HomeMy WebLinkAboutOrdinance 27074-08-2024Ordinance No. 27074-08-2024
AN ORDINANCE ADJUSTING ESTIMATED RECEIPTS AND
APPROPRIATIONS BY INCREASING ESTIMATED RECEIPTS AND
APPROPRIATIONS IN THE FORT WORTH PUBLIC IMPROVEMENT
DISTRICT NO. 17 - ROCK CREEK FUND BY A TOTAL OF $1,757,311.93 OF
WHICH $1,702,311.93 IS FROM ASSESSMENT REVENUES AND $55,000.00
FROM REDUCING UNRESERVED FUND BALANCE, FOR THE PURPOSE OF
FUNDING PUBLIC IMPROVEMENT DISTRICT NO. 17 - ROCK CREEK
RANCH DURING FISCAL YEAR 2024-2025; PROVIDING FOR A
SEVERABILITY CLAUSE; MAKING THIS ORDINANCE CUMULATIVE OF
PRIOR ORDINANCES; REPEALING ALL ORDINANCES IN CONFLICT
HEREWITH; AND PROVIDING AN EFFECTIVE DATE.
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF FORT WORTH,
TEXAS:
SECTION 1.
That the budget of the City of Fort Worth for Fiscal Year 2023-2024, as enacted by Ordinance 26453-09-
2023, as amended, is hereby further amended to make the following adjustments to estimated receipts by
increasing estimated receipts and appropriations in the Fort Worth Public Improvement District No. 17 - Rock
Creek Fund by a total of $1,757,31 I.93 of which $1,702,311.93 is from assessment revenues and $55,000.00
from reducing unreserved fund balance, for the purpose of funding Public Improvement District No. 17 - Rock
Creek Ranch during Fiscal Year 2024-2025.
SECTION 2.
That should any portion, section or part of a section of this ordinance be declared invalid, inoperative or void
for any reason by a court of competent jurisdiction, such decision, opinion or judgment shaII in no way impair
the remaining portions, sections, or parts of sections of this ordinance, which said remaining provisions shall
be and remain in full force and effect.
SECTION 3.
That this ordinance shall be cumulative of Ordinance 26453-09-2023 and all other ordinances and
appropriations amending the same except in those instances where the provisions of this ordinance are in
direct conflict with such other ordinances and appropriations, in which instance said conflicting provisions of
said prior ordinances and appropriations are hereby expressly repealed.
SECTION 4.
This ordinance shall take effect upon adoption.
APPROVED AS TO FORM AND LEGALITY:
Assistant City Attorney
ADOPTED AND EFFECTIVE: August 27, 2024
CITY SECRETARY
'k . zdw
Jannette S. Goodall
City Secretary
Fort Worth Public
Improvement District No. 17
(Rock Creek Ranch)
Annual Service Plan Update - Fiscal year 202S
August 27th, 2024
For additional information, please contact:
Initial PID Administrator:
MuniCap, Inc.
600 E. John Carpenter Freeway, Suite 150
Irving, TX 75062
469-490-2800 main
866-648-8482 toll free
City of Fort Worth:
Department of Financial Management Services
City of Ft. Worth, Texas
200 Texas Street
Ft. Worth, Texas 76102
817-392-8500 (office)
FORT WORTH PUBLIC IMPROVEMENT DISTRICT No. 17
(ROCK CREEK RANCH)
FORT WORTH, TEXAS
ANNUAL SERVICE PLAN UPDATE
A. Introduction
The Fort Worth Public Improvement District No. 17 (Rock Creek Ranch) (the
"PID") was created pursuant to the PID Act and a resolution of the City Council on
December 13, 2016 to finance certain Authorized Improvements for the benefit of the
property in the PID. The City of Fort Worth, Texas Special Assessment Revenue Bonds,
Series 2017 (Fort Worth Public Improvement District No. 17 — Rock Creek Ranch —
Major Improvement Project) (the "Major Improvement Bonds"), in the aggregate
principal amount of $12,685,000 were issued to finance, refinance, provide or otherwise
assist in the acquisition, construction and maintenance of the Major Improvements that
benefited all of the property in the PID. In addition, the City of Fort Worth, Texas Special
Assessment Revenue Bonds, Series 2018 (Fort Worth Public Improvement District No.
17 — Rock Creek Ranch — Roadway Improvement Project) (the "Roadway Improvement
Bonds"), in the aggregate principal amount of $5,155,000 were issued to finance,
refinance, provide or otherwise assist in the acquisition, construction and maintenance of
the Roadway Improvements that benefited the Western Improvement Area within in the
PID.
The Service and Assessment Plan was initially prepared at the direction of the
City and approved by the City Council on August 15, 2017 identifying the Major
Improvements to be provided by the PID, the costs of the Major Improvements, the
indebtedness to be incurred for the Major Improvements, and the manner of assessing the
Assessed Property within the PID for the costs of the Major Improvements. The Service
and Assessment Plan was updated at the direction of the City and approved by the City
Council on June 5, 2018 (the "Updated Service and Assessment Plan") identifying the
Roadway Improvements to be provided by the PID, the costs of the Roadway
Improvements, the indebtedness to be incurred for the Roadway Improvements, and the
manner of assessing the Assessed Property within the Western Improvement Area of the
PID for the costs of the Roadway Improvements.
The Updated Service and Assessment Plan was amended and restated at the
direction of the City and approved by the City Council on January 26, 2021 (the
"Amended Service and Assessment Plan") allocating the Major Improvement Special
Assessments separately for the Major Improvements related to the Water Improvements
(the "Water Improvements portion of the Major Improvement Special
Assessments") and the Major Improvements related to the Sanitary Sewer Improvements
(the "Sanitary Sewer Improvements portion of the Major Improvement Special
Assessments"). In addition, The Amended Service and Assessment Plan established that
the Water Improvements Portion of the Major Improvements are being provided for the
benefit of all of the Assessed Property in the PID (in both the Eastern Improvement Area
and the Western Improvement Area excluding the Water Improvements Unserved
Tracts). Similarly, the Sanitary Sewer Improvements Portion of the Major Improvements
are being provided for the benefit of all of the Assessed Property in the PID (in both the
Eastern Improvement Area and the Western Improvement Area excluding the Sanitary
Sewer Improvements Unserved Tracts).
The Texas legislature passed House Bill 1543 as an amendment to the PID Act,
requiring, among other things, (i) all Service and Assessment Plans and Annual Service
Plan Updates be approved through City ordinance or order to be filed with the county
clerk of each county in which all or part of the PID is located within seven days and (ii)
include a copy of the notice form required by Section 5.014 of the Texas Property Code
(the "PID Assessment Notice") as disclosure of the obligation to pay PID Assessments.
In accordance with these amendments to the PID Act, this Annual Service Plan Update
includes a copy of the PID Assessment Notice as Appendix B and copy of this Annual
Service Plan Update will be filed with the county clerk in each county in which all or a
part of the PID us located not later than seven (7) days after the date the governing body
of the City approves this Annual Service Plan Update.
Pursuant to the PID Act, the Service and Assessment Plan (as updated and/or
amended from time to time) must be reviewed and updated annually for the purpose of
determining the annual budget for the Authorized Improvements. This document is an
update of the Amended Service and Assessment Plan for fiscal year 2025 (the "Annual
Service Plan Update") and covers updates to the annual budget of the PID and Annual
Installments to be collected for fiscal year 2025.
