HomeMy WebLinkAboutOrdinance - 2014-O0107 - Vintage Township PID - 09/04/2014First Reading
August 28, 2014
Item No. 5.2
ORDINANCE NO. 2014-00107
Second Reading
September 4, 2014
Item No. 2.2
A SEVENTH SUPPLEMENTAL ORDINANCE OF THE CITY COUNCIL OF
THE CITY OF LUBBOCK UPDATING THE VINTAGE TOWNSHIP PUBLIC
IMPROVEMENT DISTRICT SERVICE AND ASSESSMENT PLAN AND
ASSESSMENT ROLL.
WHEREAS, on January 12, 2007, after notice and a public hearing in the manner
required by law, the City Council of the City of Lubbock, Texas (the "City") approved a
resolution authorizing the creation of the Vintage Township Public Improvement District
(the "District"); and
WHEREAS, on June 14, 2007 and June 26, 2007, after notice and a public
hearing conducted in the manner required by law, the City Council adopted Ordinance
No. 2007-00058 (the "Assessment Ordinance") approving a Service and Assessment
Plan and Assessment Roll and the levy of assessments on property in the District; and
WHEREAS, on April 24, 2008, the City Council and the Vintage Township
Public Facilities Corporation issued bonds secured directly and indirectly, respectively.
by the assessments levied pursuant to the Assessment Ordinance; and
WHEREAS, Section 372.013 of the Public Improvement District Assessment Act,
Chapter 372, Texas Local Government Code (the "PID Act") and the Service and
Assessment Plan require that the Service and Assessment Plan and Assessment Roll be
annually reviewed and updated; and
WHEREAS, Supplemental Ordinances reviewing and updating the Service and
Assessment Plan were passed September 11, 2008, September 24, 2009, September 27,
2010, September 27, 2011, September 27, 2012, and September 26, 2013; and
WHEREAS, the Annual Service Plan Update and updated Assessment Roll
attached as Exhibit A hereto conform the original Assessment Roll to the principal and
interest payment schedule required for the bonds, thereby reducing the amounts listed on
the original Assessment Roll, and update the Assessment Roll to reflect repayments,
property divisions and changes to the budget allocation for District public improvements
that occur during the year, if any; and
WHEREAS, the City Council now desires to proceed with the adoption of this
Ordinance which supplements the Assessment Ordinance and approves and adopts the
Annual Service Plan Update and the updated Assessment Roll attached thereto, in
conformity with the requirements of the PID Act.
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY
OF LUBBOCK, TEXAS:
Section 1. Findings.
The findings and determinations set forth in the preambles are hereby incorporated by
reference for all purposes.
Section 2. Annual Service Plan Update and Assessment Roll.
The Annual Service Plan Update and updated Assessment Roll attached hereto as Exhibit
A are hereby accepted and approved.
Section 3. Effective Date.
This Ordinance shall take effect upon passage and execution hereof.
AND IT IS SO ORDERED.
Passed by the City Council on August 28 , 2014.
Passed by the City Council on second reading on September 4 , 2014.
G C. RO RTSON, MAYOR
ATTEST:
Re ca Garza, City Secre ary
a Q'IT-91T/ 1"Z o 9
Cheryl Brock T
Executive Director of Budget
APPROVED AS TO FORM:
Linda L. Chamales
Economic Development Attorney
EXHIBIT A
ANNUAL SERVICE PLAN UPDATE AND UPDATED ASSESSMENT ROLL
VINTAGE TOWNSHIP PUBLIC IMPROVEMENT DISTRICT
LUBBOCK, TEXAS
ANNUAL SERVICE PLAN UPDATE AND AMENDMENTS TO THE SERVICE AND
ASSESSMENT PLAN
August 13, 2014
VINTAGE TOWNSHIP PUBLIC IMPROVEMENT DISTRICT
LUBBOCK, TEXAS
ANNUAL SERVICE PLAN UPDATE AND AMENDMENTS TO THE SERVICE AND
ASSESSMENT PLAN
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
2014.
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.
