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

LANDOWNER AGREEMENT AND NOTICE OF SPECIAL ASSESSMENTS (Trace Public Improvement District) This LANDOWNER AGREEMENT AND NOTICE OF SPECIAL ASSESSMENTS (the "Agreement") is entered into among the CITY OF SAN MARCOS, TEXAS, a home -rule municipal corporation of the State of Texas (the "City"), HIGHPOINTE TRACE, LLC, a California limited liability company (the "Landowner") (individually "Party" or collectively "Parties"). This Agreement shall be effective on the latest date it is executed by all the Parties (the "Effective Date"). RECITALS WHEREAS, the Landowner owns approximately 417.63 acres of land located in San Marcos, Hays County, Texas which is more particularly described in Exhibit "A" attached hereto (the "Land"). WHEREAS, the Land constitutes taxable, privately -owned land located within the Trace Public Improvement District (the "District") created pursuant to the authority of Chapter 372, Texas Local Government Code, as amended (the "PID Act"); WHEREAS, the Landowner and the City have entered into that certain Trace Public Improvement District Financing Agreement (as such agreement may be amended from time to time as provided therein, the "PID Finance Agreement"), relating to, among other matters, the levy of assessments on the Land, the issuance of revenue bonds secured by such assessments, and the construction of the "Public Improvements" as defined therein; WHEREAS, the City Council of the City (the "City Council") has contemporaneously herewith adopted an assessment ordinance (Ordinance No. 2016-42) (including all exhibits, the "Assessment Ordinance") that levied a Special Assessment on each Parcel within the District, which Special Assessments will be pledged as security for the payment of PID Bonds to be issued by the City to pay for, among other things, the costs of constructing the Public Improvements that will confer a special benefit on the property in the District; WHEREAS, a copy of the Assessment Ordinance is attached hereto as Exhibit B; WHEREAS, the Assessment Ordinance includes a "Service and Assessment Plan"; WHEREAS, the Service and Assessment Plan includes an "Assessment Roll" setting forth the amount of the Special Assessment for each Assessed Parcel, including the amount of the "Annual Installment" for each Special Assessment paid in installments; and NOW THEREFORE, for and in consideration of the mutual promises, covenants, obligations, and benefits hereinafter set forth, the Parties agree as follows: Landowner Agreement (Trace PID) v2 Final