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08-06-18 TC AgendaThe Regular Meeting of the Town of Westlake Town Council will begin immediately following the conclusion of the Town Council Work Session but not prior to the posted start time. Mission Statement Westlake is a unique community blending preservation of our natural environment and viewscapes, while serving our residents and businesses with superior municipal and academic services that are accessible, efficient, cost-effective, and transparent. Westlake, Texas – “One-of-a-kind community; natural oasis – providing an exceptional level of service.” Page 1 of 2 TOWN OF WESTLAKE, TEXAS Vision Statement An oasis of natural beauty that maintains our open spaces in balance with distinctive development, trails, and quality of life amenities amidst an ever expanding urban landscape. TOWN COUNCIL MEETING AGENDA August 6, 2018 1500 Solana Boulevard Building 7, Suite 7100 1st Floor, Council Chamber Westlake, TX 76262 Regular Session: 5:00 p.m. CANCEL DUT TO LACK OF QUORUM Page 2 of 2 Regular Session 1. CALL TO ORDER 2. CONSIDERATION OF ORDINANCE 859, UPDATING THE SOLANA PUBLIC IMPROVEMENT DISTRICT SERVICE AND ASSESSMENT PLAN (SAP) AND ASSESSMENT ROLL. 3. ADJOURNMENT CERTIFICATION I certify that the above notice was posted at the Town Hall of the Town of Westlake, 1500 Solana Blvd., Building 7, Suite 7100, Westlake, TX 76262, August 1, 2018, by 5:00 p.m. under the Open Meetings Act, Chapter 551 of the Texas Government Code. _____________________________________ Kelly Edwards, Town Secretary If you plan to attend this public meeting and have a disability that requires special needs, please advise the Town Secretary 48 hours in advance at 817-490-5710 and reasonable accommodations will be made to assist you. CANCEL DUT TO LACK OF QUORUM The Regular Meeting of the Town of Westlake Town Council will begin immediately following the conclusion of the Town Council Work Session but not prior to the posted start time. Mission Statement Westlake is a unique community blending preservation of our natural environment and viewscapes, while serving our residents and businesses with superior municipal and academic services that are accessible, efficient, cost-effective, and transparent. Westlake, Texas – “One-of-a-kind community; natural oasis – providing an exceptional level of service.” Page 1 of 2 TOWN OF WESTLAKE, TEXAS Vision Statement An oasis of natural beauty that maintains our open spaces in balance with distinctive development, trails, and quality of life amenities amidst an ever expanding urban landscape. TOWN COUNCIL MEETING AGENDA August 6, 2018 1500 Solana Boulevard Building 7, Suite 7100 1st Floor, Council Chamber Westlake, TX 76262 Regular Session: 5:00 p.m. Page 2 of 2 Regular Session 1. CALL TO ORDER 2. CONSIDERATION OF ORDINANCE 859, UPDATING THE SOLANA PUBLIC IMPROVEMENT DISTRICT SERVICE AND ASSESSMENT PLAN (SAP) AND ASSESSMENT ROLL. 3. ADJOURNMENT CERTIFICATION I certify that the above notice was posted at the Town Hall of the Town of Westlake, 1500 Solana Blvd., Building 7, Suite 7100, Westlake, TX 76262, August 1, 2018, by 5:00 p.m. under the Open Meetings Act, Chapter 551 of the Texas Government Code. _____________________________________ Kelly Edwards, Town Secretary If you plan to attend this public meeting and have a disability that requires special needs, please advise the Town Secretary 48 hours in advance at 817-490-5710 and reasonable accommodations will be made to assist you. Page 1 of 2 estlake Town Council TYPE OF ACTION Regular Meeting - Action Item Westlake Town Council Meeting Monday, August 06, 2018 TOPIC: Consider an Ordinance to Update the Solana Public Improvement District Service and Assessment Plan and Assessment Roll 2018. STAFF CONTACT: Tom Brymer, Town Manager Jarrod Greenwood, Public Works Director/Asst. to the Town Manager Debbie Piper, Finance Director Strategic Alignment Vision, Value, Mission Perspective Strategic Theme & Results Outcome Objective Fiscal Responsibility Fiscal