for each affected Parcel or Lot will
be allocated in an equitable manner.
F. REALLOCATION OF ASSESSMENTS FOR PARCELS LOCATED WITHIN FUTURE
IMPROVEMENT AREAS
As Future Improvement Areas are developed, this SAP will be amended to determine the
assessment reallocation methodology that results in the imposition of equal shares of the Actual
Costs on Assessed Property similarly benefited within each Future Improvement Area.
G. MANDATORY PREPAYMENT OF ASSESSMENTS
If Assessed Property or a portion thereof is transferred to a party that is exempt from the payment
of the Assessment under applicable law,or if an owner causes a Parcel or portion thereof to become
Non-Benefited Property, the owner of such Parcel or portion thereof shall pay to the City the full
amount of the Assessment, plus all Prepayment Costs, for such Parcel or portion thereof prior to
any such transfer or act (a "Mandatory Prepayment"). Should a Mandatory Prepayment of
Assessments occur, the owner of such Parcel or portion thereof shall notify the City and the
Administrator no later than thirty (30) days after the date of the payment of the Mandatory
Prepayment. The sum of the Assessments for all newly divided Assessed Properties shall equal
the Assessment for the Assessed Property prior to subdivision. If the Assessment for the Assessed
Property prior to subdivision exceeds the sum of the Assessments for all newly divided Assessed
Properties after such reallocation, the Parcel owner shall pay the excess Assessment amount as a
Mandatory Prepayment.
The Developer has agreed to pay off the Assessments on Lots within Improvement Area #2
that have closed with homebuyers as of the date of levy of the Improvement Area #2
Assessments. Such Parcels are marked as Prepaid in the attached Assessment Roll for
Improvement Area #2.
H. REDUCTION OF ASSESSMENTS
If after all Authorized Improvements to be funded through the PID have been completed and the
Actual Costs for such Authorized Improvements are less than the PID-Funded Actual Costs used
to calculate the Assessments, resulting in an excess Assessment, then the City may, at its
discretion, reduce the Assessment for each Assessed Property pro rata such that the sum of the
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resulting reduction in the Assessments for all Assessed Properties equals the excess Assessments
Additionally,the City may, at the request of the Developer, use such excess Assessments to fund
and/or reimburse the Developer for, and/or directly fund, additional Authorized Improvements.
Similarly, if the owner does not undertake some of the Authorized Improvements to be funded
through the PID, as set forth in Table III-A, Table III-B, and Table III-C, resulting in excess
Assessments, then the City may, at the City's sole discretion, reduce the Assessment for each
Assessed Property pro-rata to reflect only the PID-Funded Actual Costs that were expended and
deposit and apply such excess Assessments as described in the paragraph immediately above.
I. PAYMENT OF ASSESSMENTS
1. Payment in Full
The Assessment for any Parcel or Lot may be paid in full at any time in accordance the PID Act.
The Payment shall include all Prepayment Costs, if any. If prepayment in full will result in
redemption of PID Bonds, the payment amount shall be reduced by the applicable portion of the
proceeds from a debt service reserve fund applied to the redemption pursuant to the Indenture,net
of any other costs applicable to the redemption of PID Bonds.
If an Annual Installment has been billed prior to payment in full of an 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 an Assessment and all Prepayment Costs, the City shall deposit the
payment in accordance with the applicable PID Reimbursement Agreement or related Indenture;
whereupon, the Assessment for the Parcel or Lot shall be reduced to zero, and the Parcel or Lot
owner's obligation to pay the Assessment and Annual Installments thereof shall automatically
terminate. The City shall provide the owner of the affected Assessed Property a recordable"Notice
of PID Assessment Termination."
At the option of a Parcel or Lot owner, the Assessment on any Parcel or Lot may be paid in part
in an amount equal to the amount of prepaid Assessments plus Prepayment Costs, if any, with
respect thereto. Upon the payment of such amount for a Parcel or Lot, the Assessment for the
Parcel or Lot shall be reduced by the amount of such partial payment, the 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.
2. Payment of Annual Installments
If an Assessment is not paid in full,the PID Act authorizes the City to collect interest and collection
costs on the outstanding Assessment.A 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 applicable Assessment
Roll and which includes interest on the outstanding Assessment and Administrative Expenses.
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The Annual Installments as listed on the Improvement Area #1 Assessment Roll have been
calculated as having a term of 30 years from initial collection, and assuming an interest rate of
6.0%for the initial two years or collection and 5.0%for the remaining 28 years of collection. The
interest rate assumptions are in conformance with the PID Act assuming an index rate of 4.03%as
provided by The Bond Buyer's Revenue Bond Index dated February 9, 2017. 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 Assessments or
Annual Installments will include the interest generated from the Additional Interest Rate once PID
Bonds are issued.
The Annual Installments as listed on the Improvement Area #2 Assessment Roll have been
calculated as having a term of 30 years from initial collection, and assuming an interest rate of
4.62%. The interest rate assumptions are in conformance with the PID Act assuming an index rate
of 2.62% as provided by The Bond Buyer's Revenue Bond Index dated August 27, 2020. 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 Assessments or
Annual Installments will include the interest generated from the Additional Interest Rate once PID
Bonds are issued.
The Annual Installments as listed on the Improvement Area #3 Assessment Roll have been
calculated as having a term of 30 years from initial collection, and assuming an estimated interest
rate of 5.55%. The interest rate assumptions are in conformance with the PID Act assuming an
index rate of `%as provided by The Bond Buyer's Revenue Bond Index dated
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
Assessments or Annual Installments will include the interest generated from the Additional
Interest Rate once PID Bonds are issued.
The Annual Installments shall be reduced to equal the actual costs of repaying the related series of
PID Bonds 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.
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, shall adjust, or decrease, the amount of the Annual Installment so that total Annual
Installments of 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, and such refunding
bonds shall constitute"PID Bonds"for purposes of this SAP.
J. COLLECTION OF ANNUAL INSTALLMENTS
The Administrator shall, no less frequently than annually, prepare and submit to the City for its
approval, an Annual Service Plan Update to allow for the billing and collection of Annual
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Installments. Each Annual Service Plan Update shall include an updated Assessment Roll and a
calculation of the Annual Installment for each Assessed Property. Administrative Expenses shall
be allocated among Assessed Properties in proportion to the amount of the Annual Installments
before Administrative Expenses for the Assessed Property. Each Annual Installment shall be
reduced by any credits applied under the applicable Indenture, if PID Bonds are issued, 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 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
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 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.
Each Annual Installment, including the interest on the unpaid amount of an Assessment, shall be
updated annually. Each Annual Installment together with interest thereon shall be delinquent if
not paid prior to February 1 of the following year. The initial Annual Installments relating to the
Improvement Area#1 were billed in October 2018 and were delinquent if not paid by February 1,
2019.
Collection of the initial Annual Installments relating to the Improvement Area #2 Improvements
that benefit the Improvement Area 42 Assessed Property will be due when billed, and will be
delinquent if not paid prior to the first February 1 following the earlier of(i) the recording of a
final subdivision plat in the official public records of the County for the Improvement Area #2
Assessed Property, (ii) upon issuance of the Improvement Area #2 Bonds, or (iii) the second
anniversary of the date of the levy of Assessments against Improvement Area #2 Assessed
Property. The initial Annual Installments relating to the Improvement Area #2 were billed in
October 2020 were delinquent if not paid by February 1, 2021.
Collection of the initial Annual Installments relating to the Improvement Area #3 Improvements
that benefit the Improvement Area #3 Assessed Property will be due when billed, and will be
delinquent if not paid prior to the first February 1 following the earlier of(i) September 1, 2023,
(ii) upon issuance of the Improvement Area#3 Bonds, or(iii) the second anniversary of the date
of the levy of Assessments against Improvement Area #3 Assessed Property. The initial Annual
Installments relating to the Improvement Area#3 are anticipated to be billed in October 2023 and
delinquent if not paid by February 1, 2024.
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MuniCap 145
VII. THE AssmmENT ROLL
A. IMPROVEMENT AREA#1 ASSESSMENT ROLL
The City Council has evaluated each Lot in Improvement Area #1 (based on numerous factors
such as the applicable zoning for developable area, the use of proposed Owners Association
property, the Public Property, the types of Authorized Improvements, and other development
factors deemed relevant by the City Council)to determine the amount of Assessed Property within
Improvement Area#1.
The Improvement Area #1 Assessed Property will be assessed for the special benefits conferred
upon such property by the Improvement Area #1 Funded Improvements. Table V-A summarizes
the $27,477,293 in special benefit received by such property from the Improvement Area #1
Funded Improvements.The total amount of the PID-Funded Actual Costs is $6,350,000,which is
less than the benefit received by the Assessed Property.Accordingly,the total Improvement Area
#1 Assessment to be applied to the Improvement Area #1 Assessed Property is $6,350,000 plus
annual interest and Administrative Expenses. The Assessment for each Improvement Area #1
Assessed Property is calculated based on the allocation methodologies described in Section W.G.
The Assessment Roll for Improvement Area#1 Assessed Property is attached as Appendix A-1.
Table VII-A
Improvement Area#1
Special Benefit Summary
Special Benefit Total Cost
Improvement Area#1 Projects $6,350,000
Other Funding Sources $21,127,293
Total Authorized Improvements' $27,477,293
Total Special Benefit $27,477,293
Special Benefit
Total Special Benefit $27,477,293
Projected Assessment $6,350,000
Excess Benefit $21,127,293
'See Table III-A for details.
B. IMPROVEMENT AREA#2 ASSESSMENT ROLL
The City Council has evaluated each Lot in Improvement Area #2 (based on numerous factors
such as the applicable zoning for developable area, the use of proposed Owners Association
property, the Public Property, the types of Authorized Improvements, and other development
factors deemed relevant by the City Council)to determine the amount of Assessed Property within
Improvement Area#2.
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The Improvement Area #2 Assessed Property will be assessed for the special benefits conferred
upon such property by the Improvement Area #2 Funded Improvements. Table V-B summarizes
the $27,333,342 in special benefit received by such property from the Improvement Area 42
Funded Improvements. The total amount of the PID-Funded Actual Costs is $27,333,341, which
is less than to the benefit received by the Assessed Property. Accordingly, the total Improvement
Area #2 Assessment to be applied to the Improvement Area#2 Assessed Property is $5,850,000
plus annual interest and Administrative Expenses. The Assessment for each Improvement Area#2
Assessed Property is calculated based on the allocation methodologies described in Section IV.G.
The Assessment Roll for Improvement Area 42 Assessed Property is attached as Appendix A-2.
Table VII-B
Improvement Area#2
Special Benefit Summary
Special Benefit Total Cost
Improvement Area#2 Projects $5,850,000
Other Funding Sources $21,483,341
Total Authorized Improvements' $27,333,341
Total Special Benefit $27,333,341
Special Benefit
Total Special Benefit $27,333,341
Projected Assessment $5,850,000
Excess Benefit $21,483,341
'See Table III-B for details.
C. IMPROVEMENT AREA#3 ASSESSMENT ROLL
The City Council has evaluated each Lot in Improvement Area #3 (based on numerous factors
such as the applicable zoning for developable area, the use of proposed Owners Association
property, the Public Property, the types of Authorized Improvements, and other development
factors deemed relevant by the City Council)to determine the amount of Assessed Property within
Improvement Area#3.
The Improvement Area 43 Assessed Property will be assessed for the special benefits conferred
upon such property by the Improvement Area #3 Funded Improvements. Table V-C summarizes
the $37,191,518 in special benefit received by such property from the Improvement Area #3
Funded Improvements.The total amount of the PID-Funded Actual Costs is $10,750,000 which is
less than to the benefit received by the Assessed Property. Accordingly, the total Improvement
Area#3 Assessment to be applied to the Improvement Area#3 Assessed Property is $10,750,000
plus annual interest and Administrative Expenses.The Assessment for each Improvement Area#3
Assessed Property is calculated based on the allocation methodologies described in Section IV.G.
The Assessment Roll for Improvement Area#3 Assessed Property is attached as Appendix A-3.
MuniCap 147
Table VII-C
Improvement Area #3
Special Benefit Summary
Special Benefit Total Cost
Improvement Area#3 Projects $10,750,000
Other Funding Sources $26,441,518
Total Authorized Improvements' $37,191,518
Total Special Benefit $37,191,518
Special Benefit
Total Special Benefit $37,191,518
Projected Assessment $10,750,000
Excess Benefit $26,441,518
'See Table III-C for details.
D. FUTURE IMPROVEMENT AREA ASSESSMENT ROLL
As Future Improvement Areas are developed, this SAP will be amended to determine the
Assessment for each Parcel or Lot located within such Future Improvement Areas (e.g. an
appendix will be added as the Assessment Roll for Future Improvement Areas).
E. ANNUAL ASSESSMENT ROLL UPDATES
The Administrator shall, in consultation with City staff, prepare, and shall submit to the City
Council for approval,updates to the Assessment Rolls and in or as part of the Annual Service Plan
Updates to reflect changes such as(i)the identification of each Parcel,(ii)the Assessment for each
Assessed Property, including any adjustments authorized by this SAP and the PID Act; (iii) the
Annual Installments for the Assessed Property for the year (if the Assessment is payable in
installments); and (iv)payments of the Assessment, if any, as provided by Section VI.A.
Annual Service Plan Updates shall reflect the actual interest of the PID Bonds,if any,or as outlined
in the PID Reimbursement Agreement, on which the Annual Installments shall be paid plus the
Additional Interest Rate, if any, any reduction in the Assessments, any revisions in the Actual
Costs,Assessments agreed upon in the PID Reimbursement Agreement, and Developer funds.
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MuniCap 148
VIII.MISCELLANEOUS PROVISIONS
A. ADMINISTRATIVE REVIEW
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. The City shall notify the property owners within the PID in
writing upon appointing a third party Administrator.
To the extent consistent with the PID Act, if an owner of the Assessed Property claims that a
calculation error has been made in an 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 owner 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.
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 ASSESSMENTS
Each Assessment shall terminate on the date the Assessment is paid in full, including payment of
any unpaid Annual Installments and Delinquent Collection Costs, if any. After the termination of
the 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 Assessment Termination.
C. AMENDMENTS
Amendments to the Service and Assessment Plan may be made as permitted or required by the
PID Act and Texas law.
MuniCap 149
D. ADMINISTRATION AND INTERPRETATION OF PROVISIONS
The City Council shall administer (or cause the administration of) the PID, this SAP, and all
Annual Service Plan Updates consistent with the PID Act.
E. SEVERABILITY
If any provision, section, subsection, sentence, clause or phrase of this SAP, or the application of
same to an Assessed Property 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 this 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 this SAP that no part thereof,
or provision or regulation contained therein 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.
If any provision of this SAP is determined by a court to be unenforceable, the unenforceable
provision shall be deleted from this 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.
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MuniCap 150
APPENDIX A-1
IMPROVEMENT AREA #1 ASSESSMENT ROLL
Appendix A-1
Improvement Area#1 Assessment Roll
Parcel All Parcels
Units 587
Original Assessment $6,350,000
Outstanding Assessment6 $5,841,141
Net Debt Administrative Total Annual
Year,1 Principal' Interest' Service Expenses3 Installment4
9/112019 351,409 $381,000 $432,409 $45,000 $477,409
9/1/2020 $52,999 $373,729 $426,728 $45,392 $472,120
9/1/2021 $116,259 $306,757 $423,017 $45,883 $468,900
9/l/20225 _ $124,172 $298,507 $418,679 $3,6,070 $454,749
9/1/2023 $125,060 $292,057 $417,117 $47,848 $464,966
9/1/2024 $130,365 $285,804 $416,169 $48,796 $464,966
9/1/2025 $135,917 $279,286 $415,203 $49,763 $464,966
9/1/2026 $141,727 $272,490 $414,217 $50,749 $464,966
9/1/2027 $147,807 $265,404 $413,210 $51,755 $464,966
9/1/2028 $154,171 $258,013 $412,184 $52,781 $464,966
9/1/2029 $160,833 $250,305 $411,138 $53,828 $464,966
9/1/2030 $167,807 $242,263 $410,070 $54,895 $464,966
9/1/2031 $175,109 $233,873 $408,981 $55,984 $464,966
9/1/2032 $182,753 $225,117 $407,871 $57,095 $464,966
9/1/2033 $190,758 $215,980 $406,738 $58,228 $464,966
9/1/2034 $199,141 $206,442 $405,583 $59,383 $464,966
9/1/2035 $207,920 $196,485 $404,404 $60,561 $464,966
9/1/2036 $217,113 $186,089 $403,202 $61,764 $464,966
9/1/2037 $226,743 $175,233 $401,976 $62,990 $464,966
9/1/2038 $236,829 $163,896 $400,725 $64,241 $464,966
9/1/2039 $247,395 $152,054 $399,450 $65,516 $464,966
9/1/2040 $258,463 $139,685 $398,148 $66,818 $464,966
9/1/2041 $270,059 $126,761 $396,821 $68,145 $464,966
9/1/2042 $282,209 $113,258 $395,467 $69,498 $464,966
9/1/2043 $294,938 $99,148 $394,086 $70,879 $464,966
9/1/2044 $308,277 $84,401 $392,678 $72,287 $464,966
9/1/2045 $322,254 $68,987 $391,241 $73,724 $464,966
9/1/2046 $336,901 $52,875 $389,776 $75,190 $464,966
9/1/2047 $352,252 $36,030 $388,281 $76,684 $464,966
9/1/2048 $368,339 $18,417 $386,756 $78,209 $464,966
Total $6,181,980 $6,000,344 $12,182,325 $1,779,957 $13,962,282
1-The 9/l/XX dates represent the Assessment year end for the Improvement Area#1 Assessments.
