RIVENDALE POINTE PUBLIC IMPROVEMENT DISTRICT...Rivendale Pointe Public Improvement District (the...

RIVENDALE POINTE PUBLIC IMPROVEMENT DISTRICT

SERVICE AND ASSESSMENT PLAN

August 9, 2016

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RIVENDALE POINTE PUBLIC IMPROVEMENT DISTRICT

SERVICE AND ASSESSMENT PLAN

Table of Contents

Section I Plan Description and Defined Terms 1 Section II Property Included in the PID 5 Section III Description of Authorized Improvements 6 Section IV Service Plan 9 Section V Assessment Plan 11 Section VI Terms of the Assessments 14 Section VII Assessment Roll 18 Section VIII Miscellaneous Provisions 19

List of Appendix

Appendix A The PID Map

Appendix B Estimated Costs

Appendix C Diagrams of the Authorized Improvements

Appendix D Assessment Roll

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Section I PLAN DESCRIPTION AND DEFINED TERMS

A. Introduction

On June 14, 2016 (the “Creation Date”) the City Council of the City of Hackberry, Texas (the "City") passed and approved a Resolution on approving and authorizing the creation of the Rivendale Pointe Public Improvement District (the “PID”) to finance the costs of certain public improvements for the benefit of property in the PID (the “Authorized Improvements”), all of which are located within the extraterritorial jurisdiction (ETJ) of the City of Hackberry.

Chapter 372 of the Texas Local Government Code, the "Public Improvement District Assessment Act” (as amended, the “PID Act”), governs the creation and operation of public improvement districts within the State of Texas. The Rivendale Pointe Public Improvement District Service and Assessment Plan (the "Service and Assessment Plan") has been prepared in accordance with the PID Act and specifically Sections 372.013, 372.014, 372.015 and 372.016, which address the requirements of a service and assessment plan and the assessment roll. According to Section 372.013 of the PID Act, a service plan “must cover a period of at least five years and must also define the annual indebtedness and the projected costs for improvements. The plan shall be reviewed and updated annually for the purpose of determining the annual budget for improvements.” The service plan is described in Section IV of this Service and Assessment Plan.

Section 372.014 of the PID Act requires that “an assessment plan must be included in the annual service plan.” The assessment plan is described in Section V of this Service and Assessment Plan.

Section 372.015 of the PID Act requires that “the governing body of the municipality or county shall apportion the cost of an improvement to be assessed against property in an improvement district.” The method of assessing the Authorized Improvement Costs and apportionment of such costs to the property in the PID is included in Section V of this Service and Assessment Plan.

Section 372.016 of the PID Act requires that “after the total cost of an improvement is determined, the governing body of the municipality or county shall prepare a proposed assessment roll. The roll must state the assessment against each parcel of land in the district, as determined by the method of assessment chosen by the municipality or county under this subchapter.” The proposed Assessment Roll for the PID is included as Appendix D of this Service and Assessment Plan. The Assessments as shown on the proposed Assessment Roll are based on the method of assessment and apportionment of costs described in Section V of this Service and Assessment Plan.

B. Definitions

Capitalized terms used herein shall have the meanings ascribed to them as follows:

“Actual Cost(s)” means, with respect to an Authorized Improvement, the demonstrated, reasonable, allocable, and allowable costs of constructing such Authorized Improvement, as specified in a Certification for Payment, as defined in the Reimbursement Agreement, that has been reviewed and approved by the City. Actual Cost may include (a) the costs for the design, planning, financing, administration, management, acquisition, installation, construction and/or

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implementation of such Authorized Improvement, (b) the costs of preparing the construction plans for such Authorized Improvement, (c) the fees paid for obtaining permits, licenses or other governmental approvals for such Authorized Improvement, (d) the costs for external professional costs associated with such Authorized Improvement, such as engineering, geotechnical, surveying, land planning, architectural landscapers, advertising, marketing and research studies, appraisals, legal, accounting and similar professional services, taxes (property and franchise) (e) the costs of all labor, bonds and materials, including equipment and fixtures, incurred by contractors, builders and material men in connection with the acquisition, construction or implementation of the Authorized Improvements, (f) all related permitting, zoning and public approval expenses, architectural, engineering, legal, and consulting fees, financing charges, taxes, governmental fees and charges (including inspection fees, County permit fees, development fees), insurance premiums, miscellaneous expenses, and all advances and payments for Administrative Expenses.

Actual Costs include general contractor’s fees in an amount up to a percentage equal to the percentage of work completed and accepted by the City or construction management fees in an amount up to five percent of the eligible Actual Costs described in a Certification for Payment. The amounts expended on legal costs, taxes, governmental fees, insurance premiums, permits, financing costs, and appraisals shall be excluded from the base upon which the general contractor and construction management fees are calculated.

“Administrator” means the employee or designee of the City, identified in any agreement approved by the City Council, who shall have the responsibilities provided for herein.

“Administrative Expenses” mean the administrative, organization, maintenance and operation costs associated with, or incident to, the administration, organization, maintenance and operation of the PID, including, but not limited to, the costs of: (i) creating and organizing the PID, including conducting hearings, preparing notices and petitions, and all costs incident thereto, including engineering fees, legal fees and consultant fees, (ii) the annual administrative, organization, maintenance, and operation costs and expenses associated with, or incident and allocable to, the administration, organization, and operation of the PID, (iii) computing, levying, billing and collecting Assessments or the Annual Installments thereof, (iv) maintaining the record of installments of the Assessments, (v) investing or depositing of monies, (vi) complying with the PID Act, (vii) legal counsel, engineers, accountants, financial advisors, investment bankers or other consultants and advisors. Administrative Expenses do not include payment of the actual principal and/or interest on the Reimbursement Agreement. Administrative Expenses collected and not expended for actual Administrative Expenses shall be carried forward and applied to reduce Administrative Expenses in subsequent years to avoid the over-collection of amounts to pay Administrative Expenses.

“Annual Installment” means, with respect to each Parcel, each annual payment of: (i) the Assessments, as shown on the Assessment Roll attached hereto as Appendix D, as applicable, or in an Annual Service Plan Update, and calculated as provided in Section VI of this Service and Assessment Plan, (ii) Administrative Expenses, and (iii) Delinquent Collection Costs

“Annual Service Plan Update” has the meaning set forth in the Section IV(A) of this Service and Assessment Plan.

“Assessed Property” means the property that benefits from the Authorized Improvements to be

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provided by the PID on which Assessments have been imposed as shown in the Assessment Roll, as the Assessment Roll is updated each year by the Annual Service Plan Update. Assessed Property includes all Parcels within the PID other than Non-Benefited Property.

“Assessment” means an assessment levied against a Parcel imposed pursuant to an Assessment Ordinance and the provisions herein, as shown on any Assessment Roll, subject to reallocation upon the subdivision of such Parcel or reduction according to the provisions herein and the PID Act. An Assessment for a Parcel consists of the Annual Installments to be collected in all years and includes Administrative Expenses and interest on all Assessments.

“Assessment Ordinance” means the Assessment Ordinance adopted by the City Council approving the Service and Assessment Plan (including amendments or supplements to the Service and Assessment Plan) and levying the Assessments.