Stewardship Exemplary Service & Governance - We set the standard by delivering unparalleled municipal and educational services at the lowest cost. Increase Transparency, Accessibility & Communications Strategic Initiative Outside the Scope of Identified Strategic Initiatives Time Line - Start Date: August 6, 2018 Completion Date: August 6, 2018 Funding Amount: N/A Status - N/A Source - N/A EXECUTIVE SUMMARY (INCLUDING APPLICABLE ORGANIZATIONAL HISTORY) The Solana Public Improvement District (PID) for the Entrada development was created by Resolution 14-07 by Town Council on February 24, 2014. In order to levy the assessment on property within the PID required to service the PID bonds, Town Council adopted Ordinance No. 741 approving the Solana Pubic Improvement District Service and Assessment Plan and Assessment Roll. Page 2 of 2 Sections 372.013 and 372.014 of the Public Improvement District Assessment Act, Chapter 372, Texas Local Government Code (the “PID Act”) require that Service and Assessment Plans (SAP) and Assessment Rolls to be reviewed and updated annually which requires Council approval. Council approved Ordinance752 that provided the first annual update to the SAP at the September 21, 2015 Regular Council meeting. The second update to this SAP was approved by the Council via Ordinance 796 on September 19, 2016. The Council approved an SAP Update in January 2018, which, after due process and public hearing, levied the Part B Assessment related to the Parking Garage. This annual SAP Update will combine the Part A Assessment and the Part B Assessment in one Annual SAP Update which is necessary prior to the issuance of the 2018 PID invoices to property owners for PID assessments due January 2019. Upon approval from Council, the Assessment Roll will be provided to the Tarrant County Appraisal District to be included in the 2018/2019 tax bills which will be mailed out in October 2018. At this time, all the site plan and building permits filed through June 30th comply with the SAP Development Plan, and no mandatory prepayment is required. RECOMMENDATION Recommend approving the proposed Ordinance accepting the Service Assessment Plan as will be presented. ATTACHMENTS As of the time of finalizing this agenda, the PID Administrator is still working with the TCAD GIS department and Tarrant County Tax Office to ensure proper parcel tax IDs are record from the parent parcels and have the appropriate assessments recorded on the proper tax bills. The correct form of the Annual SAP Update is attached, and the only changes will be to the Assessment Roll Tax Parcel IDs located at the end of the SAP Update to match the County records. Updated material for this agenda item will be presented at the meeting or sent to Council by separate cover. Ordinance Service and Assessment Plan Ordinance 859 Page 1 of 2 TOWN OF WESTLAKE ORDINANCE NO. 859 SOLANA PUBLIC IMPROVEMENT DISTRICT SUPPLEMENTAL SERVICE AND ASSESSMENT PLAN AND ASSESSMENT ROLL. A SUPPLEMENTAL ORDINANCE OF THE TOWN COUNCIL OF THE TOWN OF WESTLAKE UPDATING THE SOLANA PUBLIC IMPROVEMENT DISTRICT OF THE TOWN OF WESTLAKE SERVICE AND ASSESSMENT PLAN AND ASSESSMENT ROLL. WHEREAS, by Resolution 14-07 adopted on February 24, 2014, after notice and a public hearing in the manner required by law, the Town Council of the Town of Westlake, Texas approved a resolution authorizing the creation of the Solana Public Improvement District of the Town of Westlake; and WHEREAS, the Town Council, pursuant to Section 372.016(b) of the Public Improvement District Assessment Act, Chapter 372, Texas Local Government Code (the “PID Act”) PID Act, published notice of the Levy and Assessment Hearing on December 22, 2014, in The Star-Telegram, a newspaper of general circulation in the Town; and WHEREAS, on January 15, 2015, after notice and a public hearing conducted in the manner required by law, the Town Council adopted Ordinance No. 741 approving the Solana Public Improvement District Service and Assessment Plan and Assessment Roll and the