2-Principal and interest shown show years 2019-2022 do not include prepayments.
3-Administrative Expenses are estimated and will be updated each year in the Annual Service Plan Updates.Assumes a 2%increase per year.
4-Annual Installments are calculated assuming a 6.0%interest rate for the first 2 years and a 5%interest rate for the next 28 years plus Administrative Expenses.
5-Administrative Expenses in year 2022 are reduced by$10,840 in available credits collected in the previous year.
6-Represents current outstanding assessment including principal reductions and prepayments redeemed.
APPENDIX A-2
IMPROVEMENT AREA#2 ASSESSMENT ROLL
Appendix A-2
Improvement Area#2 Assessment Roll
Parcel All Parcels
Units 533
Original Assessment $5,850,000
Outstanding Assessment' $5,336,429
Net Debt Administrative Total Annual
Year I Principa12 Interest2 Service Exeenses3 Installment'
9/l/2021 $99,909 $258,623 $348,532 $53,133 $401,665
9/1/2022 $93,564 $253,122 $346,686 $55,526 $402,212
9/l/2023 $97,062 $246,543 $343,605 $55,526 $399,131
9/1/2024 $101,479 $242,059 $343,538 $55,526 $399,064
9/l/2025 $106,168 $237,370 $343,538 $55,526 $399,064
9/1/2026 $111,073 $232,465 $343,538 $55,526 $399,064
9/l/2027 $116,204 $227,334 $343,538 $55,526 $399,064
9/l/2028 $121,573 $221,965 $343,538 $55,526 $399,064
9/l/2029 $127,189 $216,349 $343,538 $55,526 $399,064
9/l/2030 $133,066 $210,472 $343,538 $55,526 $399,064
9/1/2031 $139,213 $204,325 $343,538 $55,526 $399,064
9/l/2032 $145,645 $197,893 $343,538 $55,526 $399,064
9/l/2033 $152,374 $191,164 $343,538 $55,526 $399,064
9/l/2034 $159,413 $184,125 $343,538 $55,526 $399,064
9/l/2035 $166,778 $176,760 $343,538 $55,526 $399,064
9/l/2036 $174,483 $169,055 $343,538 $55,526 $399,064
9/l/2037 $182,545 $160,994 $343,538 $55,526 $399,064
9/l/2038 $190,978 $152,560 $343,538 $55,526 $399,064
9/1/2039 $199,801 $143,737 $343,538 $55,526 $399,064
9/l/2040 $209,032 $134,506 $343,538 $55,526 $399,064
9/1/2041 $218,689 $124,849 $343,538 $55,526 $399,064
9/1/2042 $228,793 $114,745 $343,538 $55,526 $399,064
9/l/2043 $239,363 $104,175 $343,538 $55,526 $399,064
9/1/2044 $250,422 $93,116 $343,538 $55,526 $399,064
9/l/2045 $261,991 $81,547 $343,538 $55,526 $399,064
9/l/2046 $274,095 $69,443 $343,538 $55,526 $399,064
9/l/2047 $286,758 $56,780 $343,538 $55,526 $399,064
9/l/2048 $300,007 $43,532 $343,538 $55,526 $399,064
9/l/2049 $313,867 $29,671 $343,538 $55,526 $399,064
9/l/2050 $328,368 $15,171 $343,538 $55,526 $399,064
Total $5,519,901 $4,794,449 $10,314,351 $1,663,390 $11,977,741
1-The 9/l/XX dates represent the Assessment year end for the Improvement Area#2 Assessments.
2-Principal and interest shown show years 2021-2022 do not include prepayments.
3-Administrative Expenses are estimated and will be updated each year in the Annual Service Plan Updates.
4-Annual Installments are calculated assuming a 4.62%interest rate plus Administrative Expenses.
5-Represents current outstanding assessment including principal reductions and prepayments redeemed.
APPENDIX A-3
PROPOSED IMPROVEMENT AREA#3 ASSESSMENT ROLL
Appendix A-3
Proposed Improvement Area #3 Assessment Roll
Parcel All Parcels
Units 701
Assessment $10,750,000
Net Debt Administrative Total Annual
Year 1 Principal Interest Service Expenses2 Installment3
9/1/2024 $147,122 $596,625 $743,747 $75,000 $818,747
9/1/2025 $155,287 $588,460 $743,747 $75,000 $818,747
9/1/2026 $163,906 $579,841 $743,747 $75,000 $818,747
9/l/2027 $173,003 $570,744 $743,747 $75,000 $818,747
9/l/2028 $182,604 $561,143 $743,747 $75,000 $818,747
9/1/2029 $192,739 $551,008 $743,747 $75,000 $818,747
9/l/2030 $203,436 $540,311 $743,747 $75,000 $818,747
9/1/2031 $214,727 $529,021 $743,747 $75,000 $818,747
9/l/2032 $226,644 $517,103 $743,747 $75,000 $818,747
9/l/2033 $239,223 $504,525 $743,747 $75,000 $818,747
9/1/2034 $252,500 $491,248 $743,747 $75,000 $818,747
9/l/2035 $2669513 $477,234 $743,747 $75,000 $818,747
9/l/2036 $281,305 $462,442 $743,747 $75,000 $818,747
9/1/2037 $296,917 $446,830 $743,747 $75,000 $818,747
9/1/2038 $313,396 $430,351 $743,747 $75,000 $818,747
9/l/2039 $330,790 $412,958 $743,747 $75,000 $818,747
9/1/2040 $349,148 $394,599 $743,747 $75,000 $818,747
9/l/2041 $368,526 $375,221 $743,747 $75,000 $818,747
9/l/2042 $388,979 $354,768 $743,747 $75,000 $818,747
9/1/2043 $410,568 $333,180 $743,747 $75,000 $818,747
9/1/2044 $433,354 $310,393 $743,747 $75,000 $818,747
9/1/2045 $457,405 $286,342 $743,747 $75,000 $818,747
9/l/2046 $482,791 $260,956 $743,747 $75,000 $818,747
9/1/2047 $509,586 $234,161 $743,747 $75,000 $818,747
9/l/2048 $537,868 $205,879 $743,747 $75,000 $818,747
9/1/2049 $567,720 $176,027 $743,747 $75,000 $818,747
9/1/2050 $599,228 $144,519 $743,747 $75,000 $818,747
9/1/2051 $632,486 $111,262. $743,747 $75,000 $818,747
9/l/2052 $667,589 $76,159 $743,747 $75,000 $818,747
9/1/2053 $704,640 $39,108 $743,747 $75,000 $818,747
Total $16,750,000 $11,562,416 $22,312,416 $2,250,000 $24,562,416
1-The 9/l/XX dates represent the Assessment year end for the Improvement Area#3 Assessments.
2-Administrative Expenses are estimated and will be updated each year in the Annual Service Plan Updates.
3-Annual Installments are calculated assuming an estimated 5.SNo interest rate plus Administrative Expenses.
APPENDIX B
LEGAL DESCRIPTION FOR PARCELS WITHIN THE PID
Appendix B
PHASE 1A
WHEREAS, QUAIL VALLEY DEVCO I, LLC and the ALEDO INDEPENDENT SCHOOL
DISTRICT are the owners of a tract of land situated in the Heirs of C.H. Higbee Survey, Abstract No.
2740, International & Great Northern R.R. Co. Survey, Abstract No. 2004, and the International &
Great Northern R.R. Co. Survey, Abstract No. 1996, Parker County, Texas, and being a portion of a
tract of land as described in instrument to QUAIL VALLEY DEVCO I, LLC, as recorded in Doc.#
201607571 of the Official Public Records of Parker County,Texas(O.P.R.P.C.T.), and all of that tract
of land as described in instrument to the ALEDO INDEPENDENT SCHOOL DISTRICT as recorded
in Doc.# 201608667, O.P.R.P.C.T., and being more particularly described as follows:
COMMENCING at a 5/8 inch iron rod found with cap stamped "DUNAWAY ASSOC. LP" at the
northwest corner of the intersection of the westerly right of way line of southbound Walsh Ranch
Parkway(a variable width right of way)and the northerly right of way line of Walsh Creek Boulevard,
as shown on the final plat of LOTS I THRU 1 OX, BLOCK 1 AND WALSH RANCH PARKWAY
RIGHT-OF-WAY,an addition to the City of Fort Worth,Parker County,Texas,as recorded in Cabinet
D, Page 637 of the Plat Records of Parker County, Texas (P.R.P.C.T.);
THENCE, along the westerly right of way line of said southbound Walsh Ranch Parkway the
following courses:
North 87 degrees 36 minutes 03 seconds East, a distance of 13.60 feet to a 5/8 inch iron rod found
with cap stamped "DUNAWAY ASSOC. LP", and being the beginning of a curve to the left having a
central angle of 85 degrees 58 minutes 45 seconds, a radius of 110.00 feet, subtended by a 150.01 foot
chord which bears North 44 degrees 36 minutes 40 seconds East;
Along said curve to the left an arc distance of 165.07 feet to a 5/8 inch iron rod found with cap stamped
"DUNAWAY ASSOC. LP";
North 01 degrees 37 minutes 18 seconds East, a distance of 141.88 feet to a 5/8 inch iron rod found
with cap stamped "DUNAWAY ASSOC. LP", and being the beginning of a curve to the right having
a central angle of 04 degrees 23 minutes 39 seconds, a radius of 612.00 feet, subtended by a 46.92 foot
chord which bears North 03 degrees 49 minutes 07 seconds East;
Along said curve to the right an arc distance of 46.94 feet to a 5/8 inch iron rod found with cap stamped
"DUNAWAY ASSOC. LP", and being the beginning of a reverse curve to the left having a central
angle of 08 degrees 10 minutes 18 seconds, a radius of 988.00 feet, subtended by a 140.79 foot chord
which bears North 01 degrees 18 minutes 56 seconds West;
Along said curve to the left an arc distance of 140.91 feet to a 5/8 inch iron rod found with cap stamped
"DUNAWAY ASSOC.LP", and being the beginning of a compound curve to the left having a central
angle of 03 degrees 21 minutes 56 seconds, a radius of 1018.00 feet, subtended by a 59.79 foot chord
which bears North 10 degrees 40 minutes 28 seconds West;
Along said curve to the left an arc distance of 59.80 feet to a 5/8 inch iron rod found with cap stamped
"DUNAWAY ASSOC. LP"at the south corner of Private Open Space Lot 7X, as shown on said final
plat of Walsh Ranch Parkway;
THENCE, departing the westerly line of said southbound Walsh Ranch Parkway, and along the
westerly line of said Private Open Space Lot 7X the following courses:
North 65 degrees 20 minutes 07 seconds West, a distance of 199.81 feet to a 5/8 inch iron rod found
with cap stamped"DUNAWAY ASSOC. LP";
North 24 degrees 04 minutes 08 seconds West, a distance of 651.54 feet to a 5/8 inch iron rod found
with cap stamped"DUNAWAY ASSOC. LP", and being the beginning of a curve to the right having
a central angle of 35 degrees 28 minutes 59 seconds, a radius of 100.00 feet, subtended by a 60.94 foot
chord which bears North 06 degrees 19 minutes 38 seconds West;
Along said curve to the right an arc distance of 61.93 feet to a 5/8 inch iron rod found with cap stamped
"DUNAWAY ASSOC. LP", and being the beginning of a reverse curve to the left having a central
angle of 24 degrees 05 minutes 05 seconds, a radius of 200.00 feet, subtended by a 83.45 foot chord
which bears North 00 degrees 37 minutes 41 seconds West;
Along said curve to the left an arc distance of 84.07 feet to a 5/8 inch iron rod found with cap stamped
"DUNAWAY ASSOC. LP", and being the beginning of a reverse curve to the right having a central
angle of 24 degrees 51 minutes 04 seconds, a radius of 193.00 feet, subtended by a 83.06 foot chord
which bears North 00 degrees 14 minutes 42 seconds West;
Along said curve to the right an arc distance of 83.71 feet to a 5/8 inch iron rod found with cap stamped
"DUNAWAY ASSOC. LP", and being the beginning of a reverse curve to the left having a central
angle of 43 degrees 22 minutes 47 seconds, a radius of 127.00 feet, subtended by a 93.87 foot chord
which bears North 09 degrees 30 minutes 34 seconds West;
Along said curve to the left an arc distance of 96.15 feet to a 5/8 inch iron rod found with cap stamped
"DUNAWAY ASSOC. LP", and being the beginning of a reverse curve to the right having a central
angle of 23 degrees 50 minutes 05 seconds, a radius of 453.00 feet, subtended by a 187.09 foot chord
which bears North 19 degrees 16 minutes 55 seconds West;
Along said curve to the right an arc distance of 188.45 feet to a 5/8 inch iron rod set with plastic cap
stamped "Huitt-Zollars" for the POINT OF BEGINNING;
THENCE, South 82 degrees 00 minutes 00 seconds West,departing the westerly line of Private Open
Space Lot 7X, a distance of 205.63 feet to a 5/8 inch iron rod set with plastic cap stamped "Huitt-
Zollars",and being the beginning of a curve to the right having a central angle of 11 degrees 52 minutes
24 seconds, a radius of 1053.00 feet, subtended by a 217.82 foot chord which bears South 87 degrees
56 minutes 12 seconds West;
THENCE, along said curve to the right an arc distance of 218.21 feet to a 5/8 inch iron rod set with
plastic cap stamped "Huitt-Zollars";
THENCE, North 03 degrees 52 minutes 24 seconds East, a distance of 12.50 feet to a 5/8 inch iron
rod set with plastic cap stamped "Huitt-Zollars", and being the beginning of a non-tangent curve to the
right having a central angle of 08 degrees 57 minutes 04 seconds, a radius of 1040.50 feet, subtended
by a 162.39 foot chord which bears North 81 degrees 39 minutes 04 seconds West;
THENCE, along said curve to the right an arc distance of 162.55 feet to a 5/8 inch iron rod set with
plastic cap stamped "Huitt-Zollars";
THENCE, South 12 degrees 49 minutes 27 seconds West, a distance of 12.50 feet to a 5/8 inch iron
rod set with plastic cap stamped "Huitt-Zollars",and being the beginning of a non-tangent curve to the
right having a central angle of 09 degrees 10 minutes 33 seconds, a radius of 1053.00 feet, subtended
by a 168.45 foot chord which bears North 72 degrees 35 minutes 16 seconds West;
THENCE, along said curve to the right an arc distance of 168.63 feet to a 5/8 inch iron rod set with
plastic cap stamped "Huitt-Zollars";
THENCE,North 68 degrees 00 minutes 00 seconds West, a distance of 355.64 feet to a 5/8 inch iron
rod set with plastic cap stamped "Huitt-Zollars", and being the beginning of a curve to the left having
a central angle of 47 degrees 19 minutes 24 seconds, a radius of 867.00 feet, subtended by a 695.91
foot chord which bears South 88 degrees 20 minutes 18 seconds West;
THENCE, along said curve to the left an arc distance of 716.10 feet to a 518 inch iron rod set with
plastic cap stamped "Huitt-Zollars", and being the beginning of a reverse curve to the right having a
central angle of 24 degrees 50 minutes 45 seconds, a radius of 1553.00 feet, subtended by a 668.18
foot chord which bears South 77 degrees 05 minutes 59 seconds West;
THENCE, along said curve to the right an arc distance of 673.44 feet to a 5/8 inch iron rod set with
plastic cap stamped "Huitt-Zollars";
THENCE, South 46 degrees 00 minutes 26 seconds West, a distance of 21.66 feet to a 5/8 inch iron
rod set with plastic cap stamped "Huitt-Zollars",and being the beginning of a non-tangent curve to the
right having a central angle of 49 degrees 33 minutes 56 seconds, a radius of 180.00 feet, subtended
by a 150.90 foot chord which bears South 29 degrees 23 minutes 10 seconds West;
THENCE, along said curve to the right an arc distance of 155.72 feet to a 5/8 inch iron rod set with
plastic cap stamped "Huitt-Zollars", and being the beginning of a reverse curve to the left having a
central angle of 52 degrees 49 minutes 07 seconds,a radius of 213.00 feet, subtended by a 189.48 foot
chord which bears South 27 degrees 45 minutes 34 seconds West;
THENCE, along said curve to the left an arc distance of 196.36 feet to a 518 inch iron rod set with
plastic cap stamped "Huitt-Zollars";
THENCE, North 88 degrees 38 minutes 59 seconds West, a distance of 60.00 feet to a 5/8 inch iron
rod set with plastic cap stamped "Huitt-Zollars", and being the beginning of a non-tangent curve to the
left having a central angle of 02 degrees 23 minutes 34 seconds, a radius of 273.00 feet, subtended by
a 1.87 foot chord which bears South 01 degrees 09 minutes 14 seconds West;
THENCE,along said curve to the left an arc distance of 1.87 feet to a 5/8 inch iron rod set with plastic
cap stamped "Huitt-Zollars" at the southeast corner of the aforementioned Aledo Independent School
District tract;
THENCE, along the southerly and westerly lines of said Aledo Independent School District tract the
following courses:
South 84 degrees 40 minutes 28 seconds West, a distance of 624.92 feet to a 5/8 inch iron rod set with
plastic cap stamped "Huitt-Zollars";
North 81 degrees 01 minutes 12 seconds West, a distance of 547.98 feet to a 5/8 inch iron rod set with
plastic cap stamped "Huitt-Zollars";
North 00 degrees 51 minutes 28 seconds West, a distance of 567.71 feet to a 5/8 inch iron rod set with
plastic cap stamped "Huitt-Zollars" at the northwest corner of said Aledo Independent School District
tract;
THENCE,North 07 degrees 09 minutes 34 seconds West, a distance of 106.00 feet to a 5/8 inch iron
rod set with plastic cap stamped "Huitt-Zollars",and being the beginning of a non-tangent curve to the
right having a central angle of 33 degrees 28 minutes 50 seconds, a radius of 1353.00 feet, subtended
by a 779.42 foot chord which bears South 80 degrees 25 minutes 09 seconds East;
THENCE, along said curve to the right an arc distance of 790.62 feet to a 5/8 inch iron rod set with
plastic cap stamped "Huitt-Zollars", and being the beginning of a reverse curve to the left having a
central angle of 51 degrees 38 minutes 40 seconds, a radius of 1447.00 feet, subtended by a 1260.57
foot chord which bears South 89 degrees 30 minutes 04 seconds East;
THENCE, along said curve to the left an arc distance of 1304.28 feet to a 5/8 inch iron rod set with
plastic cap stamped "Huitt-Zollars", and being the beginning of a reverse curve to the right having a
central angle of 47 degrees 19 minutes 24 seconds,a radius of 973.00 feet, subtended by a 781.00 foot
chord which bears North 88 degrees 20 minutes 18 seconds East;
THENCE, along said curve to the right an arc distance of 803.65 feet to a 5/8 inch iron rod set with
plastic cap stamped "Huitt-Zollars";
THENCE, South 68 degrees 00 minutes 00 seconds East, a distance of 355.64 feet to a 5/8 inch iron
rod set with plastic cap stamped "Huitt-Zollars", and being the beginning of a curve to the left having
a central angle of 30 degrees 00 minutes 00 seconds, a radius of 947.00 feet, subtended by a 490.20
foot chord which bears South 83 degrees 00 minutes 00 seconds East;
THENCE, along said curve to the left an arc distance of 495.85 feet to a 5/8 inch iron rod set with
plastic cap stamped "Huitt-Zollars";
THENCE,North 82 degrees 00 minutes 00 seconds East, a distance of 219.41 feet to a 5/8 inch iron
rod set with plastic cap stamped "Huitt-Zollars" on the westerly right of way line of said Walsh Ranch
Parkway, and being the southwest corner of Private Open Space Lot 9X as shown on said Lots 1X
Thru 1 OX, Block 1 and Walsh Ranch Parkway Right-of-Way plat, and being the beginning of a non-
tangent curve to the left having a central angle of 13 degrees 33 minutes 05 seconds,a radius of 453.00
feet, subtended by a 106.89 foot chord which bears South 00 degrees 35 minutes 20 seconds East,
from which a 5/8 inch iron rod found with cap stamped "DUNAWAY ASSOC. LP" found at a point
of reverse curvature on the westerly line of Private Open Space Lot 9X bears, North 06 degrees 49
minutes 04 seconds East, a distance of 9.98 feet;
THENCE, along the westerly line of Walsh Ranch Parkway, and along said curve to the left an arc
distance of 107.14 feet to the POINT OF BEGINNING and CONTAINING 24.62 acres of land, more
or less.
