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“Indenture” means the applicable Indenture of Trust between the City and a trustee relating <br />to the issuance of a series of PID Bonds for financing costs of Public Improvements, as it may <br />be amended from time to time. <br />“Initial PID Bonds” means the first series of bonds issued to fund the Public Improvements <br />(or a portion thereof) that are secured by Assessments levied on Assessed Property. <br /> <br />“Initial Assessment(s)” means the $11,175,000 of Assessment levied on all Assessed <br />Property within the PID upon the adoption of the Assessment Ordinance 2016-42 dated <br />October 18, 2016 and levied in accordance with Sections 372.019 and 372.020 of the PID <br />Act. <br /> <br />“Landowner(s)” means Highpointe Trace, LLC, a California limited liability corporation, or <br />other entity affiliated with Highpointe Communities, Inc., Buffington Classic Texas Homes <br />LLC, and Pacesetter Homes LLC. <br /> <br />“Lot” means (i) for any portion of the Property for which a subdivision plat has been <br />recorded in the official public records of the County, a tract of land described as a “lot” in <br />such subdivision plat, and (ii) for any portion of the Property for which a subdivision plat <br />has not been recorded in the official public records of the County, a tract of land anticipated <br />to be described as a “lot” in a final recorded subdivision plat. <br /> <br />“Lot Type” means a classification of final building Lots with similar characteristics (e.g. <br />commercial, light industrial, multifamily residential, single family residential, etc.), as <br />determined by the Administrator and confirmed by the City Council. In the case of single <br />family residential Lots, the Lot Type shall be further defined by classifying the residential <br />Lots based on the estimated buildout value of the Lot, as determined by the Administrator <br />and confirmed by the City Council. <br /> <br />“Lot Type 1” means a Lot within Phase 1 designated as a 32’/34’ alley lot. <br /> <br />“Lot Type 2” means a Lot within Phase 1 designated as a 41’ alley lot. <br /> <br />“Lot Type 3” means a Lot within Phase 1 designated as a 50’ lot. <br /> <br />“Non-Benefited Property” means Parcels within the boundaries of the Property that accrue <br />no special benefit from the Public Improvements. Property identified as Non-Benefited <br />Property at the time the Assessments (i) are imposed or (ii) are reallocated pursuant to a <br />subdivision of a Parcel is not assessed. Assessed Property converted to Non-Benefited <br />Property, if the Assessments may not be reallocated pursuant to Section VI.C or Section <br />VI.D, remains subject to the Assessments and requires the Assessments to be prepaid as <br />provided for in Section VI.E. <br /> <br />“Original SAP” means the Trace Public Improvement District Service and Assessment Plan <br />approved by the City Council by an Assessment Ordinance 2016-42 dated October 18, 2016. <br />5 <br /> <br /> <br />