Res 2020-233/making findings as to the advisability of the improvements proposed in the petition to create the River Bend Ranch Public Improvement District (the “District”); establishing the district; creating the Staples Road Public Improvement District

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Sewer Improvements and the Buffer Improvements, that make up the Authorized Improvements, are described in further detail in the opinion of probable cost attached hereto as Exhibit "B" and incorporated herein. The Authorized Improvements will be built in general conformity with the plans incorporated into Exhibit `B", subject to: modifications as required due to site conditions; modifications due to design constraints; and, modifications required by inspection and review of the plans by City. (c) Estimated Cost of the Authorized Improvements. The estimated costs of the Authorized Improvements are: the estimated capital cost of the design, construction, and acquisition of the Regional Sewer Improvements is $7,988,826.51; and, the estimated cost of the design, construction, and acquisition of the Buffer Improvements is $1,353,045.00. The total estimated cost of the Buffer Improvements and Regional Sewer Improvements which make up the Authorized Improvements within and or benefiting the District is not expected to exceed $10,000,000, which cost is proposed to be financed through the issuance of revenue bonds by the City pursuant to Chapter 372 of the Texas Local Government Code, together with the costs of administrating, establishing and operating the District, and the costs of issuance of such bonds (the "PID Bonds"). The face amount of the PID Bonds shall not exceed the greater of $10,000,000.00 or the actual cost of the Authorized Improvements based on the final plans for such improvements as approved by the City, and will be repaid solely from a pledge of assessments made and collected on benefitted property within the District. The estimated interest charged on the PID Bonds which will be paid from the assessments on benefited property will be established at the time of issuance but is estimated to be $7,900,000.00. The estimated cost of any other improvements identified in Section 3 (b) that are authorized by the City Council in a future resolution, if any, will be set forth in the resolution authorizing such improvements and the reimbursement agreements related to such improvements. (d) Boundaries of the Proposed District. The boundaries of the proposed District shall contain the Property as identified in Exhibits "A-1" and "A-2" which are attached hereto. (e) Proposed Method of Assessment. The City shall levy an assessment on each tract within the District to pay the cost of the Authorized Improvements in a manner that results in imposing equal shares of the cost on property similarly benefitted. The proposed method of assessment to be levied on each tract related to the costs of design, construction, financing, and acquisition of the Regional Sewer Improvements, the Buffer Improvements, and other Authorized Improvements is to impose special assessments to be paid in installments on all parcels of property within the District, net of any public right-of-way, according to the number of square feet of land contained in each parcel of property, or in any other manner that results in imposing equal shares of the cost of the Regional Sewer Improvements, the Buffer Improvements, and other Authorized Improvements on property similarly benefitted. For example, the cost of the Regional Sewer Improvements may be assessed based on number of living unit equivalent ("LLTE") in sewer capacity used by each property receiving sewer service. A report will be prepared by the showing the special benefits accruing to property within the District and how the costs of the Regional Sewer Improvements, Buffer Improvements, and other Authorized Improvements are assessed to property on the basis of special benefit received by the property from the said improvements. If an assessment is allowed to be paid in installments, then the installments must be paid in amounts necessary to meet annual costs for those authorized Resolution Establishing the River Bridge Ranch Public Improvement District Page 3