HomeMy WebLinkAboutOrdinance - 2019-O0134 - Update To Vintage Township PID Assessment Plan And Assessment Roll - 09/24/2019 First Reading Second Reading
September 10, 2019 September 24, 2019
Item No. 6.9 Item No. 6.4
ORDINANCE NO. --2n 1 4
THE TWELTH SUPPLEMENTAL ORDINANCE OF THE CITY COUNCIL OF
THE CITY OF LUBBOCK UPDATING THE VINTAGE TOWNSHIP PUBLIC
IMPROVEMENT DISTRICT SERVICE AND ASSESSMENT PLAN AND
ASSESSMENT ROLL.
WHEREAS,on January 12,2007,after notice and a public hearing in the manner required
by law, the City Council of the City of Lubbock, Texas (the"City") approved a resolution
authorizing the creation of the Vintage Township Public Improvement District (the
"District"); and
WHEREAS, on June 14, 2007 and June 26, 2007, after notice and a public hearing
conducted in the manner required by law, the City Council adopted Ordinance No. 2007-
00058 (the "Assessment Ordinance") approving a Service and Assessment Plan (the
"Plan") and Assessment Roll (the "Roll") and the levy of assessments on property in the
District; and
WHEREAS, on April 24, 2008, the City Council and the Vintage Township Public
Facilities Corporation issued bonds secured directly and indirectly, respectively, by the
assessments levied pursuant to the Assessment Ordinance; and
WHEREAS, Section 372.013 of the Public Improvement District Assessment Act,
Chapter 372,Texas Local Government Code (the"Act")and the Plan require that the Plan
and the Roll be annually reviewed and updated; and
WHEREAS, Supplemental Ordinances reviewing and updating the Plan were passed
September 11, 2008, September 24, 2009, September 27, 2010, September 27, 2011,
September 27, 2012, September 26, 2013, September 4, 2014, September 10, 2015,
September 8, 2016, September 14, 2017; September 27, 2018; and
WHEREAS, the annual Plan update and updated Roll attached as Exhibit A hereto
conform the original Roll to the principal and interest payment schedule required for the
bonds, thereby reducing the amounts listed on the original Roll, and update the Roll to
reflect repayments, property divisions and changes to the budget allocation for District
public improvements that occur during the year, if any; and
WHEREAS,the City Council now desires to proceed with the adoption of this Ordinance
which supplements the Assessment Ordinance and approves and adopts the annual Plan
update and the updated Roll in conformity with the requirements of the Act.
NOW,THEREFORE,BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY
OF LUBBOCK,TEXAS:
Section 1. Findings: THAT the findings and detenninations set forth in the preambles are
hereby incorporated by reference for all purposes.
Section 2. Annual Service Plan Update and Assessment Roll: THAT the Annual
Service Plan Update and updated Assessment Roll attached hereto as Exhibit A are hereby
accepted and approved.
Section 3. Effective Date: THAT this Ordinance shall take effect upon passage and
execution hereof.
AND IT IS SO ORDERED.
Passed by the City Council on first reading on September 10, 2019
Passed by the City Council on second reading on Qcj—)ten mer 24, 2019
DANIEL M. POPE, MAYOR
ATTEST:
Re ecca Garza, City Secretak,)
APPROVED AS TO CONTENT:
.1?-� t��Z '
D. Blu Kogfelich, Chief Financial Officer
APPROVEI} AS TO FORM:
K 11i Leisure, Assistant City Attorney
Ord.Vintage PID Supplemental Assessment 2019
August 16,2019
EXHIBIT A
VINTAGE
PUBLIC IMPROVEMENT DISTRICT
CITY OF LUBBOCK, TEXAS
ANNUAL SERVICE PLAN UPDATE
2019-20
SEPTEMBER 109 2019
PREPARED BY:
MUNICAP, INC.
