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HomeMy WebLinkAboutOrdinance 25775-09-2022 ORDINANCE NO.25775-09-2022 AN ORDINANCE OF THE CITY OF FORT WORTH, TEXAS APPROVING A SERVICE AND ASSESSMENT PLAN UPDATE FOR THE FORT WORTH PUBLIC IMPROVEMENT DISTRICT NO. 16 (WALSH RANCH/QUAIL VALLEY); MAKING A FINDING OF SPECIAL BENEFIT TO THE PROPERTY IN IMPROVEMENT AREA #3 OF THE DISTRICT; LEVYING SPECIAL ASSESSMENTS AGAINST PROPERTY WITHIN IMPROVEMENT AREA #3 OF THE DISTRICT; ESTABLISHING A LIEN ON SUCH PROPERTY; APPROVING AN ASSESSMENT ROLL FOR IMPROVEMENT AREA#3 OF THE DISTRICT; PROVIDING FOR THE METHOD OF ASSESSMENT AND THE PAYMENT OF THE IMPROVEMENT AREA #3 SPECIAL ASSESSMENTS; PROVIDING FOR PENALTIES AND INTEREST ON DELINQUENT ASSESSMENTS; PROVIDING FOR A SEVERABILITY CLAUSE; PROVIDING AN EFFECTIVE DATE; AND PROVIDING FOR RELATED MATTERS WHEREAS, Chapter 372, Texas Local Government Code (the "Act") authorizes the governing body (the "City Council") of the City of Fort Worth, Texas (the "City"), to create a public improvement district within the corporate limits and extraterritorial jurisdiction of the City; 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"); WHEREAS, on September 27, 2016, the City Council approved Resolution No. 4686-09-2016 (the"Authorization Resolution'), authorizing, establishing and creating the District; WHEREAS, on October 6,2016 (the"Authorization Publication Date"),the City published the Authorization Resolution in the Fort Worth Star-Telegram, a newspaper of general circulation in the City and the boundaries of the District; WHEREAS, no written protests regarding the creation of the District from any owners of record of property within the District were filed with the City Secretary within 20 days of the Authorization Publication Date; WHEREAS,a portion of the property within the District,consisting of approximately 251.01 acres ("Improvement Area 41")has been and continues to be developed; WHEREAS, a portion of property within the District, consisting of approximately 186 acres ("Improvement Area#2") is now being developed; WHEREAS, a portion of the property within the District, consisting of approximateey 150.7 acres ("Improvmenet Area#3") is now being developed; WHEREAS,Assessments have previously been levied on Improvement Area#1 and Improvement Area#2; WHEREAS, on September 13, 2022, the City Council adopted Resolution No. 5616-09-2022 determining the total estimated costs of the Authorized Improvements in Improvement Area 93 of the District, directing the filing of a proposed assessment roll, directing the mailing and publication of notice of a public hearing to be held on September 27, 2022 to consider the levying of the special assessments against the property within Improvement Area#3 of the District, and directing related actions; and 1 WHEREAS, the City Council, pursuant to the same Resolution and Sections 372.016(b) and (c) of the PID Act,published notice on September 15,2022 in the Fort Worth Star-Telegram of a public hearing to be held on September 27,2022 to consider the proposed special assessments to be levied against property located in Improvement Area 43 of the District and mailed copies of such notice to the last known address of the owners of the property liable for the special assessments; WHEREAS,the City Council convened the public hearing at the City Council meeting beginning at 10:00 a.m.on September 27,2022,at which all persons who appeared,or requested to appear,were given the opportunity to contend for or to contest the update to the District Service and Assessment Plan attached hereto as EXHIBITA(the"Service and Assessment Plan Update"),the Improvement Area#3 Assessment Roll in the form attached as APPENDIX A-3 to the Service and Assessment Plan Update (the "Improvement Area #3 Assessment Roll"), and the proposed Improvement Area #3 Assessments (as defined in the Service and Assessment Plan Update)to be levied against the property in Improvement Area #3 of the District,and to offer testimony pertinent to any issue presented on the amount of the Improvement Area #3 Assessments, the apportionment of the costs of the Authorized Improvements that benefit Improvement Area#3 and which are to be funded by the Assessments levied in Improvement Area#3 of the District(the"Improvement Area#3 Funded Improvements"),the purpose of the Improvement Area #3 Assessments, the special benefits accruing to the property within Improvement Area#3 of the District due to the Improvement Area #3 Funded Improvements, and the penalties and interest of annual installments and on delinquent annual installments of the Improvement Area#3 Assessments; WHEREAS, the City Council finds and determines that the Improvement Area #3 Assessment Roll and the Service and Assessment Plan Update each should be approved and that the Improvement Area #3 Assessments should be levied against the property in Improvement Area#3 as provided in this Ordinance and the Service and Assessment Plan Update and Improvement Area#3 Assessment Roll; WHEREAS, the Improvement Area #3 Assessment Roll and the Service and Assessment Plan Update are incorporated herein for all purposes, WHEREAS, the City Council further finds that there were no written objections or evidence submitted to the City Secretary in opposition to the Service and Assessment Plan Update,the apportionment of the costs of the Improvement Area #3 Funded Improvements, the Improvement Area #3 Assessment Roll, or the levy of the Improvement Area#3 Assessments; WHEREAS, prior to the issuance of bonds secured by the Improvement Area #3 Assessments, the owners of the majority of the privately-owned and taxable property located within Improvement Area #3 of the District (the "Majority Landowners"), will have executed and presented to the City staff for approval and acceptance a landowner agreement(the"Majority Landowner Agreement")in the form and substance acceptable to the City, in which the Majority Landowners acknowledge and accept the Service and Assessment Plan Update,approve the Improvement Area#3 Assessment Roll,acknowledge and accept this Ordinance and acknowledge and accept the levy of the Improvement Area#3 Assessments against their property located within the District,and agree to pay the Improvement Area#3 Assessments when due and payable; WHEREAS,as of the date herefo,the Majority Landowners are Quail Valley Devco 1II,L.L.C.,a Texas limited liability company, and Quail Valley VLO,LLC, a Texas limited liability company; WHEREAS, the City Council closed the public hearing, and after considering all comments and all written and documentary evidence presented at the hearing, including all written comments and statements filed with the City, determined to proceed with the adoption of this Ordinance in conformity with the requirements of the Act; 2 WHEREAS, the apportionment of the cost of the Improvement Area #3 Funded Improvements and the corresponding Annual Installments pursuant to the Service and Assessment Plan Update is fair and reasonable, reflects an accurate presentation of the special benefit each property will receive from the administrative services and construction of the Improvement Area#3 Funded Improvements identified in the Service and Assessment Plan Update,and is hereby approved; WHEREAS, the Service and Assessment Plan Update covers a period of at least five years and defines the annual indebtedness and projected costs for the Improvement Area #3 Funded Improvements and Administrative Expenses associated with Improvement Area#3; WHEREAS, the Service and Assessment Plan Update apportions the cost of the Improvement Area#3 Funded Improvement and Administrative Expenses to be assessed against property in Improvement Area #3 of the District and such apportionment is made on the basis of special benefits accruing to the property because of the Improvement Area#3 Funded Improvements and the corresponding Administrative Expenses; WHEREAS, all of the real property in the District that is being assessed in the amounts shown in the Improvement Area#3 Assessment Roll will be benefitted by the services and