Ord 2024-038 approving the 2024 Annual Service Plan Update for the Trace Public Improvement District

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INTRODUCTION Capitalized terms used in this 2024 Annual Service Plan Update shall have the meanings set forth in the 2023 Amended and Restated Service and Assessment Plan (the "2023 SAP") used for the issuance of the Additional 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 on the method of assessment identified in the Original SAP. On October 16, 2018, the City Council approved and adopted Ordinance No. 2018-38, which approved the 2018 SAP forthe 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. On January 29, 2019, the City Council approved and adopted Ordinance No. 2019-06 which approved the January 2019 Annual Service Plan Update for the purposes of updating the Assessment Roll in relation to the issuance of the Initial PID Bonds. On August 6, 2019, the City Council approved the 2019 Annual Service Plan Update by approving Resolution No. 2019-142R. The 2019 Annual Service Plan Update updated the Assessment Roll for 2019. On August 18, 2020,the City Council approved the 2020 Annual Service Plan Update by approving Resolution No. 2020-174R. The 2020 Annual Service Plan Update updated the Assessment Roll for 2020. On August 17, 2021,the City Council approved the 2021 Annual Service Plan Update by approving Resolution No. 2021-152R. The 2021 Annual Service Plan Update updated the Assessment Roll for 2021. iiiiiiiiiiiiiiiiiiiiiillillillillillillilliillillillillillillilliillillillilliillillillillillillilliillillillillillillilliillillillillillillillillillillilliillillillillillillilliillillillillillillilliillillillillillillillillillillilliillillillillillillilliillillillillillillilliillillillillillillillillillillilliillillillillillillilliillillillillillillilliillillillillillillillillillillilliillillillillillillilliillillillillillillilliillillillillillillillillillillilliillillillillillillilliillillillillillillilliillillillillillillillillillillilliillillillillillillilliillillillillillillilliillillillillillillillillillillilliillillillillillillilliillillillillillillilliillillillillillillillillillillilliillillillillillillilliillillillillillillilliillillillillillillillillillillilliillillillillillillilliillillillillillillilliillillillillillillillillillillilliillillillillillillilliillillillillillillilliillillillillillillillillillillilliillillillillillillilliillillillillillI TRACE PUBLIC IMPROVEMENT DISTRICT 2 2024 ANNUAL SERVICE PLAN UPDATE