PUBLIC FINANCE
EXHIBIT A
VINTAGE PUBLIC
IMPROVEMENT DISTRICT
ANNUAL SERVICE PLAN UPDATE-2019-20
TABLE OF CONTENTS
A.INTRODUCTION ..........................................................................................................1
B. UPDATE OF THE SERVICE PLAN.................................................................................2
I.ANNUAL BUDGET FOR THE IMPROVEMENT PROJECTS.....................................................................2
II.DEBT SERVICE AND COLLECTION COSTS.......................................................................................4
III.ANNUAL OPTIONAL REDEMPTION REVIEW...................................................................................9
C.UPDATE OF THE ASSESSMENT PLAN..........................................................................11
D.UPDATE OF THE ASSESSMENT ROLL........................................................................12
I.PARCEL UPDATES...........................................................................................................................12
II.PREPAYMENT OF ASSESSMENTS....................................................................................................13
E.UPDATES OF MISCELLANEOUS PROVISIONS.............................................................15
APPENDIX A-THE IMPROVEMENT PROJECTS
APPENDIX B-2019-2020 ASSESSMENT ROLL SUMMARY
EXHIBIT A
A. INTROD umoN
The Vintage Township Public Improvement District(tile"PID") was created pursuant to the PID
Act and a resolution of the City Council on January 12, 2007 to finance certain public improvement
projects for the benefit of the property in the PID. The Vintage Township Public Facilities
Corporation Special Revenue Bonds, Series 2008A in the aggregate principal amount of
$2,193,000 (the "Series 2008A Bonds") and the Vintage Township Public Facilities Corporation
Special Revenue Bonds, Series 2008B in the aggregate principal amount of $1,279,000 (the
"Series 2008B Bonds") were issued to finance, refinance, provide or otherwise assist in the
acquisition, construction and maintenance of the public improvements provided for the benefit of
the property in the PID.
A service and assessment plan (the "Service and Assessment Plan") was approved by the City
pursuant to Ordinance No. 2007-00058, as amended by Ordinance No. 2008-00005, identifying
the public improvements (the "Improvement Project") to be provided by the PID,the costs of the
Improvement Projects, the indebtedness to be incurred for the Improvement Projects, and the
manner of assessing the property in the PID for the costs of the Improvement Projects. The Service
and Assessment Plan is to be reviewed and updated annually. Section 372.015 of the PID Act
states that the governing body of the municipality shall apportion the cost of an improvement to
be assessed against property in an improvement district, and the apportionment shall be made on
the basis of special benefits accruing to the property because of the improvement. Section
372.015(d) provides that the amount of assessment for each property owner may be adjusted
following the annual review of the service plan. This document is the update of the Service and
Assessment Plan for 2019-20.
The City had an assessment roll (the "Assessment Roll") prepared identifying the assessments oil
each Parcel, based on the method of assessment identified in the Service and Assessment Plan.
This Annual Service Plan also explains the update of the Assessment Roll.
The City Council intends for the obligations, covenants and burdens on the owner of the Assessed
Property, including without limitation such owner's obligations related to the payment of the
Assessments, to constitute a covenant running with the land. The Assessments are binding upon
the owners of Assessed Property and their respective transferees, legal representatives, heirs,
devisees, successors and assigns. The Assessments have lien priority as specified in the PID Act.
Capitalized terms shall have the meanings set forth in the Service and Assessment Plan unless
otherwise defined herein.
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EXHIBIT A
B. UPDATE OF THE SERVICE PLAN
I.ANNUAL BUDGET FOR THE IMPROVEMENT PROJECTS
The actual total cost of Improvement Project A is $2,920,808, which represents a reduction in the
budget for Improvement Project A included in the Service and Assessment Plan. The actual total
cost of Improvement Project B was equal to$1,828,466,which also represented a reduction of the
budget for Improvement Project B included in the Service and Assessment Plan. There were
budget line item cost revisions for the Improvement Projects as reported by the Developer. The
reductions in the budget and the budget line revisions were reflected in prior annual Service and
Assessment Plan updates. The original and revised budgets for the Improvement Projects are
included in Appendix A. The budget includes Improvement Project A and Improvement Project
B.