improvements proposed to be provided through the District in the Service and Assessment Plan Update,and each parcel of such real property will receive special benefits in each year equal to or greater than each Annual Installment of the Improvement Area#3 Assessments and will receive special benefits during the term of the Improvement Area#3 Assessments equal to or greater than the total amount assessed; WHEREAS, the method of apportionment of the cost of the Improvement Area #3 Funded Improvements, Administrative Expenses, and Annual Installments associated with the Improvement Area #3 Bonds set forth in the Service and Assessment Plan Update results in imposing equal shares of the costs of the Improvement Area #3 Funded Improvements and corresponding Administrative Expenses on property similarly benefitted, and results in a reasonable classification and formula for apportionment of such costs; WHEREAS, the City Council finds that the Service and Assessment Plan Update should be approved as the service plan and assessment plan for the District as described in Sections 372.013 and 372.014 of the Act; WHEREAS, the City Council finds that the Improvement Area #3 Assessment Roll should be approved as the assessment roll for Improvement Area#3 of the District; WHEREAS,the City Council finds that the provisions of the Service and Assessment Plan Update relating to due and delinquency dates for the Assessments and the Annual Installments, interest and penalties on delinquent Assessments and Annual Installments and procedures in connection with the imposition and collection of the Improvement Area#3 Assessments should be approved and will expedite collection of such Assessments in a timely manner in order to provide the services and improvements needed and required for the area within the District; and WHEREAS, the Improvement Area #3 Assessments herein levied and assessed are made and levied under and by virtue of the terms,powers and provisions of the Act. NOW THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF FORT WORTH,TEXAS THAT: 3 Section 1.Findings. The findings, determinations and recitations set out in the preambles of this Ordinance are found to be true and correct and they are hereby adopted by the City Council and made a part hereof for all purposes. Section 2.Public Hearing. The action of the City Council holding and closing the public hearing in these proceedings is hereby ratified and confirmed. Section 3. Terms. Terms not otherwise defined herein are defined in the Service and Assessment Plan Update. Section 4.Assessment Plan. The Service and Assessment Plan Update substantially in the form attached to this Ordinance is hereby accepted and approved pursuant to Sections 372.013 and 372.014 of the Act as the service and assessment plan for the District. Section 5.Assessment Roll. The Assessment Roll attached as APPENDIX A-3 to the Service and Assessment Plan Update is hereby approved as the assessment roll for Improvement Area 93 of the District. Section 6.Levy and Payment of Assessments for Costs of Improvement Project. (a) The City Council hereby levies an assessment on each tract of property located within Improvement Area #3 of the District, except for the Non-Benefitted Property, if any, as shown and described on the Service and Assessment Plan Update and the Improvement Area 93 Assessment Roll, in the respective amounts shown on the Improvement Area#3 Assessment Roll. There is further levied and assessed against each tract of property located within Improvement Area#3 of the District, except for the Non-Benefitted Property, if any, having not paid the assessments in full, additional annual assessments for the Administrative Expenses, as described in the Service and Assessment Plan Update, which shall be part of the Improvement Area#3 Assessments and the Annual Installments thereof. The amount of the Annual Installments for the Improvement Area#3 Assessments shall be reviewed and determined annually by the City Council following the City Council's annual review of the Service and Assessment Plan Update for the District. Pursuant to Section 372.015(d), the amount of assessment for each property owner may be adjusted following the annual review of the Service and Assessment Plan Update. (b)The levy of the Improvement Area#3 Assessments shall be effective on the date of adoption of this Ordinance levying assessments and strictly in accordance with the terms of the Service and Assessment Plan Update and the Act. (c) The collection of the Improvement Area #3 Assessments shall be as described in the Service and Assessment Plan Update and the Act. (d)Each Improvement Area#3 Assessment may be paid in a lump sum or may be paid in Annual Installments pursuant to the terms of the Service and Assessment Plan Update. (e) Each Improvement Area 43 Assessment shall bear interest at the rate or rates specified in the Service and Assessment Plan Update. 4 (f)Each Annual Installment of the Improvement Area#3 Assessments shall be collected each year in the manner set forth in the Service and Assessment Plan Update. (g) The Annual Installments of the Improvement Area #3 Assessments for Assessed Properties within Improvement Area#3 shall be calculated pursuant to the terms of the Service and Assessment Plan Update. Section 7.Method of Assessment. The method of apportioning the Actual Costs of the Improvement Area#3 Funded Improvements and the corresponding Administrative Expenses is set forth in the Service and Assessment Plan Update. Section 8.Penalties and Interest on Delinquent Special Assessments. Delinquent Improvement Area #3 Assessments shall be subject to the penalties, interest, procedures, and foreclosure sales set forth in the Service and Assessment Plan Update and as allowed by law and such enforcement. The Improvement Area#3 Assessments shall have lien priority as specified in the Act and the Service and Assessment Plan Update. Section 9.Prepayments of Assessments. As provided in subsection 372.018(f) of the Act and Section VI.I of the Service and Assessment Plan Update,the owner(the"Owner")of any Assessed Property in Improvement Area#3 may prepay the Improvement Area#3 Assessments levied by this Ordinance. Section 10.Lien Property. (a)The City Council and each of the landowners in the Improvement Area#3 of the District intend for the obligations, covenants, and burdens on such landowners of the Assessed Property in Improvement Area#3, including without limitation such landowner's obligations related to payment of the Improvement Area#3 Assessments and the Annual Installments thereof,to constitute a covenant running with the land. The Improvement Area#3 Assessments and the Annual Installments thereof levied hereby shall be binding upon the landowner, the Owners, and their respective transferees, legal representatives, heirs, devisees, successors and assigns in the same manner and for the same period as such parties would be personally liable for the payment of ad valorem taxes under applicable law. Improvement Area#3 Assessments and the Annual Installments thereof shall have lien priority as specified in the Service and Assessment Plan Update and the Act. (b) The Improvement Area#3 Assessments and Annual Installments levied and assessed against the property within Improvement Area#3 of the District as provided in this Ordinance and the Service and Assessment Plan Update, together with reasonable attorney's fees and costs of collection, if incurred, are hereby declared to be and are made a lien upon each tract of property within the District against which the same are levied and assessed, and a personal liability and charge against the real and true owners of such lot, including the successors and assigns, whether such owners be named herein or not,and said liens shall be and constitute the first enforceable lien and claim against the lot on which such assessments are levied, and shall be a first and paramount lien thereon, superior to all other liens and claims except state, county, school district and municipal ad valorem taxes. The City Council hereby authorizes enforcement