The City also adopted assessment rolls (the "Assessment Rolls") identifying the
assessments on each Parcel of Assessed Property within the PID, based on the method of
assessment identified in the Service and Assessment PIan. This Annual Service Plan
Update also updates the Assessment Rolls for tax year 2023 and fiscal year 2024.
Capitalized terms not defined herein shall have the meaning specified in the
Amended Service and Assessment PIan.
B. Update of the Service Plan
Budget for the Authorized Improvements
The updated total estimated costs of the Major Improvements to be funded with
the Major Improvement Bonds (including bond issuance costs) was equal to $12,765,569
and the updated total estimated costs of the Major Improvements (including the Major
Improvements to be funded with the Major Improvement Bonds, the University
Improvements and the Non-PID Related Improvements) was equal to $14,362,900 as
shown in the Amended Service and Assessment Plan.
The Major Improvements are currently under review by the City and updates, if
any, to the Major Improvements or estimated costs of the Major Improvements will be
incorporated in an amended and restated Service and Assessment Plan or a supplemental
Annual Service Plan Update, as applicable, once such review is completed.
2
Table B-1
Major Improvement Bonds
Updated Sources and Uses of Funds
Major
Non-PID
Improvement
University
Related
Description
Bonds
Improvements
Improvements
Tot.,!
Sources of Funds
Gross Bond Amount $ 12,685,000 $
5
$ 12,685,00e
City of Fort Worth contribution $ - $
$ 1,111,047
$ 1.111,047
Net premium $ 70,568 $
$ -
�$ 70,568
Developer deposit to property tax account $ 10,000 $
$
$ 10,000
Other contribution (°' $ - $ 486,284
$ -
$ 486.284
Total Sources $ 12,765,568 $ 486,284
$ 1,111,047
$ 14,362,900
Uses of Funds
Water $ 2,759.319 $ 155,045
$ 98,570
$ 3,012,934
Sanitary sewer $ 5,724,317 $ 331,239
$ 1,012,477
$ 7,068,033
Authorized/Off-Site Improvements Subtotal (°): $ 8.483.636 $ 486,284
$ 1,111,047
$ 10,080 967
Other Fund Deposits:
Debt service reserve fund r`� $ 1,151,119 $ -
$ -
$ 1.151,119
Capitalized interest " $ 1,898,149 $
$ -
$ 1,898,149
Other Fund Deposits Subtotal: $ 3.049,268 $
$
$ 3,049,268
Developer deposit to Property Tax Account $ 10,000 $
$
$ 10,000
Costs of issuance (0) $ 844,283 $
$
$ t544, 283
Underwriters costs/underwriter counsel tr $ 378,382 $
$
$ 378,382
Total uses of funds $ 12,765,569 $ 486,284
$ 1,111,047
$ 14,362,900
(a) Under the PID Reimbursement Agreement, the Developer is obligated to fund any
cost overruns of the Major Improvements
and University Improvements in excess of the funds deposited with the trustee under
the Indenture related to the Major
Improvement Bonds.
(b) See Tab€e III -A, Table IV -A, and Table IV-B for details.
(c)The Major improvement Bonds include a debt service reserve fund calculated at the maximum annual debt
service for the
Major Improvement Bonds. Such calculation is in accordance with the IRS rules and
the Indenture-
d) The Major Improvement Bonds include capitalized interest from September 14, 2017 through September 30,
2020.
(e) inclusive of prepayment of a portion of the initial years Administrative Expenses.
(f) Calculated at 2.98% of the Gross Bond Amount,
The updated total estimated costs of the Roadway Improvements to be funded
with the Roadway Improvement Bonds (including bond issuance costs) was equal to
$8,427,774 and the updated total and/or additional estimated costs of the Roadway
Improvements (including the Roadway Improvements to be funded with the Roadway
Improvement Bonds, the Chisholm Trail Ranch Roadway Improvements and the
University Road Improvements) was equal to $10,960,362 as shown in the Updated
Service and Assessment Plan. According to the Developer, there have been no changes to
the updated total estimated costs of the Roadway Improvements as shown in the
Amended Service and Assessment Plan and summarized in Table B-2 on following page.
3
Table B-2
Roadway Improvement Bonds
Updated Sources and Uses of funds
Roadway Chisholm Trail University
Improvement Ranch Roadway Road
Description Bonds Improvements Improvements Total
Sources of Funds
Gross bond amount $ 5,155,000 $ $ $ 5,155,000
Bond premium $ 88,228 $ $ $ 88,228
City of Fort Worth contribution (a) $ 3,1134,546 S 1,239.594 5 S 4.424.140
Chisholm Trail contribution $ - $ 635,002 $ $ 635,002
Other contribution b $ - $ - $ 657,992 $ 657,992
Total Sources $ 8,427,774 $ 1,874,696 $ 657,992 $ 10,960,362
Uses of Funds
Authorized/Off-Site Improvements:
Roadway improvements $ 6,931,647 $ 1,874.596 $ 657,992 $ 9,464,235
AuthorizedlOff-site Improvements Subtotal: $ 6,931,647 $ 1,874.596 $ 657,992 $ 9,464,235
O ter Fund Deposits:
Debt service reserve fund (c) $ 463,000 S - $ - $ 463,000
Capitalized interest (d) $ 564,902 $ $ - $ 564,902
Other Fund Deposits Subtotal: $ 1,027,902 $ $ $ 1,027,902
Costs of issuance (e) $ 314,100 $ $ $ 314,100
Underwriter's costs/underwriter counsel (f) S 154,125 $ $ $ 154,125
Total uses S 8,427.774 S 1.874,596 S 657,992 $ 10,960,362
(a) The total Roadway Improvement Costs are $9,464,235, which include $6,973,683 in construction costs, $375,000 in ROW, $90,956 in
project management fees, S150,000 in developer financing costs and $1.574,596 in Chisholm Trail improvement costs. The University
share of the Roadway Improvements (excluding the Chisholm Trail improvement cost) is $667,992 [($9,464,235 - $1,874,596) x
8 6696NO/0)], which will be funded in full with private funds of the Developer, The City contribution for the Roadway Improvement Costs is
$3,184,546. In addition, the City contribution for Chish m Trail improvements is $1,239,594 and the balance of the Chisholm Trail
improvement costs, $635,002 ($1,874,596 - $1,239,594). will be funded with private funds of the Deveioper_
(b) The Developer will fund all Major Improvements not funded by the Mkt or Improvement Bonds_ The OeveOper and the City will equally
share any cast overruns for the Roadway Improvements (excluding ROW costs, project management costs, or Deva#oper financing
costs) under the terms of the Roadway Financing Agreement. Troe Owner's contributions include 100% of the University share of the
Roadway Improvement Costs, $667,992 ($7,589,639 x 8.669609%).
(c)The Roadway Improvement Bonds include a debt service reserve fund calculated in accordance with IRS rules.
{d) The Roadway Improvement Bonds include capitalized interest from June 22, 2018 through September 1, 2020,
je) Inclusive of the initial year's Administrative Expenses.
of the gross Roadw Imprcvem6nt.80rtd am aunt, ..
The Roadway Improvements are Currently under review by the City and updates,
if any, to the Roadway Improvements and/or additional estimated costs of the Roadway
Improvements will be incorporated in an amended and restated Service and Assessment
Plan or a supplemental Annual Service Plan Update, as applicable, once such review is
completed.
