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HomeMy WebLinkAboutResolution - 2012-R0165 - Agreement - Lubbock Central Appraisal District - Collect Assessments - 04/26/2012Resolution No. 2012-RO165 April 26, 2012 Item No. 5.3 RESOLUTION BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LUBBOCK: THAT the Mayor of the City of Lubbock BE and is hereby authorized and directed to execute for and on behalf of the City of Lubbock an Agreement with the Lubbock Central Appraisal District to provide all the services necessary for the collection of the assessments levied by the City Council against property in the Valencia Public Improvement District. Said Agreement is attached hereto and incorporated in this Resolution as if fully set forth herein and shall be included in the minutes of the Council. Passed by the City Council on April 26 TOM MARTIN, MAYOR ATTEST: C) ',' '. —5)<-- — Reb eca Garza, City Secreta APPROVED AS TO CONTENT: Q_"4 810cj�=) Cheryl Brock, Director of Fiscal Policy APPROVED AS TO FORM: Linda L. Chamales, Economic Development Attorney City Att 1 Linda Res -Valencia PID Collection Agreement April 4.2012 2012. Resolution No. 2012-RO165 INTERLOCAL AGREEMENT FOR THE COLLECTION OF ASSESSMENTS LEVIED ON PROPERTY WITHIN THE VALENCIA PUBLIC IMPROVEMENT DISTRICT, CITY OF LUBBOCK, TEXAS STATE OF TEXAS § COUNTY OF LUBBOCK § This Agreement is entered into between the City of Lubbock (hereinafter called "City") and the Lubbock Central Appraisal District, (hereinafter called "Appraisal District") for collection of assessments levied within the Valencia Public Improvement District of the City of Lubbock (hereinafter called the "Valencia PID") pursuant to the authority granted by and in compliance with the provisions of the Interlocal Cooperation Act, Chapter 791, Texas Government Code, and the provisions of the Public Improvement Assessment Act, Chapter 372, Texas Local Government Code. WHEREAS, the City Council of the City of Lubbock in Resolution No.2011- R0310 passed July 14, 2011, authorized and created the Valencia Public Improvement District (Exhibit A) under Chapter 372 of the Texas Local Government Code, and designated the Lubbock City Council as the entity responsible for the management of and provision of services and improvements to the District; and WHEREAS, on August 11, 2011, the City Council passed Resolution No. 2011- R0342, approving the Service Plan which contained an Assessment Plan for the Valencia Public Improvement District; and WHEREAS, the City Council levied assessments for 2012 in accordance with the Valencia PID Assessment Plan and Chapter 372 of the Texas Local Government Code in Ordinance No. 2011-00071; and WHEREAS, Chapter 372 of the Texas Local Government Code requires that the City Council on an annual basis review the Service Plan (Exhibit B); prepare and file a proposed assessment roll with the City Secretary; schedule a public hearing to consider the proposed assessments and receive public comment; and levy assessments according to the Assessment Plan(Exhibit C); and WHEREAS, the City Council of the City of Lubbock desires to contract with the Appraisal District to provide all the services necessary for the collection of assessments levied by the City Council against property in the Valencia PID and deposit with the City of Lubbock for the benefit of the Valencia Public Improvement District; and WHEREAS, the Appraisal District is able and willing to perform said collection services and is desirous of entering into an agreement with the City for collection of assessments levied within the Valencia Public Improvement District; NOW THEREFORE, the parties hereto agree as follows: Valencia PID / LCAD Agreement ARTICLE I RECITALS AND EXHIBITS PART OF AGREEMENT The representations, covenants, and recitations set forth in the foregoing recitals are material to this Agreement and are hereby incorporated into and made a part of this Agreement as though they were fully set forth in this Article L Exhibits A, B, C and D, attached hereto are incorporated into this Agreement as if fully set forth herein. ARTICLE II RESPONSIBILITIES OF THE APPRAISAL DISTRICT The Appraisal District, acting by and through its duly authorized officers, does hereby agree to perform all calculation and collection services on behalf of the Valencia Public Improvement District of the City of Lubbock, pursuant to Texas Local Government Code Chapter 372 and City of Lubbock Ordinance No. 2011-00071 (Exhibit D), and to forward said funds to the City of Lubbock for deposit into the Valencia Public Improvement District Fund. The Appraisal District agrees to identify properties within the PID boundary and to calculate the assessment due to the Valencia Public Improvement District based on the City's 2012 net taxable value (as determined by the Appraisal District) for each property designated to be assessed under the current assessment ordinance, which is Ordinance No. 2011-00071. Assessment bills will be sent to affected property owners prior to January 1, 2013 for the 2012 assessment and the assessment will be due January 31, 2013. Future years' assessments shall be determined and billed in like manner, pursuant to the then current assessment ordinance. Future years' bills will be sent prior to November 15, and due the following January 31. On or before March 1 of each year, and again prior to May 1, the Appraisal District will calculate the amount of assessments collected and the funds due to the Valencia Public Improvement District will be forwarded to the City for deposit in the Valencia Public Improvement District Fund. ARTICLE III RESPONSIBILITIES OF THE CITY The City will provide to the Appraisal District a certified copy of the assessment ordinance; a list of the properties, identified by legal description and appraisal district account number, designated for assessment under current and future assessment ordinances; and the name and phone number of a designated city official to be included on the annual assessment bill for the purpose of answering questions concerning the assessment by September 30 of each year that this agreement continues in force. The Valencia PID, acting by and through its Board of Directors, the City Council of the City of Lubbock, does hereby agree to pay to the Appraisal District as compensation for services rendered pursuant to this Agreement, for all parcels within the Valencia PID, an amount equal to the cost per parcel for all other cities and independent Valencia PID 1 LCAD Agreement 2 school districts as calculated in the AGREEMENT FOR ASSESSMENT AND COLLECTION OF TAXES between the City of Lubbock and the Appraisal District or '/4 of 1% of the annual collection budget of the Appraisal District, whichever is greater. The above stated compensation will be deducted by the Appraisal District from the total annual Valencia PID assessments collected prior to the funds being forwarded to the City for deposit with notation of the amount deducted and accompanying documentation. ARTICLE IV COLLECTION OF DELINQUENT ASSESSMENTS The Appraisal District may contract with any competent attorney to assist in the collection of