“Assessment Revenues” mean the revenues actually received by or on behalf of the City from the collection of Assessments but excluding Delinquent Collection Costs and Administrative Expenses.

“Assessment Roll” means, as applicable, the Assessment Roll of the property in the PID, included in this service plan as Appendix D as updated, modified or amended from time to time in accordance with the procedures set forth herein and in the PID Act, including updates prepared in connection with any Annual Service Plan update.

“Authorized Improvements” mean those public improvements described in Appendix B of this Service and Assessment Plan for which Assessments are levied, acquired, constructed and installed in accordance with this Service and Assessment Plan, and any future updates and/or amendments.

“Authorized Improvement Costs” mean the actual or budgeted costs, as applicable, of all or any portion of the Authorized Improvements, as shown in Appendix B.

“Certification for Payment” means the certificate to be provided by the Developer, or his designee, to substantiate the Actual Cost of one or more Authorized Improvements.

“City” means the City of Hackberry, Texas.

“City Council” means the duly elected governing body of the City.

“Delinquent Collection Costs” mean interest, penalties and expenses incurred or imposed with respect to any delinquent annual installment of an Assessment in accordance with the PID Act and the costs related to pursuing collection of a delinquent Assessment and foreclosing the lien against the Assessed Property, including attorney’s fees to the extent permitted under Texas law.

“Developer” means DRH Land Opportunities I, Inc., a Delaware corporation. “Homeowner Association” means a homeowners’ association or property owners' association established for the benefit of property owners within the PID.

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“Homeowner Association Property” means property within the boundaries of the PID that is owned by or irrevocably offered for dedication to, whether in fee simple or through an exclusive use easement, a Homeowner Association.

“Lot” means a tract of land described as a “lot” in a subdivision plat recorded in the official public records of Denton County, Texas. “Non-Benefited Property” means Parcels that accrue no special benefit from the Authorized Improvements, including Homeowner Association Property, Public Property and easements that create an exclusive use for a public utility provider. Property identified as Non-Benefited Property is not assessed at the time the Assessments (i) are imposed or (ii) are reallocated pursuant to a subdivision of a Parcel. For Assessed Property that is converted to Non-Benefited Property, if the Assessments may not be reallocated pursuant to the provisions herein, such property remains subject to the Assessments and the Assessments must be prepaid as provided for in Section VI. E. 2.

“Parcel” or “Parcels” means a parcel or parcels within the PID identified by either a tax map identification number assigned by the Denton Central Appraisal District for real property tax purposes or by lot and block number in a final subdivision plat recorded in the real property records of Denton County.

“PID” has the meaning set forth in Section I.A of this Service and Assessment Plan.

“PID Act” means Texas Local Government Code Chapter 372, Public Improvement District Assessment Act, Subchapter A, Public Improvement Districts, as amended.

“Prepayment Costs” mean interest and Administrative expenses to the date of prepayment, plus any additional expenses related to the prepayment, reasonably expected to be incurred by or imposed upon the City as a result of any prepayment of an Assessment.

“Public Property” means property within the boundaries of the PID that is owned by or irrevocably offered for dedication to the federal government, the State of Texas, Denton County, the City, a school district or any other public agency, whether in fee simple or through an exclusive use easement.

“Reimbursement Agreement” means the Rivendale Pointe Public Improvement District Facilities Construction, Funding and Reimbursement Agreement by and between the City and the Developer dated as of August 9, 2016 in which the Developer agrees to fund the Actual Costs of certain Authorized Improvements and the City agrees to reimburse the Developer and/or the City for the Actual Costs of those Authorized Improvements funded by the Developer with interest as permitted by the Act. “Service and Assessment Plan” means this Service and Assessment Plan prepared for the PID pursuant to the PID Act, as the same may be amended from time to time.

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Section II PROPERTY INCLUDED IN THE PID

A. Property Included in the PID

The PID is presently located within the extraterritorial jurisdiction of the City and contains approximately 18.399 acres of land. A map of the property within the PID is shown on Appendix A to this Service and Assessment Plan.

At completion, the PID is expected to consist of approximately 96 single family residential units, landscaping, and infrastructure necessary to provide roadways, drainage, and utilities to the PID. The estimated number of lots (96) and the classification of each lot are based upon the proposed development plan.

The property within the PID is proposed to be developed as follows:

Table II-A Proposed Development

Proposed Development Type Quantity Measurement

Single Family Residential – 50 Ft Lots 96 units

Total 96 units

The estimated number of units at the build-out of the PID is based on the land use approvals for the property, the anticipated subdivision of property in the PID, and the Developer’s estimate of the highest and best use of the property within the PID.

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Section III DESCRIPTION OF THE AUTHORIZED IMPROVEMENTS

A. Authorized Improvement Overview

Section 372.003 of the PID Act defines the improvements that may be undertaken by a municipality or county through the establishment of a public improvement district, as follows:

372.003. Authorized Improvements

(a) If the governing body of a municipality or county finds that it promotes the interests of

the municipality or county, the governing body may undertake an improvement project that confers a special benefit on a definable part of the municipality or county or the municipality’s extraterritorial jurisdiction. A project may be undertaken in the municipality or county or the municipality’s extraterritorial jurisdiction.

(b) A public improvement may include:

(i) landscaping;

(ii) erection of fountains, distinctive lighting, and signs;

(iii) acquiring, constructing, improving, widening, narrowing, closing, or rerouting of sidewalks or of streets, any other roadways, or their rights-of way;

(iv) construction or improvement of pedestrian malls;

(v) acquisition and installation of pieces of art;

(vi) acquisition, construction, or improvement of libraries;

(vii) acquisition, construction, or improvement of off-street parking facilities;

(viii) acquisition, construction, improvement, or rerouting of mass transportation facilities;

(ix) acquisition, construction, or improvement of water, wastewater, or drainage

facilities or improvements;

(x) the establishment or improvement of parks;

(xi) projects similar to those listed in Subdivisions (i)-(x);

(xii) acquisition, by purchase or otherwise, of real property in connection with an authorized improvement;

(xiii) special supplemental services for improvement and promotion of the district,

including services relating to advertising, promotion, health and sanitation, water and wastewater, public safety, security, business recruitment, development, recreation, and cultural enhancement; and

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(xiv) payment of expenses incurred in the establishment, administration and operation of the district.

After analyzing the public improvement projects authorized by the PID Act, the City has determined that the Authorized Improvements as described and shown in Table III-A and in Appendix B should be undertaken for the benefit of the property within the PID.

The Authorized Improvements include on-site and off-site street and roadway improvements, water distribution system improvements, sanitary sewer collection system improvements and storm sewer collection system improvements.

The Authorized Improvements benefit the entire PID. The costs of the Authorized Improvements are allocated proportionally throughout the entire PID, excluding Non-Benefited Property, in a manner that anticipates planned development of the PID based on the number of units as calculated and shown in Appendix C using the planned lot types and anticipated number of lots. The water and sanitary sewer improvements described below help create the grid for the water line system and the sanitary sewer collection system for the property. In addition the storm sewer improvements allows for the runoff created in each parcel and block area to get to the appropriate storm sewer system or location. The paving improvements create the traffic circulation patterns within the property, allowing access to and from the adjacent roadways to each interior parcel and block area.