A service plan must cover a period of five years. The Major Improvements are
expected to be built within a period of five years. The projected Annual Installments for
the Major Improvements over a period of five years is shown in Table B-3 on the
following page.
4
Table B-3
Five Year Service plan - Projected Attu al Installments - Major Improve ents
Period
Delinquency
Ending
&
Other
Projected
September
Principal
Interest
Administrative
Prepayment
Capitalized
Available
Annual PID
1
Payments
Expense
Expenses
Reserve
Interest
Funds a
Installments
2018-2024
$2,075,000
$4,308,047
$418,277
$428,785
($1,876,099)
(S205,920)
$6,393,085
2025
$590,000
$535,969
$65,000
$52,980
$0
($35,000)
$1,208,949
2026
$620,000
$506,669
$76,158
$50,050
$0
$0
51,252,877
2027
$645,000
$475,669
$77,681
$46,950
$0
$0
$1,245,300
2028
$685,000
$443,419
$79,234
$43,725
$0
$0
51,251,378
2029
$720,000
$409,169
$80,819
$40,300
$0
$0
$1,250,288
2030
$760,000
$373,169
$82,436
$36,700
$0
$0
$1,252,305
Intel
56,095,00i)
57,052,109
5879,605
5699,491
51,876,099
5240,920)
513,854,180
(a) Other Available Funds includes available excess PID Annual Installments from a prior year, available excess administrative expense
funds, available excess funds held in the pledged revenue fund, and available interest income earned.
The Roadway Improvements are also expected to be built within a period of five
years. The projected Annual Installments for the Roadway Improvements over a period
of five years is shown in Table B-4 below.
Fivc l ear Service plan -Projected Annual Installments - Roadpva� Im rovements
Delinquency
Period
&
Other
Projected
Ending
Principal
Interest
Administrative
Prepayment
Capitalized Available
Annual PID
September I
Payments
Expense
Expenses
Reserve
Interest Funds a
Installments
2019-2023
$845,000
$1,518,494
$289,844
$147,924
($556,584)
($135,955)
$2,108,724
2025
$235,000
$212,148
$45,000
$21,215
$0
($20,000)
$493,363
2026
$245,000
$200,500
$51,691
$20,050
$0
$0
$517,241
2027
$260,000
$188,250
$52,725
$18,825
$0
$0
$519,800
2028
$280,000
$175,250
$53,779
$17,525
$0
$0
$526,554
2029
$290,000
$161,250
$54,855
$16,125
$0
$0
$522,230
2030
$305,000
$146 750
$55 952
$14 675
$0
$0
$522 377
Total
$2,460,000
$2,602,643
$603,846
S2-96,339
($556,584)
(SI55,955)
$5,210,289
(a) Other Available Funds includes available excess PID Annual Installments
from a prior vear_ available excess administrative
expense
funds, available excess funds held in the pledged revenue fund, and available interest income earned.
Debt Service and Administrative Expenses
Major Improvement Bonds - Annual Installments
The Major Improvement Special Assessments imposed on any Parcel may be paid
in full at any time. if not paid in full, the Major Improvement Special Assessment shall be
payable in twenty Annual Installments of principal and interest beginning with the tax
year following the issuance of the Major Improvement Bonds, of which thirteen (13)
Annual Installments currently remain outstanding.
Pursuant to the Service and Assessment Plan, each Major Improvement Special
Assessment on the Assessed Property within the Western Improvement Area and Eastern
Improvement Area of the PID shall bear interest at the rate on the Major Improvement
Bonds plus 0.5% as described below commencing with the rissuance of the Major
Improvement Bonds. The effective interest rate on the Major Improvement Bonds is
5.06% per annum for fiscal year 2025. Pursuant to Section 372.018 of the PID Act, the
interest rate for that assessment may not exceed a rate that is one-half of one percent
(0.5%) higher than the actual interest rate (the Additional Interest rate), paid on the debt.
Accordingly, the effective interest rate on the Major Improvement Bonds plus Additional
Interest of one-half of one percent (5.56%) is used to calculate the interests on the Major
Improvement Special Assessments. These payments, the "Annual Installments" of the
Major Improvement Special Assessments, shall be billed by the City (or another party
designated by the City) in 2024 and will be delinquent on February 1, 2025. Each Annual
Installment shall be reduced by any credits applied under applicable documents including
the Service and Assessment Plan and applicable Indenture, such as capitalized interest
and interest earnings on any account balances and by any other funds available to the
PID.
Annual Budaet for the Renavment of Indebtedness
Debt service will be paid on the Major Improvement Bonds from the collection of
the Annual Installments of the Major Improvement Special Assessments levied against
the Assessed Property within the Western Improvement Area and Eastern Improvement
Area of the PID. In addition, Administrative Expenses are to be collected with the Annual
Installments to pay expenses related to the collection of the Annual Installments and
administration of the PID. The Additional Interest collected with the Annual Installments
will be used to fund the Delinquency and Prepayment Reserve amounts as described in
the Service and Assessment plan and the applicable Indenture.
Major Improvement Annual Installments to be collected for fiscal year 2025
The budget for Major Improvements of the PID will be paid from the collection of
Annual Installments collected for fiscal year 2025 as shown by Table B-5-1 on the
following page.
(remainder ofpage left intentionally blank)
C
Table B-5-1
Budget for the Major Improvement Annual Installments
To be collected for Fiscal Year 2025
Major
Improvement
Bonds
Interest payment on March 1, 2025{"
$267,984.39
Interest payment on September 1, 2025('y
$267,984.39
Principal payment on September 1, 2025(a)
$590,000.00
Subtotal debt service on bonds
$1,125,968.77
Administrative expenses
$65,000.00
Additional interest for Delinquency and Prepayment Reserves
$52,980.23
Total Uses
$1,243,949.01
Available reserve fund income
($20,000.00)
Available capitalized interest funds
$0.00
Available administrative expense funds
($15,000,00)
Subtotal funds available
($35,000.00)
Annual Installments
$1,208,949.01
Total Sources
$1,243,949.01
(a) Budgeted amounts to be collected for debt service are based upon the current
outstanding Major Improvement Special Assessments, Variances between amounts
budgeted for debt service and actual debt service may be funded
by the prepayment
reserve account and/or any other available funds, if any.
As shown in Table B-5-1 above, the total Annual Installment of the Major
Improvement Special Assessments to be collected for fiscal year 2025 is equal to
$1,208,949.01 ($1,243,949.01 - $35,000.00) for payments that will be due within the fiscal
year 2025. The total debt service portion of the Annual Installments to be collected for
the Major Improvement Bonds, the Administrative Expenses, and the excess interest for
Delinquency and Prepayment Reserve to be collected for fiscal year 2025 are shown as
$1,105,968.77 ($1,125,968.77 - $20,000.00 = $1,105,968.77), $50,000.00 ($65,000.00 -
$15,000.00 = $50,000.00), and $52,980.23, respectively. The total debt service portion of
the Annual Installments to be collected for the Major Improvement Bonds within the
fiscal year 2025 represent two semi-annual interest payments of $267,984.39 each due on
March 1, 2025, and September 1, 2025, and $590,000.00 in principal payment due on
September 1, 2025 for the fiscal year 2025.
Pursuant to the Service and Assessment Plan, the Major Improvement Special
Assessments and the related Annual Installments shall be allocated to the Assessed
Property within the Western Improvement Area and Eastern Improvement Area based on
the ratio of the estimated buildout values for each area.
