HomeMy WebLinkAboutOrdinance - 2024-O0112 - 17Th Suppl. Ord., Vintage Township PID, Service & Assmt Plan And Assmt Roll - 09/10/2024Section 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 August 27, 2024
Passed by the City Council on second reading on September 10, 2024
ARK W. MCBRAYER,�MAYOR
ATTEST:
1
Courtney Paz, City Secretary
APPROVED AS TO CONTENT:
Cheryl Brock, Interim Chief Financial Officer
APPROVED AS TO FORM:
00" /Z r
elli Leisure, cnior Assistant City Attorney
Ord. Vintage PID Supplemental Assessment 2024
8-27-24
Exhibit A
VINTAGE
PUBLIC IMPROVEMENT DISTRICT
CITY OF LUBBOCK, TEXAS
ANNUAL SERVICE PLAN UPDATE
2024-25
AS APPROVED BY CITY COUNCIL ON:
AUGUST 27, 2024
PREPARED BY:
Exhibit A
VINTAGE PUBLIC
IMPROVEMENT DISTRICT
ANNUAL SERVICE PLAN UPDATE - 2024-25
TABLE OF CONTENTS
A. INTRODUCTION.............................................................................................................. 1
B. UPDATE OF THE SERVICE PLAN.................................................................................... 3
I. ANNUAL BUDGET FOR THE IMPROVEMENT PROJECTS........................................................................ 3
II. DEBT SERVICE AND COLLECTION COSTS........................................................................................... 5
III. ANNUAL OPTIONAL REDEMPTION REVIEW.................................................................................... 10
C. UPDATE OF THE ASSESSMENT PLAN........................................................................... I I
D. UPDATE OF THE ASSESSMENT ROLL........................................................................... 12
I. PARCEL UPDATES................................................................................................................................ 12
II. PREPAYMENT OF ASSESSMENTS........................................................................................................ 13
E. UPDATES OF MISCELLANEOUS PROVISIONS............................................................... 14
APPENDIX A - THE IMPROVEMENT PROJECTS
APPENDIX B - 2024-25 ASSESSMENT ROLL SUMMARY
APPENDIX C - PID ASSESSMENT NOTICE
Exhibit A
A. INTRODUCTION
The Vintage Township Public Improvement District (the "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 2024-25.
The City had an assessment roll (the "Assessment Roll") prepared identifying the assessments on
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.
Effective September 1, 2021, the Texas legislature passed House Bill 1543 as an amendment to
the PID Act, requiring, among other things, (i) all Service and Assessment Plans and Annual
Service Plan Updates be approved through City ordinance or order to be filed with the county clerk
of each county in which all or part of the PID is located within seven days and (ii) include a copy
of the notice form required by Section 5.014 of the Texas Property Code (the "PID Assessment
Notice") as disclosure of the obligation to pay PID Assessments. In light of these amendments to
the PID Act, this Annual Service Plan Update includes a copy of the PID Assessment Notice as
Appendix C and copy of this Annual Service Plan Update will be filed with the county clerk in
each county in which all or a part of the PID us located not later than seven (7) days after the date
the governing body of the City approves this Annual Service Plan Update.
MuniCap 11
Exhibit A
Section 372.013 of the PID Act, as amended, stipulates that a person who proposes to sell or
otherwise convey real property that is located in the PID, except in certain situation described in
the PID Act, shall first give to the purchaser of the property a copy of the completed PID
Assessment Notice. The PID Assessment Notice shall be given to a prospective purchaser before
the execution of a binding contract of purchase and sale, either separately or as an addendum or
paragraph of a purchase contract. In the event a contract of purchase and sale is entered into without
the seller provided the required notice, the purchaser, subject to certain exceptions described in the
PID act, is entitled to terminate the contract.
The PID Assessment Notice shall be executed by the seller and must be filed in the real property
records of the County in which the property is located at the closing of the purchase and sale of
the property.
Capitalized terms shall have the meanings set forth in the Service and Assessment Plan unless
otherwise defined herein.
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MuniCap 12
Exhibit A
B. UPDA TE OF THE SER VICE 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 is 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 Improvement
Project A 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 Account
$219,300
$0
$219,300
Developer's contribution to Prepayment Reserve Account
$40,928
$23,870
$64,798
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
Capitalized Interest Account
Collection Costs Account
Reserve Account
$2,920,808
$1,828,466
$4,749,274
$61,644
$128,694
$190,338
$14,914
$27,226
$42,140
$219,300
$127,900
$347,200
Prepayment Reserve Account
$40,928
$0
$40,928
Developer Sub -Account of the Prepayment Reserve Account
$0
$23,870
$23,870
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 13
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 and Table B-3 below.