of such lien in the manner set forth herein and in the Act. Section 11.Appointment of Administrator and Collector of Assessments. (a) MuniCap, Inc., of Columbia, Maryland, is hereby appointed and designated as the initial administrator of the Service and Assessment Plan Update and of Improvement Area#3 Assessments levied 5 by this Ordinance(the"Administrator"). The Administrator shall perform the duties of the Administrator described in the Service and Assessment Plan Update and in this Ordinance. The City has entered into a PID Administration Services Agreement with MuniCap, Inc. The Administrator's fees, charges and expenses for providing such service shall be part of the Annual Installments of the Improvement Area#3 Assessments, as further described in the Service and Assessment Plan Update. The City may appoint and designate another administrator at any time. (b) The Chief Financial Officer /Director of Financial Management Services of the City or that person's designee is hereby appointed as the temporary collector of the Special Assessments. The Chief Financial Officer/Director of Financial Management Services or designee shall serve in such capacity until such time as the City shall arrange for the collection duties to be performed by the Tarrant or Parker County Tax Assessors or any other qualified collection agent selected by the City. Section 12.Applicability of Tax Code. To the extent not inconsistent with this Ordinance, and not inconsistent with the Act or the other laws of the State of Texas governing public improvement districts, the provisions of the Texas Tax Code governing enforcement of ad valorem tax liens (other than with respect to property subject to agriculture use valuation, including redemption rights following a tax sale) shall be applicable to the imposition and collection of the Improvement Area#3 Assessments by the City, and the Texas Tax Code shall otherwise be applicable to the extent provided by the Act. Section 13. Severability. If any provision of this Ordinance or the application of any provision to any person or circumstance is held invalid, the invalidity shall not affect other provisions or applications of the Ordinance which can be given effect without the invalid provision or application,and to this end the provisions of this Ordinance are declared to be severable. Section 14.Effective Date. This Ordinance shall take effect,and the levy of the Improvement Area#3, shall become effective from and after its date of passage in accordance with the law. Section 15.Open Meetings. It is hereby officially found and determined that the meeting at which this Ordinance is passed was open to the public as required and that public notice of the time, place, and purpose of said meeting was given as required by the Texas Open Meetings Act. Section 16.Filing in Land Records. The City Secretary is directed to cause a copy of this Ordinance, including the Service and Assessment Plan Update,to be recorded in the real property records of Tarrant County and Parker County, Texas within seven(7) days after the date of the adoption of this Ordinance. The City Secretary is further directed to similarly file each Annual Service Plan Update approved by the City Council. [Signature Page Follows] 6 AND IT IS SO ORDAINED. APPROVED AS TO FORM AND LEGALITY: ATTEST: Assistant City ney Ja n Re Goodall, City Secretary M&C: 22-0794 Adopted and Effective: September 27,2022 Signature Page to Assessment Ordinance EXHIBIT A SERVICE AND ASSESSMENT PLAN UPDATE FORT WORTH PUBLIC IMPROVEMENT DISTRICT NO . 16 (WALSH RANCH/QUAIL VALLEY) CITY OF FORT WORTH, TEXAS SERVICE AND ASSESSMENT PLAN September 27, 2022 As updated for Improvement Area #2 on, September 1, 2020, and Improvement Area #3 on September 27, 2022. PREPARED BY: MUNICAP, INC. PUBLIC FINANCE FORT WORTH PUBLIC IMPROVEMENT DISTRICT NO. 16 (WALSH RANCH/QUAIL VALLEY 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 IL PROPERTY INCLUDED IN THE PID.................................................................12 A. PROPERTY INCLUDED IN THE PID........................................................................................1 2 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.............................................................................1 6 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 L 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 IMPROVEMENT AREA#1.....................................................................................................40 B. AMOUNT OF ASSESSMENTS AND ANNUAL INSTALLMENTS FOR PARCELS LOCATED WITHIN IMPROVEMENT AREA#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 FUTURE IMPROVEMENT AREAS...........................................................................................40 E. REALLOCATION OF ASSESSMENTS FOR PARCELS LOCATED WITHIN IMPROVEMENT AREA#1, IMPROVEMENT AREA#2,AND IMPROVEMENT AREA#3........................................................4 1 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-IMPROVEMENT AREA#3 ASSESSMENT ROLL APPENDIX B-LEGAL DESCRIPTION FOR PARCELS IN THE PID APPENDIX C-PID DISCLOSURE L PLAN DESCRIPTION AND 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 VIL 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 MuniCap 14 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 W.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. MuniCap 15 "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 91 Assessment, the Improvement Area 92 Assessment, the Improvement Area 93 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 91 Assessment Ordinance, the Improvement Area 92 Assessment Ordinance, the Improvement Ares 93 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 91 Assessment Roll, the Improvement Area 92 Assessment Roll, and the Improvement Area 93 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 IILA and described in Section IILB, IILC, and IILD, 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. MuniCap 16 "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 91, Improvement Area 92, and Improvement Area 93 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 91 and listed on the Improvement Area 91 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. MuniCap 17 "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 91 Assessment. "Improvement Area#1 Assessment Roll" means the Assessment Roll included as Appendix A- I. "Improvement Area#1 Funded Improvements"means those Authorized Improvements which confer a special benefit on Improvement Area 91 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 91 of the District and the City agrees to reimburse the Developer for the Actual Costs of the Improvement Area 91 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 92 and listed on the Improvement Area 92 Assessment Roll, other than Non-Benefited Property. "Improvement Area#2 Assessment"means the Assessment levied pursuant to the Improvement Area 92 Assessment Ordinance on the Improvement Area 92 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 92 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 92 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 92 of the District and the City agrees to reimburse the Developer for the Actual Costs of the Improvement Area 92 Funded Improvements,with interest, as permitted by the PID Act. MuniCap 18 "Improvement Area 43" 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 93 and listed on the Improvement Area 93 Assessment Roll, other than Non-Benefited Property. "Improvement Area#3 Assessment"means the Assessment levied pursuant to the Improvement Area 93 Assessment Ordinance on the Improvement Area 93 Assessed Property. "Im rovement Area #3 Assessment Ordinance" means Assessment Ordinance No. , adopted by the City Council on September 27, 2022, which levied the Improvement Area 93 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 93 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 93 of the District and the City agrees to reimburse the Developer for the Actual Costs of the Improvement Area 93 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 