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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pay to the City the full amount of the Assessment, plus all Prepayment Costs, for such Parcel, Lot or portion thereof prior to any such transfer or act. D.Mandatory Reduction of Assessments Pursuant to the PID Financing Agreement, the Landowner is required to prepay $2,600,000 in Assessments levied against the business park and retail parcels by the earlier of i) the issuance of Additional PID Bonds, and ii) August 31, 2022. If the $2,600,000 prepayment described above has not been received on or before August 31, 2022, then the Assessment levied against all property in the PID shall be reduced by $2,600,000, allocated to each Parcel pro rata based on the amount of outstanding Assessment levied against each Parcel. E.Reduction of Assessments If after all Public Improvements to be funded with PID Bonds have been completed and the Actual Costs for the Public Improvements are less than the costs used to calculate the Assessments, then the City may reduce the Assessment for each Assessed Property pro rata such that the sum of the resulting reduced Assessments for all Assessed Properties equals the reduced Actual Costs. Additionally, the City may, at its discretion use such excess bond proceeds to fund additional Public Improvements in the PID. The Assessments shall not be reduced to an amount less than the outstanding principal amount of the PID Bonds. Similarly, if the City does not undertake some of the Public Improvements, then the City may, at its discretion, reduce the Assessment for each Assessed Property pro-rata to reflect only the Actual Costs that were expended. The Assessments shall not be reduced to an amount less than the outstanding principal amount of the PID Bonds. F.Payment of Assessments 1.Prepayment in Full or in Part The Assessment for any Parcel or Lot may be paid in full, plus interest through the date of prepayment, at any time in accordance the PID Act. If an Annual Installment has been billed prior to payment in full of an Assessment, the Annual Installment shall be due and payable and shall be credited against the payment-in-full amount upon payment. Upon payment in full of an Assessment, the City shall deposit the payment in accordance with the related Indenture; whereupon, the Assessment for the Parcel or Lot shall be reduced to zero, and the Parcel or Lot owner’s obligation to pay the Assessment and Annual Installments thereof shall automatically terminate. The City shall provide the owner of the affected Assessed Property a recordable “Notice of PID Assessment Termination.” 20