PHASE 1A(Save and Except AISD site)
BEING situated in the International & Great Northern R.R. Co. Survey, Abstract No. 1996, Parker
County, Texas, and being a portion of a tract of land as described in deed to Walsh Ranches Limited
Partnership,a Texas Limited Partnership having a General Partner named Walsh North Star Company,
a Texas corporation as recorded in Volume 1699, Page 1765 of the Deed Records of Parker County,
Texas (D.R.P.C.T.), and being more particularly described as follows:
COMMENCING at a 518 inch iron rod found with cap stamped "DUNAWAY ASSOC. LP" at the
northwest corner of the intersection of the westerly right of way line of southbound Walsh Ranch
Parkway(a variable width right of way) and the northerly right of way line of Walsh Creek Boulevard,
as shown on the final plat of Walsh Ranch Parkway, an addition to the City of Fort Worth, Parker
County, Texas, (unrecorded as of this date);
THENCE, along the westerly right of way line of said southbound Walsh Ranch Parkway the
following courses:
North 87 degrees 36 minutes 03 seconds East, a distance of 13.60 feet to a 5/8 inch iron rod found
with cap stamped"DUNAWAY ASSOC. LP", and being the beginning of a curve to the left having a
central angle of 85 degrees 58 minutes 45 seconds, a radius of 110.00 feet, subtended by a I50.0I foot
chord which bears North 44 degrees 36 minutes 40 seconds East;
Along said curve to the left an arc distance of 165.07 feet to a 5/8 inch iron rod found with cap stamped
"DUNAWAY ASSOC. LP";
North 01 degrees 37 minutes 18 seconds East, a distance of 141.88 feet to a 5/8 inch iron rod found
with cap stamped "DUNAWAY ASSOC. LP", and being the beginning of a curve to the right having
a central angle of 04 degrees 23 minutes 39 seconds, a radius of 612.00 feet, subtended by a 46.92 foot
chord which bears North 03 degrees 49 minutes 07 seconds East;
Along said curve to the right an arc distance of 46.94 feet to a 5/8 inch iron rod found with cap stamped
'DUNAWAY ASSOC. LP", and being the beginning of a reverse curve to the left having a central
angle of 08 degrees 10 minutes 18 seconds, a radius of 988.00 feet, subtended by a 140.79 foot chord
which bears North 01 degrees 18 minutes 56 seconds West;
Along said curve to the left an arc distance of 140.91 feet to a 5/8 inch iron rod found with cap stamped
"DUNAWAY ASSOC.LP", and being the beginning of a compound curve to the left having a central
angle of 03 degrees 21 minutes 56 seconds, a radius of 1018.00 feet, subtended by a 59.79 foot chord
which bears North 10 degrees 40 minutes 28 seconds West;
Along said curve to the left an arc distance of 59.80 feet to a 5/8 inch iron rod found with cap stamped
`'DUNAWAY ASSOC. LP"at the south corner of Private Open Space Lot 7X, as shown on said final
plat of Walsh Ranch Parkway;
THENCE, departing the westerly line of said southbound Walsh Ranch Parkway, and along the
westerly line of said Private Open Space Lot 7X the following courses:
North 65 degrees 20 minutes 07 seconds West, a distance of 199.81 feet to a 5/8 inch iron rod found
with cap stamped"DUNAWAY ASSOC. LP";
North 24 degrees 04 minutes 08 seconds West, a distance of 651.54 feet to a 5/8 inch iron rod found
with cap stamped"DUNAWAY ASSOC. LP", and being the beginning of a curve to the right having
a central angle of 35 degrees 28 minutes 59 seconds, a radius of 100.00 feet, subtended by a 60.94 foot
chord which bears North 06 degrees 19 minutes 38 seconds West;
Along said curve to the right an arc distance of 61.93 feet to a 5/8 inch iron rod found with cap stamped
"DUNAWAY ASSOC. LP", and being the beginning of a reverse curve to the left having a central
angle of 24 degrees 05 minutes 05 seconds, a radius of 200.00 feet, subtended by a 83.45 foot chord
which bears North 00 degrees 37 minutes 41 seconds West;
Along said curve to the left an arc distance of 84.07 feet to a 5/8 inch iron rod found with cap stamped
`'DUNAWAY ASSOC. LP", and being the beginning of a reverse curve to the right having a central
angle of 24 degrees 51 minutes 04 seconds, a radius of 193.00 feet, subtended by a 83.06 foot chord
which bears North 00 degrees 14 minutes 42 seconds West;
Along said curve to the right an arc distance of 83.71 feet to a 5/8 inch iron rod found with cap stamped
"DUNAWAY ASSOC. LP", and being the beginning of a reverse curve to the left having a central
angle of 43 degrees 22 minutes 47 seconds, a radius of 127.00 feet, subtended by a 93.87 foot chord
which bears North 09 degrees 30 minutes 34 seconds West;
Along said curve to the left an arc distance of 96.15 feet to a 5/8 inch iron rod found with cap stamped
`'DUNAWAY ASSOC. LP", and being the beginning of a reverse curve to the right having a central
angle of 23 degrees 50 minutes 05 seconds, a radius of 453.00 feet, subtended by a 187.09 foot chord
which bears North 19 degrees 16 minutes 55 seconds West;
Along said curve to the right an arc distance of 188.45 feet to a 5/8 inch iron rod set with plastic cap
stamped "Huitt-Zollars";
THENCE, South 82 degrees 00 minutes 00 seconds West, departing the westerly line of Private
Open Space Lot 7X,a distance of 205.63 feet to a 5/8 inch iron rod set with plastic cap stamped "Huitt-
Zollars",and being the beginning of a curve to the right having a central angle of 12 degrees 20 minutes
32 seconds, a radius of 1053.00 feet, subtended by a 226.39 foot chord which bears North 88 degrees
10 minutes 16 seconds West;
THENCE, along said curve to the right an arc distance of 226.83 feet to a 5/8 inch iron rod set with
plastic cap stamped "Huitt-Zollars";
THENCE,North 04 degrees 20 minutes 32 seconds East, a distance of 3.00 feet to a 5/8 inch iron rod
set with plastic cap stamped "Huitt-Zollars", and being the beginning of a non-tangent curve to the
right having a central angle of 8 degrees 00 minutes 48 seconds, a radius of 1050.00 feet, subtended
by a 146.73 foot chord which bears North 81 degrees 39 minutes 04 seconds West;
THENCE, along said curve to the right an arc distance of 146.85 feet to a 5/8 inch iron rod set with
plastic cap stamped "Huitt-Zollars";
THENCE, South 12 degrees 21 minutes 20 seconds West, a distance of 3.00 feet to a 5/8 inch iron rod
set with plastic cap stamped "Huitt-Zollars", and being the beginning of a non-tangent curve to the
right having a central angle of 9 degrees 38 minutes 40 seconds, a radius of 1053.00 feet, subtended
by a 177.04 foot chord which bears North 72 degrees 49 minutes 20 seconds West;
THENCE, along said curve to the right an arc distance of 177.25 feet to a 5/8 inch iron rod set with
plastic cap stamped "Huitt-Zollars";
THENCE,North 68 degrees 00 minutes 00 seconds West, a distance of 355.64 feet to a 5/8 inch iron
rod set with plastic cap stamped "Huitt-Zollars", and being the beginning of a curve to the left having
a central angle of 47 degrees 19 minutes 24 seconds, a radius of 867.00 feet, subtended by a 695.91
foot chord which bears South 88 degrees 20 minutes 18 seconds West;
THENCE, along said curve to the left an arc distance of 716.10 feet to a 5/8 inch iron rod set with
plastic cap stamped "Huitt-Zollars", and being the beginning of a reverse curve to the right having a
central angle of 24 degrees 50 minutes 45 seconds, a radius of 1553.00 feet, subtended by a 668.18
foot chord which bears South 77 degrees 05 minutes 59 seconds West;
THENCE, along said curve to the right an arc distance of 673.44 feet to a 5/8 inch iron rod set with
plastic cap stamped "Huitt-Zollars";
THENCE, South 46 degrees 00 minutes 26 seconds West, a distance of 21.66 feet to a 5/8 inch iron
rod set with plastic cap stamped "Huitt-Zollars",and being the beginning of a non-tangent curve to the
right having a central angle of 49 degrees 33 minutes 56 seconds, a radius of 180.00 feet, subtended
by a 150.90 foot chord which bears South 29 degrees 23 minutes 10 seconds West;
THENCE, along said curve to the right an arc distance of 155.72 feet to a 5/8 inch iron rod set with
plastic cap stamped "Huitt-Zollars", and being the beginning of a reverse curve to the left having a
central angle of 53 degrees 12 minutes 42 seconds, a radius of 213.00 feet, subtended by a 190.78 foot
chord which bears South 27 degrees 33 minutes 47 seconds West;
THENCE, along said curve to the left an arc distance of 197.82 feet to a 5/8 inch iron rod set with
plastic cap stamped "Huitt-Zollars";
THENCE, North 89 degrees 02 minutes 34 seconds West, a distance of 60.00 feet to a 5/8 inch iron
rod set with plastic cap stamped "Huitt-Zollars" for the POINT OF BEGINNING;
THENCE, South 84 degrees 40 minutes 28 seconds West, a distance of 624.92 feet to a 5/8 inch iron
rod set with plastic cap stamped "Huitt-Zollars";
THENCE,North 81 degrees 01 minutes 12 seconds West, a distance of 547.98 feet to a 5/8 inch iron
rod set with plastic cap stamped "Huitt-Zollars";
THENCE, North 00 degrees 51 minutes 28 seconds West, a distance of 567.71 feet to a 5/8 inch
iron rod set with plastic cap stamped "Huitt-Zollars", and being the beginning of a non-tangent
curve to the right having a central angle of 33 degrees 28 minutes 50 seconds, a radius of 1247.00
feet, subtended by a 718.36 foot chord which bears South 80 degrees 25 minutes 09 seconds East;
THENCE, along said curve to the right an are distance of 728.68 feet to a 5/8 inch iron rod set with
plastic cap stamped "Huitt-Zollars", and being the beginning of a reverse curve to the left having a
central angle of 23 degrees 28 minutes 38 seconds, a radius of 1553.00 feet, subtended by a 631.91
foot chord which bears South 75 degrees 25 minutes 03 seconds East;
THENCE, along said curve to the left an arc distance of 636.35 feet to a 5/8 inch iron rod set with
plastic cap stamped "Huitt-Zollars";
THENCE, South 42 degrees 21 minutes 01 seconds East, a distance of 21.18 feet to a 5/8 inch iron
rod set with plastic cap stamped "Huitt-Zollars",and being the beginning of a non-tangent curve to the
right having a central angle of 47 degrees 51 minutes 12 seconds, a radius of 120.00 feet, subtended
by a 97.34 foot chord which bears South 30 degrees 14 minutes 32 seconds West;
THENCE, along said curve to the right an are distance of 100.22 feet to a 5/8 inch iron rod set with
plastic cap stamped "Huitt-Zollars", and being the beginning of a reverse curve to the left having a
central angle of 53 degrees 12 minutes 42 seconds, a radius of 273.00 feet, subtended by a 244.53 foot
chord which bears South 27 degrees 33 minutes 47 seconds West;
THENCE, along said curve to the left an arc distance of 253.54 feet to the POINT OF BEGINNING
and CONTAINING 14.51 acres of land, more or less.