91 has Lot Types classified as 35 ft, 50 ft, 60 ft, 70 ft, and 100 ft front footage lots. Improvement Area 92 will have six Lot Types classified as Townhome, Garden Home, and 35 ft, 50 ft, 60 ft, and 70 ft front footage lots. Improvement MuniCap 19 Area 93 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 91, the Assessment per unit amounts shown in Section IV.G (Table IV-F and Table IV-G) of the SAP for Improvement Area 92, and the Assessment per unit amounts shown in Section IV.G(Table IV-H and Table IV-I) of the SAP for Improvement Area 93. "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 91 Reimbursement Agreement; c. the Improvement Area 92 Reimbursement Agreement; d. the Improvement Area 93 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 ILA. "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 91 Funded Improvements, the Improvement Area 92 Funded Improvements, and the Improvement Area 93 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 I.A, 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 I11 H PROPERTYINCL UDED 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 Ili I I LnwV ATHERFORDROA -- \ I AISD PROPERTY -- ,f BOUNDARY (�cluded I—PID) d WALSH RANCH QUAIL VALLEY �rI PUBLIC IMPROVEMENT �! DISTRICT BOUNDARYI i 7A 1NTERSTAM 30 I Y. WALSH RANCH QUAIL VALLEY PUBLIC IMPROVEMENT DISTRICT BOUNDARY WALSH RANCH QUAIL VALLEY i VICINITY MAP N.Y.B. MuniCap 112 B. PROPERTY LOCATED IN IMPROVEMENT AREA#1,IMPROVEMENT AREA#2,AND IMPROVEMENT AREA#3 Improvement Area 91 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 92 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 92 Improvements described in Section III.C. Improvement Area 93 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 93 Improvements described in Section III.D. A map of the property within Improvement Area 91, Improvement Area 92, and Improvement Area 93 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 41, IA 42, and IA 43 Boundary OLD WEAMERFOR]ROAD --j h AISD PROPERTY BOUNDARY (EXCLUDED FROM PID) UGERSTATE30 m I � N+ALSFI RANCH 4lJAIL VALLEY PUBLIC IMPROVEMENT V DfS TRFC T BOUNDAR Y -b gi S LEGEND PID IA#3 VICINITY MAP 1� lMPROVEMENT AREA#} (N_T.S.) s fMPROVEMENTAREA#2 WALSH RANCH - IMPROVEMENT AREA#3 QUAIL VALLEY August2,21)22 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 OLD I EAMERFORD ROAD AISD PROPERTY BOUNDARY (EXGLUDE.D FROM PID] PRERSTATE 3P c I � WALShI RANCH QUAIL VALLEY PUBLIC IMPROVEMENT AfS TRfC T BOUNDAR Y 0 "b g� $ LEGEND FUTURE IA VICINITY MAP - (N.T.S.) FUTURE fMPROVEMEhfTAREA s WALSH RANCH QUAIL VALLEY August2,2022 �0A" arri MuniCap 115 III. DESCRIPTION OF THE A UTHORmED 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 IILB, Section IILC, and Section IILD. 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 91 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 91 are Improvement Area 91 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 91. 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 91. 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 91. The open space and trail system improvements will be constructed according to City standards, determined in the City's sole discretion. Table III-A Improvement Area 41 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 Improvementsz $5,725,852 $5,712,973 $12,879 Open Space &Trail Improvementsz $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. 2 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 92 Funded Improvements are that portion of the Authorized Improvements that confer a special benefit solely on Improvement Area 92 and the costs of which are PID-Funded Actual Costs that will be financed from the Improvement Area 92 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 92 are Improvement Area 92 Funded Improvements. The Improvement Area 92 Funded Improvements are described below. Table III-B shows the Actual Costs to construct the Improvement Area 92 Funded Improvements are $27,333,341, including the PID-Funded Actual Costs of the Improvement Area 92 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 92 Funded Improvements are to be funded from: (i) the principal portion of the Annual Installments collected from the Improvement Area 92 Assessments in accordance to the Improvement Area 92 Reimbursement Agreement; (ii) the proceeds of PID Bonds,if any, secured by Improvement Area 92 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 92 and the Actual Costs thereof are described below. The Improvement Area 92 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 92. 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 92. 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 92. 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 92. 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 92. 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 42 Costs Actual Costs Actual Costs Reimbursed by Funded by Authorized Improvements Actual 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 Improvemen& $5,132,890 $5,013,226 $119,664 Landscaping Improvemen& $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. '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#3 FUNDED IMPROVEMENTS The Improvement Area 93 Funded Improvements are that portion of the Authorized Improvements that confer a special benefit solely on Improvement Area 93 and the costs of which are PID-Funded Actual Costs that will be financed from the Improvement Area 93 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 93 are Improvement Area 93 Funded Improvements. MuniCap I20 The Improvement Area 93 Funded Improvements are described below. Table III-C shows the estimated costs to construct the Improvement Area 93 Funded Improvements are $37,191,518, including the PID-Funded Actual Costs of the Improvement Area 93 Funded Improvements. The costs shown in Table III-C may be revised in Annual Service Plan Updates. The PID-Funded Actual Costs of the Improvement Area 93 Funded Improvements are to be funded from: (i) the principal portion of the Annual Installments collected from the Improvement Area 93 Assessments in accordance to the Improvement Area 93 Reimbursement Agreement; (ii) the proceeds of PID Bonds,if any, secured by Improvement Area 93 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 93 and the estimated costs thereof are described below. The Improvement Area 93 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 93. 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 93. 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 93. 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 MuniCap 122 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 93. 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 93. 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 43 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 Improvemen& $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 the Developer. 