Res 2020-174/approving the 2020 Annual Service Plan Update for the Trace Public Improvement District

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INTRODUCTION Capitalized terms used in this Annual Service Plan Update shall have the meanings set forth in the 20I9 Annual Service Plan Update used for the issuance of PID Bonds, unless the context in which a term is used clearly requires a different meaning. On October 20, 2015, the City Council approved Resolution No. 2015-145R, creating the PID in accordance with the Act to finance certain Authorized Improvements for the benefit of certain property within the PID. On October 18, 2016, the City Council approved the Original SAP and levied $11,175,000 in Assessments to finance the Authorized Improvements to be constructed for the benefit of the Assessed Property within the PID by approving Ordinance No. 2016-42. The Original SAP identified the Authorized Improvements to be provided by the PID, the costs of the Authorized Improvements, the indebtedness to be incurred for the Authorized Improvements, and the manner of assessing the property in the PID for the costs of the Authorized Improvements. The City also adopted an Assessment Roll identifying the Assessment on each Lot within the PID, based onthe method nfassessment identified inthe Original SAP. On October 16, 2018, the City Council approved and adopted Ordinance No. 20I8-38, which approved the 2018 SAP for the PID and levied $10,925,000 in additional Assessments on property within the PID, which was amended and restated by Ordinance No. 2018-51 dated December 12, 2018. OnJanuary 29, 2019, the City Council approved and adopted Ordinance No. 2019-06 which approved the 2019 Annual Service Plan Update providing updated Annual Installments resulting from the issuance of the Initial PID Bonds. OnAugust 6,2OI9,the City Council approved the 2Ol3Annual Service Plan Update bvapproving Ordinance No. 2O19-142.The 2019Annual Service Plan Update updated the Assessment Roll for 2019. Pursuant tothe Act, the SAP must bereviewed and updated annually. This document isthe 2020 Annual Service Plan Update. This document also updates the Assessment Roll for 2020. TRACE PID 2020 ANNUAL SERVICE PLAN UPDATE I