PHASE 1B
WHEREAS, QUAIL VALLEY DEVCO I, LLC are the owners of a tract of land situated in the Heirs
of C.H. Higbee Survey, Abstract No. 2740, and the International & Great Northern R.R. Co. Survey,
Abstract No. 1996, Parker County, Texas, and being a portion of a tract of land as described in deed
to QUAIL VALLEY DEVCO I, LLC, as recorded in Document No. 201607571 of the Official Public
Records of Parker County, Texas(O.P.R.P.C.T.), and being more particularly described as follows:
COMMENCING at a 5/8 inch iron rod found with plastic cap stamped "Huitt-Zollars" at the
intersection of the westerly line of Private Open Space Lot 9X, as shown on the final plat of LOTS 1 X
THRU IOX, BLOCK 1 AND WALSH RANCH PARKWAY RIGHT-OF-WAY, an addition to the
City of Fort Worth, Parker County, Texas, as recorded in Cabinet D, Page 637 of the Plat Records of
Parker County, Texas (P.R.P.C.T.), and the northerly right of way line of Walsh Avenue, as shown on
the final plat of Walsh Ranch Quail Valley Lot 1, Block AK & Walsh Avenue ROW, an addition to
the City of Fort Worth,Parker County, Texas (unrecorded as of this date);
THENCE,departing the westerly line of said Private Open Space Lot 9X,and along the northerly right
of way line of Walsh Avenue the following courses:
South 82 degrees 00 minutes 00 seconds West, a distance of 219.41 feet to a 5/8 inch iron rod found
with plastic cap stamped "Huitt-Zollars", and being the beginning of a curve to the right having a
central angle of 30 degrees 00 minutes 00 seconds, a radius of 947.00 feet, subtended by a 490.20 foot
chord which bears North 83 degrees 00 minutes 00 seconds West;
Along said curve to the right an arc distance of 495.85 feet to a 5/8 inch iron rod found with plastic
cap stamped "Huitt-Zollars";
North 68 degrees 00 minutes 00 seconds West, a distance of 355.64 feet to a 5/8 inch iron rod found
with plastic cap stamped"Huitt-Zollars",and being the beginning of a curve to the left having a central
angle of 11 degrees 27 minutes 09 seconds, a radius of 973.00 feet, subtended by a 194.16 foot chord
which bears North 73 degrees 43 minutes 34 seconds West;
Along said curve to the left an arc distance of 194.49 feet to a 5/8 inch iron rod found with plastic cap
stamped "Huitt-Zollars" for the POINT OF BEGINNING, and being the beginning of a curve to the
left having a central angle of 35 degrees 52 minutes 15 seconds, a radius of 973.00 feet, subtended by
a 599.26 foot chord which bears South 82 degrees 36 minutes 44 seconds West;
Along said curve to the left an arc distance of 609.16 feet to a 5/8 inch iron rod found with plastic cap
stamped "Huitt-Zollars", and being the beginning of a reverse curve to the right having a central angle
of 14 degrees 51 minutes 19 seconds,a radius of 1447.00 feet,subtended by a 374.12 foot chord which
bears South 72 degrees 06 minutes 16 seconds West;
Along said curve to the right an arc distance of 375.17 feet to a 5/8 inch iron rod set with plastic cap
stamped "Huitt-Zollars";
THENCE, departing the northerly right of way line of Walsh Avenue, North 33 degrees 29 minutes
33 seconds East, a distance of 20.94 feet to a 5/8 inch iron rod set with plastic cap stamped "Huitt-
Zollars";
THENCE, North 12 degrees 15 minutes 00 seconds West, a distance of 81.69 feet to a 5/8 inch iron
rod set with plastic cap stamped "Huitt-Zollars",and being the beginning of a curve to the right having
a central angle of 01 degrees 24 minutes 58 seconds,a radius of 580.00 feet, subtended by a 14.33 foot
chord which bears North 11 degrees 32 minutes 32 seconds West;
THENCE, Along said curve to the right an arc distance of 14.33 feet to a 5/8 inch iron rod set with
plastic cap stamped "Huitt-Zollars";
THENCE, North 55 degrees 32 minutes 59 seconds West, a distance of 14.09 feet to a 5/8 inch iron
rod set with plastic cap stamped "Huitt-Zollars";
THENCE,North 09 degrees 03 minutes 01 seconds West, a distance of 16.00 feet to a 5/8 inch iron
rod set with plastic cap stamped "Huitt-Zollars",and being the beginning of a non-tangent curve to the
right having a central angle of 05 degrees 02 minutes 40 seconds, a radius of 1310.00 feet, subtended
by a 115.30 foot chord which bears South 81 degrees 57 minutes 38 seconds West;
THENCE, along said curve to the right an arc distance of 115.34 feet to a 5/8 inch iron rod set with
plastic cap stamped "Huitt-Zollars";
THENCE,North 05 degrees 31 minutes 02 seconds West, a distance of 52.08 feet to a 5/8 inch iron
rod set with plastic cap stamped "Huitt-Zollars";
THENCE,North, a distance of 171.49 feet to a 5/8 inch iron rod set with plastic cap stamped "Huitt-
Zollars";
THENCE,North 83 degrees 49 minutes 03 seconds East,a distance of 9.41 feet to a 5/8 inch iron rod
set with plastic cap stamped "Huitt-Zollars";
THENCE,North 10 degrees 00 minutes 00 seconds West, a distance of 127.73 feet to a 5/8 inch iron
rod set with plastic cap stamped "Huitt-Zollars";
THENCE, North 80 degrees 00 minutes 00 seconds East, a distance of 25.09 feet to a 5/8 inch iron
rod set with plastic cap stamped "Huitt-Zollars", and being the beginning of a curve to the left having
a central angle of 05 degrees 08 minutes 41 seconds,a radius of 830.00 feet, subtended by a 74.50 foot
chord which bears North 77 degrees 25 minutes 40 seconds East;
THENCE, along said curve to the left an arc distance of 74.53 feet to a 5/8 inch iron rod set with
plastic cap stamped "Huitt-Zollars";
THENCE,North 15 degrees 08 minutes 41 seconds West, a distance of 60.00 feet to a 5/8 inch iron
rod set with plastic cap stamped "Huitt-Zollars",and being the beginning of a non-tangent curve to the
left having a central angle of 00 degrees 38 minutes 58 seconds, a radius of 770.00 feet, subtended by
a 8.73 foot chord which bears North 74 degrees 31 minutes 50 seconds East;
THENCE,along said curve to the left an arc distance of 8.73 feet to a 5/8 inch iron rod set with plastic
cap stamped "Huitt-Zollars";
THENCE, North 26 degrees 22 minutes 39 seconds East, a distance of 20.36 feet to a 5/8 inch iron
rod set with plastic cap stamped "Huitt-Zollars";
THENCE,North 21 degrees 00 minutes 00 seconds West, a distance of 111.33 feet to a 5/8 inch iron
rod set with plastic cap stamped "Huitt-Zollars";
THENCE, North 69 degrees 00 minutes 00 seconds East, a distance of 60.00 feet to a 5/8 inch iron
rod set with plastic cap stamped "Huitt-Zollars";
THENCE, South 21 degrees 00 minutes 00 seconds East, a distance of 10.00 feet to a 5/8 inch iron
rod set with plastic cap stamped "Huitt-Zollars";
THENCE,North 62 degrees 34 minutes 07 seconds East, a distance of 126.14 feet to a 5/8 inch iron
rod set with plastic cap stamped "Huitt-Zollars";
THENCE, South 27 degrees 41 minutes 04 seconds East, a distance of 30.24 feet to a 5/8 inch iron
rod set with plastic cap stamped "Huitt-Zollars";
THENCE, North 62 degrees 18 minutes 56 seconds East, a distance of 122.00 feet to a 5/8 inch iron
rod set with plastic cap stamped "Huitt-Zollars";
THENCE,North 27 degrees 41 minutes 04 seconds West, a distance of 10.00 feet to a 5/8 inch iron
rod set with plastic cap stamped "Huitt-Zollars";
THENCE,North 62 degrees 18 minutes 56 seconds East, a distance of 52.00 feet to a 5/8 inch iron
rod set with plastic cap stamped "Huitt-Zollars";
THENCE, South 27 degrees 41 minutes 04 seconds East, a distance of 32.79 feet to a 5/8 inch iron
rod set with plastic cap stamped "Huitt-Zollars", and being the beginning of a curve to the left having
a central angle of 03 degrees 02 minutes 36 seconds,a radius of 528.00 feet, subtended by a 28.04 foot
chord which bears South 29 degrees 12 minutes 22 seconds East;
THENCE, along said curve to the left an arc distance of 28.05 feet to a 5/8 inch iron rod set with
plastic cap stamped "Huitt-Zollars";
THENCE, South 76 degrees 44 minutes 29 seconds East, a distance of 21.14 feet to a 5/8 inch iron
rod set with plastic cap stamped"Huitt-Zollars",and being the beginning of a non-tangent curve to the
right having a central angle of 05 degrees 18 minutes 59 seconds, a radius of 830.00 feet, subtended
by a 76.99 foot chord which bears North 61 degrees 14 minutes 06 seconds East;
THENCE, along said curve to the right an arc distance of 77.01 feet to a 5/8 inch iron rod set with
plastic cap stamped "Huitt-Zollars";
THENCE, North 20 degrees 42 minutes 20 seconds East, a distance of 21.69 feet to a 5/8 inch iron
rod set with plastic cap stamped "Huitt-Zollars";
THENCE,North 67 degrees 00 minutes 00 seconds East, a distance of 60.00 feet to a 5/8 inch iron
rod set with plastic cap stamped "Huitt-Zollars";
THENCE, South 66 degrees 42 minutes 20 seconds East, a distance of 21.69 feet to a 5/8 inch iron
rod set with plastic cap stamped "Huitt-Zollars",and being the beginning of a non-tangent curve to the
right having a central angle of 10 degrees 53 minutes 19 seconds, a radius of 830.00 feet, subtended
by a 157.50 foot chord which bears North 75 degrees 33 minutes 04 seconds East;
THENCE, along said curve to the right an arc distance of 157.74 feet to a 5/8 inch iron rod set with
plastic cap stamped "Huitt-Zollars";
THENCE, South 09 degrees 00 minutes 16 seconds East, a distance of 60.00 feet to a 518 inch iron
rod set with plastic cap stamped "Huitt-Zollars",and being the beginning of a non-tangent curve to the
left having a central angle of 00 degrees 42 minutes 59 seconds, a radius of 770.00 feet, subtended by
a 9.63 foot chord which bears South 80 degrees 38 minutes 14 seconds West;
THENCE, along said curve to the left an arc distance of 9.63 feet to a 518 inch iron rod set with plastic
cap stamped "Huitt-Zollars";
THENCE, South 34 degrees 25 minutes 24 seconds West, a distance of 14.02 feet to a 518 inch iron
rod set with plastic cap stamped "Huitt-Zollars";
THENCE, South 11 degrees 03 minutes 37 seconds East, a distance of 129.07 feet to a 518 inch iron
rod set with plastic cap stamped "Huitt-Zollars";
THENCE, North 80 degrees 21 minutes 47 seconds East, a distance of 62.16 feet to a 518 inch iron
rod set with plastic cap stamped "Huitt-Zollars";
THENCE, North 84 degrees 38 minutes 22 seconds East, a distance of 53.62 feet to a 518 inch iron
rod set with plastic cap stamped "Huitt-Zollars";
THENCE, North 88 degrees 31 minutes 25 seconds East, a distance of 52.02 feet to a 518 inch iron
rod set with plastic cap stamped "Huitt-Zollars",and being the beginning of a non-tangent curve to the
left having a central angle of 00 degrees 34 minutes 23 seconds, a radius of 970.00 feet, subtended by
a 9.70 foot chord which bears North 01 degrees 45 minutes 47 seconds West;
THENCE,along said curve to the left an arc distance of 9.70 feet to a 518 inch iron rod set with plastic
cap stamped "Huitt-Zollars";
THENCE, North 87 degrees 57 minutes 02 seconds East, a distance of 60.00 feet to a 518 inch iron
rod set with plastic cap stamped "Huitt-Zollars",and being the beginning of a non-tangent curve to the
right having a central angle of 02 degrees 02 minutes 58 seconds, a radius of 1030.00 feet, subtended
by a 36.84 foot chord which bears South 01 degrees 01 minutes 29 seconds East;
THENCE, along said curve to the right an arc distance of 36.84 feet to a 518 inch iron rod set with
plastic cap stamped "Huitt-Zollars";
THENCE, South, a distance of 51.05 feet to a 518 inch iron rod set with plastic cap stamped "Huitt-
Zollars";
THENCE, East, a distance of 123.00 feet to a 518 inch iron rod set with plastic cap stamped "Huitt-
Zollars";
THENCE, South, a distance of 65.69 feet to a 518 inch iron rod set with plastic cap stamped "Huitt-
Zollars",and being the beginning of a non-tangent curve to the left having a central angle of 01 degrees
29 minutes 16 seconds, a radius of 430.00 feet, subtended by a 11.17 foot chord which bears North 87
degrees 30 minutes 11 seconds West;
THENCE, along said curve to the left an arc distance of 11.17 feet to a 5/8 inch iron rod set with
plastic cap stamped "Huitt-Zollars";
THENCE, South 01 degrees 45 minutes 11 seconds West, a distance of 60.00 feet to a 5/8 inch iron
rod set with plastic cap stamped "Huitt-Zollars";
THENCE, South 43 degrees 44 minutes 11 seconds East, a distance of 14.45 feet to a 5/8 inch iron
rod set with plastic cap stamped "Huitt-Zollars";
THENCE, South, a distance of 146.43 feet to a 5/8 inch iron rod set with plastic cap stamped "Huitt-
Zollars", and being the beginning of a non-tangent curve to the right having a central angle of 00
degrees 55 minutes 54 seconds, a radius of 1098.00 feet, subtended by a 17.85 foot chord which bears
South 79 degrees 55 minutes 06 seconds East;
THENCE, along said curve to the right an arc distance of 17.85 feet to a 5/8 inch iron rod set with
plastic cap stamped "Huitt-Zollars';
THENCE, South 10 degrees 32 minutes 51 seconds West, a distance of 125.00 feet to the POINT OF
BEGINNING and CONTAINING 14.65 acres of land, more or less.
PHASE 1C
WHEREAS, QUAIL VALLEY DEVCO 1,LLC are the owners of a tract of land situated in the M.C.
Moulton Survey Abstract No. 934, the Heirs of C.H. Higbee Survey, Abstract No. 2740, and the
International & Great Northern R.R. Co. Survey, Abstract No. 1996, and the International & Great
Northern R.R. Co. Survey, Abstract No. 2004, Parker County, Texas, and being a portion of Tract 1
as described in deed to QUAIL VALLEY DEVCO 1, LLC, as recorded in Document No. 201607571
of the Official Public Records of Parker County, Texas (O.P.R.P.C.T.), and all of WALSH RANCH,
QUAIL VALLEY, Lots 1 thru 33, Lot 19 POS*, Block A, Lots 1 thru 16, Block B, Lots 1 thru 16,
Block C, Lots 1 thru 10, Block D, Lots 1 thru 7, Lot 8 POS*, Block E, Lots 5 thru 14, Block F, Lots
2 thru 14,Lots16 thru 20, Lot 15 POS*, Block G,Lots 1 thru 4,Lots 6 thru 33,Lots 40 thru 46, Lot 5
POS*, Block H, Lots 1 thru 6, Lots 8 thru 13, Lots 15 thru 23, Lot 7 POS*, Lot 14 POS*, Block J,
Lots 1 thru 4, Lots 6 thru 14, Lot 5 POS*, Block K, Lots 1 thru 14, Lots 16 thru 21, Lots 23 thru 34,
Lot 15 POS*, Lot 22 POS*, Block L, Lots 8 thru 10, Block M, Lots 4 thru 7, Lots 9 thru 27, Lot 8
POS*,Block R,Lots 2 thru 25,Lot 1 POS*,Block S,Lot 1 POS*, Block T,Lots 1 thru 3,Lots 5 thru
20,Lot 4 POS*,Block U,Lots 1 thru 6,Lots 8 thru 22,Lot 7 POS*,Block V,Lots 1 thru 8,Block W,
Lots 1 thru 13, Block X,Lots 1 thru 7, Lots 9 thru 23,Lot 8 POS*, Block Y,Lots 1 thru 18, Block Z,
Lots 1 thru 8, Block AA, Lots 7 thru 16, Block AB, Lots 1 thru 13, Block AC, Lots 1 thru 8, Block
AD, Lot 1 POS*,Block AE,Lots 1 thru 8,Block AF,Lots 1 thru 3,Lots 5 thru 12,Lot 4 POS*,Block
AG, Lots 1 thru 15, Lots 17 thru 33, Lot 16 POS*, Block AH, Lots 1 thru 7, Lots 9 thru 28, Lot 8
POS*, Block AJ, Lot 1 POS*, Block AL, Lot 1 POS*, Block AM, Lot 1 POS*, Block AN, Lot 1
POS*, Block AP, Lot 1 POS*, Block AQ, Lot 1 POS*, Block AR, an addition to the City of Fort
Worth, Parker County, Texas, as recorded in Cabinet D, Page 756 of the Plat Records of Parker
County, Texas (P.R.P.C.T.), and being more particularly described as follows:
BEGINNING at a 5/8 inch iron rod found with plastic cap stamped "Huitt-Zollars" at the intersection
of the westerly line of Private Open Space Lot 9X, as shown on the final plat of LOTS 1X THRU
IOX, BLOCK 1 AND WALSH RANCH PARKWAY RIGHT-OF-WAY, WALSH RANCH, an
addition to the City of Fort Worth, Parker County, Texas, as recorded in Cabinet D, Page 637,
