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"Indenture" means an Indenture of Trust entered into in connection with the issuance of PID <br />Bonds, as amended orsupplemented from timetotime, between the City and the Trustee setting <br />forth terms and conditions related tothe PID Bonds. <br />"Lot" means (1) for any portion of the District for which a subdivision plat has been recorded in <br />the official public records of the County, a tract of land described as a "lot" in such subdivision <br />plat, and (2) for any portion of the District for which a subdivision plat has not been recorded in <br />the official public records of the County, a tract of land anticipated to be described as a "lot" in a <br />final recorded subdivision plat osshown on a concept plan orpreliminary plat. <br />"Lot Type" means a classification of final building Lots with similar characteristics (e.g. <br />commercial, light industrial, business park retail, office, multi -family, single-family residential, <br />buildout value, etc.), as determined by the Administrator and confirmed and approved by the <br />City Council. In the case of single-family residential Lots, there shall be only one Lot Type. <br />"Major Improvements" mean the Authorized Improvements that benefit the entire District and <br />are fully allocated to the Assessed Property. <br />"Maximum Assessment" means, for each Lot Type, onAssessment equal tothe lesser of: /1\the <br />amount calculated pursuant to Section VLA, and (2) an amount that produces an average Annual <br />Installment resulting in the N1axirnurn Equivalent Tax Rate. The K8exinnunn Assessment shall be <br />calculated at the time a final plat is recorded, issuance of a site development permit or units are <br />created by horizontal condominium regime, asapplicable, orany other action that would cause <br />the uses within aParcel todiffer from the uses shown onExhibit |. <br />"Maximum Equivalent Tax Rate" means, for each Annual Installment, (i) $0.17 per $100 of <br />Estimated Buildout Value for any single-family detached residential Parcels and (ii) $0.23 per <br />$100 of Estimated Buildout Value with respect to any other individual Parcel. <br />"Non -Benefitted Property" means Parcels within the boundaries of the District that accrue no <br />special benefit from Authorized improvements as determined by the City Council. <br />"Ovvner(s), means U\ YarhnQton Partners, [td, aTexas limited partnership, 0\ 135 Residential <br />Development, LU, aTexes limited liability company, (iii) the Developer, (iv) Whisper Industrial <br />2Ol9(}OZB,LLC, aTexas limited liability company, and kJany successor owner ofthe property <br />within the District, or any portion thereof, including a merchant builder, that intends to develop <br />such property for the ultimate purpose oftransfer toend users. <br />"Owners Association" means one or more property owners associations formed with respect to <br />all or a portion of the Assessed Properties that may own, operate and/ or maintain some of the <br />WHISPER PID SAP 7 <br />