Res 2021-087/making findings as to the advisability of the improvements proposed in the Whisper South Public improvement District

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Section 3. Pursuant to the requirements of the Act, including, without limitation, Sections 372.006, 372.009(a), and 372.009(b), the City Council, after considering the Petition and the evidence and testimony presented at the public hearing on May 4 , 2021, hereby finds and declares: (a) Advisability of the Proposed Improvements. It is advisable to provide the Authorized Improvements described in the Petition and this Resolution. The Authorized Improvements will promote the interests of the City and will confer a special benefit on the Property. (b) General Nature of the Authorized Improvements. The purposes of the District include the design, acquisition,, and construction of public improvement projects authorized by Section 372.003 (b) of the Act that are necessary for development of the Property, which public improvements will include, but not be limited to, landscaping, streets, roadway construction, water, water tower, wastewater, drainage facilities and improvements, park improvements, trails, improvements related to the foregoing, payment of expenses incurred in the establishment, administration and operation of the District, and other improvement projects (collectively, the "Authorized Improvements"), as well as payment of costs associated with developing and financing the Authorized Improvements. These Authorized Improvements shall promote the interests of the City and confer a special benefit on the Property, and are described in further detail on the Term Sheet attached hereto as Exhibit "B" and incorporated herein. (c) Estimated Cost of the Authorized Improvements. The Owner estimates the cost to design, acquire, and construct the Authorized Improvements is $14,000,000.00. The foregoing estimate shall not limit or constrain the actual costs of the Authorized Improvements that may be financed by the District. (d) Boundaries of the Proposed District. The boundaries of the proposed District shall contain the Property. (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. Each assessment may be paid in full at any time (including accrued and unpaid interest) or may be paid in annual installments (including interest and debt). The installments must be paid in amounts necessary to meet annual costs for the Authorized Improvements and must continue for a period necessary to retire the indebtedness on the Authorized Improvements. (f) Apportionment of the Cost Between District and the City. The City shall not be obligated to provide any funds to finance the Authorized Improvements. The cost of the Authorized improvements will be paid from the assessments and from other sources of funds, if any, available to the Owner. Notwithstanding the foregoing, it is anticipated that the City may request oversizing of the Authorized Improvements, in which case, the City shall be responsible for the cost of all such oversizing.