B. Update of the Service Plan
Annual Budget for the Public Improvements
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 represents a
reduction of the budget for Improvement Project B included in the Service and Assessment
Plan. There are 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 SAP 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 A, 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 A
Sources and Uses of Funds
Public Improvements
Sources of Funds: Improvement
Project A
Improvement Project B
Total
Series A Bonds
Series B Bonds
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
$2,920,808
$1,828,466
$4,749,274
Capitalized Interest Account
$61,644
$128,694
$190,338
Collection Costs Account
$14,914
$27,226
$42,140
Reserve Account
$219,300
$127,900
$347,200
Prepayment Reserve Account
$40,928
$0
$40,928
Developer Sub -Account of the
$23,870
$23,870
Prepayment Reserve Account
$0
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.
2
A service 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 Tables B-1 and B-2.
Table B-1
Improvement Project A
PID Sources and Uses of Funds
2008-2014
Sources of Funds:
Improvement Project A
Total
Year 2008-2013 Year 2014
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
$40,928
$0
$40,928
Reserve Account
Other private funds
$804,366
$0
$804,366
ID - 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
ID - Uses of Funds
$3,257,594
$0
$3,257,59
3
Table B-2
Improvement Project B
PID Sources and Uses of Funds
2008-2014
Sources of Funds:
Improvement Project B
Total
Year 2008-2013 Year 2014
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
ID - 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
Developer Sub -Account of the Prepayment
Reserve Account
$23,870
$0
$23,870
PID - Uses of Funds
$2,136,156
$0
$2,136,156
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 Bonds.
Pursuant to the Service and Assessment Plan, each Assessment shall bear interest at the rate
on the Bonds with a maximum of nine percent per annum commencing with the issuance of
the Bonds. The interest rate on the Bonds is 7.375 percent per annum. Accordingly, the
interest rate on the 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 2014
and will be delinquent on February 1, 2015.
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 Bond Ordinance, such as capitalized interest and interest earnings on any account
balances and by any other funds available to the PID.
4
Annual Budget for the Repayment of Indebtedness
Debt service is to be paid on the Bonds from the collection of the Annual Installments. The
interest rate to be paid on the Bonds is 7.375%. In addition, "Collection Costs" are to be
collected with the Annual Installments to pay expenses related to the collection of the Annual
Installments.
The budget for the PID to be paid from the collection of Annual Installments for 2014 is
shown by Table C.
Table C
Budget for the Annual Installments
To be collected for 2014
I Available Collection COsts Account balances as of July 31, 2U14 are not included In the calculation of the annual Installment to be
collected as the balance is expected to be used for the payment of collection costs for the remainder of the current assessment year and any
remaining balance will be used as contingency for unexpected collection costs.
2 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.
1) Annual Installments to be collected from previously subdivided lots
The Assessment Part A per Equivalent Unit for all lots other than the newly subdivided phase
three lots is calculated as $6,337 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 2014 are shown in Table D below.
Improvement Project
Improvement Project
Total''
A
B
Series 2008A Bonds2
Series 2008B Bonds2
Interest payment on April 1, 2015
$77,255
$0
$77,255
Interest payment on October 1, 2015
$77,255
$0
$77,255
Principal payment on October 1, 2015
$13,000
$0
$13,000
Subtotal Debt Service on Bonds
$167,509
$0
$167,509
Annual Collection Costs
$17,000
$0
$17,000
Subtotal Expenses
$184,509
$0
$184,509
Available Capitalized Interest Account
$0
$0
$0
Available Collection Costs Account'
$0
$0
$0
Subtotal Funds Available
$0
$0
$0
Annual Installment to be Collected
$184,509
$0
$184,509
I Available Collection COsts Account balances as of July 31, 2U14 are not included In the calculation of the annual Installment to be
collected as the balance is expected to be used for the payment of collection costs for the remainder of the current assessment year and any
remaining balance will be used as contingency for unexpected collection costs.
2 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.
1) Annual Installments to be collected from previously subdivided lots
The Assessment Part A per Equivalent Unit for all lots other than the newly subdivided phase
three lots is calculated as $6,337 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 2014 are shown in Table D below.
