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

Section V SERVICE PLAN The PID Act requires the Service Plan (i) cover a period of at least five years, and (ii) define the annual projected costs and indebtedness for the Public Improvements undertaken within the PID during the five year period. It is anticipated that it will take approximately 18 months for the Major Public Improvements to be constructed. The estimated Actual Costs for the Major Public Improvements plus costs related to the issuance of the Major Public Improvement PID Bonds, and payment of expenses incurred in the establishment, administration and operation of the PID is $11,194,308 as shown in Table V-A. The Service Plan shall be reviewed and updated at least annually for purposes of determining the annual budget for Administrative Expenses, updating the estimated costs of the Public Improvements, and updating Assessment Roll shown on Annendix A. Any update to this SAP is herein referred as an "Annual Service Plan Update." Table V-A summarizes the sources and uses of funds required to construct the Major Improvements, establish the PID, and issue the Major Improvement Public Improvement PID Bonds. The sources and uses of funds shown in Table V-A shall be updated each year in the Annual Service Plan Update to reflect any revisions to the Actual Costs and Additional PID Bond issues, if any. Sources of Funds Gross Bond Amount $ 11,175,000 Owner Contribution (a) 19,308 $ 11,194,308 Uses of Funds Authorized Improvements (b): $ 9,334,058 Other Fund Deposits: Debt Service Reserve Fund (c): $ 869,000 Capitalized Interest (d): 156,000 $ 1,025,000 Cost of Issuance: $ 500,000 Underwriter's Discount/Underwriter Counsel (e): $ 335,250 $ 11,194,308 21