Table B-2
Improvement Project A
PID Sources and Uses of Funds
2008 — 2030
Year Year
Sources of Funds 2008-2024 2025-2030 Total
Bond proceeds
$2,193,000
$0
$2,193,000
Developer's contribution to Reserve Account
$219,300
$0
$219,300
Developer's contribution to Prepayment Reserve Account
$40,928
$0
$40,928
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
Table B-3
Improvement Project B
PID Sources and Uses of Funds
2008 — 2030
Year Year
Sources of Funds 2008-2024 2025-2030 Total
Bond proceeds
$1,279,000
$0
$1,279,000
Developer's contribution to Prepayment Reserve Account
$23,870
$0
$23,870
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 Prepayment Reserve Account
$23,870
$0
$23,870
Total Uses of Funds
$2,136,156
$0
$2,136,156
MuniCap 14
Exhibit A
H. 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, of which fourteen
(14) Annual Installments remain outstanding.
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 2024 and will be delinquent on February 1, 2025.
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.
Annual Budd 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 percent. 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 2024-25 is shown
by Table B-4 on the following page.
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MuniCap 15
Exhibit A
Table B-4
Budget for the Annual Installments
to be Collected for 2024-25
Improvement
Improvement
Protect A Series
Project B Series
Descriptions
2008A Bonds
2008B Bonds
Total
Interest payment on April 1, 2025
$65,912
$0
$65,912
Interest payment on October 1, 2025
$65,912
$0
$65,912
Principal payment on October 1, 2025
$61,000
$0
$61,000
Subtotal debt service on bonds
$192,823
$0
$192,823
Annual Collection Costs
$15,000
$0
$15,000
Subtotal Expenses
$15,000
$0
$15,000
Available Capitalized Interest Funds
$0
$0
$0
Available Administrative Expense Funds
$0
$0
$0
Subtotal.fiends available
30
$0
$0
Annual Installments
$207,823
$0
$207,823
Note: 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 $5,423 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 2024-25 are shown in Table B-5 below.
Table B-5
Interest Due on Assessment Part A
to be Collected for 2024-25
Assessment
Assessment
Assessment
Interest Due
Land Use Class
per EU
EU
Part A per unit
Interest Rate
per Unit
Land Use Class 1
$5,423
1.00
$5,423
7.375%
$399.93
Land Use Class 2
$5,423
1.66
$9,002
7.375%
$663.88
Land Use Class 3
$5,423
2.29
$12,418
7.375%
$915.84
Note: The amounts shown are rounded to the nearest dollar, whereas calculations are to the cent
The Assessment Part A due for 2024-25 is $61,000, which represents the principal amount due on
the Series 2008A Bonds on October 1, 2025. The Total Assessment Part A outstanding is shown
as $1,787,435 in Appendix B after the regular principal payment on October 1, 2024. Accordingly,
the Assessment Part A due for 2024-25 is 3.413 percent of the outstanding Assessment Part A (i.e.,
$61,000 _ $1,787,435 = 3.413%).
MuniCap 16
Exhibit A
The Assessment Part A due to be collected from each Land Use Class for 2024-25 is shown in
Table B-6 below.
Table B-6
Assessment Part A Due
to be Collected for 2024-25
Assessment
Assessment
Land Use Class
Part A per unit
Percentage
Part A Due
Land Use Class 1
$5,423
3.413%
$185.06
Land Use Class 2
$9,002
3.413%
$307.21
Land Use Class 3
$12,418
3.413%
$423.80
Note: 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
$15,000. The total outstanding Assessment Part A is shown as $1,787,435 in Appendix B.
Accordingly, the Annual Collection Costs due for 2024-25 is 0.839 percent of the outstanding
Assessment Part A (i.e., $15,000 - $1,787,435 = 0.839%). The Annual Collection Costs to be
collected for 2024-25 is shown in Table B-7 below.
Table B-7
Annual Collection Costs for Assessment Part A
to be Collected for 2024-25
Assessment
Annual Collection
Land Use Class
Part A per unit
Percentage
Costs Per Unit
Land Use Class 1
$5,423
0.839%
$45.51
Land Use Class 2
$9,002
0.839%
$75.54
Land Use Class 3
$12,418
0.839%
$104.21
Note: 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 2024-25, 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 2024-25
Interest
Annual
Annual
Due per
Assessment Annual collection
Installment
Land Use Class EU Unit
Part A Due Assessment Costs Per Unit
Part A per Unit
Land Use Class 1 1.00 $399.93
$185.06 $584.99 $45.51
$630.50
Land Use Class 2 1.66 $663.88 $307.21 $971.09 $75.54 $1,046.63
Land Use Class 3 2.29 $915.84 $423.80 $1,339.64 $104.21 $1,443.85
MuniCap 17
Exhibit A
As of April 1, 2014, all outstanding Assessment Part B were prepaid and the corresponding Series
2008B Bonds were fully 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 within Phase Three (the
"Phase Three Lots") was $5,442 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 $5,423 allocated to all previously subdivided lots. As a result, the Annual Installment
amounts due for the Phase Three Lots 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 $5,442 as
shown in the Update of the Assessment Roll section of this annual update. 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 from each of the Phase Three Lots for 2024-25 are shown in Table
B-9 below.