As described in the introduction section of this Annual Service Plan Update, the
Amended Service and Assessment Plan was approved for allocating the Water
7
Improvements portion of the Major Improvement Special Assessments and the Sanitary
Sewer Improvements portion of the Major Improvement Special Assessments. In
addition, the Amended Service and Assessment Plan established that the Water
Improvements Portion of the Major Improvements are being provided for the benefit of
all of the Assessed Property in the PID (in both the Eastern Improvement Area and the
Western Improvement Area excluding the Water Improvements Unserved Tracts).
Similarly, the Sanitary Sewer Improvements Portion of the Major Improvements are
being provided for the benefit of all of the Assessed Property in the PID (in both the
Eastern Improvement Area and the Western Improvement Area excluding the Sanitary
Sewer Improvements Unserved Tracts). Accordingly, the outstanding Major
Improvement Special Assessment and fiscal year 2025 Major Improvement Annual
Installments are calculated in Table B-5-2 below based on the allocation percentages
applicable to each category of Tracts [i.e., (i)Western Improvement Area -- Major
Improvements (Sanitary Sewer Improvements and Water Improvements served Tracts),
(ii) Western Improvement Area — Major Improvements (Sanitary Sewer Improvements
Unserved Tracts), (iii) Western Improvement Area — Major Improvements (Water
Improvements Unserved Tracts), (iv) Eastern Improvement Area Major Improvements
(Excluding Water Improvements Unserved Tracts), and (v) Eastern improvement Area —
Major Improvements (Water Improvements Unserved Tracts) that were calculated and
included in the Amended Service And Assessment Plan.
i210e t1- s
A1btMionn([6e
\(ajor3mm
menc A—m l 1wahments(M." Yor1025)
Allaaat.d
aL,an
imprawm.nl
Total Majar
W.r•r lmpow •nl
A—.l
Tool M.jrw
fmprowm. nt Mnu.l
Pavan.1
Il—wd Major Sanitary S...,
Inp.lN+•ms
Imprawm.nt Sp. wal
Inst.11m•ms[9u.ter
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Improwmanl Armuol Improwmenl Partian
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Aa.�nems(waf.r
and6.—
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InstAllm•nq {Wmr of M.ja improwm.rd
tmprnv ml
ands.—
Improve .m
Wprowm.m Ai.,
Aa..pn.r4,, Y 1.1
Ynprowm.m Pa,6-1 Sp-1 AEsa..m.rsh Y �.j
Pdtionl
trnprowm.,d Ppdanfj
Perdenp
ern Ya +ne'x --i � kWox .
Trsps)
$122,315.59
335%
S13,935.52 S000
00004
Alel
S12231i. i9
S13,955i
Mu- Mprwo ,d Ala - IWeler ll --d
TWx)
$000
a0036
A1.00 $WA97.34
3649%
S29,76591
SNIA97.34
129,756.91
Weslem Mlra er Area - (Srs. Ynpmemaas and W.I.,
knpmxrnert sand Tmdsl
$Um.T7532
650%
PBAL63 $3a73fi66.31
0746'1
$373,164.34
S5j41,441.6f
S632j.47.1
Em—h mo-n Arm-IWvr o.me kpU-,.d
r
T.Ct6)
$0 00
0 VA
Saco $2,101 f107 51
19 W1.
5239,713 OK
S2,F01 X7.51
".713.08
Eastern Vpro,.rnett AW- lE.nludrg W&t, Ynprry d
th—d Twatt
SIA53 93,69
30,56%
S120,174.86 SI317 73
21 2ITA
S173 1.48
S2,57UJ84.41
S293 3
(Wa(- W.ret lmp�menr P.1-
S3446 60
100,00%
$393 131)
Tall-Sexerlmnwmenl Adman
S71499[90
100.004
S8(i73601
Ctnnd Tat.l •Ill Treats
510,596,646.50
Sl_08,949-0(
'ej'(6• ant shape•b�repeettl9AudxadstwwteT.Ckl1'-0loftda .iaYNzd-Sm:x and,lssar(oRt817. -
_. - ... - , ..- ..
..
�•
.::,
The list of Parcels within the Western Improvement Area and the Eastern
Improvement Area of the PID, the aggregate Major Improvement Special Assessments
for the Western Improvement Area and the Eastern Improvement Area, and the aggregate
Annual Installments to be collected from each Parcel for fiscal year 2025 are shown in:
Appendix A -I — Western Improvement Area — Major Improvements Assessment
Roll Summary 2024-25 (Sanitary Sewer Improvements and Water Improvements served
Tracts) attached herein,
Appendix A-2 — Western Improvement Area — Major Improvements Assessment
Roll Summary 2024-25 (Sanitary Sewer Improvements Unserved Tracts) attached
herein,
Appendix A-3 — Western Improvement Area — Major Improvements Assessment
Roll Summary 2024-25 (Water Improvements Unserved Tracts) attached herein,
8
Appendix A-4 — Eastern Improvement Area — Major Improvements Assessment
Roll Summary 2024-25 (Excluding Water Improvements Unserved Tracts) attached
herein, and
Appendix A-5 — Eastern improvement Area — Major Improvements Assessment
Roll Summary 2024-25 (Water Improvements Unserved Tracts) attached herein.
Roadwav Bonds - Annual Installments
The Roadway Improvement Special Assessment imposed on any Parcel may be
paid in full at any time. If not paid in full, the Special Assessment shall be payable in
nineteen Annual Installments of principal and interest beginning with the 2018 tax year,
of which thirteen (13) Annual Installments currently remain outstanding.
Pursuant to the Service and Assessment Plan, each Roadway Improvement
Special Assessment on Assessed Property within the Western Improvement Area of the
PID shall bear interest at the rate on the Roadway Bonds plus 0.5% as described below
commencing with the issuance of the Roadway Improvement Bonds. The effective
interest rate on the Roadway Bonds is 5.00 percent per annum for fiscal year 2025.
Pursuant to Section 372.018 of the PID Act, the interest rate for that assessment may not
exceed a rate that is one-half of one percent (0.5%) higher than the actual interest rate
(the Additional Interest rate), paid on the debt. Accordingly, the effective interest rate on
the Roadway Improvement Bonds plus Additional Interest of one-half of one percent
(5.50%) is used to calculate the interests on the Roadway Improvement Special
Assessments. These payments, the "Annual Installments" of the Roadway Improvement
Special Assessments, shall be billed by the City (or another party designated by the City)
in 2024 and will be delinquent on February 1, 2025. Each Annual Installment shall be
reduced by any credits applied under applicable documents including the Service and
Assessment Plan and applicable Indenture, such as capitalized interest and interest
earnings on any account balances and by any other funds available to the PID.
Annual Budget for the Repayment of Indebtedness
Debt service will be paid on the Roadway Improvement Bonds from the
collection of the Annual Installments of the Roadway Improvement Special Assessment
levied on the Assessed Property within the Western Improvement Area. In addition,
Administrative Expenses are to be collected with the Annual Installments to pay expenses
related to the collection of the Annual Installments and administration of the PID. The
Additional Interest collected with the Annual Installments will be used to fund the
Delinquency and Prepayment Reserve amounts as described in the Service and
Assessment plan and the applicable Indenture.
Roadway Annual_ I_nstaIlments to be collected for fiscal year 2025_
The budget for Roadway Bonds that lies within the Western Improvement Area of
the PID will be paid from the collection of Annual Installments collected for the fiscal
year 2025 as shown by Table B-6-1 on the following page.
