Laserfiche WebLink
<br />A = \[B x (C ÷ D)\]/E <br />Where the terms have the following meanings: <br />A = the Special Assessment for the newly subdivided Lot <br />B = the Special Assessment for the Parcel prior to subdivision <br />C = the sum of the estimated average buildout value of all newly subdivided <br />Lots with same Lot Type <br />D = the sum of the estimated average buildout value for all of the newly <br />subdivided Lots excluding Non-Benefitted Property <br />E= the number of Lots with same Lot Type <br />Prior to the recording of a subdivision plat, the Landowner shall provide the City an <br />estimated buildout value as of the date of the recorded subdivision plat for each Lot <br />created by the recorded subdivision plat considering factors such as density, lot size, <br />proximity to amenities, view premiums, location, market conditions, historical sales, <br />discussions with homebuilders, and any other factors that may impact value. The <br />calculation of the estimated average buildout value for a Lot shall be performed by <br />the Administrator and confirmed by the City Council based on information provided <br />by the Landowner, homebuilders, third party consultants, and/or the official public <br />records of the County regarding the Lot. <br />The sum of the Special Assessments for all newly subdivided Lots shall not exceed the <br />Special Assessment for the portion of the Assessed Property subdivided prior to <br />subdivision. The calculation shall be made separately for each newly subdivided <br />Assessed Property. The reallocation of a Special Assessment for an Assessed Property <br />that is a homestead under Texas law may not exceed the Special Assessment prior to <br />the reallocation. Any reallocation pursuant to this section shall be reflected in an <br />Annual Service Plan Update approved by the City Council. <br /> <br />3.Upon Consolidation <br /> <br /> <br />Upon the consolidation of two or more Assessed Properties, the Special Assessment <br />for the consolidated Assessed Property shall be the sum of the Special Assessments <br />for the Assessed Properties prior to consolidation. The reallocation of a Special <br />Assessment for an Assessed Property that is a homestead under Texas law may not <br />exceed the Special Assessment prior to the reallocation. Any reallocation pursuant to <br />this section shall be calculated by the Administrator and reflected in an Annual <br />Service Plan Update approved by the City Council. The consolidation of any Assessed <br />Property as described herein shall be considered an administrative action and will <br />not require any notice or public hearing (as defined in the PID Act) by the City Council. <br /> <br />C.Mandatory Prepayment of Assessments <br /> <br /> <br />If Assessed Property or a portion thereof is transferred to a party that is exempt from the <br />payment of the Special Assessment under applicable law, or if an owner causes a Parcel or <br />portion thereof to become Non-Benefited Property, the owner of such Parcel or portion <br />18 <br /> <br /> <br />