delinquent assessments on behalf of the City acting for the Valencia PID. The attorney's compensation shall be set in the contract, but the total amount of compensation provided may not exceed the amount authorized in Section 6.03 of the Texas Property Tax Code. Said compensation shall be deducted from the delinquent assessment collected prior to the funds being forwarded to the City for deposit with notation of the amount deducted and accompanying documentation. ARTICLE V TERM The term of this Agreement shall be for a period of one year, beginning on the 26th day of April , 2012 , and may be extended from year to year unless the parties elect to terminate the Agreement according to its terms. ARTICLE VI TERMINATION In the event the Appraisal District or the City desire to terminate this Agreement at the end of the primary term or any extension thereof, the party desiring termination shall give notice in writing at least thirty days prior to the end of the term to the other party. Either party may terminate this Agreement upon breach of the terms contained in the agreement by giving sixty (60) days written notice to the other party. ARTICLE VII NOTICE Whenever notice of any kind is authorized or required to be made by one party or the other under the terms of this Agreement, such notice shall be given by United States registered or certified mail, postage prepaid, return receipt requested and addressed to the other party as set out below, or to such other address as may hereafter be designated: Valencia PID / LCAD Agreement 3 Valencia PID: City Manager City of Lubbock P.O. Box 2000 1625 13"' Street Lubbock, Texas 79457 Appraisal District: Chief Appraiser Lubbock Central Appraisal District P.O. Box 10542 171526 'h Street Lubbock, Texas 79408 ARTICLE VIII AMENDMENTS This Agreement constitutes and expresses the entire agreement between the parties hereto and shall not be amended or modified except by written instruments signed by both parties. APPROVED BY THE CITY COUNCIL OF THE CITY OF LUBBOCK on April 26 2012. APPROVED BY THE BOARD OF DIRECTORS OF THE LUBBOCK CENTRAL APPRAISAL DISTRICT this 28th day of March , 2012- Valencia 012Valencia Public Improvement Lubbock Central Appraisal District District of the CITY of LUBBOCK TOM MARTIN, MAYOR ChlirmV, Board of Dire&S ATTEST: Q—"--e2C-=C-c e —3� Retie a Garza, City Secretary 0 APPROVED AS TO CONTENT: It�C. Y�In Andy Burcham, Chief Financial Officer APPROVED AS TO FORM: Linda L. Chamales Economic Development Attorney Lc: Cityatt/Linda/ MCAD Valencia Interlocal November 3, 2011 ATTEST: Secretary, Bo of Directors Valencia PID / LCAD Agreement 4 Resolution No. 2012-RO165 Resolution No. A -R0310 6thibit"A" July 14, 2011 Item No. 6.4 RESOLUTION WHEREAS, a petition has been received from the record owners of taxable real property representing more than 50 percent of the appraised value (as determined by the most recent certified appraisal roll of the Lubbock Central Appraisal District) of an area within the City of Lubbock generally bounded by generally bounded by 85`h Street on the north, 88"` Place on the south, Iola Avenue on the east, and Milwaukee Avenue on the west, AND owners of not less than fifty percent (50%) of the area of all taxable real property that is liable for assessment under the proposal; requesting establishment of a Valencia Public Improvement District under Chapter 372 of the Texas Local Government Code for the purpose of maintaining Parks and greens together with any ancillary structures, features or amenities such as playgrounds, athletic facilities, pavilions, community facilities, irrigation, walkways, lighting, benches, trash receptacles and any similar items located therein along with all necessary grading, drainage, and similar infrastructure involved in the maintenance of such parks and greens; landscaping, hardscape and irrigation; including costs of establishing, administering and operating the District; and WHEREAS, the petition, a copy of which has been attached as Exhibit "1," was examined, verified, found to meet the requirements of Section 372.005(b) of the Texas Local Government Code, and accepted by the City Council of the City of Lubbock, Texas (the "City"); and WHEREAS, the boundaries of the proposed Valencia Public Improvement District within the city limits of the City of Lubbock are described in the attachment designated as Exhibit "2" and shown on the map attached hereto as Exhibit "3"; and WHEREAS, the City has called a public hearing to hear public comments on the advisability of the proposed public improvement district and its benefits to the City and to the property within the boundaries of the proposed public improvement district; and WHEREAS, notice of such public hearing was published in the Lubbock Avalanche -Journal a daily paper of general circulation in the City, such publication date being before the 15`h day before the date of the public hearing stating the time and place of the hearing, the general nature of the services, the estimated cost of the services, the proposed boundaries of the proposed Valencia Public Improvement District, the method of assessment, and the apportionment of cost between the improvement district and the city as a whole; and WHEREAS, written notice containing the information in the published notice was mailed before the 15`h day before the date of the hearing to the current addresses of the owners, as reflected on the tax rolls, of property subject to assessment under the proposed public improvement district; and Valencia FID Establishment Exhibit "A" WHEREAS, such hearing was convened at the time and place mentioned in the published notice, on the 14`h day of July, 2011, at 9:30 o'clock a.m., in the Council Chambers of the City of Lubbock, Texas; and WHEREAS, the City, at such hearing, invited any interest person, or his/her representative, to appear and speak for or against the authorization of the Valencia Public Improvement District, the boundaries of the proposed public improvement district, whether all or a part of the territory which is described in Exhibit "2" attached hereto and depicted on the map attached hereto as Exhibit "3" should be included in such proposed Valencia Public Improvement District, the advisability of the proposed improvements, the nature of the improvements, the estimated costs of the improvements; the method of assessment, and the apportionment of costs between the district and the city as a whole; and WHEREAS, all owners of property located with the proposed Valencia Public Improvement District and all other taxing units and other interested persons were given a reasonable opportunity at such public hearing to protest the authorization of the Valencia Public Improvement District and/or the inclusion of their property in such District; and WHEREAS, the proponents of the Valencia Public Improvement District offered evidence, both oral and documentary, in favor of all of the foregoing matters relating to the creation of the Valencia Public Improvement District, and opponents of the Valencia Public Improvement District were given the opportunity to appear to contest authorization of the district, after