levy of assessments on property in the District; and WHEREAS, on January 15, 2015, the Town Council convened the Levy and Assessment Hearing and adopted Ordinance No. 743, authorizing the issuance of bonds secured by the assessments levied pursuant to the Assessment Ordinance; and WHEREAS, on January 28, 2018, after notice and a public hearing conducted in the manner required by law, the Town Council adopted Ordinance No. 843 approving the Solana Public Improvement District Service and Assessment Plan and Assessment Roll and the levy of the Part – B Assessment pertaining to the Parking Garage on property in the District; and WHEREAS, the Service and Assessment Plan and Assessment Roll is required to be reviewed and updated annually as described in Sections 372.013 and 372.014 of the PID Act; and WHEREAS, the Town Council now desires to proceed with the adoption of this Ordinance for the Annual Service Plan Update and the updated Assessment Roll attached thereto, in conformity with the requirements of the PID Act; and WHEREAS, the Town Council finds the passage of this Ordinance to be in the best interest for the citizens of Westlake. Ordinance 859 Page 2 of 2 NOW, THEREFORE, BE IT ORDAINED BY THE TOWN COUNCIL OF THE TOWN OF WESTLAKE, TEXAS: SECTION 1: That all matters stated in the preamble are found to be true and correct and are incorporated herein as if copied in their entirety. SECTION 2: That the Solana Annual Service Plan Update and updated Assessment Roll attached hereto as Exhibit A are hereby accepted as provided. SECTION 3: If any portion of this Ordinance shall, for any reason, be declared invalid by any court of competent jurisdiction, such invalidity shall not affect the remaining provisions hereof and the Council hereby determines that it would have adopted this Ordinance without the invalid provision SECTION 4: That this Ordinance shall be cumulative of all other Town Ordinances and all other provisions of other Ordinances adopted by the Town which are inconsistent with the terms or provisions of this Ordinance are hereby repealed. SECTION 5: It is hereby declared to be the intention of the Town Council of the Town of Westlake, Texas, that sections, paragraphs, clauses and phrases of this Ordinance are severable, and if any phrase, clause, sentence, paragraph or section of this Ordinance shall be declared legally invalid or unconstitutional by the valid judgment or decree of any court of competent jurisdiction, such legal invalidity or unconstitutionality shall not affect any of the remaining phrases, clauses, sentences, paragraphs or sections of this Ordinance since the same would have been enacted by the Town Council of the Town of Westlake without the incorporation in this Ordinance of any such legally invalid or unconstitutional, phrase, sentence, paragraph or section. SECTION 6: This ordinance shall take effect immediately from and after its passage as the law in such case provides. PASSED AND APPROVED ON THIS 6TH DAY OF AUGUST, 2018. _____________________________ ATTEST: Laura Wheat, Mayor ____________________________ ______________________________ Kelly Edwards, Town Secretary Thomas E. Brymer, Town Manager APPROVED AS TO FORM: ____________________________ L. Stanton Lowry, Town Attorney SOLANA PUBLIC IMPROVEMENT DISTRICT 2018 ANNUAL SERVICE PLAN UPDATE WESTLAKE SOLANA PID 2018 SAP UPDATE 2 INTRODUCTION The Town of Westlake Town Council (the “Town Council”) passed Resolution No. 14-07 approving and authorizing the creation of the Solana Public Improvement District (the "PID"), on February 24, 2014, to finance the costs of certain public improvements for the benefit of property in the PID, all of which is located within the corporate limits of the Town of Westlake (the “Town”). On April 22, 2013, the property within the PID was zoned by Ordinance No. 703 (the “Zoning Ordinance”). The Zoning Ordinance designates the type of land uses that are permitted within the project and includes development standards for each land use type. The Town of