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Lots based on the estimated buildout value of the Lot, as determined by the Administrator <br />and confirmed by the City Council. <br />"Lot Type 1" means a Lot within Phase 1 designated as a 32'/34' alley lot. <br />"Lot Type 2" means a Lot within Phase 1 designated as a 41' alley lot. <br />"Lot Type 3" means a Lot within Phase 1 designated as a 50' lot. <br />"Non -Benefited Property" means Parcels within the boundaries of the Property that accrue <br />no special benefit from the Public Improvements. Property identified as Non -Benefited <br />Property at the time the Assessments (i) are imposed or (ii) are reallocated pursuant to a <br />subdivision of a Parcel is not assessed. Assessed Property converted to Non -Benefited <br />Property, if the Assessments may not be reallocated pursuant to Section VI.0 or Section <br />VI.D, remains subject to the Assessments and requires the Assessments to be prepaid as <br />provided for in Section VI.E. <br />"Original SAP" means the Trace Public Improvement District Service and Assessment Plan <br />approved by the City Council by an Assessment Ordinance 2016-42 dated October 18, 2016. <br />"Parcel" means a property identified by either a tax map identification number assigned by <br />the Hays County Appraisal District for real property tax purposes, by metes and bounds <br />description, by lot and block number in a final subdivision plat recorded in the official public <br />records of the County, or by any other means determined by the City. <br />"Phase 1" means the platted property contained within the Trace Subdivision Section A, PA <br />1A Phase A-1 Final Plat attached hereto as Appendix H and the property contained within <br />the Trace Subdivision Section A, PA 2A Phase A Final Plat attached hereto as Appendix I. <br />"PID" means the Trace Public Improvement District created by the City pursuant to <br />Resolution No. 2015-145R approved on October 20, 2015. <br />"PID Act" means Chapter 372 of the Texas Local Government Code, as amended. <br />"PID Bonds" means the Assessment revenue bonds to be issued by the City, in one or more <br />series, to finance the Public Improvements that confer special benefit on the Assessed <br />Property within the PID, which may include funds for any required reserves and amounts <br />necessary to pay the PID Bonds issuance cost, and to be secured by the revenues and funds <br />pledged under an Indenture, consisting primarily of the Assessments, pursuant to the <br />authority granted in the PID Act, for the purposes of (i) financing the costs of Public <br />Improvements and related costs and (ii) reimbursing the Landowner for Actual Costs paid <br />prior to the issuance of the PID Bonds. This term is also used to collectively refer to the Initial <br />PID Bonds and any Additional PID Bonds throughout this SAP. <br />E <br />