P.R.P.C.T.,and the northerly right of way line of Walsh Avenue,as shown on the final plat of WALSH
RANCH QUAIL VALLEY, LOT 1, BLOCK AK, & WALSH AVENUE ROW, an addition to the
City of Fort Worth, Parker County, Texas as recorded in Cabinet D, Page 654, P.R.P.C.T.;
THENCE, along the northerly right of way line of Walsh Avenue the following courses:
South 82 degrees 00 minutes 00 seconds West, a distance of 219.41 feet to a 5/8 inch iron rod set with
plastic cap stamped "Huitt-Zollars", and being the beginning of a curve to the right having a central
angle of 30 degrees 00 minutes 00 seconds, a radius of 947.00 feet, subtended by a 490.20 foot chord
which bears North 83 degrees 00 minutes 00 seconds West;
Along said curve to the right an arc distance of 495.85 feet to a 5/8 inch iron rod set with plastic cap
stamped "Huitt-Zollars";
North 68 degrees 00 minutes 00 seconds West,a distance of 355.64 feet to a 5/8 inch iron rod set with
plastic cap stamped "Huitt-Zollars", and being the beginning of a curve to the left having a central
angle of 11 degrees 27 minutes 09 seconds, a radius of 973.00 feet, subtended by a 194.16 foot chord
which bears North 73 degrees 43 minutes 34 seconds West;
Along said curve to the left an arc distance of 194.49 feet to a 5/8 inch iron rod set with plastic cap
stamped "Huitt-Zollars" at the southeast corner of Lot 1, Block F of WALSH RANCH QUAIL
VALLEY, LOT 1, BLOCK G, LOTS 1 THRU 4, BLOCK F, LOTS THRU 6, 7-POS*, BLOCK M,
LOT 1-POS*, BLOCK N, LOTS 1 THRU 15, BLOCK P, LOTS 1 THRU 5, 6-POS*, BLOCK Q,
LOTS 1 THRU 3, BLOCK R, LOTS 1 THRU 6, BLOCK AB, an addition to the City of Fort Worth,
Parker County,Texas,as recorded in Cabinet D, Page 655 of the Plat Records of Parker County,Texas
(P.R.P.C.T.);
THENCE, departing the northerly right of way line of said Walsh Avenue, along said WALSH
RANCH QUAIL VALLEY, LOT 1, BLOCK G, LOTS 1 THRU 4, BLOCK F, LOTS THRU 6, 7-
POS*, BLOCK M, LOT 1-POS*, BLOCK N, LOTS 1 THRU 15, BLOCK P, LOTS 1 THRU 5, 6-
POS*, BLOCK Q, LOTS 1 THRU 3, BLOCK R, LOTS 1 THRU 6, BLOCK AB, the following
courses:
North 10 degrees 32 minutes 51 seconds East, a distance of 125.00 feet to a 5/8 inch iron rod set with
plastic cap stamped "Huitt-Zollars", and being the beginning of a non-tangent curve to the left having
a central angle of 00 degrees 55 minutes 54 seconds, a radius of 1098.00 feet, subtended by a 17.85
foot chord which bears North 79 degrees 55 minutes 06 seconds West;
Along said curve to the left an arc distance of 17.85 feet to a 5/8 inch iron rod set with plastic cap
stamped "Huitt-Zollars";
North, a distance of 146.43 feet to a 5/8 inch iron rod set with plastic cap stamped "Huitt-Zol Jars";
North 43 degrees 44 minutes 11 seconds West, a distance of 14.45 feet to a 5/8 inch iron rod set with
plastic cap stamped "Huitt-Zollars';
North 01 degree 45 minutes 11 seconds East, a distance of 60.00 feet to a 5/8 inch iron rod set with
plastic cap stamped"Huitt-Zollars",and being the beginning of a non-tangent curve to the right having
a central angle of 01 degree 29 minutes 16 seconds, a radius of 430.00 feet, subtended by a 11.17 foot
chord which bears South 87 degrees 30 minutes 11 seconds East;
Along said curve to the right an arc distance of 11.17 feet to a 5/8 inch iron rod set with plastic cap
stamped "Huitt-Zollars";
North, a distance of 65.69 feet to a 5/8 inch iron rod set with plastic cap stamped "Huitt-Zollars";
West, a distance of 123.00 feet to a 5/8 inch iron rod set with plastic cap stamped "Huitt-Zollars";
North, a distance of 51.05 feet to a 5/8 inch iron rod set with plastic cap stamped "Huitt-Zollars", and
being the beginning of a curve to the left having a central angle of 02 degrees 02 minutes 58 seconds,
a radius of 1030.00 feet, subtended by a 36.84 foot chord which bears North 01 degree 01 minute 29
seconds West;
Along said curve to the left an arc distance of 36.84 feet to a 5/8 inch iron rod set with plastic cap
stamped "Huitt-Zollars";
South 87 degrees 57 minutes 02 seconds West, a distance of 60.00 feet to a 5/8 inch iron rod set with
plastic cap stamped "Huitt-Zollars",and being the beginning of a non-tangent curve to the right having
a central angle of 00 degrees 34 minutes 23 seconds, a radius of 970.00 feet, subtended by a 9.70 foot
chord which bears South 01 degree 45 minutes 47 seconds East;
Along said curve to the right an arc distance of 9.70 feet to a 5/8 inch iron rod set with plastic cap
stamped "Huitt-Zo liars';
South 88 degrees 31 minutes 25 seconds West, a distance of 52.02 feet to a 5/8 inch iron rod set with
plastic cap stamped "Huitt-Zollars";
South 84 degrees 38 minutes 22 seconds West, a distance of 53.62 feet to a 5/8 inch iron rod set with
plastic cap stamped "Huitt-Zollars";
South 80 degrees 21 minutes 47 seconds West, a distance of 62.16 feet to a 5/8 inch iron rod set with
plastic cap stamped "Huitt-Zollars';
North 11 degrees 03 minutes 37 seconds West, a distance of 129.07 feet to a 5/8 inch iron rod set with
plastic cap stamped "Huitt-Zollars";
North 34 degrees 25 minutes 24 seconds East, a distance of 14.02 feet to a 5/8 inch iron rod set with
plastic cap stamped"Huitt-Zollars",and being the beginning of a non-tangent curve to the right having
a central angle of 00 degrees 42 minutes 59 seconds, a radius of 770.00 feet, subtended by a 9.63 foot
chord which bears North 80 degrees 38 minutes 14 seconds East;
Along said curve to the right an arc distance of 9.63 feet to a 5/8 inch iron rod set with plastic cap
stamped "Huitt-Zollars",
North 09 degrees 00 minutes 16 seconds West, a distance of 60.00 feet to a 5/8 inch iron rod set with
plastic cap stamped "Huitt-Zollars", and being the beginning of a non-tangent curve to the left having
a central angle of 10 degrees 53 minutes 19 seconds, a radius of 830.00 feet, subtended by a 157.50
foot chord which bears South 75 degrees 33 minutes 04 seconds West;
Along said curve to the left an arc distance of 157.74 feet to a 5/8 inch iron rod set with plastic cap
stamped "Huitt-Zollars";
North 66 degrees 42 minutes 20 seconds West, a distance of 21.69 feet to a 5/8 inch iron rod set with
plastic cap stamped "Huitt-Zollars";
South 67 degrees 00 minutes 00 seconds West, a distance of 60.00 feet to a 5/8 inch iron rod set with
plastic cap stamped "Huitt-Zollars";
South 20 degrees 42 minutes 20 seconds West, a distance of 21.69 feet to a 5/8 inch iron rod set with
plastic cap stamped "Huitt-Zollars", and being the beginning of a non-tangent curve to the left having
a central angle of 05 degrees 18 minutes 59 seconds,a radius of 830.00 feet, subtended by a 76.99 foot
chord which bears South 61 degrees 14 minutes 06 seconds West;
Along said curve to the left an arc distance of 77.01 feet to a 5/8 inch iron rod set with plastic cap
stamped "Huitt-Zol Jars";
North 76 degrees 44 minutes 29 seconds West, a distance of 21.14 feet to a 5/8 inch iron rod set with
plastic cap stamped "Huitt-Zollars",and being the beginning of a non-tangent curve to the right having
a central angle of 03 degrees 02 minutes 36 seconds, a radius of 528.00 feet, subtended by a 28.04 foot
chord which bears North 29 degrees 12 minutes 22 seconds West;
Along said curve to the right an arc distance of 28.05 feet to a 5/8 inch iron rod set with plastic cap
stamped "Huitt-Zollars";
North 27 degrees 41 minutes 04 seconds West, a distance of 32.79 feet to a 5/8 inch iron rod set with
plastic cap stamped "Huitt-Zollars";
South 62 degrees 18 minutes 56 seconds West, a distance of 52.00 feet to a 5/8 inch iron rod set with
plastic cap stamped "Huitt-Zollars";
South 27 degrees 41 minutes 04 seconds East, a distance of 10.00 feet to a 5/8 inch iron rod set with
plastic cap stamped "Huitt-Zollars";
South 62 degrees 18 minutes 56 seconds West, a distance of 122.00 feet to a 5/8 inch iron rod set with
plastic cap stamped "Huitt-Zollars";
North 27 degrees 41 minutes 04 seconds West, a distance of 30.24 feet to a 5/8 inch iron rod set with
plastic cap stamped "Huitt-Zollars';
South 62 degrees 34 minutes 07 seconds West, a distance of 126.14 feet to a 5/8 inch iron rod set with
plastic cap stamped "Huitt-Zollars";
North 21 degrees 00 minutes 00 seconds West, a distance of 10.00 feet to a 5/8 inch iron rod set with
plastic cap stamped "Huitt-Zollars";
South 69 degrees 00 minutes 00 seconds West, a distance of 60.00 feet to a 5/8 inch iron rod set with
plastic cap stamped "Huitt-Zollars";
South 21 degrees 00 minutes 00 seconds East, a distance of 111.33 feet to a 5/8 inch iron rod set with
plastic cap stamped "Huitt-Zollars";
South 26 degrees 22 minutes 39 seconds West, a distance of 20.36 feet to a 5/8 inch iron rod set with
plastic cap stamped"Huitt-Zollars",and being the beginning of a non-tangent curve to the right having
a central angle of 00 degrees 38 minutes 58 seconds, a radius of 770.00 feet, subtended by a 8.73 foot
chord which bears South 74 degrees 31 minutes 50 seconds West;
Along said curve to the right an arc distance of 8.73 feet to a 5/8 inch iron rod set with plastic cap
stamped "Huitt-Zollars";
South 15 degrees 08 minutes 41 seconds East, a distance of 60.00 feet to a 5/8 inch iron rod set with
plastic cap stamped "Huitt-Zol Jars", and
being the beginning of a non-tangent curve to the right having a central angle of 05 degrees 08 minutes
41 seconds, a radius of 830.00 feet, subtended by a 74.50 foot chord which bears South 77 degrees 25
minutes 40 seconds West;
Along said curve to the right an arc distance of 74.53 feet to a 5/8 inch iron rod set with plastic cap
stamped "Huitt-Zollars";
South 80 degrees 00 minutes 00 seconds West, a distance of 25.09 feet to a 5/8 inch iron rod set with
plastic cap stamped "Huitt-Zollars";
South 10 degrees 00 minutes 00 seconds East, a distance of 127.73 feet to a 5/8 inch iron rod set with
plastic cap stamped "Huitt-Zollars";
South 83 degrees 49 minutes 03 seconds West, a distance of 9.41 feet to a 5/8 inch iron rod set with
plastic cap stamped "Huitt-Zollars";
South, a distance of 171.49 feet to a 5/8 inch iron rod set with plastic cap stamped "Huitt-Zollars";
South 05 degrees 31 minutes 02 seconds East, a distance of 52.08 feet to a 5/8 inch iron rod set with
plastic cap stamped"Huitt-Zollars", and being the beginning of a non-tangent curve to the left having
a central angle of 05 degrees 02 minutes 40 seconds, a radius of 1310.00 feet, subtended by a 115.30
foot chord which bears North 81 degrees 57 minutes 38 seconds East;
Along said curve to the left an arc distance of 115.34 feet to a 5/8 inch iron rod set with plastic cap
stamped "Huitt-Zollars";
South 09 degrees 03 minutes 01 second East, a distance of 16.00 feet to a 5/8 inch iron rod set with
plastic cap stamped "Huitt-Zollars";
South 55 degrees 32 minutes 59 seconds East, a distance of 14.09 feet to a 5/8 inch iron rod set with
plastic cap stamped "Huitt-Zollars", and being the beginning of a non-tangent curve to the left having
a central angle of 01 degree 24 minutes 58 seconds, a radius of 580.00 feet, subtended by a 14.33 foot
chord which bears South 11 degrees 32 minutes 31 seconds East;
Along said curve to the left an arc distance of 14.33 feet to a 5/8 inch iron rod set with plastic cap
stamped "Huitt-Zollars";
South 12 degrees 15 minutes 00 seconds East, a distance of 81.69 feet to a 5/8 inch iron rod set with
plastic cap stamped "Huitt-Zollars";
South 33 degrees 29 minutes 33 seconds West, a distance of 20.94 feet to a 5/8 inch iron rod set with
plastic cap stamped "Huitt-Zollars"on the northerly right of way line of said Walsh Avenue,and being
the beginning of a non-tangent curve to the right having a central angle of 36 degrees 47 minutes 21
seconds, a radius of 1447.00 feet, subtended by a 913.23 foot chord which bears North 82 degrees 04
minutes 24 seconds West;
THENCE, departing the westerly line of said WALSH RANCH QUAIL VALLEY, LOT 1, BLOCK
G, LOTS 1 THRU 4, BLOCK F, LOTS THRU 6, 7-POS*, BLOCK M, LOT 1-POS*, BLOCK N,
LOTS 1 THRU 15, BLOCK P, LOTS 1 THRU 5, 6-POS*, BLOCK Q, LOTS 1 THRU 3, BLOCK R,
LOTS 1 THRU 6, BLOCK AB, and along the northerly right of way line of said Walsh Avenue the
following courses:
Along said curve to the right an arc distance of 929.11 feet to a 5/8 inch iron rod set with plastic cap
stamped "Huitt-Zollars", and being the beginning of a reverse curve to the left having a central angle
of 27 degrees 45 minutes 07 seconds, a radius of 1353.00 feet, subtended by a 648.96 foot chord which
bears North 77 degrees 33 minutes 17 seconds West;
Along said curve to the left an arc distance of 655.34 feet to a 5/8 inch iron rod set with plastic cap
stamped "Huitt-Zollars" on the westerly line of the aforementioned Tract 1;
THENCE, departing the northerly right of way line of said Walsh Avenue, and along the westerly
lines of said Tract 1,the following courses:
North 13 degrees 01 minute 33 seconds East, a distance of 190.46 feet to a 5/8 inch iron rod set with
plastic cap stamped "Huitt-Zollars";
North 63 degrees 10 minutes 59 seconds East, a distance of 89.72 feet to a 5/8 inch iron rod set with
plastic cap stamped "Huitt-Zol tars";
North 35 degrees 40 minutes 07 seconds West, a distance of 128.27 feet to a 5/8 inch iron rod set with
plastic cap stamped "Huitt-Zollars";
North 22 degrees 27 minutes 21 seconds West, a distance of 60.00 feet to a 5/8 inch iron rod set with
plastic cap stamped "Huitt-Zollars", and being the beginning of a non-tangent curve to the left having
a central angle of 17 degrees 35 minutes 11 seconds,a radius of 220.00 feet, subtended by a 67.26 foot
chord which bears North 58 degrees 45 minutes 03 seconds East;
THENCE, departing the westerly line of said Tract 1,the following courses:
Along said curve to the left an arc distance of 67.53 feet to a 5/8 inch iron rod set with plastic cap
stamped "Huitt-Zollars";
North 40 degrees 02 minutes 32 seconds West, a distance of 210.76 feet to a 5/8 inch iron rod set with
plastic cap stamped "Huitt-Zollars" on the westerly line of said Tract 1;
THENCE, along the westerly and northerly lines of said Tract 1 the following courses:
North 05 degrees 50 minutes 37 seconds East, a distance of 172.41 feet to a 5/8 inch iron rod set with
plastic cap stamped "Huitt-Zollars", and being the beginning of a curve to the right having a central
angle of 11 degrees 24 minutes 15 seconds, a radius of 500.00 feet, subtended by a 99.36 foot chord
which bears North 11 degrees 32 minutes 44 seconds East;
Along said curve to the right an arc distance of 99.52 feet to a 5/8 inch iron rod set with plastic cap
stamped "Huitt-Zollars";
North 17 degrees 14 minutes 52 seconds East, a distance of 158.36 feet to a 5/8 inch iron rod set with
plastic cap stamped "Huitt-Zollars", and being the beginning of a curve to the left having a central
angle of 36 degrees 11 minutes 43 seconds, a radius of 100.00 feet, subtended by a 62.13 foot chord
which bears North 00 degrees 51 minutes 00 seconds West;
Along said curve to the left an arc distance of 63.17 feet to a 5/8 inch iron rod set with plastic cap
stamped "Huitt-Zollars";
North 18 degrees 56 minutes 51 seconds West, a distance of 11.89 feet to a 5/8 inch iron rod set with
plastic cap stamped "Huitt-Zol Jars", and being the beginning of a curve to the right having a central
angle of 39 degrees 02 minutes 19 seconds, a radius of 100.00 feet, subtended by a 66.82 foot chord