Table D
Interest Due on Assessment Part A
To be collected for 2014
The amounts shown are rounded tot the nearest dollar, whereas calculations are tot the cent.
The Assessment Part A due for 2014 is $13,000, which represents the principal amount due
on the Series 2008A Bonds on October 1, 2015. The Total Assessment Part A outstanding is
shown as $2,095,041 in Appendix B after the regular principal payment on October 1, 2014.
Accordingly, the Assessment Part A due for 2014 is 0.6205 percent of the outstanding
Assessment Part A (i.e., $13,000 - $2,095,041 = 0.6205%).
The Assessment Part A due to be collected from each Land Use Class for 2014 is shown in
Table E below.
Table E
Assessment Part A Due - To be collected for 2014
Assessment
Assessment
Assessment
Interest
Land Use Class
EU 1
EU
Part A
Interest
Due
Land Use Class 1
per
0.6205%
per unit'
Rate
per Unit
Land Use Class 1
$6,337
1.00
$6,337
7.375%
$467.33
Land Use Class 2
$6,337
1.66
$10,519
7.375%
$775.77
Land Use Class 3
$6,337
2.29
$14,511
7.375%
$1,070.19
The amounts shown are rounded tot the nearest dollar, whereas calculations are tot the cent.
The Assessment Part A due for 2014 is $13,000, which represents the principal amount due
on the Series 2008A Bonds on October 1, 2015. The Total Assessment Part A outstanding is
shown as $2,095,041 in Appendix B after the regular principal payment on October 1, 2014.
Accordingly, the Assessment Part A due for 2014 is 0.6205 percent of the outstanding
Assessment Part A (i.e., $13,000 - $2,095,041 = 0.6205%).
The Assessment Part A due to be collected from each Land Use Class for 2014 is shown in
Table E below.
Table E
Assessment Part A Due - To be collected for 2014
1 - The amounts shown are rounded to the nearest dollar, whereas calculations are to the cent.
The Annual Collection Costs for the collection of Assessment Part A are estimated to be
$17,000. The total outstanding Assessment Part A is shown as $2,095,041 in Appendix B.
Accordingly, the Annual Collection Costs due for 2014 is 0.8114 percent of the outstanding
Assessment Part A (i.e., $17,000 _ $2,095,041 = 0.8114%). The Annual Collection Costs to
be collected for 2014 is shown in Table F below.
Table F
Annual Collection Costs for Assessment Part A
To be collected for 2014
Assessment
Assessment
Land Use Class
Part A
Percentage
Part A Due
per unit'
Per Unit
Land Use Class 1
$6,337
0.6205%
$39.32
Land Use Class 2
$10,519
0.6205%
$65.27
Land Use Class 3
1 $14,511
1 0.6205%
1 $90.04
1 - The amounts shown are rounded to the nearest dollar, whereas calculations are to the cent.
The Annual Collection Costs for the collection of Assessment Part A are estimated to be
$17,000. The total outstanding Assessment Part A is shown as $2,095,041 in Appendix B.
Accordingly, the Annual Collection Costs due for 2014 is 0.8114 percent of the outstanding
Assessment Part A (i.e., $17,000 _ $2,095,041 = 0.8114%). The Annual Collection Costs to
be collected for 2014 is shown in Table F below.
Table F
Annual Collection Costs for Assessment Part A
To be collected for 2014
1 - I he amounts shown are rounded to the nearest dollar, whereas calculations are to the cent.
6
Annual
Land Use Class
Assessment Part A
Percentage
Collection
per unit
Costs per Unit
Land Use Class 1
$6,337
0.8114%
$51.42
Land Use Class 2
$10,519
0.8114%
$85.35
Land Use Class 3
$14,511
0.8114%
$117.75
1 - I he amounts shown are rounded to the nearest dollar, whereas calculations are to the cent.
6
In summary, the Annual Installment Part A to be collected for 2014, which includes interest,
Assessment Part A and Annual Collection Costs, is shown Table G below.
Table G
Annual Installment Part A
To be collected for 2014
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.