which the hearing was closed; NOW THEREFORE: BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LUBBOCK, TEXAS: SECTION 1: That the facts and recitations contained in the preamble of this ordinance are hereby found and declared to be true and correct. SECTION 2: That the City Council, after conducting such hearing and having heard such evidence and testimony, has made the following findings and determinations based on the evidence and testimony presented to it: (a) That the public hearing on the advisability of authorizing the Valencia Public Improvement District has been properly called, held and conducted and that notice of such hearing has been published and mailed as required by law and delivered to the current address of the owners of property subject to assessment under the proposed public improvement district. (b) That authorization of the proposed Valencia Public Improvement District with boundaries as described in Exhibits "2" and "3" for the purpose of maintaining Parks and greens together with any ancillary structures, features or amenities such as playgrounds, athletic facilities, pavilions, community facilities, irrigation, walkways, lighting, benches, trash receptacles and any similar items located Valencia PID Establishment 2 Exhibit "A" therein along with all necessary grading, drainage, and similar infrastructure involved in the maintenance of such parks and greens; landscaping, hardscape and irrigation; including costs of establishing, administering and operating the District is advisable and will result in benefits to the City, its residents and property owners in the Valencia Public Improvement District. (c) That the total estimated cost of services and improvements proposed to be provided by the District is approximately $56,829 over the next five (5) years, and that the estimated annual cost rises from $4,500 in year two to $19,149 in year five (5). Services anticipated are maintenance of 87`x' Street park and median, electric costs for lights, and operational and administrative costs. (d) That the costs are based on a proposed assessment rate of $0.11 per $100.00 of valuation through year 2019. (e) That as to apportionment of cost between the proposed District and the City, all costs for proposed improvements will be paid by the District through assessments. SECTION 3: That the City hereby authorizes under Sections 372.006, 372.010, and 372.041 of the Act, a public improvement district over the area described in Exhibit 2 attached hereto and depicted in the map attached hereto as Exhibit 3 and such public improvement district shall hereafter be identified as the Valencia Public Improvement District, City of Lubbock, Texas. SECTION 4: That the City Council shall be the governing board for the Valencia Public Improvement District. The City Council may appoint an Advisory Board for management of the District in the future. SECTION 5: That the notice of this authorization for the Valencia Public Improvement District shall be published in a newspaper of general circulation in the city. SECTION 6. That if any section, paragraph, clause or provision of this Resolution shall for any reason be held to be invalid or unenforceable, the invalidity or unenforceability of such section paragraph, clause or provision shall not affect any of the remaining provisions of this Resolution. I Valencia PID Establishment 3 Exhi bit "A" Passed by the City Council on July 14 2011. TOM MARTIN, MAYOR ATTEST: Reb cc a Garza, City Secretary APPROVED AS TO CONTENT: Andy B chain Chief Financial Officer APPROVED AS TO FORM: Linda L. Chamales, Economic Development Attorney as/cityatftinda/Valencia PID Eslablishment May Is, 2011 Valencia PID Establishment 4 Calendar Year^ Property Values• Discounted Property Values ra 90% Fiscal Year Revenues Interest Earnings Assessment (a SO.I i Total Expense 87th Street Park'Ttact A" 1.13 Acres Maintanence of Park Maimanencx of Park{Dev&4-j 87th Street Median "£acct B" 07 Acres Maiatanence of Median 44dirdattenm of Maiian(Dcveloper) Electric Casts Administrative Costs Annua-102--t-cost (LCAD Collection Cost and Cost of setting assessments each year) Maintenance Costs Paid by Develover Total Cash Reserves 'Property Value growth rate = 2% annually ^ Year that the construction value goes on the tax roll Assessment Information 2010-2017 Assessment per $100,000 110.00 City of Lubbock, TX Finance Department Valencia PM Service Plan Exhibit "B" 2011 (10.0001 I1n,31$jl 2012 2013 2014 2015 2016 2017 2018 2019 $ - 2,240,000 6,764,1300 12,500,096 18,350,498 21,917,100 22,355,442 22,802,551 23,258,602 _ - 2,016,000 6,088,320 11,250,086 16.515,088 19,725,390 20,119,898 20,522 296 24,932.742 2011-12 2012-13 2013-14 2014-15 201516 2016.17 2017-18 2018-19 2019.20 Totals $ - - 44 89 50 39 91 145 201 659 2,218 6,697 12-375 18,167 21,698 22,132 22,575 23 026 128,997 S 2,218 6,742 12,461 18,217 21,737 22,223 22,719 23,227 129,546 $ - - 4,490 8,660 8,833 9.010 93'111 9,374 49,556 8!700 S.l0 3,72.3 4jim - - - - - '8.,483 • - 2,123 2,165 2,208 2,253 2,298 2,344 13,390 2,(IPo r,li40 2,4nt - - - - - - 6,1.21 - - 2,000 2,040 2,081 2,122 2,165 2,208 2,252 14,869 - - 500 1,673 1,707 1,741 1,776 1,811 1,847 11,055 - - 4,000 4,080 4,162 4,245 4,330 4,416 4,505 29,737 124(i4, !40001 - - (36604) S _ 4,500 14,41116 18,774 19,149 19,532 19,923 20122 116,607 S - 2.218 4A59 2,517 1,960 4,548 7,238 10,034 12,940 12,940 87111 Street Park'7ract A" Shall include weekly lawn rare, weekly cleaning, fertiGcer, preernergent., tree trimming, replacement of plants, upkeep of stuctures, Maintanence of Park- maintanence of irrigation system and ground cover. 87th Street Median "tract B" Shall include weekly lawn care, weeldy cleaning, fertilizer, preernergmt, tree trimming, replacement of plan, upkeep of stuctures, Maintanenee of Median" maintauatce of irrigation system and ground cover 41512012,ValenciaPID2012 Service Plan Exhibit "C" city of lubbock TEXAS VALENCIA PUBLIC IMPROVEMENT DISTRICT CITY OF LUBBOCK, TEXAS SERVICE AND ASSESSMENT PLAN August 11, 2011 City of Lubbock, Texas Finance Department Valencia Public Improvement District Service and Assessment Plan August 11, 2011 TABLE OF CONTENTS Section I Plan Description and Defined Terms Section II Property included in the PID Section III Improvement Project Section IV Sources and Uses of Funds Section V Assessment Plan Section VI Terms of the Assessments List of Exhibits Exhibit A The PID Map Exhibit B Maintenance and Services Exhibit C Assessment Roll City of Lubbock, Texas Finance Department Valencia Public Improvement District Service and Assessment Plan August 11, 2011 Section I Plan Description and Defined Terns A. Introduction Chapter 372 of the Texas Local Government Code, Improvement Districts in Municipalities and Counties" (as amended, the "PID Act"), governs the creation of public improvement districts within the State of Texas. The City of Lubbock created the Valencia Public Improvement District (the "PID") to maintain the public improvements associated with the Valencia planned development and for the benefit of certain property in the PID, all of which is located within the City. (Capitalized terms used herein shall have the meanings ascribed to them in Section L13 of this Service and Assessment Plan.) This Service and Assessment Plan has been prepared pursuant to Sections 372.013, 372.014, 372.015 and 372.016 of the PID Act. 