As shown by Table B-1 below,the PID has incurred indebtedness in the total amount of$3,472,000
in the form of the Series 2008A and Series 2008B Bonds,which are to be repaid from Assessments,
and the Developer is to fund the balance of the costs of the Improvement Projects as shown below.
Table B-1
Sources and Uses of Funds
Public Improvements
Improvement Project A Improvement Project B
Sources of Funds Series A Bonds Series B Bonds Total
Bond proceeds $2,193,000 $1,279,000 $3,472,000
Developer's contribution to Reserve $219,300 $0 $219,300
Account
Developer's contribution to $40,928 $23,870 $64,798
Prepayment Reserve Account
Other private funds $804,366 $833,286 $1,637,652
Total Sources of Funds $3,257,594 $2,136,156 $5,393,750
Uses of Funds
Improvement Project $2,920,808 $1,828,466 $4,749,274
Capitalized Interest Account $61,644 $128,694 $190,338
Collection Costs Account $14,914 $27,226 $42,140
Reserve Account $219,300 $127,900 $347,200
Prepayment Reserve Account $40,928 $0 $40,928
Developer Sub-Account of the $0 $23,870 $23,870
Prepayment Reserve Account
Total Uses of Funds $3,257,594 $2,136,156 $5,393,750
Note:The numbers in this and subsequent tables are in some cases shown rounded to the nearest dollar;however,the
calculations are made to the cent.
MuniCap 12
EXHIBIT A
A Service and Assessment Plan must cover a period of five years. All of the Improvement Projects
are expected to be provided within a period of five years. The anticipated budget for the
Improvement Projects over a period of five years and the indebtedness expected to be incurred for
these costs is shown by Table B-2 below and Table 13-3 on the following page.
Table B-2
Improvement Project A
PID Sources and Uses of Funds
2008—2024
Sources of Funds Year 2008-2018 Year 2019-2024 Total
Bond proceeds $2,193,000 $0 $2,193,000
Developer's contribution to Reserve $219,300 $0 $219,300
Account
Developer's contribution to $40,928 $0 $40,928
Prepayment Reserve Account
Other private funds $804,366 $0 $804,366
Total Sources of Funds $3,257,594 $0 $3,257,594
Uses of Funds
Improvement project $2,920,808 $0 $2,920,808
Capitalized Interest Account $61,644 $0 $61,644
Collection Costs Account $14,914 $0 $14,914
Reserve Account $219,300 $0 $219,300
Prepayment Reserve Account $40,928 $0 $40,928
Total Uses of Funds $3,257,594 $0 $3,257,594
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EXHIBIT A
Table B-3
Improvement Project B
PID Sources and Uses of Funds
2008—2024
Sources of Funds Year 2008-2018 Year 2019-2024 Total
Bond proceeds $1,279,000 $0 $1,279,000
Developer's contribution to $23,870 $0 $23,870
Prepayment Reserve Account
Other private funds $833,286 $0 $833,286
Total Sources of Funds $2,136,156 $0 $2,136,156
Uses of Funds
Improvement Project $1,828,466 $0 $1,828,466
Capitalized Interest Account $128,694 $0 $128,694
Collection Costs Account $27,226 $0 $27,226
Reserve Account $127,900 $0 $127,900
Develop Sub-Account of the $23 870 $0 $23,870
Prepayment Reserve Account
Total Uses of Funds $2,136,156 $0 $2,136,156
II.DEBT SERVICE AND COLLECTION COSTS
The Annual Installments
The Assessment imposed on any Parcel may be paid in full at any time. If not paid in full, the
Assessment shall be payable in thirty annual installments of principal and interest beginning with
the tax year following the issuance of the Series 2008A and Series 2008B Bonds.
