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A = \[B x (C ÷ D)\]/E <br />Where the terms have the following meanings: <br />A = the Assessmentfor the newly subdivided Lot <br />B = the Assessmentfor the Parcel prior to subdivision <br />C = the sum of the estimated average buildout value of all newly subdivided <br />Lots with same Lot Type <br />D = the sum of the estimated average buildout value for all of the newly <br />subdivided Lots excluding Non-Benefitted Property <br />E= the number of Lots with same Lot Type <br />Prior to the recording of a subdivision plat, the Landownershall provide the City an <br />estimated buildout value as of the date of the recorded subdivision plat for each Lot <br />created by the recorded subdivision plat considering factors such as density, lot size, <br />proximity to amenities, view premiums, location, market conditions, historical sales, <br />discussions with homebuilders, and any other factors that may impact value. The <br />calculation of the estimated average buildout value for a Lot shall be performed by <br />the Administrator and confirmed by the City Council based on information provided <br />by the Landowner, homebuilders, third party consultants, and/or the official public <br />records of the County regarding the Lot. <br />The sum of the Assessments for all newly subdivided Lots shall not exceed the <br />Assessmentfor the portion of the Assessed Property subdivided prior to subdivision. <br />The calculation shall be made separately for each newly subdivided Assessed <br />Property. The reallocation of anAssessmentfor an Assessed Property that is a <br />homestead under Texas law may not exceed the Assessmentprior to the reallocation. <br />Any reallocation pursuant to this section shall be reflected in an Annual Service Plan <br />Update approved by the City Council. <br />3.Upon Consolidation <br />Upon the consolidation of two or more Assessed Properties, the Assessmentfor the <br />consolidated Assessed Property shall be the sum of the Assessments for the Assessed <br />Properties prior to consolidation. The reallocation of anAssessmentfor an Assessed <br />Property that is a homestead under Texas law may not exceed the Assessmentprior <br />to the reallocation. Any reallocation pursuant to this section shall be calculated by the <br />Administrator and reflected in anAnnual Service Plan Updateapproved by the City <br />Council.The consolidation of any Assessed Property as described herein shall be <br />considered an administrative action and will not require any notice or public hearing <br />(as defined in the PID Act) by the City Council. <br />C.Mandatory Prepayment of Assessments <br />If Assessed Property or a portion thereof is transferred to a party that is exempt from the <br />payment of the Assessmentunder applicable law, or if an owner causes a Lot, Parcel or <br />portion thereof to become Non-Benefited Property, the owner of such Lot, Parcel or portion <br />thereof shall pay to the City the full amount of the Assessment, plus all Prepayment Costs, <br />and Delinquent Collection Costs, for such Lot, Parcelor portion thereof prior to any such <br />transfer or act. <br />17 <br /> <br />