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 included in Section IV of this Service and Assessment Plan. Section 372.014 of the PID Act states 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 states 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 Costs of the improvements to the property in the PID is included in Sections V and VI of this Service and Assessment Plan. Section 372.016 of the PID Act states 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 Assessment Roll for the PID is included as Exhibit C of this Service and Assessment Plan. The Assessments as shown on the Assessment Roll are based on the method of assessment described in Section V of this Service and Assessment Plan. The City Council shall make all determinations necessary herein. 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 levied hereby shall be binding upon the owners of Assessed Property, and their respective transferees, 2 City of Lubbock, Texas Finance Department Valencia Public Improvement District Service and Assessment Plan August 11, 2011 legal representatives, heirs, devisees, successors and assigns. The Assessments shall have lien priority as specified in the PID Act. This Service and Assessment Plan provides for maintenance of improvements benefiting the entire area of the Valencia PID B. Definitions The terms used herein shall have the following meanings. "Annual Service Plan Amendment" has the meaning set forth in the first paragraph of Section IV of this Service and Assessment Plan. "Assessed Property" means, for any year, parcels within the PID. "Assessment" means, with respect to each Parcel, the assessment imposed against such Parcel pursuant to the Assessment Ordinance and the provisions therein, as shown on the Assessment Roll, subject to reallocation among Parcels and reduction according to the provisions herein and the PID Act. "Assessment Ordinance" means the Assessment Ordinance approved by the City Council approving and adopting this Service and Assessment Plan. "Assessment Roll" means the document included in this Service and Assessment Plan as Exhibit C, as updated, modified, or amended annually in accordance with the procedures set forth herein and in the PID Act. "City" means City of Lubbock, Texas. "City Council" means the duly elected governing body of the City. "Costs" mean the actual or budgeted costs, as applicable, of all or any portion of the maintenance of the public improvements, operation, and other supplemental services, as described in Exhibit B of this Service and Assessment Plan. "Developer" means Betenbough Homes, Inc. "Improvement Project" means the maintenance of the public improvements that will provide a special benefit to the property in the PID and described in Exhibit B of this Service and Assessment Plan and Section 372.003 of the PID Act. "Parcel" means a parcel identifed by either a tax map identification number assigned by the Lubbock County Appraisal District for real property tax purposes or by lot and block number in 3 City of Lubbock, Texas Finance Department Valencia Public Improvement District Service and Assessment Plan August 11, 2011 a final subdivision plat recorded in the real property records of Lubbock County, Texas or identified by any other reasonable means determined by the City Council. "PID" has the meaning set forth in the second paragraph of Section I.A of this Service and Assessment Plan. "PID Act" means Texas Local Government Code Chapter 372, Improvement Districts in Municipalities and Counties, Subchapter A, Public Improvement Districts, as amended. "PID Map" means the map included as Exhibit to the Service and Assessment Plan identifying the property included in the PID. "Service and Assessment Plan" means this Service and Assessment Plan prepared for the PID pursuant to Section 372.013, 372,014, 372.015, and 372.016 of the PID Act. Section II Property Included in the PID The PID is located in the City of Lubbock, Texas. A map of the property included in the PID is shown on Exhibit A to this Service and Assessment Plan. The 39.9 acre development is expected to consist of approximately 80 residential units, parks and associated rights of way, landscaping, and infrastructure. An explanation of the method of assessing property is included in Section V. Section III Description of the Improvement Project The general nature of the proposed public improvements is: (i) maintenance of Parks and green spaces together with any ancillary structures, features or amenities such as playgrounds, athletic facilities, pavilions, community facilities, irrigation, walkways, lighting, benches, trash receptacles and any similar items located therein along with all necessary grading, drainage, and similar infrastructure involved in the maintenance of such parks and green spaces; landscaping, hardscape and irrigation; and (ii) costs of establishing, administering and operating the District. The District is to supplement and enhance services within the District, but not replace or supplant existing City services provided within the District. The public improvements will be constructed by the Developer with no reimbursement from the FID. After analyzing the maintenance, operation, and other supplemental services related to the Public Improvements, the City has determined that the maintenance of the public improvements authorized by the PID Act, shown in Exhibit B, should be performed by the City and has further v City of Lubbock, Texas Finance Department Valencia Public Improvement District Service and Assessment Plan August 11, 2411 determined that these maintenance activities will be of special benefit to all the Assessed Property within the PID, A. Maintenance of Public Improvements The cost of the maintenance, operation and other supplemental services to be funded through assessments on Assessed Property is estimated at $4,500 in the second year and increases to $1$,774 in the 4th year, with 2 percent annual growth thereafter. The budget for the maintenance, operation, and other supplemental services will be determined annually by the City and will be included in a Service Plan Amendment along with amendments to the Assessment Roll reflecting assessments (the "Maintenance Assessment") based on such budget for maintenance, operation and necessary supplemental services. Section IV Sources and Uses of Funds Section 372.413 of the PID Act requires this Service and Assessment Plan to "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 maintenance." Such annual update to this Service and Assessment Plan is herein referred to as the "Annual Service Plan Amendment." The Valencia PID will have no indebtedness and the PID assessments will fund the maintenance of the public improvements, operation, and other supplemental services. The table below shows estimated sources and uses of funds including the projected cost of maintaining the public improvements. C.1 -d- Year^ 2011 2112 2613 2114 2615 2016 2017 2018 2819 T.I.h F.4wyvahrla- E - ,240,000 6.764,800 12.500,096 18.750,098 21,917,1011 22.355,442 21802.551 21,258.60'_ 23,258,632 I i -ted Nor" values x:90 - '_,016,000 6,088,310 11,250.086 16.515,088 19,72.5.190 20,119,898 205-2.296 20 93-'.732 ?x1.932.74-1 Fi...I Yea, 2011-12 201213 2013-14 2014-15 261516 2616-17 2011-18 2118-19 2019.20 T.W. R--.. Wee.t Famines 5 - - 4a 89 50 39 91 145 201 659 Aaseaunenl C: 53. IC 2.218 6.6'.97 1175 16,367 21,6% __.112 22,575 23.026 128.887 T-1 8 2.218 6.142 12.461 18,217 21,737 22.223 22.719 2x227 129MG I:xpa.ae tl71h Soca P 'T"1 A° 113 Anes -1 Mamlab-of Park E - - 4.490 8-660 8,813 9,010 91" 9.174 49.556 htamtan,,mcc �+i !'