Res 2016-150/approving the Landowner Agreement and Notice of Special Assessments Agreement with Highpointe Trace, LLC for the Trace Public Improvement District (PID).

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Section I PLAN DESCRIPTION AND DEFINED TERMS A. Introduction On October 20, 2015, (the "Creation Date"), the City Council (the "City Council") of the City of San Marcos, Texas (the "City") approved Resolution No. 2015-145R, which authorized the creation of the Trace Public Improvement District (the "PID") to finance the Actual Costs of the Public Improvements for the benefit of certain property in the PID, all of which is located within the city limits of the City of San Marcos, Texas (the "City"). The City Council, on October 20, 2015, approved a Planned Development District agreement (the "PDD") to establish certain development standards for portions of the property within the PID. 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 (the "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." 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 herein. The Assessment Roll for the PID is attached hereto as Annendix A. and is addressed in Section VII of this SAP. The Special Assessments as shown on the Assessment Roll are based on the method for establishing and levying the Special Assessment described in Sections IV and VI of this SAP. B. Definitions Capitalized terms shall have the meanings ascribed to them as follows: "Acquisition and Reimbursement Agreement" means (whether one or more) an agreement that provides for construction and dedication of a Public Improvement to the City prior to the Landowner being paid out of the applicable PID Bonds proceeds, whereby all or a portion of the Actual Costs will be paid to Landowner initially from Special Assessment Revenues (and ultimately from the applicable PID Bonds) to reimburse the Landowner for Actual Costs paid by the Landowner that are eligible to be paid with PID Bond proceeds. The form of Acquisition and Reimbursement Agreement shall be reasonably acceptable to both City and Landowner and substantially in accordance with the form attached as Exhibit "H" to the PID Financing Agreement. It is intended that Acquisition and Reimbursement Agreements will be used in connection with the Major Improvement Public Improvement and the Additional Improvement PID Bonds. 4