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

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EMINENT DOMAIN PREPAYMENT If any portion of any Parcel of Assessed Property is taken from an owner as a result of eminent domain proceedings or if a transfer of any portion of any Parcel of Assessed Property is made to an entity with the authority to condemn all or a portion of the Assessed Property in lieu of or as a part of an eminent domain proceeding (a "Taking"), the portion of the Assessed Property that was taken or transferred (the "Taken Property") shall be reclassified as Non -Benefitted Property. For the Assessed Property that is subject to the Taking as described in the preceding paragraph, the Assessment that was levied against the Assessed Property (when it was included in the Taken Property) prior to the Taking shall remain in force against the remaining Assessed Property /the Assessed Property less the Taken Property), (the "Remaining Property") fn||ovvinQ the reclassification of the Taken Property as Non -Benefitted Property, subject to an adjustment of the Assessment applicable to the Remaining Property after any required Prepayment as set forth below. The owner will remain liable to pay in Annual Installments, or payable as otherwise provided bythis Service and Assessment Plan, as updated, or the PID Act, the Assessment that remains due on the Remaining Property, subject to an adjustment in the Annual Installments applicable to the Remaining Property after any required Prepayment as set forth below. By way of illustration, if an owner owns IUO acres of Assessed Property subject to a $lOO Assessment and 10 acres is Laken through o Taking, the 10 acres of Taken Property shall be reclassified asNon-Benefitted Property and the remaining 90acres nfRemaining Property shall besubject tothe $IO0Assessment. Notwithstanding the previous paragraphs in this subsection, if the owner notifies the City and the Administrator that the Taking prevents the Remaining Property from being developed for any use which could support the estimated buildout value requirement, the owner shall, upon receipt of the compensation for the Taken Property, be required to prepay the amount of the Assessment required to buy down the outstanding Assessment nn the Remaining Property to support the estimated buildout value requirement. The owner will remain liable to pay the Annual Installments on both the Taken Property and the Remaining Property until such time that such Assessment has been prepaid in full. Notwithstanding the previous paragraphs in this subsection, the Assessments shall not, however, bereduced Loanamount less than the outstanding PID Bonds. ASSESSMENT ROLL The list of current Lots within the PID, the corresponding total Assessments, and current Annual TRACE PID 2020 ANNUAL SERVICE PLAN UPDATE 6