Table B-9
Interest Due on Assessment Part A — Phase Three Lots
to be Collected for 2024-25
Assessment
Assessment
Assessment
Interest Due
Land Use Class
per EU
EU
Part A per unit
Interest Rate
per Unit
Land Use Class 1
$5,442
1.00
$5,442
7.375%
$401.33
Land Use Class 2
$5,442
1.66
$9,033
7.375%
$666.20
Land Use Class 3
$5,442
2.29
$12,461
7.375%
$919.03
Note: The amounts shown are rounded to the nearest dollar, whereas calculations are to the cent.
The Assessment Part A due for 2024-25 is $61,000, which represents the principal amount due on
the Series 2008A Bonds on October 1, 2025. The Total Assessment Part A outstanding is shown
as $1,787,435 in Appendix B. Accordingly, the Assessment Part A due for 2024-25 is 3.413
percent of the outstanding Assessment Part A (i.e., $61,000 - $1,787,435 = 3.413%).
The Assessment Part A due to be collected for Phase Three Lots for 2024-25 from each of the
subdivided lots is shown in Table B-10 on the following page.
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MuniCap 18
Exhibit A
Table B-10
Assessment Part A Due — Phase Three Lots
to be Collected for 2024-25
Assessment
Assessment
Land Use Class
Part A per unit
Percentage
Part A Due
Land Use Class 1
$5,442
3.413%
$185.71
Land Use Class 2
$9,033
3.413%
$308.28
Land Use Class 3
$12,461
3.413%
$425.27
Note: 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
$15,000. The total outstanding Assessment Part A is shown as $1,787,435 in Appendix B.
Accordingly, the Annual Collection Costs due for 2024-25 is 0.839 percent of the outstanding
Assessment Part A (i.e., $15,000 _ $1,787,435 = 0.839%). The Annual Collection Costs to be
collected for Phase Three Lots for 2024-25 is shown in Table B-11 below.
Table B-11
Annual Collection Costs for Assessment Part A — Phase Three Lots
to be Collected for 2024-25
Assessment
Annual Collection
Land Use Class
Part A per unit
Percentage
Costs Per Unit
Land Use Class 1
$5,442
0.839%
$45.67
Land Use Class 2
$9,033
0.839%
$75.81
Land Use Class 3
$12,461
0.839%
$104.58
Note: 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 2024-25 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 Three Lots
to be Collected for 2024-25
Interest
Annual
Annual
Due per
Assessment
Annual
collection
Installment
Land Use Class
EU
Unit
Part A Due
Assessment
Costs Per Unit
Part A per Unit
Land Use Class 1
1.00
$401.33
$185.71
$587.04
$45.67
$632.71
Land Use Class 2
1.66
$666.20
$308.28
$974.48
$75.81
$1,050.28
Land Use Class 3
2.29
$919.03
$425.27
$1,344.30
$104.58
$1,448.88
There is no Annual Installment Part B to be collected from the Phase Three Lots.
MuniCap 19
Exhibit A
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
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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MuniCap 110
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 I 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
Land Use Class 2 Lots
Land Use Class 3 Lots
1.00 per dwelling unit
1.66 per dwelling unit
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.
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MuniCap Ill
Exhibit A
A 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.
][. 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 2024-25.
Consolidated Parcels
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 R318307 in 2013.
MuniCap 112
Exhibit A
According to the Lubbock Central Appraisal District, Parcels R318313 and R318314 (both Land
Use Class 1 lots) were consolidated and replatted as Parcel R318314 in 2013.
According to the Lubbock Central Appraisal District, Parcels R318328 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 R318377 (all Land Use Class 1) were consolidated and replatted as R318373 in 2018.
According to Lubbock Central Appraisal District Parcels R314871 and R314872 (Land Use Class
2 and Land Use Class 3 lots, respectively) were consolidated and replatted as R314871 as of
August 7, 2020.
According to Lubbock Central Appraisal District Parcels R318369, R318370, R318371, and
R318372, (all Land Use Class 1) were consolidated and replatted as R318369 as of August 7, 2020.
