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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When the City Council approved this SAP, the Landowner owned 100% of the Assessed Property. The Landowner has acknowledged that the Major Public Improvements confer a special benefit on the Assessed Property and consented to the imposition of the Special Assessments to pay for the Actual Costs associated therewith. The Owner has ratified, confirmed, accepted, agreed to and approved: (i) the determinations and findings by the City Council as to the special benefits described herein and the Assessment Ordinance; (ii) the SAP and the Assessment Ordinance, and (iii) the levying of Special Assessments on the Assessed Property. The City Council determined that funding the Actual Costs for the Major Public Improvements through the PID is beneficial to the City. Accordingly, the Major Public Improvements confer a special benefit to the Assessed Property, and such special benefit exceeds the amount of the Special Assessment levied on the Assessed Property from the Major Public Improvement PID Bonds. This conclusion is supported by the evidence, information, and testimony provided to the City Council. C. Allocation of Actual Costs of Major Public Improvements The Major Public Improvements funded by the Major Public Improvement PID Bonds will provide a special benefit to the property, other than the Non -Benefited Property, in the District. The Actual Costs of the Major Public Improvements funded by the Major Public Improvement PID Bonds are, therefore, allocated to the Assessed Property, as shown in Table IV -A. The costs detailed in Table IV -A represent only estimates and are subject to revision through the Annual Service Plan Updates, but may not result in increased Special Assessments except as authorized under this SAP or the PID Act. If and when Additional Improvement PID Bonds are issued, this Service and Assessment Plan will be updated with a Table IV -13 to reflect the revised allocation of Actual Costs of the Additional Public Improvements to be funded at that time. 15