Westlake, Texas Special Assessment Revenue Bonds, Series 2015 (Solana Public Improvement District Project, ’Series 2015 Bonds’) in the aggregate principal amount of $26,175,000 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. In addition, reimbursement obligations for the Reimbursement Agreement – Part A in the aggregate principal amount of $3,400,000 are secured by special Assessments. Pursuant to the Service and Assessment Plan (the “SAP”), each Assessment shall bear interest at the rate on the Bonds commencing with the issuance of the Bonds. The effective interest rate on the Series 2015 Bonds is 6.15 percent and the interest rate per the Reimbursement Agreement – Part A is 6.43 percent per annum, per the Reimbursement Agreement adopted with Resolution _______. On December 11, 2017, the Town Council adopted Resolution No. 17-45 determining total costs of certain authorized public improvements, approving a preliminary service plan update, including proposed assessment rolls, and directing the publication and mailing of notice of a public hearing to consider an ordinance levying assessments (the “Part B Assessments") on certain benefited property within the District. The Town Secretary 1.) filed the proposed Part B Assessment Rolls and made the same available for public inspection, 2.) mailed the notice of the Assessment Hearing to the last known address of the owners of the property liable for the Part B Assessments, and 3.) and published notice of the Assessment Hearing on January 12, 2018 in the Fort Worth Star Telegram, a newspaper of general circulation in the Town. On January 29, 2018, the Town Council, after conducting the Assessment Hearing, passed Ordinance No. 843 approving an annual service plan update and Assessment Roll for Assessment Part B for the Reimbursement Agreement (the “Reimbursement Agreement – Part B”) in the aggregate principal amount of $2,425,000 secured by special Assessments. Each Assessment Part B shall be paid with interest based on an interest rate of 6.43 percent per annum from September 1, 2018 through January 28, 2033, and 5. 855% per annum from January 29, 2023 through the Maturity Date as defined in the Reimbursement Agreement – Part B, per the Reimbursement Agreement adopted with Resolution _______. WESTLAKE SOLANA PID 2018 SAP UPDATE 3 The SAP identifies the public improvements (the “Authorized Improvements”) to be provided by the PID, the costs of the Authorized Improvements (the “Authorized Improvement Costs”), the indebtedness to be incurred for the Authorized Improvements, and the manner of assessing the property in the PID for the costs of the Authorized Improvements. Pursuant to Chapter 372, Texas Local Government Code, the SAP must be reviewed and updated annually. This document is the annual update of the SAP for 2018 (the “Annual Service Plan Update”), which includes both Assessment Part A and Assessment Part B. The Town also adopted an assessment roll (the “Assessment Roll”) identifying the assessments (the “Assessments”) on each Lot within the PID, based on the method of assessment identified in the SAP. This Annual Service Plan Update also updates the Assessment Roll for 2018. Capitalized terms used in this Annual Service Plan Update shall have the meanings set forth in the SAP. EQUIVALENT UNITS The SAP uses Equivalent Units to apportion assessment based on Land Use Class. The chart attached hereto as Exhibit A summarizes the original planned number of units broken down by Land Use Class and Improvement Area, assigns the Equivalent Unit factor to each Land Use Class as was originally calculated in the SAP, and determines the total number of Equivalent Units for each Land Use Class in Improvement Area #1, Improvement Area #2, and Improvement Area #3. Equivalent Unit Factors are then multiplied by total Equivalent Units in each Land Use Class to determine Assessment per Unit for each Land Use Class for both Assessment Part A and Assessment Part B. In the 2017 Annual Service Plan Update approved by Ordinance No. 