11. PREPAYMENT of ASSESSMENTS
Assessment Part A has been prepaid for nine lots through July 31, 2022. According to 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, 2022.
In addition, in February of 2023, Parcel R318353 prepaid the Assessment Part A in full. Each of
the prepaid lots is marked as such in the Assessment Roll summary attached hereto as Appendix
B.
Assessment Part B has been prepaid for all Parcels as of July 31, 2022. 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, 2022.
The complete Assessment Roll updated as described herein is available at the City of Lubbock,
1314 Avenue K, Lubbock, Texas 79401.
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MuniCap 113
Exhibit A
E. UPDATES OF MISCELLANEOUS PROVISIONS
There are no additional updates to be included in the Annual Service Plan update for 2024-25.
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MuniCap 114
Exhibit A
APPENDIX A
THE IMPROVEMENT PROJECTS
Exhibit A
Appendix A
The Improvement Project
Improvement Project A
Improvement Project B
Budget
Revised
Budget
Revised
Hard Costs
Original Budget
Changes
Budget
Original 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 hard costs
$2,150, 447
(S17, 286)
$ 2,133,161
$2,128, 463
(5722, 938)
$1, 405, 525
Soft Costs
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
$408,527
$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
5273, 711
$787, 647
$278, 405
S144,536
5422, 941
Contingency
5266,439
(5266,439)
SO
$248,901
($248,901)
SO
Total
$2,930 822
$10,014
$2,920,808
$2,655,769
$827,303
$1,828,466
M. lollow-Al
APPENDIX B
ASSESSMENT ROLL SUMMARY - 2024-25
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Exhibit A
APPENDIX C
PID ASSESSMENT NOTICE
Exhibit A
PID Assessment Notice
NOTICE OF OBLIGATION TO PAY PUBLIC IMPROVEMENT DISTRICT ASSESSMENT
TO
CITY OF LUBBOCK, TEXAS
CONCERNING THE FOLLOWING PROPERTY
[insert property address]
As the purchaser of the real property described above, you are obligated to pay assessments
to the City of Lubbock, Texas (the "City"), for the costs of a portion of a public improvement or
services project (the "Authorized Improvements") undertaken for the benefit of the property within
the Vintage Public Improvement District (the "District") created under Subchapter A, Chapter 372,
Local Government Code.
AN ASSESSMENT HAS BEEN LEVIED AGAINST YOUR PROPERTY FOR THE
AUTHORIZED IMPROVEMENTS, WHICH MAY BE PAID IN FULL AT ANY TIME. IF THE
ASSESSMENT IS NOT PAID IN FULL, IT WILL BE DUE AND PAYABLE IN ANNUAL
INSTALLMENTS THAT WILL VARY FROM YEAR TO YEAR DEPENDING ON THE
AMOUNT OF INTEREST PAID, COLLECTION COSTS, ADMINISTRATIVE COSTS, AND
DELINQUENCY COSTS.
The exact amount of the assessment may be obtained from the City. The exact amount of
each annual installment will be approved each year by the City Council in the Annual Service Plan
Update for the District. More information about the assessments, including the amounts and due
dates, may be obtained from the City or MuniCap, Inc., the District Administrator for the City,
located at 600 E. John Carpenter Fwy, Suite 150, Irving, Texas 75062 and available by telephone
at (469) 490-2800 or (866) 648-8482 (toll free) and email at txpid(amunicap.com.
Your failure to pay any assessment or any annual installment may result in penalties and
interest being added to what you owe or in a lien on and the foreclosure of your property.
The undersigned purchaser acknowledges receipt of this notice before the effective date of
a binding contract for the purchase of the real property at the address described above.
Date:
Signature of Seller
STATE OF TEXAS
COUNTY OF
Signature of Seller
The foregoing instrument was acknowledged before me by
and
, known to me to be the person(s) whose name(s) is/are subscribed to the
foregoing instrument, and acknowledged to me that he or she executed the same for the purposes
Exhibit A
therein expressed, in the capacity stated and as the act and deed of the above -referenced entities as an
authorized signatory of said entities.
Given under my hand and seal of office on this , 20_
Notary Public, State of Texas
The undersigned purchaser acknowledges receipt of this notice before the effective date of a
binding contract for the purchase of the real property at the address described above.
Date:
Signature of Purchaser Signature of Purchaser
STATE OF TEXAS
COUNTY OF
The foregoing instrument was acknowledged before me by
and
, known to me to be the person(s) whose name(s) is/are subscribed to the
foregoing instrument, and acknowledged to me that he or she executed the same for the purposes
therein expressed, in the capacity stated and as the act and deed of the above -referenced entities as an
authorized signatory of said entities.
Given under my hand and seal of office on this , 20_
Notary Public, State of Texas