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. '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 123 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 91 Assessed Property. Table IV-B details the allocation of PID-Funded Actual Costs of the Improvement Area 92 Funded Improvements to the Improvement Area 92 Assessed Property. Table IV-C details the allocation of PID-Funded Actual Costs of the Improvement Area 93 Funded Improvements to the Improvement Area 93 Assessed Property. This Section IV is intended to: (1) describe the special benefit conferred upon each Parcel within Improvement Area 91, Improvement Area 92, 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 124 of the Improvement Area 93 Assessed Property, and the benefit received from such Improvement Area 93 Funded Improvements must be equal to or greater than the Improvement Area 93 Assessment. When the City Council approved this SAP for Improvement Area 91, the Developer owned 100% of the Improvement Area 91 Assessed Property. The Developer: (i) has acknowledged that the Improvement Area 91 Funded Improvements confer a special benefit on the Improvement Area 91 Assessed Property; and (ii) has consented to the imposition of the Assessments to pay for the PID-Funded Actual Costs of the Improvement Area 91 Funded Improvements and Improvement Area 92 Funded Improvements. When the City Council approved this SAP for Improvement Area 92,the Developer owned 65.4% of the Improvement Area 92 Assessed Property. The Developer: (i) has acknowledged the Improvement Area 92 Funded Improvements confer a special benefit on the Improvement Area 92 Assessed Property; (ii) has consented to the imposition of the Improvement Area 92 Assessments to pay for the PID-Funded Actual Costs of the Improvement Area 92 Funded Improvements; and (iii) has consented to pay in full the amount of any Improvement Area 92 Assessments on each Lot that have closed with homebuyers as of the date of the levy of the Improvement Area 92 Assessments. When the City Council approved this SAP for Improvement Area 93, the Developer owned 100% of the Improvement Area 93 Assessed Property. The Developer: (i) has acknowledged the Improvement Area 93 Funded Improvements confer a special benefit on the Improvement Area 93 Assessed Property; (ii) has consented to the imposition of the Improvement Area 93 Assessments to pay for the PID-Funded Actual Costs of the Improvement Area 93 Funded Improvements; and (iii) has consented to pay in full the amount of any Improvement Area 93 Assessments on each Lot that have closed with homebuyers as of the date of the levy of the Improvement Area 93 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 VLG 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 92 Assessed Property, and Improvement Area 93 Assessed Property. The City Council has also determined that the special benefit from Improvement Area 91 Funded Improvements, Improvement Area 92 Funded Improvements, and Improvement Area 93 Funded Improvements exceeds the amount of the Improvement Area 91 Assessment, the Improvement Area 92 Assessment, and the Improvement Area 93 Assessment respectively. This conclusion is supported by the evidence, information, and testimony provided to the City Council. MuniCap 125 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-A 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 19.30% $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 S6,350,000 $6,350,000 'See Table III-A for details. D. ALLOCATION OF ACTUAL COSTS OF IMPROVEMENT AREA#2 FUNDED IMPROVEMENTS The Improvement Area 92 Funded Improvements will provide a special benefit to that portion of the Property, other than the Non-Benefited Property, in Improvement Area 92. The PID-Funded Actual Costs of the Improvement Area 92 Funded Improvements are, therefore, allocated entirely to the Improvement Area 92 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. (remainder of this page is intentionally left blank) MuniCap 126 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 93 Funded Improvements will provide a special benefit to that portion of the Property, other than the Non-Benefited Property, in Improvement Area 93. The PID-Funded Actual Costs of the Improvement Area 93 Funded Improvements are, therefore, allocated entirely to the Improvement Area 93 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 0% $0 $0 Total Authorized Improvements $37,191,518 $10,750,000 $10,750,000 'See Table III-C for details. MuniCap 127 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 Methodologyfor Improvement Area 91 For purposes of this SAP, the City Council has determined that the PID-Funded Actual Costs of the portion of the Improvement Area 91 Funded Improvements shall be allocated to the Improvement Area 91 Assessed Property by spreading the entire Improvement Area 91 Assessment across all Lots of Assessed Property within Improvement Area 41 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 91. 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 91: (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 91: (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 91 Funded Improvements, the City Council has determined that the benefit to the Improvement Area 91 Assessed Property from the Improvement Area 91 Funded Improvements is at least equal to the Improvement Area 91 Assessments. The Improvement Area 91 Assessments and Annual Installments for each Lot of Assessed Property located in Improvement Area 91 are shown on the Improvement Area 91 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 91 Assessment at the time the Improvement Area 91 Assessment Ordinance was adopted by the City Council.The information in Table IV-D and Table IV-E may be modified MuniCap 128 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 41 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 uses 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 uses 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 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 Methodolo M for Improvement Area #2 For purposes of this SAP, the City Council has determined that the PID-Funded Actual Costs of the portion of the Improvement Area 92 Funded Improvements shall be allocated to the Improvement Area 92 Assessed Property by spreading the entire Improvement Area 92 Assessment across all Lots of Assessed Property within Improvement Area 92 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 92. The assessment methodology described in this section is summarized in MuniCap 129 Table IV-F. Table IV-F also summarizes for each Lot Type of Assessed Property within Improvement Area 92: (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 92: (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 92 Funded Improvements, the City Council has determined that the benefit to the Improvement Area 92 Assessed Property from the Improvement Area 92 Funded Improvements is at least equal to the Improvement Area 92 Assessments. The Improvement Area 92 Assessments and Annual Installments for each Lot of Assessed Property located in Improvement Area 92 are shown on the Improvement Area 92 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 92 Assessment at the time the Improvement Area 92 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 42 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#2 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 $315,000 $19,215,000 $463,987 $33,292 $7,606 $546 $0.99 $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 XX/XX/20.The above uses 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. (remainder of this page is intentionally left blank) MuniCap 130 Table IV-G Improvement Area#2 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 Assessment Installment Per Unit Per Unit Leverage Leverage 35' 61 $55,040 $315,000 $19,215,000 $463,987 $33,292 $7,606 $546 7.24 41.41 59 152 $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 uses 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 Methodologyfor 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 93 Funded Improvements shall be allocated to the Improvement Area 93 Assessed Property by spreading the entire Improvement Area 93 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 93. 