Road Improvements: The roadway improvements include clearing and grubbing, street excavations, concrete pavements, lime stabilized subgrade, street lighting etc. A detailed description of the roadway improvements and the related costs are provided in the engineering cost estimates. All roadway improvements will be constructed according to the City’s requirements. Water Distribution System Improvements: The water distribution system improvements include 8-inch water lines, fire hydrants, valves, fittings etc. A detailed description of the water distribution system improvements and the related costs are provided in the engineering cost estimates. All offsite water distribution system improvements will be constructed according to the City’s requirements. Sanitary Sewer Improvements: The sanitary sewer collection system improvements include 8-inch PVC, manholes, trench safety etc. A detailed description of the sanitary sewer collection system improvements and the related costs are provided in the engineering cost estimates. All sanitary sewer collection system improvements will be constructed according to the City requirements. Storm Drainage Improvements: The storm sewer collection system improvements include various sized reinforced concrete pipes, manholes, junction boxes, inlets, headwalls trench safety etc. A detailed description of the storm sewer collection system improvements and the related costs are provided in the engineering cost

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estimates. All storm sewer collection system improvements will be constructed according to the City’s requirements. Table III-A shows the estimated cost of the Authorized Improvements

Table III-A Estimated Authorized Improvement Costs

Authorized Improvements

Total Estimated Authorized

Improvement CostsRoad improvements $727,097 Water distribution system improvements $389,749 Sanitary sewer collection system improvements $1,193,740 Storm sewer collection system improvements $528,024 Other costs including PID creation costs $521,390 Total – Estimated Authorized Improvement Costs $3,360,000

The costs shown in Table III-A are current estimates and may be revised in Annual Service Plan Updates; provided, however, that the total amount of the Assessments cannot be increased without satisfying the requirements to increase Assessments as provided in the Act.


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Section IV SERVICE PLAN

A. Sources and Uses of Funds

The PID Act requires a service plan to cover a period of at least five years. The service plan is required to define the annual projected costs and indebtedness for the Authorized Improvements undertaken within the PID. All of the Authorized Improvement Costs are expected to be expended during the first five years after adoption of this Service and Assessment Plan. The plan shall be reviewed and updated annually for the purpose of determining the annual budget for the Authorized Improvements. The annual update to this Service and Assessment Plan is herein referred to as the “Annual Service Plan Update.”

The estimated total cost of the Authorized Improvements (the “Reimbursement Amount”) is being funded by the Developer with reimbursement from Assessment Revenues pursuant to that certain the Reimbursement Agreement between the Developer and the City dated July 12, 2016. Table IV-A shows the sources and uses of the Reimbursement Amount.

Table IV-A

Estimated Sources and Uses

Sources of Funds Total Reimbursement Amount $2,650,000 Other funding sources $710,000 Total Sources $3,360,000 Uses of Funds Authorized Improvements Road improvements $727,097 Water distribution system improvements $389,749 Sanitary sewer improvements $1,193,740 Storm drainage improvements $528,024 Other soft and miscellaneous costs $521,390 Total Uses $3,360,000

B. Annual Projected Costs and Annual Projected Indebtedness The annual projected costs and annual projected indebtedness is shown by Table IV-B. The annual projected costs and indebtedness is subject to revision and each shall be updated in the Annual Service Plan Update to reflect any changes in the costs or indebtedness expected for each year.

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Table IV-B

Annual Projected Costs and Annual Projected Indebtedness

Year

Annual Projected Cost

Annual Projected Indebtedness

(Assessments)1

Excess Costs paid by sources other than

Assessment Revenue2

2016 $3,360,000 $2,650,000 $710,000

2017 $0 $0 $0

2018 $0 $0 $0

2019 $0 $0 $0

2020 $0 $0 $0

Total $3,360,000 $2,650,000 $710,000

1 – The estimated annual projected indebtedness represents the Assessments. The collection of such Annual Installments is anticipated to begin in 2017 upon the anticipated filing of first final plat pursuant to the collection provisions described under Section VI.F of this Service and Assessment Plan.

2 – These amounts represent cost overruns, if any, paid by the Developer.

The annual projected costs shown in Table IV-B are the annual expenditures relating to the Authorized Improvements shown in Table III-A. All costs of the Authorized Improvements, with the exception of cost overruns, which shall be paid by the Developer, are paid by Assessment Revenues.

C. Major Repair and Extraordinary Maintenance of the Authorized Improvements

Administrative and operation expenses of the PID may include the expenses of major repair and extraordinary maintenance of the Authorized Improvements in order to operate and maintain the applicable Authorized Improvements. Such expenses may include maintaining the road and storm drainage improvements, in the event that the Homeowner Association fails to maintain the road and storm drainage improvements within the PID in a manner consistent with the City's standards for similar public improvements throughout the City. The Annual Installments may include in Administrative Expenses an amount to pay such expenses.


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Section V ASSESSMENT PLAN

A. Introduction

The PID Act requires the City Council to apportion the Actual Costs of the Authorized Improvement Costs on the basis of special benefits conferred upon each parcel because of the Authorized Improvements. The PID Act provides that the Authorized Improvement Costs may be assessed: (i) equally per front foot or square foot; (ii) according to the value of the property as determined by the governing body, with or without regard to improvements on the property; or (iii) in any other manner that results in imposing equal shares of the cost on property similarly benefited. The PID Act further provides that the governing body may establish by ordinance or order reasonable classifications and formulas for the apportionment of the cost between the municipality and the area to be assessed and the methods of assessing the special benefits for various classes of improvements. Section V of this Service and Assessment Plan describes the special benefit received by each Parcel of Assessed Property as a result of the Authorized Improvements, provides the basis and justification for the determination that this special benefit exceeds the amount of the Assessments, and establishes the methodology by which the City Council allocates the special benefit of the Authorized Improvements to Parcels in a manner that results in equal shares of the Authorized Improvement Costs being apportioned to Parcels similarly benefited. The determination by the City Council of the assessment methodology set forth below is the result of the discretionary exercise by the City Council of its legislative authority and governmental powers and is conclusive and binding on the Developer and all future owners within the Assessed Property. B. Special Benefit

Assessed Property must receive a direct and special benefit from the Authorized Improvements, and this benefit must be equal to or greater than the amount of the Assessments. The Authorized Improvements are provided specifically for the benefit of the Assessed Property. The Authorized Improvements (more particularly described in Table III-A and in Appendix B to this Service and Assessment Plan) and the costs incurred in the establishment of the PID shown in Table IV-A are authorized by the Act. These improvements are provided specifically for the benefit of the Assessed Property.

At the time of the levy of the Assessments and approval of an Assessment Ordinance each owner of the Assessed Property has acknowledged that the Authorized Improvements confer a special benefit on the Assessed Property and has consented to the imposition of the Assessments to pay for the Actual Costs and Administrative Expenses associated therewith. Each of the owners is acting in its interest in consenting to this apportionment and levying of the Assessments because the special benefit conferred upon the Assessed Property by the Authorized Improvements exceeds the amount of the Assessments.

