Ord 2018-038/approving an update to the service and assessment plan for the Trace Public Improvement District; making a finding of special benefit to the property in the district; levying additional special assessments against property within the district

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The Assessments and Annual Installments for each Parcel or Lot is shown on the Assessment Roll, attached as Appendix A, and no Assessment shall be changed except as authorized by this 2018 SAP or the PID Act. C.Findings of Special Benefit The City Council, acting in its legislative capacity based on information provided by the Landowner and its engineer and reviewed by the City staff and by third-party consultants retained by the City, has found and determined: 1.The estimated costs of the Public Improvements equal $22,386,420, as shown on Table III-A; and 2.The elementary school is allocated $223,864 of the Public Improvement costs, resulting in $22,162,556 being allocated to the Assessed Property; and 3.The Assessed Property receives special benefit from the Public Improvements equal to or greater than the Actual Cost of Assessed Property’s allocable share of the Public Improvements; and  4.The special benefit ( $22,162,556) received by the Assessed Property from the Public Improvements is greater than the combined amount of the Initial Assessments and Additional Assessments ($22,100,000) levied for the Public Improvements. 5.The Landowners acknowledgehave acknowledged by execution of the PID Financing Agreement that the Public Improvements confer a special benefit on the Assessed Property and have consented to the imposition of the Assessments to pay for the Actual Costs associated therewith. The Landowners have ratified, confirmed, accepted, agreed to and approved: (i) the determinations and findings by the City Council as to the special benefits described herein and the Assessment Ordinances; (ii) the 2018 SAP and the Assessment Ordinance, and (iii) the levying of Assessments on the Assessed Property. D.Annual Collection Costs The cost of administering the PID and collecting the Annual Installments shall be paid for on a pro rata basis by each Parcel or Lot based on the amount of outstanding assessment remaining on the Parcel or Lot. The Annual Collection Costs shall be collected as part of and in the same manner as Annual Installments in the amounts shown on the Assessment Roll shown on Appendix A, which is subject to revision through Annual Service Plan Updates. E.Additional Interest The interest rate on Assessments levied on the Assessed Property may exceed the interest rate on the PID Bonds by the Additional Interest. The Additional Interest shall be collected as part of each Annual Installment. The Additional Interest shall be deposited and used as described in the Indenture for any PID Bonds. Prior to the issuance of PID Bonds, no 14