Pursuant to the Service and Assessment Plan, each Assessment shall bear interest at the rate on the
Series 2008A and Series 2008B Bonds with a maximum of nine percent per annum commencing
with the issuance of the Series 2008A Bonds. The interest rate on the Series 2008A Bonds is 7.375
percent per annum. Accordingly, the interest rate on the Series 2008A Bonds is used to calculate
the interest on the Assessments. These payments, the "Annual Installments" of the Assessments,
shall be billed by the City in 2019 and will be delinquent on February 1, 2020.
Pursuant to the Service and Assessment Plan, the Annual Service Plan Update shall show the
remaining balance of the Assessments for each Parcel and the Annual Installments and Annual
Collection Costs to be collected from each Parcel. Annual Collection Costs shall be allocated to
each Parcel pro rata based upon the amount the Annual Installment on a Parcel bears to the amount
of Annual Installments in the PID as a whole that are payable at the time of such allocation. Each
Annual Installment shall be reduced by any credits applied under an applicable Indenture of Trust,
such as capitalized interest and interest earnings on any account balances and by any other funds
available to the PID.
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EXHIBIT A
Annual Budget for the Repayment of Indebtedness
Debt service is to be paid on the Series 2008A Bonds from the collection of the Annual
Installments. The interest rate to be paid on the Series 2008A Bonds is 7.375%. In addition,
"Collection Costs" are to be collected with the Annual Installments to pay expenses related to the
collection of the Annual Installments.
The budget for the PID to be paid from the collection of Annual Installments for 2019-20 is shown
by Table B-4 below.
Table B-4
Budget for the Annual Installments
to be Collected for 2019-20
Improvement Improvement
Proiect A Series Proiect B Series
Sources of Funds 2008A Bonds 2008E Bonds Total
Interest payment on April 1, 2020 $73,936 $0 $73,936
Interest payment on October 1, 2020 $73,936 $0 $73,936
Principal payment on October 1,2020 $32,000 $0 $32,000
Subtotal Debt Service on Bonds 8179,872 $0 $179,872
Annual Collection Costs $15,057 $0 $15,057
Subtotal Expenses $194,929 SO $194,929
Available Capitalized Interest Account $0 $0 $0
Available Administrative Fund $0 $0 $0
Subtotal Funds Available 80 80 80
Annual Installment to be Collected $194,929 $0 $194,929
1 — The amounts shown are rounded to the nearest dollar,whereas calculations are to the cent.
As explained above,the interest rate on the Series 2008A Bonds is 7.375 percent per annum,which
is used to calculate the interest on the Assessment Part A.
Annual Installments to be Collected from previously subdivided lots
The Assessment Part A per Equivalent Unit for all lots other than the newly subdivided phase three
lots is calculated as$6,064 based on the revised number of units to be developed.The Assessment
Part A applicable for each Land Use Class,which is calculated by multiplying the Assessment Part
A per Equivalent Unit by the Equivalent Units of each Land Use Class, and the interest on the
Assessment due to be collected for 2019-20 are shown in Table B-5 on the following page.
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EXHIBIT A
Table B-5
Interest Due on Assessment Part A
to be Collected for 2019-20
Assessment Assessment
Assessment Part A per Part A per
Assessment Part A per Unit Interest Unit Interest
Land Use Class per EUI EU Unit, Rate Amount
Land Use Class 1 $6,064 1.00 $6,064 7.375% $447.26
Land Use Class 2 $6,064 1.66 $10,067 7.375% $742.44
Land Use Class 3 $6,064 2.29 $13,888 7.375% $1,024.22
1 -The amounts shown are rounded to the nearest dollar,whereas calculations are to the cent.
The Assessment Part A due for 2019-20 is $27,000, which represents the principal amount due on
the Series 2008A Bonds on October 1, 2020. The Total Assessment Part A outstanding is shown
as$2,005,041 in Appendix B after the regular principal payment on October 1,2019.Accordingly,
the Assessment Part A due for 2019-20 is 1.54960 percent of the outstanding Assessment Part A
(i.e., $32,000-$2,005,041 = 1.54960%).