The public improvements provide a special benefit to the Assessed Property as a result of the close proximity of these improvements to the Assessed Property and the specific purpose of these improvements of providing infrastructure for the Assessed Property. In other words, the Assessed Property could not be used in the manner proposed without the construction of the Authorized Improvements. The Authorized Improvements are being provided specifically to meet the needs of the Assessed Property as required for the proposed use of the property.

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The Assessments are being levied to provide the Authorized Improvements that are required for the highest and best use of the Assessed Property (i.e., the use of the property that is most valuable, including any costs associated with that use). Highest and best use can be defined as “the reasonably probable and legal use of property, which is physically possible, appropriately supported, financially feasible, and that results in the highest value.” (Dictionary of Real Estate Appraisal, Third Edition.) The Authorized Improvements are expected to be required for the proposed use of the Assessed Property to be physically possible, appropriately supported, financially feasible, and maximally productive.

The Developer has evaluated the potential use of the property and has determined that the highest and best use of the property is the use intended and the legal use for the property as described in Section II of this Service and Assessment Plan. The use of the Assessed Property as described herein will require the construction of the Authorized Improvements.

Each owner of the Assessed Property will ratify, confirm, accept, agree to and approve; (i) the determinations and finding by the City Council as to the special benefits described in this Service and Assessment Plan and the Assessment Ordinance; (ii) the Service and Assessment Plan and the Assessment Ordinance, and (iii) the levying of Assessments on the Assessed Property. Use of the Assessed Property as described in this Service and Assessment Plan and as authorized by the PID Act requires that Authorized Improvements be acquired, constructed, installed, and/or improved. Funding the Actual Costs of the Authorized Improvements through the PID has been determined by the City Council to be the most beneficial means of doing so. As a result, the Assessments result in a special benefit to the Assessed Property, and this special benefit exceeds the amount of the Assessment.

In summary, the Assessments result in a special benefit to the Assessed Property for the following reasons:

1. The Authorized Improvements are being provided specifically for the use of the Assessed Property, are necessary for the proposed best use of the property and provide a special benefit to the Assessed Property as a result;

2. The Developer has consented to the imposition of the Assessments for the purpose of

providing the Authorized Improvements and the Developer is acting in its interest by consenting to this imposition;

3. The Authorized Improvements are required for the highest and best use of the property;

4. The highest and best use of the Assessed Property is the use of the Assessed Property that

is most valuable (including any costs associated with the use of the Assessed Property); 5. Financing of the costs of the Authorized Improvement through the PID is determined to

be the most beneficial means of providing for the Authorized Improvements; and, 6. As a result, the special benefits to the Assessed Property from the Authorized Improvements will be greater than the Assessments.

C. Assessment Methodology

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1. The Authorized Improvement Costs may be assessed by the City Council against the Assessed Property so long as the special benefit conferred upon the Assessed Property by the Authorized Improvements equals or exceeds the Assessments. The Authorized Improvement Costs may be assessed using any methodology that results in the imposition of equal shares of the Authorized Improvement Costs on Assessed Property similarly benefited.

2. For purposes of this Service and Assessment Plan, the City Council has determined that the Authorized Improvement Costs shall be allocated to the Assessed Property equally on the basis of number of residential dwelling unit anticipated to be built on each Parcel once such property is developed, and that such method of allocation will result in the imposition of equal shares of the Authorized Improvement Costs to Parcels similarly benefited. The following table (Table V-A) shows the calculation of the Assessment per Lot. There are a total of 96 Lots expected to be developed and improved on the Assessed Property. The total Assessments, which represent the aggregate sum of the total Annual Installments, are equal to $2,650,000 as shown in Tables IV-A and IV-B. As a result the Assessment per Lot is $27,604 as shown in Table V-A below.

Table V-A Assessment per Lot

Description Assessments

Total Amount $2,650,000

Estimated total units _ 96

Assessment per unit $27,604

3. Having taken into consideration the matters described above, the City Council has determined that allocating the Authorized Improvement Costs among Parcels based on the estimated number of residential dwelling units to be built on each Parcel. Accordingly, Assessments are allocated to each Parcel of Assessed Property on the basis of the number of units as calculated and presented in Appendix C.

D. Administrative Expenses

The cost of administering the PID and collecting the Annual Installments shall be paid for on a pro rata basis by each Parcel based on the amount of Assessment levied against the Parcel. The Administrative Expenses shall be collected as part of and in the same manner as Annual Installments in the amounts shown on the Assessment Roll, which may be revised based on actual costs incurred in Annual Service Plan Updates.


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Section VI TERMS OF THE ASSESSMENTS

A. Amount of Assessments The Assessment for each Parcel is shown on the Assessment Roll, and no Assessment shall be changed except as authorized by this Service and Assessment Plan (including the Annual Service Plan Updates) and the PID Act. The Assessments shall not exceed the amount required to repay principal and interest on the Reimbursement Agreement and Administrative Expenses. B. Reallocation of Assessments 1. Subdivision Upon the subdivision of any Parcel, the Assessment for the Parcel prior to the subdivision shall be reallocated among the new subdivided Parcels according to the following formula:

A = B x (C ÷ D) Where the terms have the following meanings: A = the Assessment for each new subdivided Parcel B = the Assessment for the Parcel prior to subdivision C = the estimated number of units to be built on each newly subdivided Parcel D = the sum of the estimated number of units to be built on all of the new subdivided

Parcels The calculation of the estimated number of units to be built on a Parcel shall be performed by the Administrator and confirmed by the City Council based on the information available regarding the use of the Parcel. The estimate as confirmed shall be conclusive. The number of units to be built on a Parcel may be estimated by net land area and reasonable density ratios. The sum of the Assessments for all newly subdivided Parcels shall equal the Assessment for the Parcel prior to subdivision. The calculation shall be made separately for each newly subdivided Parcel. The reallocation of an Assessment for a Parcel that is a homestead under Texas law may not exceed the Assessment prior to the reallocation and to the extent the reallocation would exceed such amount, it shall be prepaid by such amount by the party requesting the subdivision of the Parcels. Any reallocation pursuant to this section shall be reflected in an Annual Service Plan Update approved by the City Council. 2. Consolidation Upon the consolidation of two or more Parcels, the Assessment for the consolidated Parcel shall be the sum of the Assessments for the Parcels existing prior to consolidation. The reallocation of an Assessment for a Parcel that is a homestead under Texas law may not exceed the Assessment prior to the reallocation and to the extent the reallocation would exceed such amount, it shall be prepaid by such amount by the party requesting the consolidation of the Parcels. Any reallocation pursuant to this section shall be reflected in an Annual Service Plan Update approved by the City Council.

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C. Mandatory Prepayment of Assessments 1. If a Parcel subject to Assessments is transferred to a party that is exempt from the payment of the Assessment under applicable law, or if an owner causes a Parcel subject to Assessments to become Non-Benefited Property, the owner of such Parcel shall pay to the City the full amount of the principal portion of the Assessment on such Parcel, plus all Prepayment Costs, prior to any such transfer or act. The reallocation of a Parcel that is classified as a homestead under State law may not exceed the Assessment existing prior to reallocation.

