Res 2026-118 Approving an amendment to the River Bridge Ranch Public Improvment District with the City of San Marcos pursuant to chapter 372, Texas Local Government code

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(e) Estimated Cost of the Authorized Improvements. The estimated cost to design, acquire and construct the Authorized Improvements is $60,000,000 (including issuance and other financing costs). (d) Boundaries. The amended boundaries of the District are set forth on Exhibit A. (e) Proposed Method of Assessment. An assessment methodology will be prepared that will address: (i)how the costs of the Authorized Improvements financed with the assessments are assessed against the property in the District, (ii) the assessments to be collected each year, and(iii)reduction of the assessments for costs savings(pursuant to the annual review of the service plan for the District). Additionally, a report will be prepared showing the special benefits accruing to property in the District and how the costs of the Authorized Improvements are assessed to property on the basis of the special benefits. The result will be that equal shares of the costs will be imposed on property similarly benefited. The assessment methodology will result in each parcel paying its fair share of the costs of the Authorized Improvements provided with the assessments based on the special benefits received by the property from the Authorized Improvements and property equally situated paying equal shares of the costs of the Authorized Improvements. (f) Apportionment of Cost between the City and the District. Approval and creation of the District will not obligate the City to provide any funds to finance the proposed Authorized Improvements. All of the costs of the proposed Authorized Improvements will be paid by issuance of bonds secured by,or directly by,assessments of the property within the District, and from other sources of funds, if any, available to the owner of the property located within the boundaries of the District. (g) Management of the District. The District shall be managed by the City. The City may contract with a consultant or third-party administrator,who shall,from time to time, advise the City regarding certain operations of the District. (h) Advisory Body. The District shall currently be managed without the creation of an advisory body. The City Council reserves the right to appoint an advisory body in the future. SECTION 4. The District is hereby authorized and created as a public improvement district under the Act in accordance with the findings as to the advisability of the Authorized Improvements contained in this Resolution.Pursuant to the Act,the authorization of the District takes effect upon the date this Resolution is adopted. The District shall exist until dissolved or terminated as provided by law. SECTION 5. The City Council hereby finds and declares that written notice of the date, hour, place and subject of the meeting at which this Resolution was adopted was posted and that such meeting was open to the public as required by law at all times during which this Resolution and the subject matter hereof were discussed, considered and formally acted upon, all as required by the Open Meetings Act, Chapter 551, Texas Government Code, as amended. SECTION 6. This Resolution shall take effect immediately from and after its passage and it is therefore resolved.