0
Table B-6-1
Budget for the Roadway Improvement Annual Installments
To be collected for Fiscal Year 2025
Roadway Bonds
Interest payment on March 1, 2025(a)
$106,074.06
Interest payment on September 1, 2025(8)
$106,074.06
Principal payment on September 1, 2025�')
$235,000.00
Subtotal debt service on bonds
$447,148.11
Administrative expenses
$45,000.00
Additional interest for Delinquency and Prepayment Reserves
$21,214.81
Total Uses
$513,362.92
Available reserve fund income
($10,000.00)
Available capitalized interest account
$0.00
Available Administrative Expense account
($10,000.00)
Subtotal funds available
($20,000.00)
Annual Installments
$493,362.92
Total Sources
$513,362.92
(a) Budgeted amounts to be collected for debt service are based upon the can-Clit
outstanding Roadway Improvement Special Assessments.
Variances bemeen
amounts budgeted for debt service and actual debt service may be funded by the
prepayment reserve account and/or any other available funds, if any.
As shown in Table B-6-1 above, the total Annual Installment of the Roadway
Improvement Special Assessments to be collected for fiscal year 2025 is equal to
$493,362.92 ($513,362.92 - $20,000.00 = $493,362.92) for payments that will be due
within the fiscal year 2025. The total debt service portion of the Annual Installments to
be collected for the Roadway Improvement Bonds, the Administrative Expenses and the
excess interest for Delinquency and Prepayment Reserve to be collected for fiscal year
2025 are shown as $437,148.11 ($447,148.11 - $10,000.00 — $437,148.11), $35,000.00
($45,000.00 - $10,000.00 = $35,000.00) and $21,214.81, respectively. The total debt
service portion of the Annual Installments to be collected for the Roadway Improvement
Bonds within the fiscal year 2025 represent two semi-annual interest payments of
$106,074.06 each due on March 1, 2025 and September 1, 2025, and $235,000.00 in
principal payments due on September 1, 2025 for the fiscal year 2025. There are no
projected excess administrative expense funds available to pay Administrative Expenses
during the fiscal year 2025.
Pursuant to the Amended Service and Assessment Plan, the Roadway
Improvement Special Assessments and the related Annual Installments shall be allocated
to the Assessed Property within the Western Improvement Area based on the ratio of the
estimated buildout values for each Parcel. The outstanding Roadway Improvement
Special Assessment and fiscal year 2025 Roadway Improvement Annual Installments are
calculated in Table B-6-2 on the following page based on the allocation percentages
applicable to each category of Tracts [i.e., (i)Western Improvement Area — Roadway
Improvements (Sanitary Sewer Improvements and Water Improvements served Tracts),
Iff
(ii) Western Improvement Area — Roadway Improvements (Sanitary Sewer
Improvements Unserved Tracts), and (iii) Western Improvement Area — Roadway
Improvements (Water Improvements Unserved Tracts that were calculated and included
in the Amended Service And Assessment Plan.
Table B-6-2
Allocation of the Roadw—ky .improvement Annual Installments {Fiscal Fear 2025)
Outstanding
Total Roadway
Roadway
Improvement Annual
Improvement Special
Installments (Western
Im prove m e nt Area
Assessments %
Improvement Area)
Western Improvement Area - (Sewer Improvements Unserved
Tracts)
$201,606-23
4.75%
$21,442,3
Western Improvement Area - (Water Improvements Unserved
Tracts)
$298,559.69
7,04%
$34,715.7
Western Improvement Area - (Sewer Improvements and Water
Improvement served Tracts)
$3,742,797.28
88.21%
$435,104,77
Eastern Improvement Area - (Water Improvements Unserved
Tracts)
$0.00
0.00%
$0. 00
Eastern Improvement Area - (Excluding Water Improvement
Unserved Tracts)
$0.00
0.001/0
$0. 00
Total - Westem Improvement Area
$4,242,962,20
100.00%
$493,362.92
Total - Eastern Improvement Area
Grand Total -All Tracts
S4242,962-20
$493,362 92
(a) The perccritage5 shown above are calculated and shoA.a in Table IV-D I of thc.Amended Service and Assessment Plan.
The list of Parcels within the Western Improvement Area, the aggregate Roadway
Improvement Special Assessments for the Western Improvement Area, and the aggregate
Annual Installments to be collected from each Parcel for fiscal year 2025 are shown in:
Appendix A-6 — Western Improvement Area — Roadway Improvements
Assessment Roll Summary 2024-25 (Sanitary Sewer Improvements and Water
Improvements served Tracts) attached herein,
Appendix A-7 — Western Improvement Area — Roadway Improvements
Assessment Roll Summary 2024-25 (Water Improvements Unserved Tracts)
attached herein, and
Appendix A-8 — Western Improvement Area — Roadway Improvements
Assessment Roll Summary 2024-25 (Sanitary Sewer Improvements Unserved
Tracts) attached herein.
C. Update of the Assessment Plan
The Updated Service and Assessment Plan adopted by the City Council provided
that the cost of Authorized Improvement shall be allocated to the Assessed Property
based on the ratio of estimated buildout value anticipated to be built on each Parcel once
such property is fully developed, and that such method of allocation will result in the
imposition of equal shares of the costs of the Authorized Improvement to Parcels
similarly benefited.
This method of assessing property has not been changed and Assessed Property
will continue to be assessed as provided for in the Amended Service and Assessment
Plan.
D. Update of the Assessment Roll
Pursuant to the Service and Assessment Plan, the Assessment Roll shall be
updated each year to reflect:
(i) the identification of each Parcel; (ii) the Special Assessment for each Parcel of
Assessed Property, including any adjustments authorized by this Service and
Assessment Plan or in the PID Act; (iii) the Annual Installment for the Assessed
Property for the year (if the Special Assessment is payable in installments); and
(iv) payments of the Special Assessment, if any, as provided by Section VII.0 of
the Service and Assessment Plan.
The summary Assessment Rolls are shown in Appendices A-1 through A-8
attached herein. Each Parcel in the PID is identified, along with the aggregate Special
Assessment for the applicable improvement area and the Annual Installments to be
collected from each Parcel.
Parcel Updates
According to the Service and Assessment Plan, upon the subdivision of any
Parcel, the Administrator shall reallocate the Special Assessment for the Parcel prior to
the subdivision among the new subdivided Parcels according to the formula shown in the
Updated Service and Assessment Plan.
According to the Developer, a final plat was approved by the City on February 15,
2019 for Brewer Boulevard, a 25.957-acre roadway located entirely within the Western
Improvement Area of the PID. As a result, the Major Improvement Special Assessments
and Roadway Improvement Special Assessments associated with the aforementioned
final plat were reallocated to the Parcels within the Western Improvement Area of the
PID for billing purposes beginning in tax year 2020.
According to the Tarrant Central Appraisal District online records and the Developer,
Parcel subdivisions for the proposed development of 648 multi -family units and 240
single family units were recognized in the official County roll in 2024. As a result, the
Major Improvement Special Assessments and Roadway Improvement Special
Assessments associated with the proposed development described in this paragraph were
reallocated to the new Parcels within the Western Improvement Area of the PID for
billing purposes beginning in tax year 2024.
See Table D-1 and Table D-2 on the following page for the Major Improvement Special
Assessments allocation prior to and after subdivision of the multi -family units and single
family units, respectively.