2. The payments required above shall be treated the same as any Assessment that is due and owing under the Act, the Assessment Ordinance, and this Service and Assessment Plan, including the same lien priority, penalties, procedures, and foreclosure specified by the Act. 3. If at any time the Assessment on a Parcel exceeds the original Assessment calculated for the Parcel as a result of any reallocation of an Assessment authorized by this SAP and initiated by the owner of the Parcel, then following compliance with the notice and hearing requirements of the PID Act (or a waiver thereof), such owner shall pay to the City prior to the recordation of the document subdividing or replatting the Parcel, the amount calculated by the Administrator by which the Assessment for the Parcel exceeds the original Assessment for the Parcel. The City shall not approve the recordation of a plat or other document dividing a Parcel without a letter from the Administrator either (a) confirming that the Assessment for any new Parcel created by the reallocation or division will not exceed the original Assessment for the original Parcel or Parcels, or (b) confirming the payment of the difference as described above.

D. Reduction of Assessments

1. If after all Authorized Improvements to be funded with the Reimbursement Agreement have been completed and Actual Costs for such Authorized Improvements are less than the Actual Costs used to calculate the Assessments securing such Reimbursement Agreement, resulting in excess Reimbursement Amount, then the Assessment securing such reimbursement amount for each Parcel of Assessed Property shall be reduced by the City Council pro rata such that the sum of the resulting reduced Assessments for all Assessed Properties equals the actual reduced Actual Costs. The Assessments shall not be reduced to an amount less than the related outstanding Reimbursement Amount. If the Assessment are reduced or terminated and there is an outstanding Reimbursement Amount, then such outstanding Reimbursement Amount shall be paid pursuant to the Reimbursement Agreement. If all of the Authorized Improvements are not completed, the City may reduce the Assessments in another method if it determines such method would better reflect the benefit received by the Parcels from the Authorized Improvements completed.

2. If all the Authorized Improvements are not undertaken, resulting in excess Assessment Revenue, then the Assessments and Annual Installments for each Parcel shall be appropriately reduced by the City Council to reflect only the amounts required to repay the Reimbursement Amount, including Administrative Expenses. The City Council may reduce the Assessments and the Annual Installments for each Parcel (i) in an amount that represents the Authorized Improvements provided for each Parcel or (ii) by an equal percentage calculated based on the number of units, if determined by the City Council to be the most fair and practical means of reducing the Assessments for each Parcel, such that the sum of the resulting reduced Assessments equals the amount required to repay the Reimbursement Amount, including interest

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on the Reimbursement Amount or the Administrative Expenses. E. Payment of Assessments

1. Payment in Full

(a) The Assessment for any Parcel may be paid in full at any time. Such payment shall include all Prepayment Costs and Delinquent Collection Costs, if any are required.

(b) If an Annual Installment has been billed prior to payment in full of an Assessment, the Annual Installment shall be due and payable and shall be credited against the payment-in-full amount upon payment.

(c) Upon payment in full of the Assessment and all Prepayment Costs, the City shall deposit the payment in a fund designated for such purpose; whereupon, the Assessment shall be reduced to zero, and the owner’s obligation to pay the Assessment and Annual Installments thereof shall automatically terminate. The City shall provide the owner of the Assessed Property a “Notice of PID Special Assessment Termination.”

(d) At the option of the owner, the Assessment on any Parcel plus Prepayment Costs may be paid in part as determined by the Administrator. Upon the payment of such amounts for a Parcel, the Assessment for the Parcel shall be reduced, the Assessment Roll shall be updated to reflect such partial payment, and the obligation to pay the Annual Installment for such Parcel shall be reduced to the extent the partial payment is made.

2. Payment in Annual Installments

The Act provides that an Assessment for a Parcel may be paid in full at any time. If not paid in full, the Act authorizes the City to collect interest and Administrative Expenses in Annual Installments pursuant to the Reimbursement Agreement. An Assessment for a Parcel that is not paid in full will be collected in Annual Installments each year in the amounts shown in the Assessment Roll, as updated as provided for herein, which include interest and Administrative Expenses. Payment of the Annual Installments shall commence with tax bills mailed after the first Annual Installment for a Parcel is due, per the collection methodology specified in this Service and Assessment Plan.

Each Assessment shall be paid with interest based on an interest rate of 5.06% per annum. Each Assessment shall be paid at a rate not to exceed five hundred basis points above the highest average index rate for tax-exempt bond reported in a daily or weekly bond index approved by the City and reported in the month prior to the establishment of the Assessments and continuing for a period of five years from such date. Such rate shall then adjust and shall not exceed two hundred basis points above the bond index rate described above and shall continue until the Assessments are paid in full. The index approved by the City is the Bond Buyer Weekly Bond Index for which the highest average rate during June 2016 was 3.06%. The City has determined that the Assessments shall bear interest at the rate of 5.06% through the duration of the Assessments, which rate is below the initial maximum allowable rate of interest of 8.06% and equal to the maximum allowable rate of interest following the fifth Annual Installment, which would be 5.06%. Furthermore, the principal and interest component of the Annual Installments may not exceed the amounts shown on the Assessment Roll. The Assessment Roll, updated with the

17

actual interest rate on the Reimbursement Amount, is shown as Appendix D. The Annual Installments shall be reduced to equal the actual costs of repaying the Reimbursement Amount and actual Administrative Expenses (as provided for in the definition of such term), taking into consideration any other available funds for these costs, such as interest income on account balances.

F. Collection of the Assessments and the Annual Installments

Calculation of the Assessments and the first Annual Installment for a Lot or Parcel shall begin as of September 1st. Annual Installments shall be due by each January 31st following the earlier of (i) the one year anniversary of the final plat approval for that Lot or Parcel or (ii) September 1, 2017. No less frequently than annually, the Administrator shall prepare, and the City Council shall approve, an Annual Service Plan Update to allow for the billing and collection of Annual Installments. Each Annual Service Plan Update shall include an updated Assessment Roll and a calculation of the Annual Installment for each Parcel. Administrative Expenses shall be allocated among Parcels in proportion to the amount of the Annual Installments for the Parcels. Each Annual Installment shall be reduced by any interest earnings on any applicable account balances, and any other funds available to the PID for such purpose, including any existing deposits in reserve. Annual Installments shall be collected by the City in the same manner and at the same time as ad valorem taxes and shall be subject to the same penalties, procedures, and foreclosure sale in case of delinquencies as are provided for ad valorem taxes of the City. The City Council may provide for other means of collecting the Annual Installments to the extent permitted under the PID Act. The Assessments shall have lien priority as specified in the Act.

Any sale of property for nonpayment of the Annual Installments shall be subject to the lien established for the remaining unpaid Annual Installments against such property and such property may again be sold at a judicial foreclosure sale if the purchaser thereof fails to make timely payment of the non-delinquent Annual Installments against such property as they become due and payable.


