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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Section VI TERMS OF THE SPECIAL ASSESSMENTS A. Amount of Special Assessments and Annual Installments for Parcels The Special Assessments and Annual Installments for the Assessed Property are shown on the Assessment Roll in Annendix A. The Special Assessment and Annual Installments shall not be changed except as authorized under the terms of this SAP and the PID Act. The Annual Installments shall be collected in an amount sufficient to pay (i) the principal and interest on the Major Public Improvement PID Bonds, (ii) to fund the Prepayment Reserve for the Major Public Improvement PID Bonds, (iii) to fund the Delinquency Reserve for the Major Public Improvement PID Bonds, and (iv) to cover the Administrative Expenses of the Major Improvement Public Improvement PID Bonds. B. Reallocation of Assessments for Parcels Located Within Major Improvement Area 1. Upon Division Prior to Recording of Subdivision Plat The Special Assessments for each initial Parcel are based on the estimated build out value for the number and type of expected Lots within that Parcel shown on the parcel map attached hereto as Appendix D ("the Parcel Map"). The number of each type of Lot contained in each Parcel was counted and the amount of Special Assessments shown on Table IV -C for each Lot Type was added up to calculate the amount of the Special Assessment for each Parcel. For example, as shown for phase 1A on Table IV -C, it includes 390 single family Lots, 275 in Planning Area One, and 115 in Planning Area Two. Accordingly, the Special Assessment for the Phase 1A portion of the Assessed Property, funded by the Major Public Improvement PID Bonds, is $3,825,000, ($2,542,308 + $1,282,692). As Lots are platted in accordance with the Parcel Map, each Lot will be assessed the Special Assessment that it was assigned pursuant to Table IV -C. If Lots are not platted in accordance with the parcel map as depicted in Appendix C, the Special Assessments for each affected Lot will be allocated in an equitable manner, but in no event will such new allocation increase the total Special Assessment for each Lot as identified in Table IV -C. 2. Upon Subdivision by a Recorded Subdivision Plat Once a Lot has a Special Assessment applied to it, as shown in Table IV -C, and then proceeds to be subdivided again, in no event will the new subdivision cause the sum of the Special Assessments for the subdivided Lots to be greater than the Special Assessment for the Lot prior to its subdivision. 23