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 VI TERMS OF THE ASSESSMENTS A.Amount of Assessments and Annual Installments for Parcels The Assessments and Annual Installments for the Assessed Property are shown on the Assessment Roll in Appendix A. The Assessment and Annual Installments shall not be changed except as authorized under the terms of this 2018 SAP and the PID Act. B.Reallocation of Assessments 1.Upon Division Prior to Recording of Subdivision Plat Upon the division of any Assessed Property (without the recording of a subdivision plat), the Administrator shall reallocate the Assessment for the Assessed Property prior to the division among the newly divided Assessed Properties according to the following formula: A = B x (C ÷ D) Where the terms have the following meanings: A = the Assessment for the newly divided Assessed Property B = the Assessment for the Assessed Property prior to division C = the estimated buildout value of the newly divided Assessed Property D = the sum of the estimated buildout value for all of the newly divided Assessed Properties The calculation of the buildout value of an Assessed Property shall be performed by the Administrator based on information from the Landowners, homebuilders, market studies, appraisals, official public records of the County, and any other relevant information regarding the Assessed Property. The calculation as confirmed by the City Council shall be conclusive. The sum of the Assessments for all newly divided Assessed Properties shall equal the Assessment for the Assessed Property prior to subdivision. The calculation shall be made separately for each newly divided Assessed Property. The reallocation of an Assessment for an Assessed Property that is a homestead under Texas law may not exceed the Assessment prior to the reallocation. Any reallocation pursuant to this section shall be reflected in an Annual Service Plan Update approved by the City Council. 2.Upon Subdivision by a Recorded Subdivision Plat Upon the subdivision of any Assessed Property based on a recorded Subdivision Plat, the Administrator shall reallocate the Assessment for the Assessed Property prior to the subdivision among the newly subdivided Lots based on buildout value according to the following formula: 18