18

Section VII THE ASSESSMENT ROLL

Appendix D identifies each Parcel within the PID, the Assessed Property and Non-Benefitted Property. The Assessment Roll includes each Parcel of Assessed Property, the Assessment imposed on each Parcel, the Assessments, Administrative Expenses and the Annual Installments to be paid each year for each Parcel if the Assessment is not paid in full for any Parcel. The Assessment on each Parcel is based on the number of units expected to be built on each Parcel, and the Assessment per unit results, as explained herein. Each Parcel of Assessed Property has been evaluated by the City Council (based on the developable area, proposed Owner Association Property and Public Property, best and highest use of the property, and other development factors deemed relevant by the City Council) to determine, the number of dwelling units anticipated to be developed on a Parcel. Each unit is then multiplied by the Assessment per unit set forth in Table V-A of this Service and Assessment Plan, and the total of such amounts for all dwelling units for the Parcel shall constitute the “Assessment” for the Parcel as set forth on the Assessment Roll. The Assessment Roll shall be updated upon the preparation of each Annual Service Plan Update to reflect, for each Parcel, subdivisions, consolidations, prepayments, and reductions authorized by this Service and Assessment Plan. The Administrator shall prepare, and the City Council shall review and approve, annual updates to the Assessment Roll as the Annual Service Plan Update to reflect the following matters, together with any other changes helpful to the Administrator or the City and permitted by the Act: (i) the identification of each Parcel as Benefited Property, Assessed Property, and Non-Benefitted Property; (ii) the Assessment for each Parcel, including any adjustments authorized by this Service and Assessment Plan or in the Act; (iii) the Assessment for each Parcel, including any adjustments authorized by this Service and Assessment Plan or in the Act; (iv) the Annual Installment for the Parcel for the year (if the Assessment is payable in installments); and (v) payments of the Assessment, if any, as provided by Section VI.C of this Service and Assessment Plan.


19

Section VIII MISCELLANEOUS PROVISIONS

A. Administrative Review

The City may elect to designate a third party to serve as Administrator.

To the extent consistent with the Act, an owner of an Assessed Parcel claiming that a calculation error has been made in the Assessment Roll(s), including the calculation of the Annual Installment, shall send a written notice describing the error to the City not later than thirty (30) days after the date any amount which is alleged to be incorrect is due prior to seeking any other remedy. The Administrator shall promptly review the notice, and if necessary, meet with the Assessed Parcel owner, consider written and oral evidence regarding the alleged error and decide whether, in fact, such a calculation error occurred.

If the Administrator determines that a calculation error has been made and the Assessment Roll should be modified or changed in favor of the Assessed Parcel owner, such change or modification shall be presented to the City Council for approval to the extent permitted by the Act. A cash refund may not be made for any amount previously paid by the Assessed Parcel owner (except for the final year during which the Annual Installment shall be collected or if it is determined there are sufficient funds to meet the expenses of the PID for the current year), but an adjustment may be made in the amount of the Annual Installment to be paid in the following year. The decision of the Administrator regarding a calculation error relating to the Assessment Roll may be appealed to the City Council. Any amendments made to the Assessment Roll(s) pursuant to calculation errors shall be made pursuant to the PID Act.

The decision of the Administrator, or if such decision is appealed to the City Council, the decision of the City Council shall be conclusive as long as there is a reasonable basis for such determination. This procedure shall be exclusive and its exhaustion by any property owner shall be a condition precedent to any other appeal or legal action by such owner.

B. Termination of Assessments

Each Assessment shall be extinguished on the date the Assessment is paid in full, including unpaid Annual Installments, Prepayment Costs and Delinquent Collection Costs, if any. After the extinguishment of an Assessment and the collection of any delinquent Annual Installments, Prepayment Costs and Delinquent Collection Costs, the City shall provide the owner of the affected Parcel a recordable “Notice of the PID Assessment Termination”. Delinquent Collection Costs and foreclosure proceeds shall be used by the City for the payment of Administrative Expenses or for reimbursement of foreclosure or collection expenses.

C. Amendments

Amendments to the Service and Assessment Plan can be made as permitted or required by the PID Act and under Texas law.

20

The City Council reserves the right to the extent permitted by the PID Act to amend this Service and Assessment Plan without notice under the PID Act and without notice to property owners of Parcels: (i) to correct mistakes and clerical errors; (ii) to clarify ambiguities; and (iii) to provide procedures for the collection and enforcement of Assessments, Prepayment Costs, Delinquent Collection Costs, Administrative Expenses, and other charges imposed by the Service and Assessment Plan.

D. Administration and Interpretation of Provisions

The City Council shall administer the PID, this Service and Assessment Plan, and all Annual Service Plan Updates consistent with the PID Act, and shall make all interpretations and determinations related to the application of this Service and Assessment Plan unless stated otherwise herein or in the Trust Indenture, such determination shall be conclusive.

E. Severability

If any provision, section, subsection, sentence, clause or phrase of this Service and Assessment Plan or the application of same to an Assessed Parcel or any person or set of circumstances is for any reason held to be unconstitutional, void or invalid, the validity of the remaining portions of this Service and Assessment Plan or the application to other persons or sets of circumstances shall not be affected thereby, it being the intent of the City Council in adopting this Service and Assessment Plan that no part hereof or provision or regulation contained herein shall become inoperative or fail by reason of any unconstitutionality, voidness or invalidity of any other part hereof, and all provisions of this Service and Assessment Plan are declared to be severable for that purpose.

If any provision of this Service and Assessment Plan is determined by a court to be unenforceable, the unenforceable provision shall be deleted from this Service and Assessment Plan and the unenforceable provision shall, to the extent possible, be rewritten to be enforceable and to give effect to the intent of the City.


