Ord 2020-037/approved an update to the Service and Assessment Plan for the Whisper Public Improvement District; making a finding of special benefit to the property in the district, levying additional assessments against property with the district; establi

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reserves and issue the PID Bonds at the time the PID Bonds are issued. The sources and uses of funds shown on Exhibit E shall be updated in each Annual Service Plan Update. SECTION V: ASSESSMENT PLAN The PID Act requires the City to apportion the Actual Costs of the Authorized Improvements to the Assessed Property based on the special benefit received from the Authorized Improvements. The PID Act provides that such costs may be apportioned: (1) equally per front foot or square foot; (2) according to the value of property as determined by the City, with or without regard to improvements constructed on the property; or (3) in any other manner approved by the City that results in imposing equal shares of such costs on property similarly benefited. The PID Act further provides that the governing body may establish by ordinance or order reasonable classifications and formulas for the apportionment of the cost between the municipality and the area to be assessed and the methods of assessing the special benefits for various classes of improvements. This section of this Service and Assessment Plan describes the special benefit received by each Assessed Property within the District as a result of the Authorized Improvements and provides the basis and justification for the determination that this special benefit exceeds the amount of the Assessments levied on the Assessed Property for such Authorized Improvements. The determination by the City of the assessment methodologies set forth below is the result of the discretionary exercise by the City Council of its legislative authority and governmental powers and is conclusive and binding on the Owner and all future owners and developers of the Assessed Property. A. Assessment Methodology The City Council, acting in its legislative capacity based on information provided by the Developer and its engineer and reviewed by the City staff and by third -party consultants retained by the City, has determined that the costs of the Major Improvements shall be allocated to each Parcel in the District pro rata based on Estimated Buildout Value of all Parcels. The allocation of the Major Improvements is shown on Exhibit C. Upon subdivision of an Assessed Property, the Actual Costs of the Authorized Improvements shall be reallocated based on Estimated Buildout Value as further described in Section VI. B. Assessments Assessments will be levied on each Parcel within the Assessed Property according to the Assessment Roll, attached hereto as Exhibit F. The projected Annual Installments are shown on Exhibit G-1. The projected Annual Installments for Tract #1 are shown on Exhibit G-2. The projected Annual Installments for Tract #2 are shown on Exhibit G-3. The projected Annual Installments for Tract #3 are shown on Exhibit G-4. The projected Annual Installments for Tract uimuuouuuuuuuuuuuuuuuuuuui��uuuuuiiui�i�m� wmmuuuu�wuuuuuiououuiouuuiouuuoioiouuioiououoioi�muiouoiouoioi�U�i��wiMN�i�i��iniu�miu�mmimiuiHhi�in��uitis��wuuuuu�uu��ui��umriuitis��ouiouiouhwioiouiououuuoiouuuiouuuuuuuuuuouuui�uuuti�uuuuiNuuflmii��uiu��uuu�m��wimiu�u�m�um�iwtitiriui�m�muuui�w��uuu�s��riuu�muoi��u��ti�uouuc�u� WHISPER PID SAP 13