838 on November 21, 2017 (the “2017 Annual Service Plan Update”) Appendix A-3 was attached that allocated Equivalent Units and their Assessment to 33 pods (attached hereto as Exhibit C) and their 2017 tax parcel IDs assigned by the County. For the purpose of calculating or reallocating of Assessments and any corresponding prepayments of Assessments, all subsequent annual service plan updates, including this Annual Service Plan Update, is to use the information set forth in Exhibit B, which is updated to include allocation of Assessment Part B. The calculation of the estimated number of units to be built on a Parcel shall be performed by the Administrator and confirmed by the Town Council based on the information available regarding the use of the Parcel. The outstanding Assessment Part A and outstanding Assessment Part B in each Improvement Area is reallocated to the newly platted Parcels based on the corresponding approved development plans and projected development plan for each Parcel provided by the Developer. The detailed projected land use by pod and Parcels are provided by the Developer and the corresponding Equivalent Unit calculations are shown in Exhibit B. WESTLAKE SOLANA PID 2018 SAP UPDATE 4 OWNERSHIP STATUS According to the 2018 Quarter 2 Developer Continuing Disclosure, Maguire Partners owns 0 percent, MRW Investors, LLC owns 80 percent and has sold off property (small lots), and Hokey Land has sold all of its holdings as well. MRW Investors, LLC is the Job Creation Entity (JCE) for the EB-5 Loan with a July 2023 maturity date. This entity is owned 80 percent by Mehrdad Moayedi and is controlled by Mehrdad Moayedi. This entity purchased approximately 79 acres from Maguire Partners - Solana Land LP as part of the closing of the $150,000,000 EB-5 loan. This entity has assumed all of the Master Developer roles and responsibilities on the Entrada Project, including the POA (Property Owner’s Association) and other items. STATUS OF AUTHORIZED IMPROVEMENTS Improvement Project A According to the 2018 Quarter 2 Developer Continuing Disclosure, Authorized Improvements for Improvement Area #1 and Improvement Area #2 are significantly complete, with remaining items being the completion of TRA Sanitary Sewer Metering Station, the Pedestrian Bridge and installation of iron benches. The TRA Sanitary Sewer Metering Station, which is partially reimbursed from the Series 2015 Bonds, and the Pedestrian Bridge are forecasted to be completed in Quarter 3 of 2018, and iron benches are awaiting input and direction from the Town. Improvement Area #3 Authorized Improvements only have the retaining walls, having not yet begun construction on the remaining infrastructure. Maps depicting the Authorized Improvements are attached hereto as Exhibit D. Improvement Project B According to the 2018 Quarter 1 and Quarter 2 Developer Continuing Disclosure, engineering design, site plan approval, and building permit approval are complete. However, construction of the parking garage, funded by the Reimbursement Agreement – Part B, has not begun. Maps depicting the Authorized Improvements are attached hereto as Exhibit D. BUDGET FOR CONSTRUCTION OF AUTHORIZED IMPROVEMENTS Improvement Project A According to the 2018 Quarter 2 Developer Continuing Disclosure, all Improvement Area #1 and Improvement Area #2 Authorized Improvements in Improvement Project A are being funded by Series 2015 Bond funds. The balance in the "Improvement Fund 229464006" with US Bank is $154,000 as of June 30, 2018. According to the Developer, available remaining funds are currently projected to be sufficient to complete the Authorized Improvement for Improvement Project A in Improvement Area #1 and Improvement Area #2 as described within the SAP. WESTLAKE SOLANA PID 2018 SAP UPDATE 5 Improvement Area #3 Authorized Improvements, with the exception of retaining walls, are not constructed and such estimated costs of $3,400,000 are anticipated to be funded by the Developer and subject to the Reimbursement Agreement – Part