Appendix A

The PID MAP

Appendix B

ESTIMATED COSTS

ENGINEER'S OPINION OF PROBABLE DEVELOPMENT COST

PREPARED BY JBI PARTNERS, INC. ON July 07, 2016

RIVENDALE POINTE

HACKBERRY, TEXAS

APPROXIMATE GROSS ACRES: 18.40

APPROXIMATE DEVELOPABLE ACRES: 18.22

APPROXIMATE NUMBER OF LOTS: 96

APPROX. LENGTH OF INTRACT STREETS(lf): 2,945

APPROX. INTRACT STREET ROW(ac): 3.46

PRIVATE COSTS PID COSTS TOTAL

A. EROSION CONTROL $9,696 $16,627 $26,323

B. EARTHWORK $172,173 $33,462 $205,635

C. PAVING $0 $434,199 $434,199

D. WATER SYSTEM $0 $389,749 $389,749

E. SANITARY SEWER SYSTEM (NOT INCLUDING LIFT STATION) $0 $756,359 $756,359

F. DRAINAGE SYSTEM $0 $511,397 $511,397

G. SYCAMORE ROAD ESCROW $0 $174,436 $174,436

H. RETAINING WALLS $0 $65,000 $65,000

I. PAD MOISTURE CONDITIONING ($2,500/lot Budget) $240,000 $0 $240,000

J. ENTRANCE MONUMENT $25,000 $0 $25,000

K. SYCAMORE SCREENWALL & LANDSCAPE (600' X $150) $90,000 $0 $90,000

L. GAS & ELECTRIC ($1700/lot budget) $163,200 $0 $163,200

M. STREET LIGHTS ($2,500/light) $0 $20,000 $20,000

ESTIMATED HARD COST $700,070 $2,401,229 $3,101,299

N. ENGINEERING/ SURVEYING/CONSTRUCTION MNGMT. $0 $270,704.00 $270,704

N-1. PID CREATION COST (Estimated Budget) $0 $99,852.00 $99,852

O. GEOTECHNICAL STUDY $9,000 $9,000 $18,000

P. 2.0% INSPECTION FEES (C thru F) $0 $41,834 $41,834

Q. CONTINGENCY $50,000 $100,000 $150,000

TOTAL ESTIMATED COST $759,070 $2,922,619 $3,681,689

LIFT STATION OVERSIZING COST COMPARISON

E-1. LIFT STATION TO SERVE RIVENDALE POINTE ONLY $0 $437,381 $437,381

E-2. LIFT STATION TO SERVE RIVENDALE POINTE & ADDITIONAL 21 AC. $0 $574,742 $574,742

NOTES & ASSUMPTIONS:

1 Estimate is based on JBI Partners, Inc. preliminary engineering plans dated May 18, 2015

2 City staff stated that there is a $2,000/lot tap fee for water and $2,000/ lot tap fee for sanitary.

3 Electric and gas cost is a budget. Need to confirm with provider.

4 A budget of $2500 per lot for soil conditioning.

5 Unit prices for this estimate are based on low bids from recently bid single family projects in Hackberry.

Final costs may vary.

6 PID Creation Costs are not associated with Engineering/Surveying/Construction Management.

JBI PROJECT NO. CAD002

Page 1 of 5



RIVENDALE POINTE

HACKBERRY, TEXAS


18.4

18.2

96

2,945

3.46

A. Erosion Control Units Cost Quantity Total

1 Stabilized construction entrance EA $1,750.00 1 $1,750

2 Silt fence prior to grading LF $1.25 3,910 $4,888

3 8' wide curlex matting after paving LF $1.10 6,479 $7,127

4 Inlet protection LF $125.00 22 $2,750

5 Rock check dam EA $550.00 1 $550

6 Seed disturbed area AC $275.00 15.49 $4,259

7 SWPPP book and inspections LS $5,000.00 1 $5,000

$26,323

B. Earthwork Units Cost Quantity Total

1 Clearing & grubbing (Trees) AC $3,500.00 18.4 $64,400

2 Clearing & grubbing (No trees) AC $50.00 0.0 $0

3 Street and lot excavation (1.5' over site) CY $2.30 44,092 $101,412

4 Lot benching EA $150.00 96 $14,400

5 Lot fine grading (post paving) EA $150.00 96 $14,400

6 Testing CY $0.25 44,092 $11,023

$205,635

C. Paving Units Cost Quantity Total

1 6"-3600 PSI concrete street pavement SY $34.50 10,156 $350,382

2 6" (32lbs./sy) lime stabilized subgrade SY $1.50 10,867 $16,300

3 Hydrated lime material TN $150.00 173.87 $26,081

4 Sidewalk (Developer) SF $4.50 3,200.00 $14,400

5 Connect to existing asphalt pavement LF $30.00 100 $3,000

6 Street signs and poles EA $550.00 6 $3,300

7 Barrier free ramps EA $1,200.00 6 $7,200

8 Testing SY $0.85 10,867 $9,237

9 Maintenance bond (1% of total $) LS $4,299.00 1 $4,299

$434,199

Approximate Developable Acres

TOTAL

Approximate Intract Street ROW (ac.)

TOTAL

Approximate length of Intract Street (lf)

Approximate Gross Acres

Approximate Number of Lots

TOTAL

Page 2 of 5



RIVENDALE POINTE

HACKBERRY, TEXAS


18.4

18.2

96

2,945

3.46






D. Water Units Cost Quantity Total

1 8" PVC Pipe LF $25.00 3,500 $87,500

2 8" X 8" tapping sleeve EA $3,000.00 1 $3,000

3 8" Valves EA $1,125.00 10 $11,250

4 6" Valves EA $785.00 8 $6,280

5 Fire hydrant assembly EA $2,960.00 8 $23,680

6 Fittings TON $3,330.00 3.50 $11,655

7 Connect to existing water main EA $500.00 2 $1,000

8

1" DR-9 poly pipe domestic water service with 3/4" bullheads and

meter box, complete in place EA $615.00 46 $28,290

9

3/4" DR-9 poly pipe domestic water service and meter box,

complete in place EA $500.00 4 $2,000

10

2" DR-9 poly pipe irrigation water service and meter box,

complete in place EA $1,200.00 2 $2,400

11

Excavation safety and support system including excavation

safety plans for trenches over five feet in depth, complete in

place LF $0.25 3,500 $875

12 Testing LF $0.86 3,500 $3,010


13 City of Hackberry Tap Fee EA $2,000.00 96 $192,000

14 Offsite Water Easement acquisition for City Waterline LS $15,000.00 1 $15,000

$389,749

E. Sanitary Sewer (Not including Lift Station) Units Cost Quantity Total

1 8" SDR 35 PVC Pipe LF $32.00 3,061 $97,952

2 4' Diameter manhole EA $3,065.00 12 $36,780

3 Lift Station, including site work EA $350,000.00 1 $350,000

4 8" cleanouts EA $750.00 1 $750

5 4" service EA $604.00 96 $57,984

6 Concrete encasement LF $30.00 306 $9,183

7 Trench safety LF $0.25 3,061 $765

8 Testing LF $1.75 3,061 $5,357


10 City of Hackberry Tap Fee EA $2,000.00 96 $192,000

$756,359

F. Drainage Units Cost Quantity Total

1 5'x3' RCB LF $240.00 200 $48,000

2 4'x3' RCB LF $210.00 980 $205,800

3 36" RCP LF $90.00 520 $46,800

4 30" RCP LF $70.00 340 $23,800

5 24" RCP LF $60.00 220 $13,200

6 21" RCP LF $55.00 750 $41,250

7 18" RCP LF $50.00 172 $8,600

10 10' Curb inlet EA $2,925.00 21 $61,425

11 4'x4' Area inlet w/ 3' concrete apron EA $2,750.00 1 $2,750

12 3'x3' Area inlet w/ 3' concrete apron EA $2,325.00 1 $2,325

13 6'x6' storm junction box EA $4,500.00 2 $9,000

14 Standard 4'x4' Storm manhole EA $2,850.00 2 $5,700

15 Headwall at RCB EA $5,000.00 1 $5,000

16 Rock rip rap SY $50.00 80 $4,000

17 Grade to drain LF $10.00 135 $1,350

18 Offsite Grade to drain northwest of property LF $10.00 580 $5,800

19 Trench safety LF $0.25 3,182 $796

20 Testing LF $1.85 3,182 $5,887


22 Offsite Drainage Easement acquisition for Grade to drain LS $15,000.00 1 $15,000

$511,397

TOTAL

TOTAL

TOTAL

Page 3 of 5



RIVENDALE POINTE

HACKBERRY, TEXAS


18.4

18.2

96

2,945

3.46

E1.

