Res 2015-146/Trace PID Finance Agreement

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WHEREAS, the City has determined that it is in its best interests to contract with the Owner for the construction of the Public Improvements, which will result in the efficient and effective implementation of the Service and Assessment Plan. NOW, THEREFORE, for and in consideration of the mutual agreements, covenants, and conditions contained herein, and other good and valuable consideration, the parties hereto agree as follows: ARTICLE L SCOPE OF AGREEMENT This Agreement establishes provisions for the apportionment, levying, and collection of Special Assessments on the Property (Article 11), the Construction of Public Improvements to be acquired by the City (Article III), funding of Public Improvements through the issuance of PID Bonds (as hereinafter defined), acquisition and maintenance of Public Improvements within the District (Article IV), and the issuance of bonds for the financing of the Public Improvements (Article V). Definitions used herein are set forth in Exhibit "A" attached hereto and made a part hereof and in the Service and Assessment Plan. ARTICLE II. APPORTIONMENT, LEVY AND COLLECTION OF ASSESSMENTS Section 2.01. Preliminary Matters (a) On October 20, 2015, the City authorized the formation of the District by Resolution No. . The District includes all of the Property. (b) The Property will be developed in phases. It is anticipated that some Public Improvements will be constructed that benefit only an Additional Improvement Area, while other Public Improvements will benefit the entire District. As a result, Special Assessments will be levied on only certain Additional Improvement Areas from time to time as the development in the District progresses. As such, it is currently contemplated that there will be (i) bonds issued for the entire District, the "Major Public Improvement PID Bonds" (as further defined in Exhibit "A ") and (ii) bonds issued for different Additional Improvement Areas, the "Additional Improvement PID Bonds" (as further defined in Exhibit "A "). (c) A draft of the initial Service and Assessment Plan for the Property is attached hereto as Exhibit "C." The Owner acknowledges and agrees that the Service and Assessment Plan must meet the requirements of Texas Local Government Code Sections 372.013 and 372.014 and be presented to the City Council for review and approval prior to approval of the Assessment Ordinance and PID Bonds being issued. The final Service and Assessment Plan approved pursuant to the Initial Assessment Ordinance shall be substantially similar to the draft attached hereto as Exhibit "C" hereto and shall be substituted for and replace Exhibit "C" hereto. Thereafter, the Service and Assessment Plan will be updated and amended by the City or its Administrator at least once per year, and submitted for the City Council's review and approval. Notwithstanding the above, it is hereby understood and acknowledged by the Parties that the Service and Assessment Plan may need to be amended over time if there are any changes in the Major Improvements, Additional Improvements, or Additional Improvement Areas in accordance with the terms set forth in this Agreement. Nevertheless, the basic terms and methodology described in the Service and