.<rk(Iln-e1._wrrf n..l. , { ql � � ' '_8,583 87th Street M.d-'Rae( H'.07 Acre Maielaaeect of Mad- - - - 2,113 2,165 2.1118 2-253 2'98 2.344 13,390 Msms--.11 Nied jW-tryrerr -... --''.00.7 1-091 - - - - - - 11.11_1 13; Cmla - - 2.1i`,] ' 11.00 2081 2.122 2.165 7.208 2,252 14,869 Adm7listra vve Com - - 500 1.673 1.707 1,741 1,776 I'M1 1.847 11.015 Aanual�aa Cosy - - 4.000 4,080 41161 4,245 4.310 4.416 4,505 27.737 (WAD Cdecli. Cost Abd Cost Af3 mg a5a,asm..B each yeary MdNle0aLC2CllafS Pald hr 111 gkMrS T.sal S 115011 14,406 16,774 19.149 19.532 19,923 20.322 116.607 C.a6 R.-- 1.218 4.459 2.517 1.960 4.548 7.231 10.834 1.2.9411 12,9 8 •Pbererly Value 1rr'^'th. mte=1°-..-Hy ^ Year that the con vefioa value goes m the tax roll 5 City of Lubbock, Texas Finance Department Valencia Public Improvement District Service and Assessment Plan August 11, 2011 The sources and uses of funds table is subject to revision each year. Section V Assessment Plan The PID was created and the assessment is being levied pursuant to Section 372.015 of the PID Act, "Determination of Assessment." A. Allocation of assessment • Properties will be assessed based on the City's 2012 "net taxable value" as established by the Lubbock Central Appraisal District and submitted to the City under Tax Code Section 26.04. • Assessment will be $0.11 per $100 valuation • All property will be assessed based on the final 2012 "net taxable value". Section VI Terms of the Assessments The annual assessment for each parcel within the PID shall be shown on the assessment roll. The amount of the assessment could change each year when the Service and Assessment Plan are adopted due to increased value on a parcel or the estimated cost of maintaining the public improvements, repair or replacement costs, and operational or administrative costs. 3 First Reading Exhibit"D" Second Reading August 25, 2011 September 8, 2011 Item No, 6.3 Item No. 5.3 ORDINANCE NO. 2011-0071 AN ORDINANCE REVIEWING CLASSIFICATIONS FOR THE METHODS OF ASSESSING SPECIAL BENEFITS FOR THE SERVICES AND IMPROVEMENTS OF PROPERTY IN THE VALENCIA PUBLIC IMPROVEMENT DISTRICT ("DISTRICT"); APPROVING, ADOPTING AND FILING WITH THE CITY SECRETARY THE ASSESSMENT ROLL; LEVYING 2012 ASSESSMENTS FOR THE COST OF CERTAIN SERVICES AND/OR IMPROVEMENTS TO BE PROVIDED IN THE DISTRICT DURING FY 2012-13; FIXING CHARGES AND LIENS AGAINST THE PROPERTY IN THE DISTRICT AND AGAINST THE OWNERS THEREOF; AND PROVIDING FOR THE COLLECTION OF THE ASSESSMENT. WHEREAS, Chapter 372 of the Texas Local Government Code (the "Act") allows for the creation of public improvement districts; and WHEREAS, On July 14, 2011 the City Council passed Resolution No.2011- R0310 which made certain findings concerning the advisability of creating the Valencia Public Improvement District, authorized and created the District as a public improvement district under Chapter 372 of the Texas Local Government Code, and designated the Lubbock City Council as the entity responsible for the management of and provision of services and improvements to the District; and WHEREAS, On August 11, 2011, the City Council passed Resolution No. 2011-R0342, approving the Service and Assessment Plan, which will be reviewed and revised each year when necessary. Exhibit A, attached hereto, contains the 2012 Service and Assessment Plan for the Valencia Public Improvement District, which includes the Map and Assessment Roll; and WHEREAS, Chapter 372 of the Texas Local Government Code requires that the City Council review the Service Plan; prepare a proposed assessment roll and file it with the City Secretary; and schedule a public hearing to consider the proposed assessments and receive public comment on an annual basis; and WHEREAS, after published and mailed notice of the hearing, pursuant to the Act, a public hearing was held August 25, 2011, to consider objections to the proposed assessments. The City Council closed the public hearing after receiving property owner's concerns and comments (both oral and written) on proposed 2012 assessments within the Valencia Public Improvement District and acted on any objections to proposed assessments for particular parcels; and j WHEREAS, the City desired by the calling and holding of such public hearing to provide a reasonable opportunity for any owner of property located in the District to ° speak for or against the 2012 assessment rate for a special assessment against real �3 property and real property improvements exclusive of public rights-of-way, to provide Valencia PID Assessment Ordinance Exhibit "Y funding for the District for the purpose of supplemental services and improvements; and WHEREAS, the City Council desires to review classifications and formulas for the apportionment of the costs for the services and improvements of the property in the District, and approve, adopt and file with the City Secretary the proposed Assessment Roll in Exhibit A; and WHEREAS, the City Council finds after review that the revised service plan and assessment plan are feasible and sound and will serve the needs and desires of the property owners and that the assessment rate of $0.11 per $100.00 of net taxable value through year 2019, as determined by the Lubbock Central Appraisal District, of the property or improvements to the property located in the District; are reasonable and adequate. NOW THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF LUBBOCK, TEXAS: SECTION Y: That the facts and recitations contained in the preamble of this ordinance are hereby found and declared to be true and correct. SECTION 2: That the City Council after review of the Service Plan approves the method of assessing special benefits of services and improvements and the Service Plan, which is set forth in the Service and Assessment Plan attached and incorporated herein as Exhibit A. Terms relating to property taxes in this ordinance shall be used as defined in Section 1.04 of the Texas Property Tax Code. In accordance with the Service Plan, each property owner in the District identified for assessments in 2012 receives the same amount of service for the assessment provided. The proposed method of assessment, which specifies included or excluded classes of assessable property, is based on the net taxable value of the real property and real property improvements as determined by the Lubbock Central Appraisal District in accordance with Chapter 25 of the Texas Property Tax Code. Public rights-of-way