The Assessment Part A due to be collected from each Land Use Class for 2019-20 is shown in
Table B-6 below.
Table B-6
Assessment Part A Due
to be Collected for 2019-20
Assessment Assessment
Part A per Part A due
Land Use Class units Percentage per Unit
Land Use Class 1 $6,064 1.5960% $96.79
Land Use Class 2 $10,067 1.5960% $160.67
Land Use Class 3 $13,888 1.5960% $221.64
1 -The amounts shown are rounded to the nearest dollar,whereas calculations are to the cent.
The net Annual Collection Costs for the collection of Assessment Part A are estimated to be
$15,057. The total outstanding Assessment Part A is shown as $2,005,041 in Appendix B.
Accordingly, the Annual Collection Costs due for 2019-20 is 0.7510 percent of the outstanding
Assessment Part A (i.e., $15,057 - $2,005,041 = 0.7510%). The Annual Collection Costs to be
collected for 2019-20 is shown in Table B-7 on the following page.
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EXHIBIT A
Table B-7
Annual Collection Costs for Assessment Part A
to be Collected for 2019-20
Assessment Annual
Part A per Collection
Land Use Class Unit, Percentage Costs per Unit
Land Use Class 1 $6,064 0.7510% $45.54
Land Use Class 2 $10,067 0.7510% $75.60
Land Use Class 3 $13,888 0.7510% $104.29
1 -The amounts shown are rounded to the nearest dollar,whereas calculations are to the cent.
In summary, the Annual Installment Part A to be collected for 2019-20, which includes interest,
Assessment Part A and Annual Collection Costs, is shown Table B-8 below.
Table B-8
Annual Installment Part A
to be Collected for 2019-20
Annual
Assessment Annual Installment
Interest due Part A due Collection Part A per
Land Use Class per Unit per Unit Costs per Unit Unit
Land Use Class 1 $447.26 $96.79 $45.54 $589.59
Land Use Class 2 $742.44 $160.67 $75.60 $978.71
Land Use Class 3 $1,024.22 $221.64 $104.29 $1,350.15
As of April 1, 2014, all outstanding Assessment Part B were prepaid and the corresponding Series
2008B Bonds were fiilly redeemed with proceeds of the prepayments. As a result,Assessment Part
B is no longer collected from the Parcels in the PID.
Annual Installments to be Collected from Phase Three Lots
The Assessment Part A per Equivalent Unit amounts allocated to the lots in phase three was$6,086
as shown in the Update of the Assessment Roll section of this annual update. This amount is
slightly higher than the Assessment Part A and per Equivalent Unit amount of$6,064 allocated to
all previously subdivided lots. As a result, the Annual Installment amounts due from the lots in
phase three are calculated separately based on the Assessment amounts allocated to each of these
subdivided Parcels as shown below.
The Assessment Part A per Equivalent Unit for the phase three lots is calculated as $6,086 as
shown in the Update of the Assessment Roll section of this annual update. The Assessment Part A
MuniCap 17
EXHIBIT A
applicable for each Land Use Class,which is calculated by multiplying the Assessment Part A per
Equivalent Unit by the Equivalent Units of each Land Use Class, and the interest on the
Assessment due to be collected from each of the phase three lots for 2019-20 are shown in Table
B-9 below.
Table B-9
Interest Due on Assessment Part A—Phase 3 Lots
to be Collected for 2019-20
Assessment
Assessment Part A per Assessment Interest Due
Land Use Class per EUI EU Unit] Interest Rate per Unit
Land Use Class 1 $6,086 1.00 $6,086 7.375% $448.82
Land Use Class 2 $6,086 1.66 $10,102 7.375% $745.04
Land Use Class 3 $6,086 2.29 $13,936 7.375% $1,027.79
1 -The amounts shown are rounded to the nearest dollar,whereas calculations are to the cent.
