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 I PLAN DESCRIPTION AND DEFINED TERMS Introduction A. On October 20, 2015, (the “Creation Date”), the City Council (the "City Council") of the City of San Marcos, Texas (the "City") approved Resolution No. 2015-145R, which authorized the creation of the Trace Public Improvement District (the “PID”) to finance the Actual Costs of the Public Improvements for the benefit of certain property in the PID, all of which is located within the city limits of the City. Chapter 372 of the Texas Local Government Code (as amended, the “PID Act”), governs the creation and operation of public improvement districts within the State of Texas. This 2018 Amended and Restated Service and Assessment Plan (the “2018 SAP”), which amends and restates the Original SAP (defined herein), was prepared pursuant to the PID Act. The Original SAP, as amended and restated by 2018 SAP, and as may be further updated, supplemented and amended from time to time, is the “SAP”. The PID Act requires that a service plan cover a period of at least five years and must also define the annual indebtedness and the projected costs for improvements. The PID Act also requires a service plan be reviewed and updated annually for the purpose of determining the annual budget for improvements. The service plan for the PID is described in more detail in Section V herein. The Assessment Roll for the PID is attached hereto as Appendix A, and is addressed in Section VII of this 2018 SAP. The Assessments as shown on the Assessment Roll are based on the method for establishing and levying the Assessments described in Sections IV and VI of this 2018 SAP. Definitions B. “2018 SAP” means this 2018 Amended and Restated Trace Public Improvement District Service and Assessment Plan (as such plan is amended, supplemented or updated from time to time) approved by the City Council by an Assessment Ordinance. “Acquisition and Reimbursement Agreement” means the Amended and Restated Trace Public Improvement District Reimbursement Agreement executed between, the City and Highpointe Trace, LLC, a California limited liability company (including its successors and assigns) effective as of September 18, 2018. “Actual Cost(s)” means, with respect to the Public Improvements, the Landowner’s demonstrated, reasonable, allocable, and allowable costs of constructing such Public Improvement, as specified in a payment request in a form that has been reviewed and approved by the City and in an amount not to exceed the amount for each Public Improvement as set forth in the 2018 SAP (subject to cost overruns in Section 5.01(e)). Actual Costs may include (a) the costs incurred by or on behalf of the Landowner (either directly or through affiliates) for the design, planning, financing, 2