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 93: (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 93: (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 93 Funded Improvements, the City Council has determined that the benefit to the Improvement Area 93 Assessed Property from the Improvement Area 93 Funded Improvements is at least equal to the Improvement Area 93 Assessments. The Improvement Area 93 Assessments and Annual Installments for each Lot of Assessed Property located in Improvement Area 93 are shown on the Improvement Area 93 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-I summarizes the initial allocation of the Improvement Area 93 Assessment at the time the Improvement Area 93 Assessment Ordinance was adopted by the City Council. The information in Table IV-H and Table IV-I may be modified MuniCap 131 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 43 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#3 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 $1,791,266 $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 uses 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 43 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 uses a 5.55%interest rate,a 30-year tern 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 Methodologyfor 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 132 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 91 Assessment Roll, subject to any revisions made during an Annual Service Plan Update. The Improvement Area 92 Assessments for the Improvement Area 92 Funded Improvements have been levied on each Lot of Improvement Area 92 Assessed Property according to the Improvement Area 92 Assessment Roll. The Improvement Area 92 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 92 Assessment Roll, subject to any revisions made during an Annual Service Plan Update. The Improvement Area 93 Assessments for the Improvement Area 93 Funded Improvements are being levied on each Lot of Improvement Area 93 Assessed Property according to the Improvement Area 93 Assessment Roll. The Improvement Area 93 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 93 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 91 Assessment Roll, the Improvement Area 92 Assessment Roll, and the Improvement Area 93 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 133 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. (remainder of this page is intentionally left blank) MuniCap 134 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 91 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 92 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 93 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 MuniCap 135 issued, and the payment of the any amount owed to the Developer under the Improvement Area 93 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 91 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 91 $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 $27,477,293 $6,350,000 $21,127,293 See Table III-A and Table IV-A for details. MuniCap 136 The Improvement Area 92 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 42 $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 See Table III-B and Table IV-B for details. The Improvement Area 93 Assessments are being levied. As a result, the sources and uses are shown in Table V-C. remainder of this page is intentionally left blank MuniCap 137 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 93 $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 $26,441,518 See Table III-C and Table IV-C for details. The projected Annual Installments for the Improvement Area 91 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. (remainder of this page is intentionally left blank) MuniCap 138 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 92 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 $837,031 $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#2 are issued,Table V-E will be updated with the debt service estimates for the bonds. The projected Annual Installments for the Improvement Area 93 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. MuniCap 139 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 $596,625 $75,000 $0 $818,747 2025 $155,287 $588,460 $75,000 $0 $818,747 2026 $163,906 $579,841 $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 using a 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. (remainder of this page is intentionally left blank) MuniCap 140 VI. TERMS OF THE ASSESSMENTS A. AMOUNT OF ASSESSMENTS AND ANNUAL INSTALLMENTS FOR PARCELS LOCATED WITHIN IMPROVEMENT AREA#1 The Improvement Area 91 Assessments and Annual Installments for the Improvement Area 91 Assessed Property are shown on the Improvement Area 91 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 91 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 92 Assessments and Annual Installments for the Improvement Area 92 Assessed Property are shown on the Improvement Area 92 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 92 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 93 Assessments and Annual Installments for the Improvement Area 93 Assessed Property are shown on the Improvement Area 93 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 93 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. MuniCap 141 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 MuniCap 142 reflected in an update to this SAP approved by the City Council.The consolidation of any Assessed Property as described herein shall be considered an administrative action and will not require any notice or public hearing (as defined in the PID Act)by the City Council. 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 MuniCap 143 discretion, reduce the Assessment for each Assessed Property pro rata such that the sum of the 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. MuniCap 144 The Annual Installments as listed on the Improvement Area 91 Assessment Roll have been calculated as having a term of 30 years from initial collection, and using 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 rates used are in conformance with the PID Act using 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 92 Assessment Roll have been calculated as having a term of 30 years from initial collection, and using an interest rate of 4.62%. The interest rate used is in conformance with the PID Act using 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 93 Assessment Roll have been calculated as having a term of 30 years from initial collection, and using an interest rate of 5.55%. The interest rate used is in conformance with the PID Act using an index rate of 3.55%as provided by The Bond Buyer's Revenue Bond Index dated August 11, 2022. 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 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 MuniCap 145 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 I of the following year. The initial Annual Installments relating to the Improvement Area 91 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 92 Assessed Property will be due when billed, and will be delinquent if not paid prior to the first February I following the earlier of(i) the recording of a final subdivision plat in the official public records of the County for the Improvement Area 92 Assessed Property, (ii) upon issuance of the Improvement Area 92 Bonds, or (iii) the second anniversary of the date of the levy of Assessments against Improvement Area 92 Assessed Property. The initial Annual Installments relating to the Improvement Area 92 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 93 Improvements that benefit the Improvement Area 93 Assessed Property will be due when billed, and will be delinquent if not paid prior to the first February I following the earlier of(i) September 1, 2023, (ii) upon issuance of the Improvement Area 93 Bonds, or (iii) the second anniversary of the date of the levy of Assessments against Improvement Area 93 Assessed Property. The initial Annual Installments relating to the Improvement Area 93 are anticipated to be billed in October 2023 and delinquent if not paid by February 1, 2024. (remainder of this page is intentionally left blank) MuniCap 146 VII. THE ASSESSMENT ROLL A. IMPROVEMENT AREA#1 ASSESSMENT ROLL The City Council has evaluated each Lot in Improvement Area 91 (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 91 Assessed Property has been assessed for the special benefits conferred upon such property by the Improvement Area 91 Funded Improvements. Table V-A summarizes the $27,477,293 in special benefit received by such property from the Improvement Area 91 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 91 Assessment to be applied to the Improvement Area 91 Assessed Property is $6,350,000 plus annual interest and Administrative Expenses. The Assessment for each Improvement Area 91 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 41 Special Benefit Summary Special Benefit Total Cost Improvement Area Al 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 92 (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 92. MuniCap 147 The Improvement Area 92 Assessed Property has been assessed for the special benefits conferred upon such property by the Improvement Area 92 Funded Improvements. Table V-B summarizes the $27,333,342 in special benefit received by such property from the Improvement Area 92 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 92 Assessment to be applied to the Improvement Area 92 Assessed Property is $5,850,000 plus annual interest and Administrative Expenses. The Assessment for each Improvement Area 92 Assessed Property is calculated based on the allocation methodologies described in Section W.G. The Assessment Roll for Improvement Area 92 Assessed Property is attached as Appendix A-2. Table VII-B Improvement Area 42 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 93 (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 93. The Improvement Area 93 Assessed Property is being assessed for the special benefits conferred upon such property by the Improvement Area 93 Funded Improvements. Table V-C summarizes the $37,191,518 in special benefit received by such property from the Improvement Area 93 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 93 Assessment to be applied to the Improvement Area 93 Assessed Property is $10,750,000 plus annual interest and Administrative Expenses. The Assessment for each Improvement Area 93 Assessed Property is calculated based on the allocation methodologies described in Section W.G. The Assessment Roll for Improvement Area 93 Assessed Property is attached as Appendix A-3. MuniCap 148 Table VII-C Improvement Area 43 Special Benefit Summary Special Benefit Total Cost Improvement Area 93 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 VLA. 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. (remainder of this page is intentionally left blank) MuniCap 149 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 150 D. ADIVIINISTRATION 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. (remainder of this page is intentionally left blank) MuniCap 151 APPENDIX A-1 IMPROVEMENT AREA #1 ASSESSMENT ROLL Appendix A-1 Improvement Area 41 Assessment Roll Parcel All Parcels Units 587 Original Assessment $6,350,000 Outstanding Assessment6 $5,841,141 Net Debt Administrative Total Annual Year I Principal2 Interest2 Service Expenses3 Installment' 9/1/2019 $51,409 $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 9/1/20225 $120,172 $298,507 $418,679 $36,070 $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 using 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 42 Assessment Roll Parcel All Parcels Units 533 Original Assessment $5,850,000 Outstanding Assessments $5,336,429 Net Debt Administrative Total Annual Year I Principal2 Interest2 Service Expenses3 Installment4 9/1/2021 $89,909 $258,623 $348,532 $53,133 $401,665 9/1/2022 $93,564 $253,122 $346,686 $55,526 $402,212 9/1/2023 $97,062 $246,543 $343,605 $55,526 $399,131 9/1/2024 $101,479 $242,059 $343,538 $55,526 $399,064 9/1/2025 $106,168 $237,370 $343,538 $55,526 $399,064 9/1/2026 $111,073 $232,465 $343,538 $55,526 $399,064 9/1/2027 $116,204 $227,334 $343,538 $55,526 $399,064 9/1/2028 $121,573 $221,965 $343,538 $55,526 $399,064 9/1/2029 $127,189 $216,349 $343,538 $55,526 $399,064 9/1/2030 $133,066 $210,472 $343,538 $55,526 $399,064 9/1/2031 $139,213 $204,325 $343,538 $55,526 $399,064 9/1/2032 $145,645 $197,893 $343,538 $55,526 $399,064 9/1/2033 $152,374 $191,164 $343,538 $55,526 $399,064 9/1/2034 $159,413 $184,125 $343,538 $55,526 $399,064 9/1/2035 $166,778 $176,760 $343,538 $55,526 $399,064 9/1/2036 $174,483 $169,055 $343,538 $55,526 $399,064 9/1/2037 $182,545 $160,994 $343,538 $55,526 $399,064 9/1/2038 $190,978 $152,560 $343,538 $55,526 $399,064 9/1/2039 $199,801 $143,737 $343,538 $55,526 $399,064 9/1/2040 $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 9/1/2043 $239,363 $104,175 $343,538 $55,526 $399,064 9/1/2044 $250,422 $93,116 $343,538 $55,526 $399,064 9/1/2045 $261,991 $81,547 $343,538 $55,526 $399,064 9/1/2046 $274,095 $69,443 $343,538 $55,526 $399,064 9/1/2047 $286,758 $56,780 $343,538 $55,526 $399,064 9/1/2048 $300,007 $43,532 $343,538 $55,526 $399,064 9/1/2049 $313,867 $29,671 $343,538 $55,526 $399,064 9/1/2050 $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 9/1/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 using a 4.62%interest rate plus Administrative Expenses. 5-Represents current outstanding assessment including principal reductions and prepayments redeemed. APPENDIX A-3 IMPROVEMENT AREA#3 ASSESSMENT ROLL Appendix A-3 Improvement Area 43 Assessment Roll Parcel All Parcels Units 701 Assessment $10,750,000 Net Debt Administrative Total Annual Year 1 Principal Interest Service Expenses2 Installment3 9/l/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/l/2026 $163,906 $579,841 $743,747 $75,000 $818,747 9/1/2027 $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/l/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/l/2034 $252,500 $491,248 $743,747 $75,000 $818,747 9/1/2035 $266,513 $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/l/2038 $313,396 $430,351 $743,747 $75,000 $818,747 9/1/2039 $330,790 $412,958 $743,747 $75,000 $818,747 9/l/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/l/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/l/2050 $599,228 $144,519 $743,747 $75,000 $818,747 9/l/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 $10,750,000 $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 using a 5.55%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 1X THRU IOX, BLOCK I 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 Ol 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 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 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 5/8 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 IOX, 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 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 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 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"; 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 arc 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 arc 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 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 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 l l 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 518 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 518 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 518 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 518 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 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 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 5/8 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 5/8 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 5/8 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 5/8 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 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 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 5/8 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 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 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 5/8 inch iron rod set with plastic cap stamped "Huitt-Zollars"; THENCE, South, a distance of 51.05 feet to a 5/8 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 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 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 I 1 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 I, 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 I, 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 I thru 16, Block B, Lots I thru 16, Block C, Lots I thru 10, Block D, Lots 1 thru 7, Lot 8 POS*, Block E, Lots 5 thru 14, Block F, Lots 2 thru 14, Lots 16 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 I thru 6, Lots 8 thru 13, Lots 15 thru 23, Lot 7 POS*, Lot 14 POS*, Block J, Lots I 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 I POS*, Block S, Lot 1 POS*, Block T,Lots I 