The Assessment Part A due for 2019-20 is $27,000, which represents the principal amount due on
the Series 2008A Bonds on October 1, 2020. The Total Assessment Part A outstanding is shown
as $2,005,041 in Appendix B. Accordingly, the Assessment Part A due for 2019-20 is 1.5952
percent of the outstanding Assessment Part A (i.e., $32,000- $2,005,041 = 1.5952%).
The Assessment Part A due to be collected for 2019-20 from each of the newly subdivided lots is
shown in Table B-10 below.
Table B-10
Assessment Part A Due—Phase 3 Lots
to be Collected for 2019-20
Assessment Assessment
Land Use Part A per Part A per
Class Unit' Percentage Unit
Land Use Class 1 $6,086 1.5952% $97.08
Land Use Class 2 $10,102 1.5952% $161.15
Land Use Class 3 $13,936 1.5952% $222.31
1 -The amounts shown are rounded to the nearest dollar,whereas calculations are to the cent.
The net Annual Collection Costs for the collection of Assessment Part A are estimated to be
$15,057. The total outstanding Assessment Part A is shown as $2,005,041 in Appendix B.
Accordingly, the Annual Collection Costs due for 2019-20 is 0.7510 percent of the outstanding
Assessment Part A (i.e., $15,057 - $2,005,041 = 0.7510%). The Annual Collection Costs to be
collected for 2019-20 from the phase three lots is shown in Table B-11 on the following page.
MuniCap 18
EXHIBIT A
Table B-11
Annual Collection Costs for Assessment Part A—Phase 3 Lots
to be Collected for 2019-20
Assessment Annual
Land Use Part A per Percentage Collection
Class Unit, Costs per
Unit
Land Use Class 1 $6,086 0.7510% $45.70
Land Use Class 2 $10,102 0.7510% $75.86
Land Use Class 3 $13,936 0.7510% $104.65
1 -The amounts shown are rounded to the nearest dollar,whereas calculations are to the cent.
In summary, the Annual Installment Part A to be collected for 2019-20 from each of the phase
three lots,which includes interest,Assessment Part A and Annual Collection Costs, is shown Table
B-12 below.
Table B-12
Annual Installment Part A—Phase 3 Lots
to be Collected for 2019-20
Interest Assessment Annual Annual
Land Use due per Part A due Collection Installment
Class Costs per Part A per
Unit per Unit Unit Unit
Land Use Class 1 $448.82 $97.08 $45.70 $591.60
Land Use Class 2 $745.04 $161.15 $75.86 $982.05
Land Use Class 3 $1,027.79 $222.31 $104.65 $1,354.75
There is no Annual Installment Part B to be collected from the phase three lots.
III. ANNUAL OPTIONAL REDEMPTION REVIEW
The Bonds were issued in April 2008. Pursuant to Section 4.3 of the Indenture of Trust, the City
reserves the right and option to redeem the Bonds before their scheduled maturity dates, in whole
or in part, on any interest payment date on or after October 1, 2018, such redemption date or dates
to be fixed by the City, at the redemption prices and dates shown in the Indenture of Trust.
The Administrator has conducted a preliminary evaluation of the current refunding market
conditions, recent PID bond refunding transactions, and other relevant factors. Based on this
preliminary evaluation, the Administrator believes a refunding of the Bonds may be viable at this
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EXHIBIT A
time. The Administrator will continue to monitor the refunding market conditions, applicable
PID bond refunding transactions, and other relevant factors to determine if refunding is currently
viable will inform the City accordingly.
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EXHIBIT A
C. UPDATE OF THE ASSESSMENT PLAN
The Service and Assessment Plan provided for the "Assessed Property" to be classified into one
of three categories for purpose of allocating the Assessments, as follows:
(i) Land Use Class 1,
(ii) Land Use Class 2, and
(iii) Land Use Class 3.
Land Use Class 1 consists of residential dwelling units of 2,100 square feet of living area or less.
Land Use Class 2 consists of residential dwelling units with between 2,100 and 3,000 square feet
of living area. Land Use Class 3 consists of residential dwelling units with greater than 3,000
square feet of living area.
