Res 2015-116/(PH) making findings as to the advisability of the improvements proposed in the Trace Public Improvement District in accordance with Chapter 372 of the Texas Local Government Code.

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2. Authorized Improvements for the Residential Phase 1 shall be constructed within eighteen months of City approval of Public Improvements Construction Plans, subject to force majeure. 3. Construction Plans for the Public Improvements for the Multi - Family Parcels (Planning Areas 8 and 12, as shown on Exhibit B) of the Authorized Improvements shall be submitted to the City for review within nine months after City Council approval of the formation of the PID, subject to force majeure. 4. Authorized Improvements for the Multi- Family Parcels shall be constructed within eighteen months of City approval of Public Improvements Construction Plans, subject to force majeure. 5. Construction Plans for the Public Improvements for the Commercial Parcels (Planning Areas 3, 9, 10, and 11, as shown on Exhibit B) of the Authorized Improvements shall be submitted to the City for review within nine months after City Council approval of the formation of the PID, subject to force majeure. 6. Authorized Improvements for the Commercial Parcels shall be constructed within eighteen months of City approval of Public Improvements Construction Plans, subject to force majeure. 7. Construction Plans for the Water and Wastewater Public Improvements in the future Right of Way of Road Segment D for a portion of Residential Phase 2 Parcels that serve Planning Areas 7 and 13 as shown on Exhibit B of the Authorized Improvements that are to be constructed concurrent with the Residential Phase 1 Parcels shall be submitted to the City for review within nine months after City Council approval of the formation of the PID, subject to delays outside the control of the Developer. 8. Water and Wastewater Public Improvements for a portion of the Residential Phase 2 Parcels that are to be constructed concurrent with the Residential Phase 1 Parcels as described in #7 above shall be constructed within eighteen months of City approval of Public Improvements Construction Plans, subject to force majeure. TERMS AND CONDITIONS 1. Authorized Improvements to be funded with the PID are provided in Exhibit C. 2. No PID bonds shall be issued without the approval by the City of a Service and Assessment Plan for the District. 3. No General Obligation or Certificate of Obligation bonds shall be utilized by the City to fund the PID.