A. See the table below for details about the Improvement Project A budget. Improvement Project B According to the 2018 Quarter 2 Developer Continuing Disclosure, Improvement Project B (the public parking garage) improvements are not constructed and such estimated costs of $6,160,000 are anticipated to be funded by the Developer, of which $2,450,000 are subject to Reimbursement Agreement – Part B, and for which Assessments were levied by the Town in January 2018. See the table below for details about the Improvement Project B budget. Original Budget (1) Revisions Budget as of 7/11/18 (2) Original Budget (1) Revisions Budget as of 7/11/18 (2) Authorized Improvements Road improvements 3,767,430$ 1,083,177$ 4,850,607$ 622,470$ -$ 622,470$ Water distribution system improvements 890,040$ (668,035)$ 222,005$ 171,680$ -$ 171,680$ Sanitary sewer improvements 1,531,196$ (1,298,927)$ 232,269$ 350,100$ -$ 350,100$ Storm drainage improvements 1,154,306$ (1,154,306)$ -$ 579,566$ -$ 579,566$ Landscaping improvements 1,830,501$ (661,929)$ 1,168,572$ -$ -$ -$ Duct bank improvements 640,304$ (142,838)$ 497,466$ 93,650$ -$ 93,650$ Other costs (3) 8,120,860$ (1,131,154)$ 6,989,706$ 573,896$ -$ 573,896$ Parking facility improvement -$ -$ -$ -$ -$ -$ Consolidated Wet Utilities Contract -$ 3,974,012$ 3,974,012$ Subtotal 17,934,637$ (1)$ 17,934,637$ 2,391,362$ -$ 2,391,362$ Bond issue costs Capitalized interest 3,216,750$ -$ 3,216,750$ 218,620$ -$ 218,620$ Debt service reserve 2,074,313$ -$ 2,074,313$ 340,000$ -$ 340,000$ Other Bond issuance related costs 2,949,301$ -$ 2,949,301$ 450,018$ -$ 450,018$ Subtotal 8,240,364$ -$ 8,240,364$ 1,008,638$ -$ 1,008,638$ Total Uses 26,175,001$ (1)$ 26,175,001$ 3,400,000$ -$ 3,400,000$ Notes: 1) Budget as shown in the SAP. 2) The budget for the Authorized Improvements is adjusted in the 2018 Annual Service Plan Update as the Authorized Improvements are constructed and the Actual Costs of the Authorized Improvements are determined, per draw 38 provided by the Developer. 3) See Appendix B of the SAP for details. Series 2015 Bonds Reimbursement Agreement - Part A Original vs. Revised Budget - Improvement Project A WESTLAKE SOLANA PID 2018 SAP UPDATE 6 LOT SALES & HOME SALES UPDATE Residential Of the expected 322 residential units in the SAP, no residential units have completed construction. According to the 2018 Quarter 2 Developer Continuing Disclosure, a total of 26 homes are under construction. Calais Homes is currently constructing 6 homes with an estimated completion date of November 2018; Vespa Homes is constructing 12 homes with an estimated completion date of January 2019; and Crescent Homes through MRW Investors, LLC is constructing 8 homes with the first homes estimated to be complete in September 2018. Another 12 residential Lots are in the process of being sold to Veranda Designer Homes, with an average lot price of $220,000. An initial closing of 3 Lots is expected to occur within 30 days, with all 12 Lots to be closed within 18 months of the initial closing. Commercial Of the expected 1,158,299 square feet of commercial space described in the SAP, 29,175 square feet of commercial development has been constructed, with another 40,342 square feet permitted, and 29,313 square feet currently under review. According to the 2018 Quarter 2 Developer Continuing Disclosure, Block P, Lots 1 & 2 are under contract for a mixed-use, commercial development within the PID. The closing date is scheduled for July 25, 2018 with a Original Budget (1)Revisions Budget as of 7/11/18 (2) Authorized Improvements Road improvements -$ -$ -$ Water distribution system improvements -$ -$ -$ Sanitary sewer improvements -$ -$ -$ Storm drainage improvements -$ -$ -$ Landscaping improvements -$ -$ -$ Duct bank improvements -$ -$ -$ Other costs (3)-$ -$ -$ Parking facility improvement 6,160,000$ -$ 6,160,000$ Subtotal 6,160,000$ -$ 6,160,000$ Bond issue costs Capitalized interest 170,000$ -$ 170,000$ Debt service reserve 242,500$ -$ 242,500$ Other Bond issuance related costs 242,500$ -$ 242,500$ Subtotal 655,000$ -$ 655,000$ Total Uses 6,815,000$ -$ 6,815,000$ Notes: Original vs. Revised Budget - Improvement Project B 1) Budget as shown in the SAP. 2) The budget for the Authorized Improvements is adjusted in this Annual Service Plan Update as the Authorized Improvements are constructed and the Actual Costs of the Authorized Improvements are determined. 