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The Special Assessments and Annual Installments for each Parcel or Lot is shown on the <br />Assessment Roll, attached as Appendix A, and no Special Assessment shall be changed <br />except as authorized by this 2018 SAP or the PID Act. <br /> <br />C.Findings of Special Benefit <br /> <br /> <br />The City Council, acting in its legislative capacity based on information provided by the <br />Landowner and its engineer and reviewed by the City staff and by third-party consultants <br />retained by the City, has found and determined: <br />1.The estimated costs of the Public Improvements equal $22,386,420, as shown <br /> <br />on Table III-A; and <br />2.The Assessed Property receives special benefit from the Public Improvements <br /> <br />equal to or greater than the Actual Cost of the Public Improvements; and <br /> <br />3.The special benefit ( $22,386,420) received by the Assessed Property from <br /> <br />the Public Improvements is greater than the combined amount of the Initial <br />Special Assessments and Additional Special Assessments ($22,100,000) levied <br />for the Public Improvements. <br />4.The Landowners acknowledge that the Public Improvements confer a special <br /> <br />benefit on the Assessed Property and has consented to the imposition of the <br />Special Assessments to pay for the Actual Costs associated therewith. The <br />Landowners have ratified, confirmed, accepted, agreed to and approved: (i) <br />the determinations and findings by the City Council as to the special benefits <br />described herein and the Assessment Ordinance; (ii) the 2018 SAP and the <br />Assessment Ordinance, and (iii) the levying of Special Assessments on the <br />Assessed Property. <br /> <br />D.Administrative Expenses <br /> <br /> <br />The cost of administering the PID and collecting the Annual Installments shall be paid for on <br />a pro rata basis by each Parcel or Lot based on the amount of outstanding assessment <br />remaining on the Parcel or Lot. The Administrative Expenses shall be collected as part of <br />and in the same manner as Annual Installments in the amounts shown on the Assessment <br />Roll shown on Appendix A, which is subject to revision through Annual Service Plan <br />Updates. <br /> <br />E.Additional Interest <br /> <br /> <br />The interest rate on Special Assessments levied on the Assessed Property may exceed the <br />interest rate on the Major Improvement PID Bonds by the Additional Interest. The Additional <br />Interest shall be collected as part of each Annual Installment. The Additional Interest shall <br />be deposited and used as described in the Indenture for any Major Improvement PID Bonds. <br />Prior to the issuance of Major Improvement PID Bonds, no Additional Interest will be <br />collected. <br />14 <br /> <br /> <br />