are exempt from assessment. SECTION 3: The City Council hereby approves, adopts and files with the City Secretary the Assessment Roll attached to the Service and Assessment Plan (Exhibit A). The Assessment Roll states an estimate of the assessment against each parcel of land in the District, as determined by the method of assessment set forth in the Service plan and this Ordinance. The City Secretary shall file the Assessment Roll in the official City records. The Assessment Roll shall be subject to public inspection. SECTION 4: That the City Council finds that the notice of the City Council's intention to consider the proposed assessments at a public hearing on August 25, 2011 at 9:30 a.m. in the City Council Chamber, 1625 13d' Street, Lubbock, Valencia PID Assessment Ordinance 2 Exhi bit " D" Texas was published in the official newspaper of the City of Lubbock, Texas before the 10" day before the date of the hearing. The notice stated: (1) the date, time and place of the hearing; (2) the general nature of the services and improvements; (3) the cost of the services and improvements; (4) the boundaries of the District; and (5) that written or oral objections will be considered at the hearing. SECTION 5: That the City Council finds that Lubbock City staff mailed to the owners of property liable for assessment, notice of the hearing as the ownership appears on the City tax roll. The notice contained the information required by the Act. The notice was mailed before the 10'' day before the date of the hearing to the last known address of the property owner on the City tax roll. The failure of the property owner to receive notice does not invalidate the proceeding. SECTION 6: That the City Council finds that the assessments should be made and levied against the respective parcels of property within the District and against the owners thereof, and are substantially in proportion to the benefits to the respective parcels of property by means of the services and improvements in the District for which such assessments are levied, and further finds that in each case the property assessed is specially benefited by means of the said services and improvements of the District, and further finds that the apportionment of costs of the services and improvements is in accordance with the law in force in this City and the State and in the proceedings of the City heretofore had with reference to the formation of the District and the imposition of assessments for said services and improvements are in all respects valid and regular. SECTION 7: That there shall be and is hereby levied and assessed against the parcels of property within the District, and against the real and true owners thereof (whether such owners be correctly named or not), the sums of money calculated by applying the assessment rate to the final 2012 city net taxable value in the mariner described in the assessment attached hereto in Exhibit A and made part hereof shown opposite the description of the respective parcels of property, and the several amounts assessed against the same, and the owners thereof. SECTION 8: That the several sums above mentioned and assessed against the said parcels of property and the owners thereof, and interest thereon at the rate per annum established in Section 9 together with reasonable attorney's fees and costs of collection, if incurred, are hereby declared to be and are made a first and prior lien against the property assessed, superior to all other liens and. claims except liens and claims for ad valorem taxes and is a personal liability of and charge against the owners of the property regardless of whether the owners are named. The lien shall attach on January I of each year to the property to secure the payment of all assessments, penalties, and interest ultimately imposed Valencia PID Assessment Ordinance 3 Exhibit "D" for the year on the property, whether or not the assessments are imposed in the year the lien attaches and shall be effective until the assessment is paid. The lien is perfected on attachment and perfection requires no further action by the governing body. SECTION 9: That the assessments levied herein shall be due and payable in full on receipt of the assessment bill and are delinquent if not paid by January 31, 2013 except as provided in Sections 31.02(b), 31.03, and 31.04 of the Texas Property Tax Code. A delinquent assessment incurs a penalty of six percent of the amount of the assessment for the first calendar month it is delinquent plus one percent for each additional month or portion of a month the assessment remains unpaid prior to July 1 of the year in which it becomes delinquent. However, an assessment delinquent on July 1 incurs a total penalty of twelve percent of the amount of the delinquent assessment without regard to the number of months the assessment has been delinquent. A delinquent assessment continues to incur the penalty provided by this section as long as the assessment remains unpaid, regardless of whether a judgment for the delinquent assessment has been rendered. That if default be made in the payment of any of the said sums hereby assessed against said property owners and their property, collection thereof, including costs and attorney's fees, shall be enforced by the governing body in the same manner that an ad valorem tax lien against real property may be enforced by the governing body under Chapters 31, 32 and 33 of the Texas Property Tax Code. The owner of the assessed property may pay at any time the entire assessment on any lot or parcel, along with any interest and penalty that has accrued on the assessment. SECTION 10: That all assessments levied are a personal liability and charge against the real and true owners of the premises described, notwithstanding such owners may not be named, or may be incorrectly named. SECTION 11: That the assessments herein levied are made and levied under and by virtue of the terms powers and provisions of the Public Improvement District Assessment Act, Chapter 372 of the Texas Local Government Code, as amended. SECTION 12: That the City may contract with the Lubbock Central Appraisal District and/or any competent attorney to collect the assessments and to represent the Valencia Public Improvement District to enforce the collection of delinquent assessments. The attorney's compensation shall be set in the contract, but the total amount of compensation provided may not exceed 20 percent of the amount of delinquent assessment, penalty, and interest collected, as required in Section 6.03 of the Texas Property Tax Code. Valencia PID Assessment Ordinance 4 Exhibit "D" AND IT IS SO ORDERED. Passed by the City Council on first reading on August 25 , 2011. Passed by the City Council on second reading on September 8 , 2011. TOM MARTIN, MAYOR ATTEST: Rebe a Garza, City Secreta y APPROVED AS TO CONTENT: Andy Burcham Chief Financial Officer APPROVED AS TO FORM: Linda E. Chamales, Economic Development Attorney Lc:city att/LindalOrdinanceslValencia PID ordinance 2012 Assessment August 4, 2011 Valencia PID Assessment Ordinance 5 Ordinance No. 2011--00071 Exhibit "A" 4 z ity of lubbo&k VALENCIA