2) Annual Installments to be collected from newly subdivided lots in Phase
Three
The Assessment Part A per Equivalent Unit amounts allocated to the newly subdivided lots
in phase three was $6,359 as shown in the Update of the Assessment Roll section of this
annual update. This amount is slightly higher than the Assessment Part A and per Equivalent
Unit amount of $6,337 allocated to all previously subdivided lots. As a result, the Annual
Installment amounts due from the newly subdivided lots in phase three are calculated
separately based on the Assessment amounts allocated to each of these newly subdivided
parcels as shown below.
The Assessment Part A per Equivalent Unit for the newly subdivided phase three lots is
calculated as $6,359 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 newly
subdivided lots for 2014 are shown in Table H below.
Table H
Interest Due on Assessment Part A — Phase 3 Lots
To be collected for 2014
Interest
Assessment
Annual Collection
Annual
Land Use Class
due per
Part A due
Costs
Installment Part A
Interest Rate
Unit
per Unit
Per Unit
per Unit
Land Use Class 1
$467.33
$39.32
$51.42
$558.07
Land Use Class 2
$775.77
$65.27
$85.35
$926.39
Land Use Class 3 1
$1,070.19
1 $90.041
$117.75
1 $1,277.98
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.
2) Annual Installments to be collected from newly subdivided lots in Phase
Three
The Assessment Part A per Equivalent Unit amounts allocated to the newly subdivided lots
in phase three was $6,359 as shown in the Update of the Assessment Roll section of this
annual update. This amount is slightly higher than the Assessment Part A and per Equivalent
Unit amount of $6,337 allocated to all previously subdivided lots. As a result, the Annual
Installment amounts due from the newly subdivided lots in phase three are calculated
separately based on the Assessment amounts allocated to each of these newly subdivided
parcels as shown below.
The Assessment Part A per Equivalent Unit for the newly subdivided phase three lots is
calculated as $6,359 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 newly
subdivided lots for 2014 are shown in Table H below.
Table H
Interest Due on Assessment Part A — Phase 3 Lots
To be collected for 2014
e amounts shown are roundeci tote nearest dollar. whereas calculations are tote cent.
7
Assessment
Assessment
Assessment
Interest
Land Use Class
per EU
EU
Part A
Interest Rate
Due
per unit'
per Unit
Land Use Class 1
$6,359
1.00
$6,359
7.375%
$468.96
Land Use Class 2
$6,359
1.66
$10,556
7.375%
$778.48
Land Use Class 3
$6,359
2.29
$14,562
1 7.375%
$1,073.93
e amounts shown are roundeci tote nearest dollar. whereas calculations are tote cent.
7
The Assessment Part A due for 2014 is $13,000, which represents the principal amount due
on the Series 2008A Bonds on October 1, 2015. The Total Assessment Part A outstanding is
shown as $2,095,041 in Appendix B. Accordingly, the Assessment Part A due for 2014 is
0.6205 percent of the outstanding Assessment Part A (i.e., $13,000 - $2,095,041 =
0.6205%).
The Assessment Part A due to be collected for 2014 from each of the newly subdivided lots
is shown in Table I below.
Table I
Assessment Part A Due — Phase 3 Lots
To be collected for 2014
I - The amounts shown are rounded to the nearest dollar, whereas calculations are to the cent.
The Annual Collection Costs for the collection of Assessment Part A are estimated to be
$17,000. The total outstanding Assessment Part A is shown as $2,095,041 in Appendix B.
Accordingly, the Annual Collection Costs due for 2014 is 0.8114 percent of the outstanding
Assessment Part A (i.e., $17,000 _ $2,095,041 = 0.8114%). The Annual Collection Costs to
be collected for 2014 from the newly subdivided lots is shown in Table J below.
Table J
Annual Collection Costs for Assessment Part A — Phase 3 Lots
To be collected for 2014
Assessment
Assessment
Land Use Class
Part A
Percentage
Part A Due
per unit'
Per Unit
Land Use Class 1
$6,359
0.6205%
$39.46
Land Use Class 2
$10,556
0.6205%
$65.50
Land Use Class 3
$14,562
0.6205%
$90.36
I - The amounts shown are rounded to the nearest dollar, whereas calculations are to the cent.