which bears North 00 degrees 34 minutes 18 seconds East;
Along said curve to the right an arc distance of 68.14 feet to a 5/8 inch iron rod set with plastic cap
stamped "Huitt-Zollars";
North 20 degrees 05 minutes 28 seconds East, a distance of 70.49 feet to a 5/8 inch iron rod set with
plastic cap stamped "Huitt-Zollars", and being the beginning of a curve to the right having a central
angle of 08 degrees 22 minutes 10 seconds, a radius of 200.00 feet, subtended by a 29.19 foot chord
which bears North 24 degrees 16 minutes 33 seconds East;
Along said curve to the right an arc distance of 29.22 feet to a 5/8 inch iron rod set with plastic cap
stamped "Huitt-Zollars", and being the beginning of a reverse curve to the left having a central angle
of 50 degrees 57 minutes 1 1 seconds, a radius of 250.00 feet, subtended by a 215.07 foot chord which
bears North 02 degrees 59 minutes 02 seconds East;
Along said curve to the left an arc distance of 222.33 feet to a 5/8 inch iron rod set with plastic cap
stamped "Huitt-Zollars", and being the beginning of a reverse curve to the right having a central angle
of 54 degrees 59 minutes 15 seconds, a radius of 100.00 feet, subtended by a 92.33 foot chord which
bears North 05 degrees 00 minutes 04 seconds East;
Along said curve to the right an arc distance of 95.97 feet to a 5/8 inch iron rod set with plastic cap
stamped "Huitt-Zollars";
North 32 degrees 29 minutes 42 seconds East, a distance of 36.65 feet to a 5/8 inch iron rod set with
plastic cap stamped "Huitt-Zollars", and being the beginning of a curve to the left having a central
angle of 46 degrees 54 minutes 26 seconds, a radius of 100.00 feet, subtended by a 79.60 foot chord
which bears North 09 degrees 02 minutes 28 seconds East;
Along said curve to the left an arc distance of 81.87 feet to a 5/8 inch iron rod set with plastic cap
stamped "Huitt-Zollars";
North 14 degrees 24 minutes 45 seconds West, a distance of 29.16 feet to a 5/8 inch iron rod set with
plastic cap stamped "Huitt-Zollars", and being the beginning of a curve to the right having a central
angle of 32 degrees 55 minutes 14 seconds, a radius of 100.00 feet, subtended by a 56.67 foot chord
which bears North 02 degrees 02 minutes 52 seconds East;
Along said curve to the right an arc distance of 57.46 feet to a 5/8 inch iron rod set with plastic cap
stamped "Huitt-Zollars", and being the beginning of a reverse curve to the left having a central angle
of 18 degrees 53 minutes 19 seconds, a radius of 100.00 feet, subtended by a 32.82 foot chord which
bears North 09 degrees 03 minutes 49 seconds East;
Along said curve to the left an arc distance of 32.97 feet to a 5/8 inch iron rod set with plastic cap
stamped "Huitt-Zollars",
North 00 degrees 22 minutes 50 seconds West, a distance of 153.57 feet to a 5/8 inch iron rod set with
plastic cap stamped "Huitt-Zollars";
North 89 degrees 37 minutes 10 seconds East, a distance of 294.15 feet to a 5/8 inch iron rod found
with plastic cap stamped "Dunaway Assoc. LP";
North 00 degrees 22 minutes 50 seconds West, a distance of 594.83 feet to a 5/8 inch iron rod found
with plastic cap stamped "Dunaway Assoc. LP";
South 85 degrees 44 minutes 35 seconds East, a distance of 286.37 feet to a 5/8 inch iron rod found
with plastic cap stamped"Dunaway Assoc. LP";
South 64 degrees 53 minutes 26 seconds East, a distance of 167.77 feet to a 5/8 inch iron rod found
with plastic cap stamped"Dunaway Assoc. LP", and being the beginning of a curve to the left having
a central angle of 22 degrees 24 minutes 34 seconds, a radius of 960.00 feet, subtended by a 373.09
foot chord which bears South 76 degrees 05 minutes 43 seconds East;
Along said curve to the left an arc distance of 375.47 feet to a 5/8 inch iron rod found with plastic cap
stamped "Dunaway Assoc. LP";
South 87 degrees 18 minutes 00 seconds East, a distance of 620.89 feet to a 5/8 inch iron rod found
with plastic cap stamped "Dunaway Assoc. LP" on the westerly right of way line of Mary's Ridge
Road (a variable width right of way), as shown on the final plat of LOT I IX, BLOCK 1, AND
MARY'S RIDGE ROAD RIGHT OF WAY, WALSH RANCH,an addition to the City of Fort Worth,
Parker County,Texas, as recorded in Cabinet D,Page 638, P.R.P.C.T.;
THENCE, along the westerly and southerly right of way lines of Mary's Ridge Road the following;
South 02 degrees 42 minutes 00 seconds West, a distance of 53.00 feet to a 5/8 inch iron rod found
with plastic cap stamped"Dunaway Assoc. LP"
South 87 degrees 18 minutes 00 seconds East, a distance of 146.19 feet to a 5/8 inch iron rod found
with plastic cap stamped"Dunaway Assoc.LP",and being the beginning of a curve to the right having
a central angle of 31 degrees 17 minutes 49 seconds, a radius of 1023.50 feet, subtended by a 552.15
foot chord which bears South 71 degrees 39 minutes 05 seconds East;
Along said curve to the right an arc distance of 559.07 feet to a 5/8 inch iron rod found with plastic
cap stamped "Dunaway Assoc. LP", and being the beginning of a reverse curve to the left having a
central angle of 51 degrees 45 minutes 52 seconds, a radius of 1076.50 feet, subtended by a 939.83
foot chord which bears South 81 degrees 53 minutes 07 seconds East;
Along said curve to the left an arc distance of 972.57 feet to a 5/8 inch iron rod found with plastic cap
stamped"Dunaway Assoc.LP",and being the beginning of a reverse curve to the right having a central
angle of 11 degrees 36 minutes 01 second, a radius of 1037.00 feet, subtended by a 209.60 foot chord
which bears North 78 degrees 01 minute 58 seconds East;
Along said curve to the right an arc distance of 209.95 feet to a 5/8 inch iron rod found with plastic
cap stamped"Dunaway Assoc. LP" at the intersection of the south right of way line of Mary's Ridge
Road, and the westerly line of Lot IOX, Block 1 of said final plat, LOTS 1X THRU 10X, BLOCK 1
AND WALSH RANCH PARKWAY RIGHT-OF-WAY, WALSH RANCH;
THENCE, along the westerly line of said Lot IOX, the following courses:
South 06 degrees 10 minutes 02 seconds East, a distance of 51.52 feet to a 5/8 inch iron rod found
with plastic cap stamped "Dunaway Assoc. LP", and being the beginning of a non-tangent curve to
the right having a central angle of 02 degrees 09 minutes 38 seconds, a radius of 1037.00 feet,
subtended by a 39.10 foot chord which bears North 81 degrees 42 minutes 27 seconds East;
Along said curve to the right an arc distance of 39.10 feet to a 5/8 inch iron rod found with plastic cap
stamped"Dunaway Assoc. LP", and being the beginning of a non-tangent curve to the right having a
central angle of 00 degrees 41 minutes 44 seconds, a radius of 3154.50 feet, subtended by a 38.29 foot
chord which bears South 01 degree 58 minutes 20 seconds East;
Along said curve to the right an arc distance of 38.29 feet to a 5/8 inch iron rod found with plastic cap
stamped"Dunaway Assoc. LP";
South 01 degree 37 minutes 29 seconds East, a distance of 132.96 feet to a 5/8 inch iron rod found
with plastic cap stamped"Dunaway Assoc. LP",and being the beginning of a curve to the right having
a central angle of 08 degrees 48 minutes 07 seconds, a radius of 1598.00 feet, subtended by a 245.25
foot chord which bears South 02 degrees 46 minutes 35 seconds West;
Along said curve to the right an arc distance of 245.49 feet to a 5/8 inch iron rod found with plastic
cap stamped"Dunaway Assoc. LP", and being the beginning of a non-tangent curve to the left having
a central angle of 44 degrees 10 minutes 38 seconds, a radius of 193.00 feet, subtended by a 145.15
foot chord which bears South 23 degrees 39 minutes 24 seconds West;
Along said curve to the left an arc distance of 148.81 feet to a 5/8 inch iron rod found with plastic cap
stamped"Dunaway Assoc.LP",and being the beginning of a reverse curve to the right having a central
angle of 18 degrees 34 minutes 00 seconds, a radius of 517.00 feet, subtended by a 166.80 foot chord
which bears South 10 degrees 51 minutes 08 seconds West;
Along said curve to the right an arc distance of 167.53 feet to a 5/8 inch iron rod found with plastic
cap stamped "Dunaway Assoc. LP", and being the beginning of a reverse curve to the left having a
central angle of 19 degrees 59 minutes 11 seconds, a radius of 783.00 feet, subtended by a 271.75 foot
chord which bears South 10 degrees 08 minutes 33 seconds West;
Along said curve to the left an arc distance of 273.13 feet to a 5/8 inch iron rod found with plastic cap
stamped"Dunaway Assoc. LP";
South 00 degrees 08 minutes 58 seconds West, passing the southwest corner of said Lot lOX at a
distance of 101.55 feet, also passing the northwest corner of said Lot 9X at a distance of 161.56, in all
a total a distance of 257.44 feet to a 5/8 inch iron rod found with plastic cap stamped"Dunaway Assoc.
LP"on the westerly line of said Lot 9X, and being the beginning of a curve to the left having a central
angle of 32 degrees 28 minutes 53 seconds, a radius of 603.00 feet, subtended by a 337.29 foot chord
which bears South 16 degrees 05 minutes 28 seconds East;
THENCE, along the westerly line of said Lot 9X, the following courses:
Along said curve to the left an arc distance of 341.85 feet to a 5/8 inch iron rod found with plastic cap
stamped"Dunaway Assoc.LP",and being the beginning of a reverse curve to the right having a central
angle of 34 degrees 47 minutes 54 seconds, a radius of 407.00 feet, subtended by a 243.41 foot chord
which bears South 14 degrees 55 minutes 58 seconds East;
Along said curve to the right an arc distance of 247.19 feet to a 5/8 inch iron rod found with plastic
cap stamped "Dunaway Assoc. LP", and being the beginning of a reverse curve to the left having a
central angle of 15 degrees 47 minutes 58 seconds, a radius of 443.00 feet, subtended by a 121.77 foot
chord which bears South 05 degrees 26 minutes 00 seconds East;
Along said curve to the left an arc distance of 122.16 feet to a 5/8 inch iron rod found with plastic cap
stamped"Dunaway Assoc.LP",and being the beginning of a reverse curve to the right having a central
angle of 20 degrees 46 minutes 55 seconds, a radius of 837.00 feet, subtended by a 301.93 foot chord
which bears South 02 degrees 56 minutes 31 seconds East;
Along said curve to the right an arc distance of 303.59 feet to a 5/8 inch iron rod found with plastic
cap stamped "Dunaway Assoc. LP", and being the beginning of a reverse curve to the left having a
central angle of 01 degree 15 minutes 43 seconds, a radius of 453.00 feet, subtended by a 9.98 foot
chord which bears South 06 degrees 49 minutes 04 seconds West;
Along said curve to the left an are distance of 9.98 feet to the POINT OF BEGINNING and
CONTAINING 177.98 acres of land, more or less.
PHASE 2A
WHEREAS, Quail Valley Devco I, LLC and Walsh Ranches Limited Partnership are the owners of a
tract of land situated in the Heirs of C.H. Higbee Survey, Abstract No. 2740, International & Great
Northern R.R. Co. Survey, Abstract No. 2004, and the International & Great Northern R.R. Co.
Survey, Abstract No. 1996, Parker County, Texas, and being a portion of Tract 2 as described in deed
to Quail Valley Devco I, LLC, as recorded in Document Number 201607571 of the Official Property
Records of Parker County, Texas(O.P.R.P.C.T.) and a portion of a tract of land as described in deed
to Walsh Ranches Limited Partnership, a Texas Limited Partnership having a General Partner named
Walsh North Star Company, a Texas corporation as recorded in Volume 1699, Page 1765 of the Deed
Records of Parker County, Texas (D.R.P.C.T.), and being more particularly described as follows:
COMMENCING at a 5/8 inch iron rod found with cap stamped"Huitt-Zo I lars"at the southwest corner
of the intersection of the westerly right of way line of Walsh Ranch Parkway(a variable width right of
way), as shown on the final plat of LOTS 1X THRU 10X, BLOCK 1 AND WALSH RANCH
PARKWAY RIGHT-OF-WAY WALSH RANCH, an addition to the City of Fort Worth, Parker
County, Texas, as recorded in Cabinet D, Page 637 of the Plat Records of Parker County, Texas
(P.R.P.C.T.), with the southerly right of way line of Walsh Avenue (a 106.0 foot wide right of way),
as shown on the final plat of WALSH RANCH QUAIL VALLEY, LOT 1, BLOCK AK, & WALSH
AVENUE ROW,an addition to the City of Fort Worth,Parker County, as recorded in Cabinet D,Page
654, P.R.P.C.T.;
THENCE, along the southerly right of way line of said Walsh Avenue the following courses:
South 82 degrees 00 minutes 00 seconds West, departing the westerly right of way line of Walsh
Ranch Parkway, a distance of 205.63 feet to a 5/8 inch iron rod found with plastic cap stamped "Huitt-
Zollars",and being the beginning of a curve to the right having a central angle of 11 degrees 52 minutes
24 seconds,a radius of 1,053.00 feet, subtended by a 217.82 foot chord which bears South 87 degrees
56 minutes 12 seconds West;
Along said curve to the right an arc distance of 218.21 feet to a 5/8 inch iron rod found with plastic
cap stamped "Huitt-Zollars";
North 03 degrees 52 minutes 24 seconds East, a distance of 12.50 feet to a 5/8 inch iron rod found
with plastic cap stamped "Huitt-Zollars", and being the beginning of a non-tangent curve to the right
having a central angle of 08 degrees 57 minutes 04 seconds, a radius of 1,040.50 feet, subtended by a
162.39 foot chord which bears North 81 degrees 39 minutes 04 seconds West;
Along said curve to the right an arc distance of 162.55 feet to a 5/8 inch iron rod found with plastic
cap stamped "Huitt-Zollars";
South 12 degrees 49 minutes 27 seconds West, a distance of 12.50 feet to a 5/8 inch iron rod found
with plastic cap stamped "Huitt-Zollars", and being the beginning of a non-tangent curve to the right
having a central angle of 05 degrees 54 minutes 37 seconds, a radius of 1,053.00 feet, subtended by a
108.57 foot chord which bears North 74 degrees 13 minutes 14 seconds West;
Along said curve to the right an arc distance of 108.62 feet to a 5/8 inch iron rod set with plastic cap
stamped "Huitt-Zollars" for the POINT OF BEGINNING;
THENCE, South 65 degrees 34 minutes 17 seconds West departing the southerly right of way line of
said Walsh Avenue, a distance of 21.74 feet to a 5/8 inch iron rod set with plastic cap stamped "Huitt-
Zollars" ;
THENCE, South 22 degrees 00 minutes 00 seconds West, a distance of 445.69 feet to a 5/8 inch iron
rod set with plastic cap stamped "Huitt-Zollars" and being the beginning of a curve to the right having
a central angle of 41 degrees 11 minutes 37 seconds, a radius of 180.00 feet, subtended by a 126.64
foot chord which bears South 42 degrees 35 minutes 49 seconds West;
THENCE, along said curve to the right an arc distance of 129.41 feet to a 5/8 inch iron rod set with
plastic cap stamped "Huitt-Zollars";
THENCE, South 22 degrees 13 minutes 33 seconds East, a distance of 213.91 feet to a 5/8 inch iron
rod set with plastic cap stamped "Huitt-Zollars";
THENCE, North 71 degrees 53 minutes 16 seconds East, a distance of 35.00 feet to a 5/8 inch iron
rod set with plastic cap stamped "Huitt-Zollars";
THENCE, South 18 degrees 06 minutes 44 seconds East, a distance of 69.56 feet to a 5/8 inch iron
rod set with plastic cap stamped "Huitt-Zollars";
THENCE, South 45 degrees 06 minutes 44 seconds East, a distance of 104.09 feet to a 5/8 inch iron