PUBLIC IMPROVEMENT DISTRICT CITY OF LUBBOCK, TEXAS SERVICE AND ASSESSMENT PLAN August 11, 2011 City of Lubbock, Texas Finance Department Valencia Public Improvement District Service and Assessment Plan August 11, 2011 TABLE OF CONTENTS Section I Plan Description and Defined Terms Section 11 Property included in the FID Section III Improvement Project Section IV Sources and Uses of Funds Section V Assessment Plan Section VI Terms of the Assessments List of Exhibits Exhibit A The PID Map Exhibit B Maintenance and Services Exhibit C Assessment Roll City of Lubbock, Texas Finance Department Valencia Public Improvement District Service and Assessment Plan August 11, 2011 Section I Plan Description and Defined Terms A. Introduction Chapter 372 of the Texas Local Government Code, Improvement Districts in Municipalities and Counties" (as amended, the "PID Act"), governs the creation of public improvement districts within the State of Texas. The City of Lubbock created the Valencia Public Improvement District (the "PID") to maintain the public improvements associated with the Valencia planned development and for the benefit of certain property in the PID, all of which is located within the City. (Capitalized terms used herein shall have the meanings ascribed to them in Section L13 of this Service and Assessment Plan.) This Service and Assessment Plan has been prepared pursuant to Sections 372.013, 372.014, 372.015 and 372.016 of the PID Act. According to Section 372.013 of the PID Act, a service pian "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 included in Section IV of this Service and Assessment Plan. Section 372.014 of the PID Act states 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 states 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 Costs of the improvements to the property in the PID is included in Sections V and VI of this Service and Assessment Plan. Section 372.016 of the PID Act states 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 Assessment Roll for the PID is included as Exhibit C of this Service and Assessment Plan. The Assessments as shown on the Assessment Roll are based on the method of assessment described in Section V of this Service and Assessment Plan. The City Council shall make all determinations necessary herein. 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 levied hereby shall be binding upon the owners of Assessed Property, and their respective transferees, 2 City of Lubbock, Texas Finance Department Valencia Public Improvement District Service and Assessment Plan August 11, 2011 legal representatives, heirs, devisees, successors and assigns. The Assessments shall have lien priority as specified in the PID Act. This Service and Assessment Plan provides for maintenance of improvements benefiting the entire area of the Valencia PID B. Definitions The terms used herein shall have the following meanings. "Annual Service Plan Amendment" has the meaning set forth in the first paragraph of Section IV of this Service and Assessment Plan. "Assessed Property" means, for any year, parcels within the PID. "Assessment" means, with respect to each Parcel, the assessment imposed against such Parcel pursuant to the Assessment Ordinance and the provisions therein, as shown on the Assessment Roll, subject to reallocation among Parcels and reduction according to the provisions herein and the PID Act. "Assessment Ordinance" means the Assessment Ordinance approved by the City Council approving and adopting this Service and Assessment Plan. "Assessment Roll" means the document included in this Service and Assessment Plan as Exhibit C, as updated, modified, or amended annually in accordance with the procedures set forth herein and in the FID Act. "City" means City of Lubbock, Texas. "City Council" means the duly elected governing body of the City. "Costs" mean the actual or budgeted costs, as applicable, of all or any portion of the maintenance of the public improvements, operation, and other supplemental services, as described in Exhibit B of this Service and Assessment Plan. "Developer" means Betenbough Homes, Inc. "Improvement Project" means the maintenance of the public improvements that will provide a special benefit to the property in the PID and described in Exhibit B of this Service and Assessment Plan and Section 372.003 of the PID Act. "Parcel" means a parcel identifed by either a tax map identification number assigned by the Lubbock County Appraisal District for real property tax purposes or by lot and block number in City of Lubbock, Texas Finance Department Valencia Public Improvement District Service and Assessment Plan August 11, 2011 a final subdivision plat recorded in the real property records of Lubbock County, Texas or identified by any other reasonable means determined by the City Council. "PID" has the meaning set forth in the second paragraph of Section I.A of this Service and Assessment Plan. "PID Act" means Texas Local Government Code Chapter 372, Improvement Districts in Municipalities and Counties, Subchapter A, Public Improvement Districts, as amended. "PID Map" means the map included as Exhibit A to the Service and Assessment Plan identifying the property included in the PID. "Service and Assessment Plan" means this Service and Assessment Plan prepared for the PID pursuant to Section 372.013, 372,014, 372.015, and 372.016 of the PID Act. Section II Property Included in the PID The PID is located in the City of Lubbock, Texas. A map of the property included in the PID is shown on Exhibit A to this Service and Assessment Plan. The 39.9 acre development is expected to consist of approximately 80 residential units, parks and associated rights of way, landscaping, and infrastructure. An explanation of the method of assessing property is included in Section V. Section III Description of the Improvement Project The general nature of the proposed public improvements is: (i) maintenance of Parks and green spaces together with any ancillary structures, features or amenities such as playgrounds, athletic facilities, pavilions, community facilities, irrigation, walkways, lighting, benches, trash receptacles and any similar items located therein along with all necessary grading, drainage, and similar infrastructure involved in the maintenance of such parks and green spaces; landscaping, hardscape and irrigation; and (ii) costs of establishing, administering and operating the District. The District is to supplement and enhance services within the District, but not replace or supplant existing City services provided within the District. The public improvements will be constructed by the Developer with no reimbursement from the PID. After analyzing the maintenance, operation, and other supplemental services related to the Public Improvements, the City has determined that the maintenance of the public improvements authorized by the PID Act, shown in Exhibit B, should be performed by the City and has further 4 City of Lubbock, Texas Finance Department Valencia Public Improvement District Service and Assessment Plan August 11, 2011 determined that these maintenance activities will be of special benefit