The Annual Collection Costs for the collection of Assessment Part A are estimated to be
$17,000. The total outstanding Assessment Part A is shown as $2,095,041 in Appendix B.
Accordingly, the Annual Collection Costs due for 2014 is 0.8114 percent of the outstanding
Assessment Part A (i.e., $17,000 _ $2,095,041 = 0.8114%). The Annual Collection Costs to
be collected for 2014 from the newly subdivided lots is shown in Table J below.
Table J
Annual Collection Costs for Assessment Part A — Phase 3 Lots
To be collected for 2014
e amounts shown are rounded tote nearest dollar, whereas calculations are tot the cent.
In summary, the Annual Installment Part A to be collected for 2014 from each of the newly
subdivided lots, which includes interest, Assessment Part A and Annual Collection Costs, is
shown Table K below.
Assessment
Annual
Land Use Class
Part A
Percentage
Collection
per unit'
Costs per Unit
Land Use Class 1
$6,359
0.8114%
$51.60
Land Use Class 2
$10,556
0.8114%
$85.65
Land Use Class 3
1 $14,562
0.8114% 1
$118.16
e amounts shown are rounded tote nearest dollar, whereas calculations are tot the cent.
In summary, the Annual Installment Part A to be collected for 2014 from each of the newly
subdivided lots, which includes interest, Assessment Part A and Annual Collection Costs, is
shown Table K below.
Table K
Annual Installment Part A — Phase 3 Lots
To be collected for 2014
There is no Annual Installment Part B to be collected from the newly subdivided lots.
C. Update of the Assessment Plan
The Service and Assessment Plan provided for the "Assessed Property" to be classified into
one of three categories for purpose of allocating the Assessments, as follows:
(i) Land Use Class 1,
(ii) Land Use Class 2, and
(iii) Land Use Class 3.
Land Use Class 1 consists of residential dwelling units of 2,100 square feet of living area or
less. Land Use Class 2 consists of residential dwelling units with between 2,100 and 3,000
square feet of living area. Land Use Class 3 consists of residential dwelling units with greater
than 3,000 square feet of living area.
The Service and Assessment Plan identified Equivalent Units for each lot in each land use
class as follows:
Land Use Class 1 Lots
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.
D. Update of the Assessment Roll
The Assessment Roll is to be updated each year to reflect:
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
9
Interest
Assessment
Annual
Annual
Land Use Class
due per
Part A due
Collection
Installment
Unit
per Unit
Costs
Part A
Per Unit
per Unit
Land Use Class 1
$468.96
$39.46
$51.60
$560.02
Land Use Class 2
$778.48
$65.50
$85.65
$929.63
Land Use Class 3
$1,073.93
1 $90.36
1 $118.161
$1,282.45
There is no Annual Installment Part B to be collected from the newly subdivided lots.
C. Update of the Assessment Plan
The Service and Assessment Plan provided for the "Assessed Property" to be classified into
one of three categories for purpose of allocating the Assessments, as follows:
(i) Land Use Class 1,
(ii) Land Use Class 2, and
(iii) Land Use Class 3.
Land Use Class 1 consists of residential dwelling units of 2,100 square feet of living area or
less. Land Use Class 2 consists of residential dwelling units with between 2,100 and 3,000
square feet of living area. Land Use Class 3 consists of residential dwelling units with greater
than 3,000 square feet of living area.
The Service and Assessment Plan identified Equivalent Units for each lot in each land use
class as follows:
Land Use Class 1 Lots
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.
D. Update of the Assessment Roll
The Assessment Roll is to be updated each year to reflect:
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
9
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 this 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 E.
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.
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 2014.
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 and 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. As a result, the consolidated Assessment Part A for
the three newly consolidated parcels is shown in Table L below.
