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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Section V SERVICE PLAN The PID Act requires a service plan to (i) cover a period of at least five years, and (ii) define the annual projected costs and indebtedness for the Public Improvements undertaken within the PID during the five year period. It is anticipated that it will take approximately 18 months for the Public Improvements to be constructed. The estimated cost for the Public Improvements is $22,386,420 as shown in Table V-A. The service plan shall be reviewed and updated at least annually for purposes of determining the annual budget for Annual Collection Costs, updating the costs of the Public Improvements, and updating Assessment Roll shown on Appendix A. Table V-A summarizes the sources and uses of funds required to construct the Public Improvements. The sources and uses of funds shown in Table V-A shall be updated each year in the Annual Service Plan Update. TABLE V-A Sources and Uses of Funds SOURCES Initial Special Assessment (a) $ 11,175,000 Additional Special Assessment (a) 10,925,000 Landowner Contribution for Elementary School (b) 223,864 Landowner Contribution (b) 62,556 $ 22,386,420 USES Public Improvements $ 22,386,420 Debt Service Reserve Fund (c) - Capitalized Interest (c) - Underwriter Discount (c) - Cost of Issuance (c) - $ 22,386,420 (a)Will be used to pay the City’s obligations under any PID Bonds and the Acquisition and Reimbursement Agreement (b)Not subject to Acquisition and Reimbursement Agreement. The Landowner will pay for the elementary school’s allocable share of the Public Improvements rather than having an Assessment levied on the elementary school. (c)To be determined at time PID Bonds are issued. 16