12
Table D-1
Western Improvement Area - Parcel Subdivision and Aggregate
Western Improvement Area (Major Improvements Special Assessment)
Prior to Subdivision
Single Family
Multifamily
Total Projected
Special
Parcel ID
Units
Units Commercial SF
Build Out Value
Assessment
42423196
0
960
280,373
1
$ 182, 794, 600
$
1,018,906
Total
$ -
$126,720,000 $
56,074,600
$ 182,794,600
$
1,018,906
After Subdivision
424231961
0
312
280,373
$ 97,258,600
$
542,124
430866511
43086643
0
648
0
$ 85,536,000
$
476,782
Total
$ -
$126, 720, 000
$
56,074, 600
$ 182, 794, 600
$
1,018, 906
1 — The proposed development of Parcel 43086651 is unknown at this time. As a result of common ownership, the Annual Installments
billed to each Parcel will be allocated based upon acreage.
Table 0-2 -
Western Improvement Area - Parcel Subdivision and Aggregate
Western Improvement Area (Major Improvements Special A&"ssment)
Prior to Subdivision
Parcel ID
Single Family
Units
Multifamily
Units
Commercial SF
Total Projected
Build Out Value
Special
Assessment
03710890
727
1,560
661,223
$ 567,169,600
$ 3,161,432
Total
$ 229 005,000
$205 920,000
$ 132 244,600
$ 567,169,600
$ 3,161,432
After Subdivision
03710890
487
1560
661,223
$ 491,569,600
$ 2,740,034
43042867
240
0
0
$ 75,600,000
$ 421,398
Total
$ 229,005,000
$205,920 000
$132,244,600
$ 567,169,600
$ 3161,432
See Table D-3 and Table D-4 on the following page for the Roadway Improvements
Special Assessments allocation prior to and after subdivision of the multi -family units
and single family units, respectively.
(remainder of page left intentionally blank)
13
Table D-3
Western Improvement Area - Parcel Subdivision and Aggregate
Western improvement Area (Roadway Improvements Special Assessment)
T Prior to Subdivision
Parcel ID
Single Family
Units
Multifamily
Units
Commercial SF
Total Projected
Build Out Value
Special
Assessment
42423196
0
960
280,373
$ 182 794,600
$ 688,189
Total
$ -
$126,720,000
$ 56,074,600
$ 182,794600
$ 688,189
After Subdivision
42423196'
430B6651'
0
312
280,373
$ 97,258,600
$ 366r161
43086643
0
648
0
$ 85 536,000
$ 322,028
Total
$ -
$126,720,000
$ 56,074,600
$ 182,794,600
$ 688,189
1 — The proposed development of Parcel 43086651 is unknown at this time. As a result of common ownership, the Annual Installments
billed to each Parcel will be allocated based upon acreage.
Table D-4
Western Improvement Area - Parcel Subdivision aitd Aggregate
Western Improvement Area (Roadway Improvements Special Assessment)
Prior to Subdivision
Parcel ID
Single Family
Units
Multifamily
Units
Commercial SF
Total Projected
Build Out Value
Special
Assessment
03710890
727
1,560
661,223
$ 567,169,600
$ 2,135,293
Total
$ 229 005,000
$205,920,000
$132,244,600
$ 567,169,600
$ 2,135,293
After Subdivision
03710890
487
1560
661,223
$ 491,569,600
$ 1,850,672
43042867
240
0
0
$ 75,600,000
$ 284,621
Total
$ 229 005,000
$205,920,000
$132,244 600
$ 567,169.600
$ 2,135,293
Prepayment of Assessments
As of June 30, 2020, the Developer donated a twelve -acre tract of Assessed
Property to the City for use as a police station, a fire station, or other public facility.
Pursuant to Section VI.0 of the Service and Assessment Plan, any transfer of Assessed
Property to a party that is exempt from the payment of the Special Assessment under
applicable law, or if an owner causes a Parcel or portion thereof to become Non -
Benefited Property would trigger a Mandatory Prepayment.
As a result, the net amount of Special Assessment for the Series 2017 Major
Improvement Bonds to be prepaid was $12,687.27, and the net amount of Special
Assessment for the Series 2018 Roadway Improvement Bonds to be prepaid was
$61,016.75, which totaled a Mandatory Prepayment of $73,704.02. The respective
Mandatory Prepayment amounts were calculated pursuant to Sections IV(3) and VI(C) of
the Service and Assessment Plan (as updated for the Roadway Improvement Bonds).
14
According to the Trustee, the Mandatory Prepayment funds associated with the twelve -
acre land donation were received in April 2019. Series 2017 Major Improvement Bonds
and the Series 2018 Roadway Improvement Bonds were proportionally redeemed on
December 1, 2020 with proceeds of these prepayments.
There were no additional prepayments through June 30, 2024.
(remainder ofpage left intentionally blank)
15
Appendix A-1
Western Improvement Area -
Major Improvements
I.
Assessment Roll Summa 2024-25 Sanitar , Sewer 1m rovements and Water ant rovements served 'bracts
Additional
outstanding
Interest for
Major
Major
Delinquency and
Improvement
improvement
P
Annual
Administrative
Prepayment
Fiscal. Year 2025
Special
Assessments b
Ex crises 6
Reserve b
Annual Installments
Tax Parcel ID
Assessment a
$26,940.02
$1,217.94
$1,290.53
$29,448.49
04103629{Partof)
$258,106,43
$16,127.36
$729.11
$772.56
$17,629.03
42423153 (Part of)
$154,512.69
$0.00
$0.00
$0.00
$0.00
42423145
42423155
$0.00
$71,840.04
$3,247.83
$3,441.42
$78,529.29
$688,283.81
42423196 (Part ofj (`)
$542,124.40
$56,584.56
$2,558.14
$2,710.62
$61,853.32
43086651 (')
$476,782.02
$49,764.41
$2,244.81
$2,383.91 $54,398-13
43086643
43096643 $2,740,034.00
$285,992.71
$12,929.51
$13,700.17 $312,622,39
037108 0 $421,398.25
$43,983.70
$1,989.47
$2,106.99 $48,079.16
$260,200.04
$27,158.54
$1,227.82
$1,301.00 $29,687.36
43042867
$0.00
$0.00
$0.00
$0.00 $0.00
42423200
$0.00
$0.00
$0.00
$0.00 $0.00
41524853
$0.00
$0.00
$0.00
$0.00 $0.00
_ 42617357
i5,541,441.64
$578,391.34
526,148.63
S27,707.20 5632,247.17
Total
in Appendix A-1-A.1 of the Amended Service and Assessment Plan.
(a) 41je Initial Major Improvement Special Assessments are
shown
due, Administrative
Expenses due, and the Additional Interest for Delinquency and
(b) The amount represents the prorated debt scry ice amount
(b)
due from Parcels within the Western Improvement Area for
fiscal year 2025 based on
the percentages shown in Table 13-�5-2.
the Annual Installments billed to
Prepaymentes
ytticnt Resery1 —The proposed development ofParce143086651 is
unknown at this time.
As a result of common ownership,
each Parcel will be allocated based upon acreage.