The Service and Assessment Plan identified Equivalent Units for each lot in each land use class as
follows:
Land Use Class 1 Lots 1.00 per dwelling unit
Land Use Class 2 Lots 1.66 per dwelling unit
Land Use Class 3 Lots 2.29 per dwelling unit
The Equivalent Unit factors are the ratio of the Assessments as allocated to each lot in each
property class. These Equivalent Unit factors were based on the relative size of the average unit
in each class. This method of assessing property has not been changed and Assessed Property will
continue to be assessed as provided for in the Service and Assessment Plan.
MuniCap Ill
EXHIBIT A
D. UPDATE OF THE ASSESSMENT ROLL
Pursuant to the Service and Assessment Plan, the Assessment Roll shall be updated each year to
reflect:
(i) The identification of each Assessed Parcel in the PID (including, if available, the tax Parcel
identification number for such Parcel),(ii)the Assessments, including any adjustments as provided
for in this Service and Assessment Plan; (iii)the Annual Installment for the relevant year(if such
Assessment is payable)for each Parcel;(iv) prepayments of the Assessments as provided for in the
Service and Assessment Plan and (B) any other changes helpful to the administration of the PID
and permitted by law.
The Assessment Roll and a summary of the Assessment Roll are shown in Appendix B. Each
Parcel in the PID is identified, along with the Assessment on each Parcel and the Annual
Installment to be collected from each Parcel in each Improvement Area. Assessments are to be
reallocated for the subdivision of any Parcels.
I.PARCEL UPDATES
According to the Service and Assessment Plan, upon the subdivision of any Parcel, the
Administrator shall reallocate the Assessment for the Parcel prior to the subdivision among the
new subdivided Parcels according to the following formula:
A = Bx (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 Equivalent Units allocated to each newly subdivided Parcel
D = the sum of the Equivalent Units for all of the new subdivided Parcels
There have been no additional Parcel subdivisions within the PID applicable to the Annual
Installments to be collected for 2019-20.
According to the Service and Assessment Plan, upon the consolidation of two or more Parcels, the
Assessment Part A and Assessment Part B for the consolidated Parcel shall be the sum of the
Assessment Part A and Assessment Part B prior to the consolidation, with each calculated
separately.
According to the Lubbock Central Appraisal District, Parcels R318307 and R318308 (both Land
Use Class 1 lots) were consolidated and replatted as Parcel 8318307 and Parcels R318313 and
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EXHIBIT A
8318314(both Land Use Class 1 lots)were consolidated and replatted as Parcel R318314 in 2013.
According to the Lubbock Central Appraisal District, Parcels 8318328 and R318329 (Land Use
Class 2 and Land Use Class 1 lots, respectively) were consolidated as Parcel R318328 in 2014.
According to Lubbock Central Appraisal District Parcels R318373,R318374,R318375,R318376,
and 8318377 (all Land Use Class 1) were consolidated and replatted as R318373 in 2018. As a
result, the consolidated Assessment Part A for the four newly consolidated Parcels is shown in
Table D-1 below.
Table D-1
Annual Installment Part A before and after Consolidation
Prior to Consolidation After Consolidation
Annual Annual
Assessment Assessment
Parcel Part A Installment Parcel Part A Installment
Part A Part A
R318307 $6,064 $589.59
8318308 $6,064 $589.59 8318307 $12,128 $1,179.18
R318313 $6,064 $589.59
8318314 $6,064 $589.59 8319314 $12,128 $1,179.18
8318328 $10,067 $977.13
8318329 $6,064 $589.59 8318328 $16,131 $1,566.72
R318373 $6,064 $589.59
R318374 $6,064 $589.59
R318375 $6,064 $589.59 R318373 $30,320 $2,947.96
R318376 $6,064 $589.59
R318377 $6,064 $589.59
Total $70,707 $6,873.05 Total $70,707 $6,873.05
As shown in Table D-1 above, the Annual Installment Part A due from each newly subdivided
Land Use Class I lot is $588.63. As a result,the total Annual Installment Part A Due from Parcels
R318307 and R318314 after the consolidation is $1,177.26 (i.e., $588.63 + $588.63 = $1,177.26)
each, the total Annual Installment Part A Due from Parcel 8318328 after the consolidation is
$1,565.76 (i.e., $977.13 +$588.63 =$1,565.76)and the total Annual Installment Part A Due from
Parcel R318373 is $2,943.15 (i.e., $588.63 + $588.63 + $588.63 + $588.63 + $588.63) as shown
in Table D-1 above.