Sanitary Sewer Lift Station & Force Main (Crestview

Pointe Only) Units Cost Quantity Total

1 4" IPS pressure pipe SDR-26 class 200 PVC force main LF $26.00 1,700 $44,200

2 Bore Force Main across Snug Harbor Circle LS $10,000.00 1 $10,000

3 Offsite fence/turf repair for Force Main LS $20,000.00 1 $20,000

4 Lift Station, including site work EA $350,000.00 1 $350,000

5 Connect to existing manhole EA $350.00 1 $350



8 Testing LF $1.75 1,700 $2,975


$437,381

E2.

Sanitary Sewer Lift Station & Force Main (Crestview

Pointe & Additional 21 acres) Units Cost Quantity Total

1 4" IPS pressure pipe SDR-26 class 200 PVC force main LF $26.00 3,350 $87,100

2 Bore Force Main across Snug Harbor Circle LS $10,000.00 1 $10,000

3 Offsite fence/turf repair for Force Main LS $20,000.00 1 $20,000

4 Lift Station, including site work (estimated 20% increase) EA $420,000.00 1 $420,000

5 Connect to existing manhole EA $350.00 1 $350



8 Testing LF $1.75 3,350 $5,863


10

Temporary Offsite Construction Easement acquisition for Lift

Station LS $15,000.00 1 $15,000

$574,742

TOTAL

TOTAL






Page 4 of 5


PREPARED BY JBI PARTNERS, INC. ON July 07, 2016 ESCROW

RIVENDALE POINTE 1/2 31' - no curb or storm

HACKBERRY, TEXAS


1.0

1.0

0

0

1,800

C. Paving Units Cost Quantity Total

1 6"-3600 PSI concrete street pavement SY $34.50 3,100 $106,950

2 6" (32lbs./sy) lime stabilized subgrade SY $2.50 3,317 $8,293

3 Hydrated lime material TN $150.00 53.07 $7,961

4 Remove and dispose existing asphalt pavement SY $15.00 2,400 $36,000

5 4' sidewalk along Rivendale Pointe frontage SF $5.50 1,600 $8,800

6 Street signs and poles EA $550.00 1 $550

7 Traffic Control LS $2,000.00 1 $2,000

8 Testing SY $0.65 3,317 $2,156


$174,436

Approximate length of Sycamore Road (lf)

TOTAL





Page 5 of 5

Appendix C

DIAGRAMS OF AUTHORIZED IMPROVEMENTS

CIT

Y O

F H

AC

KB

ER

RY

, TE

XA

SR

IVE

ND

ALE

PO

INTE

LIF

T S

TATI

ON

SIT

E P

LAN

SCALE:

PLAN

1/2"=1'-0"

SCALE:

OVERALL

1/8"=1'-0"

MHill

Snapshot

E ‐ 1

Appendix D

ASSESSMENT ROLL

v1.6

Parcel AllAssessment $2,650,000

Year Principal and Interest1

Administrative

Expenses2 Annual Installment

Annual Installment per

Unit2016 $134,090 $25,650 $159,740 $1,6642017 $134,090 $25,850 $159,940 $1,6662018 $157,090 $26,054 $183,144 $1,9082019 $158,926 $26,147 $185,073 $1,9282020 $160,611 $26,229 $186,840 $1,9462021 $163,143 $26,301 $189,444 $1,9732022 $164,473 $26,357 $190,830 $1,9882023 $166,652 $26,402 $193,054 $2,0112024 $168,628 $26,432 $195,059 $2,0322025 $170,401 $26,446 $196,847 $2,0502026 $172,973 $26,445 $199,418 $2,0772027 $175,291 $26,424 $201,715 $2,1012028 $177,356 $26,382 $203,738 $2,1222029 $179,168 $26,321 $205,489 $2,1412030 $181,727 $26,240 $207,967 $2,1662031 $183,983 $26,134 $210,117 $2,1892032 $185,935 $26,003 $211,938 $2,2082033 $188,583 $25,847 $214,431 $2,2342034 $190,878 $25,662 $216,540 $2,2562035 $192,818 $25,448 $218,266 $2,2742036 $195,403 $25,204 $220,608 $2,2982037 $197,584 $24,927 $222,511 $2,3182038 $200,361 $24,615 $224,975 $2,3432039 $203,681 $24,264 $227,945 $2,3742040 $205,496 $23,869 $229,366 $2,3892041 $208,856 $23,436 $232,292 $2,4202042 $211,658 $22,954 $234,613 $2,4442043 $214,905 $22,424 $237,328 $2,4722044 $217,544 $21,840 $239,384 $2,4942045 $219,575 $21,203 $240,779 $2,508Total $5,481,880 $757,511 $6,239,390 $64,994

1 - Interest is calculated using 5.06% interest rate.

2 - Administrative Expenses are estimated, include 0.5% additional interest allowed by the PID Act and will be updated each year as

part of the annual service plan update.

RIVENDALE POINTE PUBLIC IMPROVEMENT DISTRICTAssessment Roll

Municap, Inc.

v1.6

Development TypeAssessment per unit

Year Principal and Interest1

Administrative

Expenses2Annual

Installment2016 $1,397 $267 $1,6642017 $1,397 $269 $1,6662018 $1,636 $271 $1,9082019 $1,655 $272 $1,9282020 $1,673 $273 $1,9462021 $1,699 $274 $1,9732022 $1,713 $275 $1,9882023 $1,736 $275 $2,0112024 $1,757 $275 $2,0322025 $1,775 $275 $2,0502026 $1,802 $275 $2,0772027 $1,826 $275 $2,1012028 $1,847 $275 $2,1222029 $1,866 $274 $2,1412030 $1,893 $273 $2,1662031 $1,916 $272 $2,1892032 $1,937 $271 $2,2082033 $1,964 $269 $2,2342034 $1,988 $267 $2,2562035 $2,009 $265 $2,2742036 $2,035 $263 $2,2982037 $2,058 $260 $2,3182038 $2,087 $256 $2,3432039 $2,122 $253 $2,3742040 $2,141 $249 $2,3892041 $2,176 $244 $2,4202042 $2,205 $239 $2,4442043 $2,239 $234 $2,4722044 $2,266 $228 $2,4942045 $2,287 $221 $2,508Total $57,103 $7,891 $64,994

1 - Interest is calculated using 5.06% interest rate.

2 - Administrative Expenses are estimated, include 0.5% additional interest allowed by the PID Act and will be updated each year as

part of the annual service plan update.

Single Family Residential Unit$27,604

RIVENDALE POINTE PUBLIC IMPROVEMENT DISTRICTAssessment Roll per unit

Municap, Inc.

v1.6

Parcel ID Estimated No. of Units Assessment46432DEN 59 $1,628,64643936DEN 37 $1,021,354

Total 96 $2,650,000

Assessment Roll SummaryRIVENDALE POINTE PUBLIC IMPROVEMENT DISTRICT

Municap, Inc.

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