Res 2018-172/amending and restating the Trace Public Improvement District Financing Agreement

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WHEREAS, the City has also approved the levy of additional assessments in the amount of$10,925,000.00 pursuant to Assessment Ordinance No: , dated October 16, 2018 (the "Additional Assessment Ordinance"); WHEREAS, the City and Owner wish to amend and restate the Original Financing Agreement to reflect the approval of, among other things, the 2018 SAP and the levy of additional assessments on the Property pursuant to the Additional Assessment Ordinance; WHEREAS, the terms of annexation and zoning of the Property have been agreed to by the City and the Owner pursuant to the Trace Planned Development District agreement (as amended from time to time the "POD") which was approved by the City contemporaneously with the Original Financing Agreement; WHEREAS, the Agreement Regarding Fire Station (defined herein) was also approved by the City on even date of the Original Financing Agreement; WHEREAS, the City and Owner have entered into that certain Amended and Restated Trace Public Improvement District Reimbursement Agreement on even date herewith (as the same may be amended from time to time the "Amended Reimbursement Agreement") which supersedes and replaces the Original Reimbursement Agreement; WHEREAS, the Owner proposes to construct certain improvements over time to serve Property located in the District (or portions thereof) and transfer some or all of those improvements to the City or City in accordance with the terms and provisions of this Agreement; WHEREAS, the City has adopted the 2018 SAP, approved the Original and Additional Assessment Ordinance, and levied Special Assessments on all of the property located within the District and intends to issue bonds in two or more series for payment of costs associated with the acquisition of the Public Improvements (as defined herein) included in the 2018 SAP, as such plan may be amended from time to time; and WHEREAS, the City has determined that it is in its best interests to contract with the Owner for the construction and acquisition of the Public Improvements, which will result in the efficient and effective implementation of the 2018 SAP. NOW, THEREFORE, for and in consideration of the mutual agreements, covenants, and conditions contained herein, and other good and valuable consideration, the parties hereto agree as follows: ARTICLE I. SCOPE 01?AGREEMENT This Agreement establishes provisions for the apportionment, levying, and collection of Special Assessments on the Property(Article II), the Construction of Public Improvements to be acquired by the City (Article III), funding of Public Improvements through the issuance of PID Bonds (as hereinafter defined), acquisition and maintenance of Public Improvements within the District (Article IV), and the issuance of bonds for the financing of the Public Improvements 3