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

Home Browse Search

"PID Bonds" means the special assessment revenue bonds to be issued by the City, in one or more series, to finance the Public Improvements that confer special benefit on the land within the District, which may include funds for any required reserves and amounts necessary to pay the PID Bond issuance costs, and to be secured by the revenues and funds pledged under an Indenture, consisting primarily of the Special Assessments, pursuant to the authority granted in the PID Act, and as described by this Agreement for the purposes of (i) financing the costs of Public Improvements and related costs and (ii) reimbursing the Landowner for Actual Costs paid prior to the issuance of the PID Bonds. This term is used to collectively refer to the Major Improvement PID Bonds, the Additional No. 1 PID Bonds, the Additional No. 2 PID Bonds and any Additional PID Bonds throughout this Agreement. "Planning Area(s)" means means one or more individual Parcels within the Project which are designated by the Landowners for specific land uses. At the time of the issuance of the PID Bonds, the Planning Areas are designated as follows: Planning Areas 1, 2, 6, 7 and 13 — Single Family Residential; Plannings Areas 8 and 12 — Multi -Family; Planning Areas 3, 10 and 11 — Retail; and Planning Area 9 — Business Park and as depicted on Appendix C attached hereto. "Prepayment Costs" mean interest and expenses to the date of prepayment, plus any additional expenses related to the prepayment, reasonably expected to be incurred by or imposed upon the City as a result of any prepayment of a Special Assessment and the PID Bonds secured by such Special Assessment. "Prepayment Reserve" has the meaning set forth in Section IV.H of this SAP. "Property" means the approximately 417.63 acres of property depicted and described by metes and bounds on Exhibit A to Resolution No. 2015-146R as adopted by City Council on October 29, 2015 of which 320.28 acres are developable and are to be assessed with a Special Assessment. The Property is located within the City and is legally described in Appendix B to this SAP and is depicted in Table ILA of this SAP. "Public Improvements" mean the Authorized Improvements designed, constructed, and installed in accordance with this SAP for which Special Assessments are levied against the Assessed Property that receives a special benefit from such improvement and depicted in Appendix E. "Public Property" means property, real property, right of way and easements located within the boundaries of the PID that is owned by or irrevocably offered for dedication to the federal government, the State of Texas, the County, the City, a school district, a public utility provider or any other political subdivision or public agency, whether in fee simple, through an exclusive use easement, plat, or a public utility easement. "Residential 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 single family residential homes. In accordance with the PDD, Parcels identified as Planning Areas 1, 2, 6, 7 and 13 are designated as Residential Parcels. 7