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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evidence and testimony presented at the public hearing on September 1, 2015, hereby finds and declares: (a) Advisability of the Proposed Improvements. It is advisable to provide the Authorized Improvements described in the Petition and this Resolution. The Authorized Improvements will promote the interests of the City and will confer a special benefit on the Property. (b) General Nature of the Authorized Improvements. The general nature of the proposed public improvements are: (i) the establishment of parks and open space, together with the design, construction and maintenance of any ancillary structures, features or amenities such as trails, pavilions, public art, community facilities, irrigation, walkways, lighting, benches, trash receptacles and any similar items located therein: (i) acquisition, construction, and improvement of water and wastewater facilities; (ii) landscaping; (iii) acquisition, construction and improvement of drainage facilities; (iv) acquisition, construction and improvement of streets, roadways, rights -of -way and related facilities; (v) entry monuments and associated features; (vi) signage; (vii) projects similar to those listed in subsections (i) - (vi) above; and (viii) payment of costs associated with constructing and financing the public improvements listed in subparagraphs (i) - (vii) above, including costs of establishing, administering and operating the District. (c) Estimated Cost of the Authorized Improvements. $20,000,000.00 (including issuance and other financing costs). (d) Proposed Boundaries of the District. The proposed boundaries of the District are described on Exhibit A attached hereto. (e) Proposed Method of Assessment. An assessment methodology will be prepared that will address: (i) how the costs of the public improvements financed with the assessments are assessed against the property in the District, (ii) the assessments to be collected each year, and (iii) reduction of the assessments for costs savings (pursuant to the annual review of the service plan for the District). Additionally, a report will be prepared showing the special benefits accruing to property in the District and how the costs of the public improvements are assessed to property on the basis of the special benefits. The result will be that equal shares of the costs will be imposed on property similarly benefited. The assessment methodology will result in each parcel paying its fair share of the costs of the public improvements provided with the assessments based on the special benefits received by the property from the public improvements and property equally situated paying equal shares of the costs of the public improvements. (f) Proposed Apportionment of Cost Between the District and the Citv. Approval and creation of the District will not obligate the City to provide any finds to finance the proposed public improvements. All of the costs of the proposed public improvements will