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

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(Article V). Definitions used herein are set forth in Exhibit"A" attached hereto and made a part hereof and in the 2018 SAP. ARTICLE D. APPORTIONMENT,LEVY AND COLLECTION OF ASSESSMENTS Section 2.01. Preliminary Matters (a) On October 20, 2015, the City authorized the formation of the District by Resolution No. 2015-145R. The District includes all of the Property. (b) Although the Property may be developed in phases, it is anticipated that the Public Improvements will benefit the entire District. As a result,it is currently contemplated that there will be (i) one initial series of bonds issued for the entire District, the "Initial Major Improvement PID Bonds" (as further defined in Exhibit "A") and (ii) bonds issued for the entire District at a future date if the Initial Major Improvement PID Bonds are less than the amount of the outstanding Special Assessments, the "Additional Major Improvement PID Bonds" (as further defined in Exhibit "A"). It is hereby acknowledged that the Special Assessments have already been levied by the Initial Assessment Ordinance and the Additional Assessment Ordinance and, subject to the Amended Reimbursement Agreement, will be used to secure the Initial Major Improvement PID Bonds and the Additional Major Improvement PID Bonds. (c) The 2018 SAP was approved by the City on August 7, 2018 and amends and restates the Original Service and Assessment Plan. The 2018 SAP will be updated and amended by the City or its Administrator at least once per year, and submitted for the City Council's review and approval. Notwithstanding the above, it is hereby understood and acknowledged by the Parties that the 2018 SAP may need to be amended over time if there are any changes in the Public Improvements in accordance with the terms set forth in this Agreement. Nevertheless, the basic terms and methodology described in the 2018 SAP will generally apply to the Initial Major Improvement PID Bonds and the Additional Major Improvement PID Bonds. (d) Special Assessments on any portion of the Property will bear a direct proportional relationship to and be less than or equal to the special benefit of the Public Improvements within the District. (e) Special Assessments on any portion of the Property may be adjusted in connection with Major Improvement PID Bond issues or otherwise so long as the Special Assessments are determined in accordance with the 2018 SAP. (f) The Property may also be subject to an Owner's Association assessment. (g) Prior to the issuance of the PID Bonds, the Owner shall provide an Appraisal to the City for the City's review and approval covering the portion of the Property that are subject to the Special Assessments. The City shall select the appraiser, in consultation with the Owner and the Underwriter, and all reasonable fees of the Appraisal shall be paid by the Owner. 4