rod set with plastic cap stamped "Huitt-Zollars";
THENCE, North 37 degrees 07 minutes 35 seconds East, a distance of 55.82 feet to a 5/8 inch iron
rod set with plastic cap stamped"Huitt-Zollars",and being the beginning of a curve to the right having
a central angle of 34 degrees 45 minutes 41 seconds, a radius of 80.00 feet, subtended by a 47.79 foot
chord which bears North 54 degrees 30 minutes 25 seconds East;
THENCE, along said curve to the right an are distance of 48.54 feet to a 5/8 inch iron rod set with
plastic cap stamped "Huitt-Zollars";
THENCE, North 71 degrees 53 minutes 16 seconds East, a distance of 52.56 feet to a 5/8 inch iron
rod set with plastic cap stamped "Huitt-Zollars", and being the beginning of a curve to the left having
a central angle of 65 degrees 52 minutes 46 seconds, a radius of 40.00 feet, subtended by a 43.50 foot
chord which bears North 38 degrees 56 minutes 53 seconds East;
THENCE, along said curve to the left an arc distance of 45.99 feet to a 5/8 inch iron rod set with
plastic cap stamped "Huitt-Zollars";
THENCE, North 06 degrees 00 minutes 29 seconds East, a distance of 13.52 feet to a 5/8 inch iron
rod set with plastic cap stamped "Huitt-Zollars",and being the beginning of a curve to the right having
a central angle of 67 degrees 37 minutes 57 seconds, a radius of 70.00 feet, subtended by a 77.91 foot
chord which bears North 39 degrees 49 minutes 28 seconds East;
THENCE, along said curve to the right an arc distance of 82.63 feet to a 5/8 inch iron rod set with
plastic cap stamped "Huitt-Zollars", and being the beginning of a reverse curve to the left having a
central angle of 35 degrees 37 minutes 55 seconds, a radius of 150.00 feet, subtended by a 91.79 foot
chord which bears North 55 degrees 49 minutes 29 seconds East;
THENCE, along said curve to the left an arc distance of 93.28 feet to a 5/8 inch iron rod set with
plastic cap stamped "Huitt-Zollars", and being the beginning of a reverse curve to the right having a
central angle of 61 degrees 19 minutes 41 seconds, a radius of 123.00 feet, subtended by a 125.46 foot
chord which bears North 68 degrees 40 minutes 22 seconds East;
THENCE, along said curve to the right an are distance of 131.66 feet to a 5/8 inch iron rod set with
plastic cap stamped "Huitt-Zollars";
THENCE, North 09 degrees 20 minutes 13 seconds East, a distance of 72.99 feet to a 5/8 inch iron
rod set with plastic cap stamped "Huitt-Zollars";
THENCE, North 54 degrees 37 minutes 01 second East, a distance of 136.70 feet to a 5/8 inch iron
rod set with plastic cap stamped "Huitt-Zollars";
THENCE, South 53 degrees 31 minutes 57 seconds East, a distance of 464.31 feet to a 5/8 inch iron
rod set with plastic cap stamped "Huitt-Zollars";
THENCE, South 04 degrees 27 minutes 12 seconds West, a distance of 162.60 feet to a 5/8 inch iron
rod set with plastic cap stamped "Huitt-Zollars";
THENCE, North 85 degrees 32 minutes 48 seconds West, a distance of 63.74 feet to a 5/8 inch iron
rod set with plastic cap stamped "Huitt-Zollars";
THENCE, South 46 degrees 52 minutes 44 seconds West, a distance of 165.75 feet to a 5/8 inch iron
rod set with plastic cap stamped "Huitt-Zollars", and being the beginning of a non-tangent curve to the
right having a central angle of 03 degrees 50 minutes 00 seconds, a radius of 485.00 feet, subtended
by a 32.44 foot chord which bears South 46 degrees 55 minutes 06 seconds West;
THENCE, along said curve to the right an arc distance of 32.45 feet to a 5/8 inch iron rod set with
plastic cap stamped "Huitt-Zollars";
THENCE, South 59 degrees 50 minutes 22 seconds West, a distance of 174.20 feet to a 5/8 inch iron
rod set with plastic cap stamped "Huitt-Zollars";
THENCE, South 83 degrees 38 minutes 43 seconds West, a distance of 200.84 feet to a 5/8 inch iron
rod set with plastic cap stamped "Huitt-Zollars";
THENCE, South 74 degrees 13 minutes 49 seconds West, a distance of 548.94 feet to a 5/8 inch iron
rod set with plastic cap stamped "Huitt-Zollars";
THENCE, South 45 degrees 54 minutes 57 seconds West, a distance of 72.34 feet to a 5/8 inch iron
rod set with plastic cap stamped "Huitt-Zollars";
THENCE, South 72 degrees 19 minutes 04 seconds West, a distance of 110.57 feet to a 5/8 inch iron
rod set with plastic cap stamped "Huitt-Zollars";
THENCE, North 68 degrees 51 minutes 13 seconds West, a distance of 53.32 feet to a 5/8 inch iron
rod set with plastic cap stamped "Huitt-Zollars";
THENCE, South 87 degrees 16 minutes 49 seconds West, a distance of 234.72 feet to a 5/8 inch iron
rod set with plastic cap stamped "Huitt-Zollars";
THENCE, South 75 degrees 56 minutes 48 seconds West, a distance of 68.91 feet to a 5/8 inch iron
rod set with plastic cap stamped "Huitt-Zollars";
THENCE,North 89 degrees 21 minutes 42 seconds West, a distance of 126.30 feet to a 5/8 inch iron
rod set with plastic cap stamped "Huitt-Zollars";
THENCE,North 14 degrees 02 minutes 32 seconds West, a distance of 242.67 feet to a 5/8 inch iron
rod set with plastic cap stamped "Huitt-Zollars";
THENCE, South 64 degrees 00 minutes 23 seconds East, a distance of 121.75 feet to a 5/8 inch iron
rod set with plastic cap stamped "Huitt-Zollars";
THENCE,North 86 degrees 15 minutes 18 seconds East, a distance of 188.61 feet to a 5/8 inch iron
rod set with plastic cap stamped "Huitt-Zollars";
THENCE,North 29 degrees 35 minutes 56 seconds West, a distance of 126.15 feet to a 5/8 inch iron
rod set with plastic cap stamped "Huitt-Zollars";
THENCE,North 60 degrees 24 minutes 04 seconds East, a distance of 131.44 feet to a 5/8 inch iron
rod set with plastic cap stamped "Huitt-Zollars";
THENCE,North 22 degrees 13 minutes 33 seconds West, a distance of 269.87 feet to a 5/8 inch iron
rod set with plastic cap stamped "Huitt-Zollars";
THENCE, South 67 degrees 46 minutes 27 seconds West, a distance of 217.50 feet to a 5/8 inch iron
rod set with plastic cap stamped "Huitt-Zollars";
THENCE, North 22 degrees 13 minutes 33 seconds West, a distance of 60.00 feet to a 5/8 inch iron
rod set with plastic cap stamped "Huitt-Zollars";
THENCE, North 67 degrees 46 minutes 27 seconds East, a distance of 205.00 feet to a 5/8 inch iron
rod set with plastic cap stamped "Huitt-Zollars";
THENCE, North 22 degrees 46 minutes 27 seconds East, a distance of 21.21 feet to a 5/8 inch iron
rod set with plastic cap stamped "Huitt-Zollars";
THENCE,North 22 degrees 13 minutes 33 seconds West, a distance of 123.19 feet to a 5/8 inch iron
rod set with plastic cap stamped "Huitt-Zollars", and being the beginning of a curve to the right having
a central angle of 12 degrees 25 minutes 03 seconds, a radius of 1530.00 feet, subtended by a 330.94
foot chord which bears North 16 degrees 01 minute 02 seconds West;
THENCE, along said curve to the right an are distance of 331.59 feet to a 5/8 inch iron rod set with
plastic cap stamped "Huitt-Zollars";
THENCE,North 09 degrees 48 minutes 30 seconds West, a distance of 370.46 feet to a 5/8 inch iron
rod set with plastic cap stamped "Huitt-Zollars";
THENCE, North 58 degrees 03 minutes 43 seconds West, a distance of 19.98 feet to a 5/8 inch iron
rod set with plastic cap stamped "Huitt-Zollars" on the southerly right of way line of said Walsh
Avenue, and being the beginning of a non-tangent curve to the right having a central angle of 05
degrees 57 minutes 30 seconds, a radius of 867.00 feet, subtended by a 90.12 foot chord which bears
North 76 degrees 10 minutes 05 seconds East;
THENCE, along the southerly right of way line of Walsh Avenue, and along said curve to the right an
arc distance of 90.16 feet to a 5/8 inch iron rod set with plastic cap stamped "Huitt-Zollars";
THENCE, South 34 degrees 25 minutes 18 seconds West departing the south right of way line of said
Walsh Avenue, a distance of 21.50 feet to a 5/8 inch iron rod set with plastic cap stamped "Huitt-
Zollars";
THENCE, South 09 degrees 48 minutes 30 seconds East, a distance of 374.68 feet to a 5/8 inch iron
rod set with plastic cap stamped "Huitt-Zollars", and being the beginning of a curve to the left having
a central angle of 12 degrees 25 minutes 03 seconds, a radius of 1470.00 feet, subtended by a 317.96
foot chord which bears South 16 degrees 01 minute 02 seconds East;
THENCE, along said curve to the left an arc distance of 318.59 feet to a 5/8 inch iron rod set with
plastic cap stamped "Huitt-Zollars";
THENCE, South 22 degrees 13 minutes 33 seconds East, a distance of 123.19 feet to a 5/8 inch iron
rod set with plastic cap stamped "Huitt-Zollars";
THENCE, South 67 degrees 13 minutes 33 seconds East, a distance of 21.21 feet to a 5/8 inch iron
rod set with plastic cap stamped "Huitt-Zollars";
THENCE,North 67 degrees 46 minutes 27 seconds East, a distance of 389.13 feet to a 5/8 inch iron
rod set with plastic cap stamped "Huitt-Zollars", and being the beginning of a curve to the left having
a central angle of 45 degrees 46 minutes 27 seconds,a radius of 120.00 feet, subtended by a 93.34 foot
chord which bears North 44 degrees 53 minutes 13 seconds East;
THENCE, along said curve to the left an arc distance of 95.87 feet to a 5/8 inch iron rod set with
plastic cap stamped "Huitt-Zollars";
THENCE, North 22 degrees 00 minutes 00 seconds East, a distance of 444.72 feet to a 5/8 inch iron
rod set with plastic cap stamped "Huitt-Zollars";
THENCE, North 23 degrees 00 minutes 00 seconds West, a distance of 21.21 feet to a 5/8 inch iron
rod set with plastic cap stamped "Huitt-Zollars" on the southerly right of way line of said Walsh
Avenue;
THENCE,South 68 degrees 00 minutes 00 seconds East along the southerly right of way line of Walsh
Avenue, a distance of 30.00 feet to a 5/8 inch iron rod found with plastic cap stamped "Huitt-Zollars",
and being the beginning of a curve to the left having a central angle of 03 degrees 15 minutes 56
seconds, a radius of 1053.00 feet, subtended by a 60.01 foot chord which bears South 69 degrees 37
minutes 58 seconds East;
THENCE, continuing along the southerly right of way line of Walsh Avenue, and along said curve to
the left an arc distance of 60.01 feet to the POINT OF BEGINNING and CONTAINING 21.91 acres
of land, more or less.
PHASE 2B
WHEREAS, Quail Valley Devco I,LLC and Walsh Ranches Limited Partnership are the owners of a
tract of land situated in the International&Great Northern R.R.Co.Survey,Abstract No. 1996,Parker
County, Texas, and being a portion of Tract 2 as described in deed to Quail Valley Devco I, LLC, as
recorded in Document Number 201607571 of the Official Property Records of Parker County,
Texas(O.P.R.P.C.T.) and a portion of a tract of land as described in deed to Walsh Ranches Limited
Partnership,a Texas Limited Partnership having a General Partner named Walsh North Star Company,
a Texas corporation as recorded in Volume 1699, Page 1765 of the Deed Records of Parker County,
Texas (D.R.P.C.T.), and being more particularly described as follows:
COMMENCING at a 5/8 inch iron rod found with cap stamped"Huitt-Zollars"at the northwest corner
of Lot 7X, Block 1, as shown on the final plat of LOTS 1X THRU IOX, BLOCK 1 AND WALSH
RANCH PARKWAY RIGHT-OF-WAY,an addition to the City of Fort Worth,Parker County,Texas,
as recorded in Cabinet D, Page 637 of the Plat Records of Parker County, Texas (P.R.P.C.T.), and
being on the southerly right of way line of Walsh Avenue (a 106.0 foot wide right of way), as shown
on the final plat of WALSH RANCH QUAIL VALLEY, LOT 1, BLOCK AK, &WALSH AVENUE
ROW, an addition to the City of Fort Worth, Parker County, as recorded in Cabinet D, Page 654,
P.R.P.C.T.;
THENCE, along the southerly right of way line of said Walsh Avenue the following courses:
South 82 degrees 00 minutes 00 seconds West, a distance of 205.63 feet to a 5/8 inch iron rod found
with plastic cap stamped "Huitt-Zollars", and being the beginning of a curve to the right having a
central angle of 11 degrees 52 minutes 24 seconds, a radius of 1,053.00 feet, subtended by a 217.82
foot chord which bears South 87 degrees 56 minutes 12 seconds West;
Along said curve to the right an arc distance of 218.21 feet to a 5/8 inch iron rod found with plastic
cap stamped "Huitt-Zollars";
North 03 degrees 52 minutes 24 seconds East, a distance of 12.50 feet to a 5/8 inch iron rod found
with plastic cap stamped "Huitt-Zollars", and being the beginning of a non-tangent curve to the right
having a central angle of 08 degrees 57 minutes 04 seconds, a radius of 1,040.00 feet, subtended by a
162.39 foot chord which bears North 81 degrees 39 minutes 04 seconds West;
Along said curve to the right an arc distance of 162.55 feet to a 5/8 inch iron rod found with plastic
cap stamped "Huitt-Zollars";
South 12 degrees 49 minutes 27 seconds West, a distance of 12.50 feet to a 5/8 inch iron rod found
with plastic cap stamped "Huitt-Zollars", and being the beginning of a non-tangent curve to the right
having a central angle of 09 degrees 10 minutes 33 seconds, a radius of 1,053.00 feet, subtended by a
168.45 foot chord which bears North 72 degrees 35 minutes 16 seconds West;
Along said curve to the right an arc distance of 168.63 feet to a 5/8 inch iron rod set with plastic cap
stamped "Huitt-Zollars";
North 68 degrees 00 minutes 00 seconds West, a distance of 355.64 feet to a 5/8 inch iron rod found
with plastic cap stamped"Huitt-Zollars",and being the beginning of a curve to the left having a central
angle of 38 degrees 48 minutes 40 seconds, a radius of 867.00 feet, subtended by a 576.13 foot chord
which bears North 87 degrees 24 minutes 20 seconds West;
Along said curve to the left an arc distance of 587.29 feet to a 5/8 inch iron rod set with plastic cap
stamped "Huitt-Zollars" for the POINT OF BEGINNING;
THENCE, South 58 degrees 03 minutes 43 seconds East, departing the southerly right of way line of
said Walsh Avenue, a distance of 19.98 feet to a 5/8 inch iron rod set with plastic cap stamped "Huitt-
Zollars" ;
THENCE, South 09 degrees 48 minutes 30 seconds East, a distance of 305.99 feet to a 5/8 inch iron
rod set with plastic cap stamped "Huitt-Zollars";
THENCE, South 80 degrees 11 minutes 30 seconds West, a distance of 265.00 feet to a 5/8 inch iron
rod set with plastic cap stamped "Huitt-Zollars";
THENCE,North 09 degrees 48 minutes 30 seconds West, a distance of 265.19 feet to a 5/8 inch iron
rod set with plastic cap stamped "Huitt-Zollars" on the southerly right of way line of Walsh Avenue,
and being the beginning of a non-tangent curve to the left having a central angle of 04 degrees 41
minutes 43 seconds, a radius of 1553.00 feet, subtended by a 127.23 foot chord which bears North 67
degrees Ol minute 28 seconds East;
THENCE, along the southerly right of way line of Walsh Avenue, and along said curve to the left an
arc distance of 127.27 feet to a 5/8 inch iron rod set with plastic cap stamped "Huitt-Zollars", and
being the beginning of a reverse curve to the right having a central angle of 08 degrees 30 minutes 44
seconds, a radius of 867.00 feet, subtended by a 128.69 foot chord which bears North 68 degrees 55
minutes 58 seconds East;
THENCE, continuing along the southerly right of way line of Walsh Avenue, and along said curve to
the right an arc distance of 128.81 feet to a 5/8 inch iron rod set with plastic cap stamped "Huitt-
Zollars" at the POINT OF BEGINNING and CONTAINING 1.79 Acres of land, more or less.