II.PREPAYMENT OF ASSESSMENTS
Assessment Part A has been prepaid for nine lots through July 31, 2019. Each of these prepaid lots
is marked as such in the Assessment Roll summary attached hereto as Appendix B. According to
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EXHIBIT A
the trustee for the Bonds, Series 2008A Bonds in the total amount of$78,000 have been redeemed
with the prepayment proceeds as of July 31, 2019.
Assessment Part B has been prepaid for all Parcels as of July 31,2019. Each of these prepaid lots
is marked as such in the Assessment Roll summary attached hereto as Appendix B. Series 2008B
Bonds in the total amount of$1,274,000 were redeemed with prepayment proceeds through July
31,2019.
The complete Assessment Roll updated as described herein is available at the City of Lubbock,
Municipal Complex, 1625 13th Street, Lubbock, Texas 79401.
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EXHIBIT A
E. UPDATES OFMISCELLANEOUS PROVISIONS
There are no additional updates to be included in the Annual Service Plan update for 2019-20.
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EXHIBIT A
APPENDIX A
THE IMPROVEMENT PROJECTS
EXHIBIT A
Appendix A
The Improvement Project
Improvement Project A Improvement Project B
Orginal Budget Revised Original Budget Revised
Budget Changes Budget Budget Changes Budget
Land $0 $0 $0 $390,000 ($247,090) $142,910
Site preparation $288,511 $355,780 $644,291 $79,906 $88,055 $167,961
Drainage $136,232 ($136,232) $0 $136,232 ($102,637) $33,595
Streets and alleys $0 $0 $0 $706,430 $4,206 $710,636
Walkways $0 $0 $0 $59,523 ($59,523) $0
Water and sewer $0 $0 $0 $752,265 ($409,645) $342,620
Lighting and street signs $154,683 ($25,693) $128,990 $4,107 $681 $4,788
Signage and monumentation $9,795 ($9,475) $320 $0 $3,015 $3,015
Park features $1,081,340 ($7,593) $1,073,747 $0 $0 $0
Roundabouts $67,795 $19,517 $87,312 $0 $0 $0
Street trees and irrigation $412,091 ($213,590) $198,501 $0 $0 $0
Sub-total bars!costs S2,150,447 ($17,286) $2,133,161 S2,128,463 (5722,938) $1,405,525
Project administration $84,884 $529 $85,413 $11,577 $25,029 $36,606
Master planning $67,012 $199,424 $266,436 $0 $73,946 $73,946
Architectural design $102,862 ($102,862) $0 $130 ($130) $0
Engineering(civil) $239,216 $169,311 S408,527. $235,905 $59,500 $295,405
Engineering(other) $4,210 $3,464 $7,674 $8,952 ($5,207) $3,745
Legal fees $7,720 $5,640 $13,360 $1,278 ($1,278) $0
Regulatory and impact fees $8,032 ($5,902) $2,130 $20,563 ($7,324) $13,239
Insurance and bonding $0 $4,107 $4,107 $0 $0 $0
Sub-total soft costs $513,936 $273,711 ,$787,647 $278,405 $144,536 $422,941
Contingency $266,439 $266,439 $0 S248,901 $248,901) $0
Total $2,930,822 ($10,014) $2,920,808 $2,655,769 ($827,303) $1,828,466
A-1
EXHIBIT A
APPENDIX B
ASSESSMENT ROLL SUMMARY-2019-20
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