16
Appendix A-2
Western Improvement Area -Major Improvements
Assessment Roll Summa 2024-25 (SanitarySewer Improvements Unserved Tracts
Outstanding
Major
Major
Improvement
Improvement
Additional Interest for
Fiscal Year
Special
Annual
Administrative
Delinquency and
2025 Annual
Tax Parcel ID
Assessment a
Assessments b
Expenses b
Prepayment Reserve b
Installments
4103629 (Part of)
$122,315.59
512,766.76
$577.18
$611.58
$13,955.52
Total
5122,315.59
512,766.76
5577.18
5611.58
C13,955.52
(a) The Initial Major Improvement Special Assessments are shown in Appendix A-I-A.2 of the Amended Service and Assessment Plan.
(b) The amount represents the prorated debt service amount due. Administrative Expenses due, and the Additional
Interest for Delinquency and Prepayment Reserves due from Parcels within the Western Improvement Area for
fiscal year 2025 based on the percentages shown in Table 5-5-2
17
Appendix A-3
Western Improvement Area —Major Improvements
Assessment Roll Summary 2024-25 Water Improvements I`nserved Tracts
Outstanding
Major
':Major
Additional Interest
Improvement
Improvement
for Delinquency and
Special
Annual
Administrative
Prepayment Reserve
Fiscal Year 2025
Tax Parcel ID
Assessment a
Assessments b
Expenses b
b
Annual Installments
4103629 (Part of)
$68,397.29
57,139.01
$322.75
$341.99
$7,803.75
42423153 (Part of)
5190,683.36
$19,902.69
5899.79
5953.42
$21,755.90
42423196 (Part of)
$1,816.69
$189.62
$8.57
59.08
$207.27
Total
5260,897.34
$27,231,32
51,231.11
1,3114.49
529,766.92
(a) The Initial Major Improvement Special Assessments are shown in Appendix A-] -A.3 of the Amended Service and Assessment Plan.
(b) The amount represents the prorated debt service amount due. Administrative Expenses due, and the Additional
Interest for Delinquency and Prepayment Reserves due Crony Parcels within the Western Improvement Area for
fiscal year 2025 based on the percentages shown in Table B-5-2
18
Appendix A-4
Eastern Improvement Area - Major improvements
Assessment Roll Summary 2024-25 (Excluding Water Improvements Unserved Tracts
Outstanding
Major
Major
Additional interest
Improvement
Improvement
for Delinquency and
Special
Annual
.Administrative
Prepayment Reserve
Fiscal Year 2025
'Fag Parcel ID
.Assessment a
Assessments h
Expenses b
b
Annual Installments
— 41291549 (Part of)
$502,437.68
$52,442.24
$2,370.87
$2,512.19
$57,325.30
41291522
$2,067,946.73
$215,843.19
$9,758.11
$10,339.73
$235,941.03
Total
S2,570,384.41
5268,285.43
$12,128.98
512,85l.92
$293,266.33
(a) The Initial Major Improvement Special Assessments are shown in Appendix A-1-A.3 of the Amended Service and Assessment
Plan.
(b) The amount represents the prorated debt service amount due. Administrative Expenses due, and the Additional
Interest for Delinquency and Prepayment Reserves due from Parcels within the Western Improvement Area for
fiscal year 2025 based on the percentages shown in Table B-5-2
19
Appendix A-5
Eastern Improvement Area -;Major Improvements
Assessment Roll Su mary 2024-25 N'Vater Improvements Unserved Tracts
Outstanding
Major
Major
Additional Interest
Improvement
Improvement
for Delinquency and
Special
Annual
Administrative
Prepayment Reserve
Fiscal Year 2025
Tax Parcel ID
Assessment a
Assessments b
Expenses b
b
Annual Installments
05700906
$1,591,549.62
$157,582.40
$7,124.18
$7,548,81
$172,255.39
41291549 Part o
$623,273.66
$61,711.53
$2,789.93
$2.956.22
$67,457.68
Total
52,214,823.28
5219,293.93
10,914.11
510,5n5.03
5239,713.07
(a) The Initial Major Improvement Special Assessments are shown in Appendix A-1-A.3 of the Amended Service and Assessment
Plan.
(b) The amount represents the prorated debt service amount due. Administrative Expenses due, and the Additional
Interest for Delinquency and Prepayment l7eserves due from Parcels within the Western Improvement Area for
fiscal year 2025 based on the percentages shown in Table B-5-2
'U
Appendix A-6
Western Improvement Area - Roadway Improvements
Assessment Roll Summary 2024-25 IS nitary Sevier Im rovements and Water. Im rovements served 'Tracts
Outstanding
Additional
Roadway
Roadway
Interest for
Improvement
Improvement
Delinquency and
Special
Annual
Administrative
Prepayment
Fiscal Year 2025
Tax Parcel Ill
Assessment a
Assessments b
Expenses b
Reserve b
Annual Installments
04103629 (Part of)
$174,330.09
$17,961.05
$1,438.04
$871.65
$20,270.74
42423 153 (Part of)
$104,360.87
$10,752,20
$860.87
$521.80
$12,134.87
42423145
$0.00
$0.00
$0.00
$0.00
$0.00
06839851
$464,880.25
$47,896.14
$3,834.78
$2,324.40
$54,055.32
42423196 (Part of)(°)
$366,161.34
$37,725.23
$3,020.45
$1,830,81
$42,576.49
43086651M
43086643
$322,027.84
$33,178.20
$2,656.39
$1,610.14
$37,444.73
03710890
$1,8507672.17
$190,672.88
$15,266.11
$9,253.36
$215,192.35
43042867
$284,620.56
$29,324.17
$2,347.82
$1,423.10
$33,095.09
42423218
$175,744.16
$18,106.74
$1,449.71
$878.72
$20,435.17
42423200
$0.00
$0.00
$0.00
$0.00
$0.00
41524853
$0.00
$0.00
$0.00
$0.00
$0.00
42617357
$0.00
$0.00
$0.00
$0.00
$0.00
Total
$3,742,797.28
$385,616.61
S30,874.17
518,713.98
S435,204.76
(a)'Ilie Initial Roadway lmproventent Special Assessments are shown in Appendix A - I -A.I of the Amended Service and Assessment Plan.
(b) The amount represents the prorated debt service amount due, Administrative Fxpenses due. and the Additional Interest for Delinquency and
Prepayment Reserves due from Parcels within the Western Improvement Area for fiscal year 2025 based on the percentages shown in Table B-6-
2.
(c) 1 — The proposed development of Parcel 43086651 is unknown at this time. As a result of common ownership, the Annual Installments billed
to each Parcel will be allocated based upon acreage.
-)j
Appendix _A-7
Western Improvement Area - Roadway Improvements
Assessment Roll Summu 2024-25 Water.lmrrovementsl'nsen°e111,
Outstanding
Roadway Roadway Additional Interest
Improvement Improvement for Delinquency and
Special Annual Administrative Prepaymebnt Reserve Fiscal Year 2025
b Fx cows b Annual Installments
Tax Parcel ID
Assessment a
Assessments
$8,064.15
$645.65
$391 35
$9,101.15
4103629 (Part of)
$79,270.65
$22,481.86
$1,800.00
$1,091.05
$25,372.91
42423153(Part
$2 18,209.10
$17.15
$10.39
$241.73
42423153 (fart of)
96
$2,078.93
$214.19
$34,715.79
S30 760 20
1
52,462.80
$1,492.79
Total $298,558.68 ,
(a) The Initial Major Improvement Special Assessments are shown in Appendix A-1-l1.3 of the Amended Service and Assessment Plan.