to all the Assessed Property within the PID. A. Maintenance of Public Improvements The cost of the maintenance, operation and other supplemental services to be funded through assessments on Assessed Property is estimated at $4,500 in the second year and increases to $18,774 in the 4`h year, with 2 percent annual growth thereafter, The budget for the maintenance, operation, and other supplemental services will be determined annually by the City and will be included in a Service Plan Amendment along with amendments to the Assessment Roll reflecting assessments (the "Maintenance Assessment") based on such budget for maintenance, operation and necessary supplemental services. Section IV Sources and Uses of Funds Section 372.013 of the PID Act requires this Service and Assessment Plan to "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 maintenance." Such annual update to this Service and Assessment Plan is herein referred to as the 41Annual Service Plan Amendment." The Valencia PID will have no indebtedness and the PID assessments will fund the maintenance of the public improvements, operation, and other supplemental services. The table below shows estimated sources and uses of funds including the projected cost of maintaining the public improvements. C.In6v Y-,- 3011 1111 1013 1114 1119 Isla 1011 1611 3619 T..4 P1X90y Y.he• 1 2,3403100 /,766.1137 125'.0% 11330.091 21.,917,100 12335.x1 21101.331 17231.#01 23131.601 fJr--d ]NWYA—d % - 2016010 6011110 11110.066 16313,011 14,723.390 24,111,19{ 20.3111% 20,932,N3 30112]43 Fled Ynr 3111.11 3011-13 141114 1114•15 2413.16 101477 3017-11 1410-71 211134 T..6 Arte W— F—,". 3 M 19 30 39 91 143 201 639 -1'r 14.]1 2111 4.697 11.173 11.167 2L." 31132 11373 23,436 122917 T.W 1 Lill 6,741 12,464 11117 21"717 11,]11 21711 31317 119,616 1:t.. ala 3.,<11�4a K�1 �1 1 M16N661944fpot 3 - CM 1.674 1.633 9:V" 9.190 9374 49,556 Mrs ---ser F.h113vr7 ) , r.. rt,l� 1121 4006 114117 17345L— 1. .�"7ir-I 11. 077 M M.w1Xm><..f MebXe 1123 2.163 22x1 2133 2191 2,311 13390 MmuemcX W M.hu1 D—k,-i 2 X, 2 .131 2091 _ 6111 I:sil019446 - - „1NX1 13144 1,011 3.112 2.165 21a1 2.232 14069 C..1 - 300 1,673 1.707 1741 1.726 I,I11 1147 11.033 Annn.lp7k..ennL- _ 4.000 4.60 4.161 4143 4134 4.416 4503 29.727 11.[6[3 c4a.Xu.4 Cox uJ cr arwi p --,h,-) Man�ewrc Cne+l'ed A rlardw 1' • :'tI 1114011 .4 .y,. �366W1 T.bl 3 4,500 14,46s 11.7N I/,IH 11573 19111 10511 Ila 6@7 Cub ta.ne. 2216 4.4" 1517 11960 4341 _ 7211 16104 11,944 11,941 P,.pm1 V.hx pm .,h rale 2%—..Lh " Y—11x 110 =e6a+u — ..I.. p— m the is7 r.0 5 City of Lubbock, Texas Finance Department Valencia Public Improvement District Service and Assessment Plan August 11, 2011 The sources and uses of funds table is subject to revision each year. Section V Assessment Plan The PID was created and the assessment is being levied pursuant to Section 372.015 of the PID Act, "Determination of Assessment." A. Allocation of assessment • Properties will be assessed based on the City's 2012 "net taxable value" as established by the Lubbock Central Appraisal District and submitted to the City under Tax Code Section 26.04. Assessment will be $0.11 per $100 valuation All property will be assessed based on the final 2012 "net taxable value". Section V1 Terms of the Assessments The annual assessment for each parcel within the PID shall be shown on the assessment roll. The amount of the assessment could change each year when the Service and Assessment Plan are adopted due to increased value on a parcel or the estimated cost of maintaining the public improvements, repair or replacement costs, and operational or administrative costs. 6 Exhibit "A" Ordinance No. 20111-00L171 Y ir 2. `I 1 ' < �� w � l+� .� . ,� Mu � .e � � h �- � ,f'a � . ` t.l � � e, j • _ �'T , i f r 1 s M �Y �� � Y �i i J�_F� �� fi 'r..l a � ' , �iii i�-. .n•, d ,� [- $i u "�.y � -a• a , 1 Y to � A � � p• c T�" ° `� k ",,,. .t tea. w � � "s e„y s ,. f �y{,w�. +s. ,,,t■ �Y F• �.' f Act "1VA is . ,�'A�91�I�ti �a ._,.� �;� . „ � � c r r''r r tx✓e�'Y,r!r ,g PF ` r�3Ar' ��S.iYh 'F�;�'"� �h 'T. � n, � �.. �J � �r .✓:. `5',"i`''�t! a fey2' �` 7 'f ,�< #5+ �E� . r ���l'�.7 �:,_# r ;y � � �i1°Nr x d'r ,r,F�`-S��`Ts�'✓�r I �'x' 4� . i. • �''� x�."Fj{ '� ''esu. d _ •rn �, A d. �':!Y �i'� �`K� �:Wl��� � r '�.. q [� t"qj'� 1 + t$iREsC3C6t, 35i42�b _ '.. t' • Nos ' �»•... _; «.a. -r.1_,.✓ � ,. � � "�"� � d4i�,3`�die:.,, 'a?.�. .� ttiif "� - r city of r. lubService and Assessment Plan Exhibit A Ordinance No. 2011-00071 City of Lubbock, TX Finance Department Valencia PID Service Plan Exhibit "B" Caltod;w YSAr" 2011 2012 2013 2014 2015 2016 2017 2018 2019 Property Values' S - 2,240,000 6,764,800 12,500,0% 18,350,098 21,917,100 22,355,442 22,802,551 23,258,602 Discounted Property Values @ rt0% - 2,016,000 6,088.320 11,250,086 16,515 088 19,725 390 20,119,11911 20,522,296 20,932,742 Fiscal Year 2011-12 2012-13 2013-14 2014-15 2015-16 2016-17 2017-18 201&19 2019-20 Totals Revenues Interest Earrungs S - - 44 89 50 39 91 145 201 659 Assessment @ SO I 1 2,218 6,697 12..,375 18,167 21,698 22,132 22,575 23,026 128,887 Total S 2,218 6,742 12,464 18,217 21,737 22,223 22,719 23,227 129M6 Eapestse 97th Street 'Traci A" 1. 13 Acres Maintaneacaorpark, S - - - 4,490 8,660 8,833 9,010 9,190 1,374 49,556 Marntwtence of Park(Developer) 8,a00 8,160 8,323 4,000 - - - 28.483 87th Strew Median "Trost 9" .07 Acres Mornraneace of Median - - 2,123 2,165 2,208 2.253 2,298 2,344 11,390 Maenttmence of Medwn(Deseloper) 2,000 2,040 2,081 - - - - - - 6.121 E'cctrrc Casts - - 2,004 2,040 2,081 2.122 2,165 2.,208 2,252 14,869 AdrrtrnlstrattveCosts - - 500 1,673 1,707 1741 1,776 ',811 1,847 11,055 Annual Onerahon Cosi - - 4,040 4,080 4,162 4,245 4,330 4,416 4,505 29,737 (LCAD Collection Cost and Cast of setting asseapoeats each year) MuMenonce Costs Pard 6t 1)cvelaner (10,000) 110,200) 112.404) 14,0001 - (36,604) Total S 4.500 14:406 18,774 19,149 19,532 19,923 20,322 116,607 Cash Reserves S 2,218 4,459 2,517 1,960 4,548 7,238 10,034 12,940 12,910 'Property Value grawth rate = 2%annually ^ Ycar that the construction value goes on the rax toll Assessment Information 201UD17 Assessment per$ 100,000 S 110.00 IV412011,ValencisPID2012Service Pla As Service and Assessment Plan Exhibit B Property ID Owner Name Mailing Address 6305 82nd Street R301038 Real Property Resources Inc Lubbock, TX 79424 6305 82nd Street R311397 Real Property Resources Inc Lubbock, TX 79424 Total City of Lubbock, TX Finance Department Valencia Public Improvement District Assessment Roil As of January 1, 2011 Exhibit "C" Exemptions Property Address 8701 Milwaukee Avenue AG Lubbock, TX 79424 6301 82nd Street 4B AG Lubbock, TX 79424 Legal Description BLK AK SEC 28 AS 750 TR A2 OF NW/3 ACS 36 7685 Ordinance Na. 2011-00071 2011 2011 2012 Preliminary Preliminary Estimated Market Value Taxable Value Assessment 367,685 11,939 40445 Spectra Lubbock Southwest L4B 670,158 869 737 17 $ 1,037,843 12,908 1,142 • Estimated assessment for 2012 is based on Preliminary 2011 Market Value. The property has been classified for Ag Use in previous years, but will not be once it is developed. 814/2011, Page I of 1 Service and Assessment Plan Exhibit C