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 I thru 13, Block X, Lots I thru 7, Lots 9 thru 23, Lot 8 POS*, Block Y, Lots I thru 18, Block Z, Lots I thru 8, Block AA, Lots 7 thru 16, Block AB, Lots I thru 13, Block AC, Lots I thru 8, Block AD, Lot I POS*,Block AE,Lots I thru 8,Block AF,Lots I 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 I thru 7, Lots 9 thru 28, Lot 8 POS*, Block AJ, Lot I POS*, Block AL, Lot I POS*, Block AM, Lot 1 POS*, Block AN, Lot I POS*, Block AP, Lot I POS*, Block AQ, Lot I 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 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, 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, LOTS1 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, E- 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-Zollars"; 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 103 0.00 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-Zollars"; 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 518 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 518 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-Zollars"; 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 518 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 518 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-Zollars", 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 518 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, LOTS1 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-Zollars"; 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-Zollars", 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 11 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 IOX, 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 3 9.10 foot chord which bears North 81 degrees 42 minutes 27 seconds East; Along said curve to the right an arc distance of 3 9.10 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 arc 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-Zollars"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 I I 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 arc 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 arc distance of 131.66 feet to a 518 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 518 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 518 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 518 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 arc 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 518 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 01 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 arc 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: $ 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]2 2 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) Ware 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]3 s 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) Ware 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 City of Fort Worth, Texas Mayor and Council Communication DATE: 09/27/22 M&C FILE NUMBER: M&C 22-0794 LOG NAME: 17QUAIL_VALLEY_PID_FY2022 (NIA#3) SUBJECT (CD 3)Conduct a Public Hearing to Consider the Levying of Special Assessments in Improvement Area No.3 of Fort Worth Public Improvement District No. 16(Walsh Ranch/Quail Valley)and Adopt Ordinance(1)Levying Special Assessments on the Property Located in Improvement Area No.3 of the Quail Valley Public Improvement District, (2)Approving Service and Assessment Plan Update for the Quail Valley Public Improvement District, (3)Approving Assessment Roll for the Quail Valley Public Improvement District,and(4)Ordaining Other Matters Related Thereto (PUBLIC HEARING-a.Report of City Staff: Crystal Hinojosa;b. Public Comment;c. Council Action: Close Public Hearing and Act on M&C) RECOMMENDATION: It is recommended that the City Council: 1. Conduct a public hearing concerning the proposed special assessments to be levied on the property located in Improvement Area No.3 of the Quail Valley Public Improvement District with collection to begin in the 2023 Tax Year;and 2. Adopt the attached ordinance(a)levying special assessments on the property located in Improvement Area No.3 of the Quail Valley Public Improvement District, (b)approving the Service and Assessment Plan Update, (c)approving the Assessment Roll,and(d)ordaining other matters related thereto. DISCUSSION: In September 2016,the City Council approved the creation of the Quail Valley Public Improvement District(PID),encompassing approximately one-fourth of the entire Walsh Ranch property,as a vehicle to reimburse developers for certain infrastructure costs.Full development of the Quail Valley PID will encompass seven phases that occur over several years as phases of the Quail Valley PID are developed.This Mayor and Council Communication(M&C)is intended to address Improvement Area No.3 of the Quail Valley PID,which is the third phase of development. On September 13,2022,the City Council adopted Resolution No.5616-09-2022 concerning certain matters related to the Quail Valley PID, including the following: (1)determining the costs of certain public improvements; (2)accepting a preliminary service and assessment plan update,including a proposed assessment roll;(3)directing the filing of the proposed updated assessment roll with the City Secretary; (4)calling for a public hearing to consider the ordinance levying special assessments on property located within the area defined as Improvement Area No. 3 of the Quail Valley PID;and(5)directing staff to publish and mail notice of this public hearing to the property owners liable for payment of the special assessment. The purpose of this public hearing is to receive comments from the public regarding the proposed special assessments to be levied on each property in Improvement Area No.3 of the Quail Valley PID.As outlined in the Service and Assessment Plan Update,improvements in the amount of$10,750,000.00 are to be funded by the special assessments.The special assessments will be levied across 701 residential units (representing 150.77 acres)and collected over a 30-year period.The 701 lots are divided into seven categories,with each category represented by lot width and/or type.Widths including categories as follows:35 feet,50 feet,55 feet,60 feet and 70 feet and two additional lot types including townhomes and 4-pack units.Assessments will be allocated as follows: Lot Size—_ #of Lots Annual Installment 35 feet 78 $9 14.48 50 feet 139 J $1,163.47 55feet _� 105 $1,178.24 60 feet 115 $1,343.60 70 feet 88 $1,600.51 Townhome 140 $974.48 4-pack Home 36 $708.71 The above shown amounts are calculated using an interest rate of 5.55%per annum.This interest rate is based on the bond index rate of 3.55% applicable for the month of August through September 17th plus 2%. In addition to the$10,750,000.00 of improvements funded by the special assessments,the developers are constructing,without reimbursement from the Quail Valley PID,additional improvements in the amount of$26,441,518.00, bringing the total costs of improvements in the PID to $37,191,518.00. The City and developers intend to enter into a Reimbursement Agreement setting forth the terms governing the construction,acquisition,and financing of the improvements in Improvement Area No.3,including the use of the special assessment revenue. City staff will bring a future M&C to the City Council for consideration of that Reimbursement Agreement. A Form 1295 is not required because:This M&C does not request approval of a contract with a business entity. FISCAL INFORMATION/CERTIFICATION: The Director of Finance certifies that upon approval of the above recommendations and adoption of the Fiscal Year 2023 Budget by the City Council,funds will be available in the Fiscal Year 2023 operating budget,as appropriated,in the FWPID#16-Quail Valley Fund. Prior to an expenditure being incurred,the Economic Development Department has the responsibility to validate the availability of funds. Submitted for City Manager's Office by: William Johnson 5806 Originating Business Unit Head: Robert Sturns 2663 Additional Information Contact: Crystal Hinojosa 7808 Expedited