PHASE 2C
BEING a tract of land situated in the Heirs of C.H. Higbee Survey, Abstract No. 2740, International
& Great Northern R.R. Co. Survey,Abstract No. 2004, Parker County, Texas, and being a portion of
Tracts 2 and 3 as described in deed to Quail Valley Devco I,LLC, as recorded in Document Number
201707571 of the Official Property Records of Parker County, Texas(O.P.R.P.C.T.) and a portion of
a tract of land as described in deed to Walsh Ranches Limited Partnership,a Texas Limited Partnership
having a General Partner named Walsh North Star Company, a Texas corporation as recorded in
Volume 1699,Page 1765 of the Deed Records of Parker County, Texas(D.R.P.C.T.),and being more
particularly described as follows:
BEGINNING at a 5/8 inch iron rod found with cap stamped "DUNAWAY ASSOC. LP" at the
northwest corner of the intersection of the westerly right of way line of southbound Walsh Ranch
Parkway(a variable width right of way)and the northerly right of way line of Walsh Creek Boulevard,
as shown on the final plat of LOTS 1X THRU IOX, BLOCK 1 AND WALSH RANCH PARKWAY
RIGHT-OF-WAY,an addition to the City of Fort Worth,Parker County,Texas,as recorded in Cabinet
D,Page 637 of the Plat Records of Parker County, Texas (P.R.P.C.T.);
THENCE, South 02 degrees 23 minutes 57 seconds East,along the westerly right of way line of Walsh
Creek Boulevard, a distance of 140.41 feet to a 5/8 inch iron rod found with cap stamped
"DUNAWAY ASSOC. LP" at the southwest corner of the intersection of the westerly right of way
line of southbound Walsh Ranch Parkway(a variable width right of way) and the southerly right of
way line of Walsh Creek Boulevard,and being the beginning of a non-tangent curve to the right having
a central angle of 17 degrees 27 minutes 48 seconds,a radius of 250.00 feet,subtended by a 75.90 foot
chord which bears North 83 degrees 40 minutes 03 seconds West;
THENCE, departing the westerly right of way line of said Walsh Creek Boulevard, and along said
curve to the right an arc distance of 76.20 feet to the beginning of a reverse curve to the left having a
central angle of 11 degrees 27 minutes 48 seconds, a radius of 250.00 feet, subtended by a 49.93 foot
chord which bears North 80 degrees 40 minutes 03 seconds West;
THENCE, along said curve to the left an arc distance of 50.02 feet to the point of tangency;
THENCE,North 86 degrees 23 minutes 57 seconds West, a distance of 215.63 feet to the beginning
of a curve to the left having a central angle of 08 degrees 10 minutes 47 seconds, a radius of 300.00
feet, subtended by a 42.79 foot chord which bears South 89 degrees 30 minutes 40 seconds West;
THENCE, along said curve to the left an arc distance of 42.83 feet to the beginning of a compound
curve to the left having a central angle of 09 degrees 29 minutes 45 seconds, a radius of 1470.00 feet,
subtended by a 243.35 foot chord which bears South 80 degrees 40 minutes 24 seconds West;
THENCE, along said curve to the left an arc distance of 243.63 feet to a point for a corner;
THENCE, South 14 degrees 04 minutes 29 seconds East, a distance of 150.00 feet to a point for a
corner;
THENCE, South 73 degrees 44 minutes 47 seconds West, a distance of 100.38 feet to a point for an
angle;
THENCE, South 68 degrees 39 minutes 27 seconds West, a distance of 134.02 feet to a point for an
angle;
THENCE, South 64 degrees 39 minutes 25 seconds West, a distance of 50.25 feet to a point for an
angle;
THENCE, South 61 degrees 18 minutes 12 seconds West, a distance of 109.91 feet to a point for an
angle;
THENCE, South 58 degrees 25 minutes 34 seconds West, a distance of 90.10 feet to a point for an
angle;
THENCE, South 55 degrees 57 minutes 29 seconds West, a distance of 114.06 feet to a point for an
angle;
THENCE, South 53 degrees 58 minutes 23 seconds West, a distance of 50.16 feet to a point for an
angle;
THENCE, South 52 degrees 00 minutes 57 seconds West, a distance of 111.75 feet to a point for a
corner;
THENCE,North 39 degrees 20 minutes 07 seconds West, a distance of 150.00 feet to the beginning
of a non-tangent curve to the left having a central angle of 00 degrees 26 minutes 58 seconds, a radius
of 2520.00 feet, subtended by a 19.76 foot chord which bears South 50 degrees 26 minutes 24 seconds
West;
THENCE, along said curve to the left an arc distance of 19.76 feet to a point for a corner;
THENCE,North 39 degrees 47 minutes 05 seconds West, a distance of 60.00 feet to the beginning of
a non-tangent curve to the right having a central angle of 00 degrees 26 minutes 58 seconds, a radius
of 2580.00 feet, subtended by a 20.24 foot chord which bears North 50 degrees 26 minutes 24 seconds
East;
THENCE, along said curve to the right an arc distance of 20.24 feet to a point for a corner;
THENCE, North 39 degrees 20 minutes 07 seconds West, a distance of 144.95 feet to a point for a
corner;
THENCE, South 54 degrees 36 minutes 55 seconds West, a distance of 40.21 feet to a point for a
corner;
THENCE, North 33 degrees 35 minutes 09 seconds West, a distance of 92.60 feet to a point for an
angle;
THENCE, North 28 degrees 44 minutes 49 seconds West, a distance of 72.78 feet to a point for an
angle;
THENCE, North 19 degrees 58 minutes 19 seconds West, a distance of 110.00 feet to the beginning
of a non-tangent curve to the right having a central angle of 02 degrees 46 minutes 08 seconds, a radius
of 885.00 feet, subtended by a 42.76 foot chord which bears North 71 degrees 24 minutes 46 seconds
East;
THENCE, along said curve to the right an arc distance of 42.77 feet to a point for a corner;
THENCE, North 17 degrees 12 minutes 10 seconds West, a distance of 173.09 feet to a point for a
corner;
THENCE, North 80 degrees 12 minutes 00 seconds East, a distance of 123.57 feet to a point for a
corner;
THENCE, South 76 degrees 35 minutes 19 seconds East, a distance of 60.00 feet to the beginning of
a non-tangent curve to the right having a central angle of 01 degrees 55 minutes 48 seconds, a radius
of 1025.00 feet,subtended by a 34.52 foot chord which bears North 14 degrees 22 minutes 35 seconds
East;
THENCE, along said curve to the right arc distance of 34.52 feet to a point for a corner;
THENCE,North 32 degrees 06 minutes 19 seconds West, a distance of 20.11 feet to the beginning of
a non-tangent curve to the left having a central angle of 05 degrees 53 minutes 33 seconds, a radius of
1125.00 feet, subtended by a 115.65 foot chord which bears North 83 degrees 21 minutes 56 seconds
West;
THENCE,along said curve to the left an arc distance of 115.70 feet to a point for a corner;
THENCE, North 03 degrees 41 minutes 17 seconds East, a distance of 95.00 feet to a point for an
angle;
THENCE,North 26 degrees 03 minutes 18 seconds East, a distance of 132.03 feet to a point for an
angle;
THENCE, North 45 degrees 54 minutes 57 seconds East, a distance of 130.90 feet to a point for a
corner;
THENCE, South 35 degrees 19 minutes 33 seconds East, a distance of 156.23 feet to the beginning of
a non-tangent curve to the right having a central angle of 04 degrees 15 minutes 34 seconds, a radius
of 405.00 feet, subtended by a 30.10 foot chord which bears North 49 degrees 58 minutes 49 seconds
East;
THENCE, along said curve to the right an arc distance of 30.11 feet to a point for a corner;
THENCE, North 35 degrees 19 minutes 33 seconds West, a distance of 158.38 feet to a point for a
corner;
THENCE, North 67 degrees 30 minutes 35 seconds East, a distance of 140.95 feet to a point for an
angle;
THENCE, North 74 degrees 15 minutes 07 seconds East, a distance of 221.29 feet to a point for a
corner;
THENCE, South 82 degrees 30 minutes 00 seconds East, a distance of 55.59 feet to a point for a
corner;
THENCE, South 07 degrees 30 minutes 00 seconds West, a distance of 153.66 feet to the beginning
of a non-tangent curve to the right having a central angle of 04 degrees 14 minutes 42 seconds,a radius
of 405.00 feet, subtended by a 30.00 foot chord which bears South 82 degrees 30 minutes 00 seconds
East;
THENCE, along said curve to the right an arc distance of 30.01 feet to a point for a corner;
THENCE, North 07 degrees 30 minutes 00 seconds East, a distance of 153.66 feet to a point for a
corner;
THENCE,North 47 degrees 30 minutes 00 seconds East,a distance of 75.06 feet a point for an angle;
THENCE, North 74 degrees 15 minutes 07 seconds East, a distance of 63.95 feet to a point for an
angle;
THENCE, North 83 degrees 38 minutes 44 seconds East, a distance of 87.00 feet to a point for a
corner;
THENCE, South 06 degrees 21 minutes 17 seconds East, a distance of 130.86 feet to the beginning of
a non-tangent curve to the right having a central angle of 26 degrees 41 minutes 05 seconds, a radius
of 65.00 feet, subtended by a 30.00 foot chord which bears North 83 degrees 38 minutes 43 seconds
East;
THENCE, along said curve to the right an are distance of 30.27 feet to a point for a corner;
THENCE, North 06 degrees 21 minutes 17 seconds West, a distance of 130.86 feet to a point for a
corner;
THENCE, North 83 degrees 38 minutes 44 seconds East, a distance of 87.05 feet to a point for an
angle;
THENCE, North 59 degrees 50 minutes 22 seconds East, a distance of 154.35 feet to a point for an
angle;
THENCE, North 67 degrees 22 minutes 59 seconds East, a distance of 58.71 feet to a point for a
corner;
THENCE, South 26 degrees 59 minutes 27 seconds East, a distance of 45.87 feet to a point for a
corner;
THENCE, South 60 degrees 00 minutes 15 seconds West, a distance of 49.99 feet to a point for an
angle;
THENCE, South 31 degrees 49 minutes 18 seconds West, a distance of 53.01 feet to a point for an
angle;
THENCE, South 33 degrees 45 minutes 24 seconds East, a distance of 90.14 feet a point for a corner;
THENCE, South 28 degrees 34 minutes 12 seconds West, a distance of 69.63 feet to a point for an
angle;
THENCE, South 01 degrees 20 minutes 14 seconds East, a distance of 74.22 feet to point for a corner;
THENCE, North 83 degrees 28 minutes 52 seconds West, a distance of 171.85 feet to the beginning
of a non-tangent curve to the right having a central angle of 17 degrees 41 minutes 59 seconds, a
radius of 65.00 feet, subtended by a 20.00 foot chord which bears South 06 degrees 31 minutes 08
seconds West;
THENCE, along said curve to the right an arc distance of 20.08 feet to a point for a corner;
THENCE, South 83 degrees 28 minutes 52 seconds East, a distance of 174.61 feet to a point for a
corner;
THENCE, South 01 degrees 20 minutes 14 seconds East, a distance of 10.65 feet to a point for an
angle;
THENCE, South 30 degrees 51 minutes 08 seconds West, a distance of 96.55 feet to a point for an
angle;
THENCE, South 12 degree 22 minutes 26 seconds East,a distance of 41.09 feet to an angle point;
THENCE, South 20 degrees 13 minutes 00 seconds West, a distance of 78.28 feet to a point for an
angle;
THENCE, South 41 degrees 09 minutes 03 seconds East, a distance of 115.07 feet to a point for a
corner;
THENCE, South 06 degrees 51 minutes 33 seconds West, a distance of 112.77 feet to a point for an
angle;
THENCE, South 10 degrees 44 minutes 05 seconds East, a distance of 25.27 feet to the beginning of
a non-tangent curve to the right having a central angle of 05 degrees 57 minutes 22 seconds, a radius
of 1530.00 feet,subtended by a 158.98 foot chord which bears North 84 degrees 20 minutes 37 seconds
East;
THENCE, along said curve to the right an arc distance of 159.05 feet to the beginning of a reverse
curve to the left having a central angle of 03 degrees 13 minutes 15 seconds, a radius of 600.00 feet,
subtended by a 33.72 foot chord which bears North 85 degrees 42 minutes 41 seconds East;
THENCE, along said curve to the left an arc distance of 33.73 feet to the point of tangency;
THENCE,North 84 degrees 06 minutes 03 seconds East, a distance of 164.53 feet to the beginning of
a curve to the left having a central angle of 13 degrees 57 minutes 32 seconds, a radius of 250.00 feet,
subtended by a 60.76 foot chord which bears North 77 degrees 07 minutes 17 seconds East;
THENCE, along said curve to the left an arc distance of 60.91 feet to the beginning of a reverse curve
to the right having a central angle of 17 degrees 27 minutes 32 seconds, a radius of 250.00 feet,
subtended by a 75.88 foot chord which bears North 78 degrees 52 minutes 17 seconds East;
THENCE, along said curve to the right an arc distance of 76.18 feet to the POINT OF BEGINNING
and CONTAINING 23.80 Acres of land, more or less.
APPENDIX C
PID DISCLOSURE
AFTER RECORDING RETURN TO:
1'
NOTICE OF OBLIGATION TO PAY IMPROVEMENT DISTRICT ASSESSMENT TO
CITY OF FORT WORTH, TEXAS
CONCERNING THE FOLLOWING PROPERTY
STREET ADDRESS
LOT TYPE PRINCIPAL ASSESSMENT: S
As the purchaser of the real property described above, you are obligated to pay assessments
to the City of Fort Worth, Texas (the "City"), for the costs of a portion of a public improvement or
services project (the "Authorized Improvements") undertaken for the benefit of the property within
Fort Worth Public Improvement District No. 16 (Walsh Ranch/Quail Valley) (the "District")
created under Subchapter A, Chapter 372,Local Government Code.
AN ASSESSMENT HAS BEEN LEVIED AGAINST YOUR PROPERTY FOR THE
AUTHORIZED IMPROVEMENTS, WHICH MAY BE PAID IN FULL AT ANY TIME. IF THE
ASSESSMENT IS NOT PAID IN FULL, IT WILL BE DUE AND PAYABLE IN ANNUAL
INSTALLMENTS THAT WILL VARY FROM YEAR TO YEAR DEPENDING ON THE
AMOUNT OF INTEREST PAID, COLLECTION COSTS, ADMINISTRATIVE COSTS, AND
DELINQUENCY COSTS.
The exact amount of the assessment may be obtained from the City. The exact amount of
each annual installment will be approved each year by the City Council in the annual service plan
update for the District. More information about the assessments, including the amounts and due
dates, may be obtained from the City.
Your failure to pay any assessment or any annual installment may result in penalties and
interest being added to what you owe or in a lien on and the foreclosure of your property.
To be included in separate copy of the notice required by Section 5.0143,Tex.Prop.Code,to be executed at the closing
of the purchase and sale and to be recorded in the deed records of Parker County.
[The undersigned purchaser acknowledges receipt of this notice before the effective date of
a binding contract for the purchase of the real property at the address described above.
DATE: DATE:
SIGNATURE OF SIGNATURE OF
PURCHASER PURCHASER
The undersigned seller acknowledges providing this notice to the potential purchaser before
the effective date of a binding contract for the purchase of the real property at the address described
above.
DATE: DATE:
SIGNATURE OF SELLER SIGNATURE OF SELLER]'
z To be included in copy of the notice required by Section 5.014,Tex.Prop.Code,to be executed by seller in accordance
with Section 5.014(a-1),Tex.Prop.Code.
Signature Page to Initial Notice
of Obligation to Pay Improvement District Assessment
[The undersigned purchaser acknowledges receipt of this notice before the effective date of
a binding contract for the purchase of the real property at the address described above. The
undersigned purchaser acknowledged the receipt of this notice including the current information
required by Section 5.0143, Texas Property Code, as amended.
DATE: DATE:
SIGNATURE OF SIGNATURE OF
PURCHASER PURCHASER
STATE OF TEXAS §
COUNTY OF PARKER §
The foregoing instrument was acknowledged before me by and
, known to me to be the person(s)whose name(s) is/are subscribed to the
foregoing instrument and acknowledged to me that he or she executed the same for the purposes
therein expressed.
Given under my hand and seal of office on this 520 .
Notary Public, State of Texas]3
3 To be included in separate copy of the notice required by Section 5.0143,Tex.Prop.Code,to be executed at the closing
of the purchase and sale and to be recorded in the deed records of Parker County.
Purchaser Signature Page to Final Notice with Current Information
of Obligation to Pay Improvement District Assessment
The undersigned seller acknowledges providing a separate copy of the notice required
by Section 5.014 of the Texas Property Code including the current information required by
Section 5.0143, Texas Property Code, as amended, at the closing of the purchase of the real
property at the address above.
DATE: DATE:
SIGNATURE OF SELLER SIGNATURE OF SELLER
STATE OF TEXAS §
COUNTY OF PARKER §
The foregoing instrument was acknowledged before me by and
,known to me to be the person(s)whose name(s) is/are subscribed to the
foregoing instrument and acknowledged to me that he or she executed the same for the
purposes therein expressed.
Given under my hand and seal of office on this , 20_.
Notary Public, State of Texas]4
4 To be included in separate copy of the notice required by Section 5.0143,Tex.Prop.Code,to be executed at the
closing of the purchase and sale and to be recorded in the deed records of Parker County.
Seller Signature Page to Final Notice with Current Information
of Obligation to Pay Improvement District Assessment
EXHIBIT B
NOTICE OF PUBLIC HEARING
CITY OF FORT WORTH,TEXAS
NOTICE OF PUBLIC HEARING TO CONSIDER
THE LEVY OF ADDITIONAL ASSESSMENTS AGAINST PROPERTY WITHIN
FORT WORTH PUBLIC IMPROVEMENT DISTRICT NO. 16(WALSH RANCH/QUAIL VALLEY)
Pursuant to Chapter 372, Texas Local Government Code (the"Act"), notice is hereby given that the City Council
of the City of Fort Worth,Texas(the"C ")will hold a public hearing(the"Public HearinjZ")to consider the levy
of assessments against property within Fort Worth Public Improvement District No. 16(Walsh Ranch/Quail Valley)
(the"District")to pay for certain improvements therein.
Date, Time and Place of Public Hearing. The Public Hearing will take place on September 27, 2022, at or after
10:00 a.m.,at the City Council Chamber,City Hall,200 Texas Street,Fort Worth,Texas.
General Nature of the Improvements. The general nature of the proposed public improvements, including the
improvements to be reimbursed through the levy of special assessments in the District,includes: (i)earthwork and
erosion control improvements, (ii) storm drainage improvements, (iii) water distribution improvements, (iv)
wastewater improvements, (v) road improvements, (vi) landscaping improvements, and (vii) costs related to the
creation and administration of the District.
The property within the District is expected to be developed in multiple phases(each phase being an"Improvement
Area"). Improvements that will benefit and serve only property within Improvement Area#3 are to be installed
and constructed in the second phase of improvements, and special assessments will be levied within Improvement
Area #3 to fund such improvements. For each subsequent phase within the District, special assessments will be
levied within the future Improvement Areas to pay the costs of public improvement projects that confer a special
benefit on the property within such Improvement Areas.
Cost of the Improvements. The estimated total cost of the public improvements in Improvement Area#3 to be
funded through the special assessments levied therein,including financing costs, is $10,750,000.
Proposed Assessment Roll. The proposed updated assessment rolls providing for the costs of said improvements
to be assessed, levied and apportioned against the property within the Improvement Area#3, and the real and true
owner or owners thereof, are on file and are available for public inspection during regular business hours at the
office of the City Secretary at City Hall,200 Texas Street,Fort Worth,Texas.
Boundaries of the District. The boundaries of the District encompass approximately 1,756 acres,and the District
is generally located along both sides of the Chisolm Trail Parkway south of McPherson Boulevard and north of FM
1187,in Tarrant County,Texas. The boundaries of the District,including the boundaries of the Improvement Area
#3 of the District, are more particularly described by a metes and bounds description available at the Fort Worth
City Hall and available for public inspection.
Objections Considered. All written or oral objections will be considered at the Public Hearing.
1920.020\108668.1