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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"Major Public Improvements" means those Public Improvements that confer special benefit on the entire District and are to be financed with Major Improvement PID Bonds, and as further described in Exhibit D of the PID Financing Agreement and in Table III -A of this Service and Assessment Plan and as generally depicted in Annendix E-1. "Multi -Family Parcel" means a Parcel located within the PID which has been designated at the time of the adoption of the initial Assessment Roll and approval of this SAP for the future development of multi -family residences. In accordance with the PDD, Parcels identified as Planning Areas 8 and 12 are designated as Multi -Family Parcels. "Non -Benefited Property" means Parcels within the boundaries of the District that accrue no special benefit from the Public Improvements, including Owner Association Property, Public Property and easements that create an exclusive use for a public utility provider. Property identified as Non -Benefited Property at the time the Special Assessments (i) are imposed or (ii) are reallocated pursuant to a subdivision of a Parcel is not assessed. Assessed Property converted to Non -Benefited Property, if the Special Assessments may not be reallocated pursuant to Section VI.D or Section VI.E, remains subject to the Special Assessments and requires the Special Assessments to be prepaid as provided for in Section VI.F. "Owner's Association" means a homeowner's association or property owner's association. "Owner's Association Special Assessment Allocation" means 1% of the total Special Assessment for a specific Parcel or phase that is allocated to cover the PID benefit received by the Owner's Association from the Owner's Association Property. "Owner's Association Property" means property within the boundaries of the PID that is owned by or irrevocably offered for dedication to, whether in fee simple or through an exclusive use easement, an Owners' Association established for the benefit of a group of homeowners or property owners within the PID. "Parcel" means a property identified by either a tax map identification number assigned by the Hays County Appraisal District for real property tax purposes, by metes and bounds description, by lot and block number in a final subdivision plat recorded in the official public records of the County, or by any other means determined by the City. "PID" means the Trace Public Improvement District created by the City pursuant to Resolution No. 2015-145R approved October20, 2015. "PID Act" means Chapter 372 of the Texas Local Government Code, as amended.