(b) 'fhe amount represents the prorated debt service amount due, Administrative Expenses due. and the Additional
Interest for I)eliucluency and prepayment Reserves dice from Parcels within the Western Improvement Area for
fkc.al vear 2025 based on the percenta es shov�n in Table B-6-2.
22
Appendix A-8
western Improvement Area
ment Roll Summan2024-25 Sanitary Sewer Im rovements L�nserved T
outstanding
Roadway Roadway
Additional interest for
Fiscal Year
Improvement Improvement
Annual
Administrative Delinquency and
2025 Annual
Special
Tax Parcel ID Assessment a Assessments b
Ex enses b Pre a ment Reserve b
$1,D08.03
installments
$23,442.36
4103629 Part of) $201.606.23 $20,771.29
$1,663.04 $1,008.03
S1,663.04
S23,442.36
Total 5201,606.23 $20,771.20
shown in Appendix A-1-A.2 of the Amended Service and Assessment Plan.
(a) The Initial Major improvement Special Assessments are
debt service amount due, Administrative Expenses due, and the Additional
(b) The amount represents the prorated
Reserves due from Parcels within the Western improvement Area for
Interest for Delinquency and Prepayment
fiscal year 2025 based on the rcenta cs shoem in'Table B-6-2.
23
Appendix B
PID Assessment Notice
24
PID Assessment Notice
NOTICE OF OBLIGATION TO PAY PUBLIC IMPROVEMENT DISTRICT
ASSESSMENT TO
THE CITY OF FORT WORTH, TEXAS
CONCERNING THE FOLLOWING PROPERTY
[insert property address]
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 the Fort Worth Public Improvement District No. 17 (Rock
Creek Ranch) Public Improvement District (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 or MuniCap, Inc., the
District Administrator for the City, located at 600 E. John Carpenter Fwy, Suite 150, Irving,
Texas 75062 and available by telephone at (469) 490-2800 or (866) 648-8482 (toll free) and
email at txpidnmutticap.com.
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.
Date:
Signature of Seller Signature of Seller
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:
Signature of Purchaser Signature of Purchaser
STATE OF TEXAS
COUNTY OF
25
The foregoing instrument was acknowledged before me by
and . known to me to be the person(s)
whose name(s) is/are subscribed to the foregoing instrument, and acknowledged to me that he
or she executed the same for the purposes therein expressed, in the capacity stated and as the
act and deed of the above -referenced entities as an authorized signatory of said entities.
Given under my hand and seal of office on this 20_.
Notary Public, State of Texas
26
City of Fort Worth, Texas
Mayor and Council Communication
DATE: 08)27124 M&C FILE NUMBER: M&C 24-0730
LOG NAME: 17ROCK CREEK RANCH PID FY2025
SUBJECT
(CD 6) Approve Updated Five -Year Service and Assessment Plan and Fiscal Year 2025 Budget in the Amount of $1,757,311.93 for Fort Worth
Public Improvement District No. 17 - Rock Creek Ranch and Adopt Appropriation Ordinance
RECOMMENDATION:
It is recommended that the City Council:
1. Approve the attached updated five-year service and assessment plan and annual budget for Fiscal Year 2025 for Fort Worth Public
Improvement District No. 17 - Rock Creek Ranch; and
2. Adopt the attached ordinance increasing estimated receipts and appropriations in the Fort Worth Public Improvement District No. 17 - Rock
Creek Fund by a total of $1,757,311.93 of which $1,702,311.93 is from assessment revenues and $55,000.00 from reducing unreserved
fund balance, for the purpose of funding Public Improvement District No. 17 - Rock Creek Ranch during Fiscal Year2024-2025.
DISCUSSION:
The purpose of this Mayor and Council Communication (M&C) is to consider and approve a budget and updated service and assessment plan for
Fort Worth Public Improvement District (PID) No. 17 - Rock Creek (Rock Creek Ranch).
In December 2016, the City Council approved the creation of the Rock Creek Ranch PID, as a vehicle to finance certain authorized improvements
for the benefit of the property in the PID (M&C G-18910). PiDs are governed by Chapter 372 of the Texas Local Government Code, which requires
review and update of a PID's Service and Assessment Plan (SAP) on an annual basis and establishment of an annual budget.
On August 15, 2017, the City Council approved the initial Service and Assessment Plan (SAP) for the PID encompassing the major improvements
(water and sewer) in both the eastern and western improvement areas of the PID and adopted the ordinance levying assessments for those
improvements on property within the entire PID (M&C G-19077). In June of 2018 the City Council approved an amended SAP to include certain
roadway improvements to be provided in the western improvement area and enacting an ordinance levying assessments for those improvements
on property within the western improvement area (M&C G-19297).
City Council approved the issuance and sale of Special Assessment Revenue Bonds, Series 2017 (Fort Worth Public Improvement District No. 17
— Rock Creek Ranch -- Major Improvement project) in the aggregate principal amount of $12,685,000.00 (M&C G-19079) and issuance and sale
of Special Assessment Revenue Bonds, Series 2018 (Fort Worth Public Improvement District No. 17 — Rock Creek Ranch — Roadway
Improvement project), in the aggregate principal amount of $5,155,000.00 (M&C G-19296).
The SAP was updated in August of 2018 and an annual budget was adopted (M&C G-19355). Updated budget and assessment rolls for the PID
were adopted for subsequent years (M&C 20-0907 and 20-0009). On December 1, 2020, another public hearing was held and an amended and
restated SAP was adopted reflecting possible exclusion from the sewer assessment of properties within the PID if they do not receive a benefit
from the sewer portion of the major improvements and addressing maximum assessment rates triggered by sale of a portion of the property within
the PID by the developer.
This M&C and the attached SAP are intended to serve as the SAP update and annual budget for Fiscal Year 2025.
The Fiscal Year 2025 budget for the PID is summarized in the following table:
Revenues
Expenditures
Delinquency
Assessment
Revenue
Fund
Balance
Total
Debt Service
Administrative
Expenses
and
Prepayment
Total
Reserves
Major
Improvements
Assessment
$1 208,949.01
$35,000.00
$1,243,949.01
$1,125,968.78
$65,000.00
$52,980.23
$1,243,949.01
Area
Roadway
Improvements
Assessment
Area
$493,362.92
$20,000.00
$513,362.92
$447,148.11
$45,000.00
$21,214.81
$513,362.92
Totals $1,702,311.93 $55,000.00 $1,757,311.93 $1,573,116.89 $110,000.001 $74,195.04 $1,757,311.93
Assessment
Revenue
Fund
Balance
Total
Major Improvements
Assessment
$1,208,949.01
$35,000.00
$1,243,949.01
Roadway
Improvements
$493,362.92
$20,000.00
$513,362.92
Assessment Area
Totals
0
$1,757,311.93
A Form 1295 is not required because: This M&C does not request approval of a contract with a business entity.
SCAT INFQRMATION 1 CERTIFICATION'
The Director of Finance certifies that upon approval of the above recommendations and adoption of the Fiscal Year 2025 Budget by the City
Council, funds will be available in the Fiscal Year2025 operating budget, as appropriated, in the FWPID #17 -Rock Creek Fund. Priorto an
expenditure being incurred, the Economic Development Department has the responsibility to validate the availability of funds.
Submitted for City Manager's Office W. William Johnson 5806
Originating Business Unit Head; Robert Stums 2663
Additiol3al Information Contact: Crystal Hinojosa 7808