10
Table L
Annual Installment Part A before and after consolidation
Prior to Consolidation
After Consolidation
Annual
Annual
Assessment
Installment Part
Assessment
Installment Part
Parcel
Part A
A
Parcel
Part A
A
R318307
$6,359
$560.02
R318308
$6,359
$560.02
R318307
$12,718
$1,120.04
R318313
$6,359
$560.02
R318314
$6,359
$560.02
R318314
$12,718
$1,120.04
R318328
$10,556
$929.63
R318329
$6,359
$560.02
R318328
$16,915
$1,489.65
Total
$42,351
$3,729.73
Total
$42,351
$3,729.73
As shown in Table M, the Annual Installment Part A due from each newly subdivided Land
Use Class 1 lot is $560.02. As a result, the total Annual Installment Part A Due from Parcels
R318307 and R318314 after the consolidation is $1,120.04 (i.e., $560.02 + $560.02 =
$1,120.04) each and the total Annual Installment Part A Due from Parcel R318328 after the
consolidation is $1,489.65 (i.e., $929.63 + $560.02 = $1,489.65) as shown in Table L.
Assessment Part A has been prepaid for nine lots through July 31, 2014. Each of these
prepaid lots is marked as such in the Assessment Roll summary attached hereto as Appendix
B. 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, 2014.
Assessment Part B has been prepaid for all parcels as of July 31, 2014. 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 1, 2014.
The complete Assessment Roll updated as described herein is available at the City of
Lubbock, Municipal Complex, 1625 13th Street, Lubbock, Texas 79401.
E. Updates of Miscellaneous Provisions
There are no additional updates to be included in the Annual Service Plan update for 2014.
Appendix A
The Improvement Proiect
1 The budget changes are shown in the most recent developer's payment requests submitted to the trustee. The amounts shown are rounded
to the nearest dollar,
These costs are estimated and the actual costs may be different than estimates. Costs in one
line item may be reallocated to another line item to reflect the actual costs incurred.
12
Improvement Project A
Im rovement Project B
Original
Budget
Revised
Original
Budget
Revised
Budget
Changes'
Budget
Budget
Changes'
Budget
Land
$0
$0
$
$390,000
($247,090)
$142,91
Site Preparation
$288,511
$355,780
$644,291
$79,906
$88,055
$167,961
Drainage
$136,232
($136,232)
$
$136,232
($102,637)
$33,595
Streets and alleys
$0
$0
$
$706,430
$4,206
$710,63
Walkways
$0
$0
$
$59,523
($59,523)
$0
Water and sewer
$0
$0
$
$752,265
($409,645)
$342,62
Lighting and street signs
$154,683
($25,693)
$128,99
$4,107
$681
$4,78
Signage and monumentation
$9,795
($9,475)
$32
$0
$3,015
$3,015
Park features
$1,081,340
($7,593)
$1,073,74
$0
$0
$
Roundabouts
$67,795
$19,517
$87,31
$0
$0
$
Street trees and irrigation
$412,091
($213,590)
$198,501
$0
$0
$
Sub -total hard costs
$2,150,447
($17,286)
$2,133,161
$2,128,463
($722,938)
$1,405,52
Project administration
$84,884
$529
$85,413
$11,577
$25,029
$36,60
Master planning
$67,012
$199,424
$266,436
$0
$73,946
$73,94
Architectural design
$102,862
($102,862)
$
$130
($130)
$
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)
$
Regulatory and impact fees
$8,032
($5,902)
$2,130
$20,563
($7,324)
$13,23
Insurance and bonding
$0
$4,107
$4,10
$0
$0
$
Sub -total soft costs
$513,936
$273,711
$787,647
$278,405
$144,536
$422,942
Contingency
$266,439
($266,439)
$
$248,901
($248,901)
$
Total
$2,930,822
($10,014)
$2,920,801
$2,655,769
($827,303)
$1,828,46
1 The budget changes are shown in the most recent developer's payment requests submitted to the trustee. The amounts shown are rounded
to the nearest dollar,
These costs are estimated and the actual costs may be different than estimates. Costs in one
line item may be reallocated to another line item to reflect the actual costs incurred.
12
Appendix B
Assessment Roll Summary
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