3) See Appendix B of SAP for details. Reimbursement Agreement - Part B (Parking Garage) WESTLAKE SOLANA PID 2018 SAP UPDATE 7 purchase price of $2,100,000. PARCEL SUBDIVISION XX (number of) parcels were sub divided, and XX plats were filed and recorded in 2018. See Exhibit E for plats approved in the 2018. Plats approved in 2018 will be reflected in the 2019 annual service plan update. OUTSTANDING ASSESSMENT AND INSTALLMENT DUE 1/31/19 Improvement Area #1 The total outstanding Assessment for Improvement Area #1, comprised of both Assessment Part A and Assessment Part B, is $22,389,383.26, as shown on the table below. The total Annual Installment for Improvement Area #1 is $1,832,783.20, as shown on the table below, and will be delinquent if not received by January 31, 2019. The Assessment Roll for Improvement Area #1, Improvement Area #2, and Improvement Area #3 is attached as Exhibit G. Improvement Area #2 The total outstanding Assessment for Improvement Area #2, comprised of only Assessment Part A, is $5,458,627.98, as shown on the table below. The total Annual Installment for Improvement Area #2, is $447,546.32, as shown on the table below, and will be delinquent if not received by January 31, 2019. The Assessment Roll for Improvement Area #1, Improvement Area #2, and Improvement Area #3 is attached as Exhibit G. Assessment Part B Series 2015 Bond Reimbursement Agreement - Part A Reimbursement Agreement - Part B Total Outstanding Assessment Series 2015 Bond 17,619,290.27$ -$ -$ 17,619,290.27$ Reimbursement Agreement - Part A -$ 2,345,092.99$ -$ 2,345,092.99$ Reimbursement Agreement - Part B -$ -$ 2,425,000.00$ 2,425,000.00$ 17,619,290.27$ 2,345,092.99$ 2,425,000.00$ 22,389,383.26$ Annual Installment Due 1/31/2019 Principal 259,107.21$ 6,218.57$ 40,000.00$ 305,325.78$ Interest 1,085,659.21$ 150,789.48$ 155,927.50$ 1,392,376.19$ Delinquency & Prepayment Reserve 88,096.45$ -$ -$ 88,096.45$ Administration Expenses 46,984.77$ -$ -$ 46,984.77$ 1,479,847.64$ 157,008.05$ 195,927.50$ 1,832,783.20$ Notes: Outstanding Assessment and Annual Installments Improvement Area #1 Assuming no outstanding delinquencies at the time of this Annual Service Plan Update. Assessment Part A WESTLAKE SOLANA PID 2018 SAP UPDATE 8 Improvement Area #3 The total outstanding Assessment for Improvement Area #3, comprised of only Assessment Part A, is $3,470,988.77, as shown on the table below. The total Annual Installment for Improvement Area #3 is $284,582.18, as shown on the table below, and will be delinquent if not received by January 31, 2019. The Assessment Roll for Improvement Area #1, Improvement Area #2, and Improvement Area #3 is attached as Exhibit G. Assessment Part B Series 2015 Bond Reimbursement Agreement - Part A Reimbursement Agreement - Part B Total Outstanding Assessment Series 2015 Bond 4,817,436.61$ -$ -$ 4,817,436.61$ Reimbursement Agreement - Part A -$ 641,191.37$ -$ 641,191.37$ Reimbursement Agreement - Part B -$ -$ -$ -$ 4,817,436.61$ 641,191.37$ -$ 5,458,627.98$ Annual Installment Due 1/31/2019 Principal 70,844.66$ 1,700.27$ -$ 72,544.93$ Interest 296,839.11$ 41,228.60$ -$ 338,067.71$ Delinquency & Prepayment Reserve 24,087.18$ -$ -$ 24,087.18$ Administration Expenses 12,846.50$ -$ -$ 12,846.50$ 404,617.45$ 42,928.88$ -$ 447,546.32$ Notes: Outstanding Assessment and Annual Installments Assuming no outstanding delinquencies at the time of this Annual Service Plan Update. Improvement Area #2 Assessment Part A Assessment Part B Series 2015 Bond Reimbursement Agreement - Part A Reimbursement Agreement - Part B Total Outstanding Assessment Series 2015 Bond 3,063,273.12$ -$ -$ 3,063,273.12$ Reimbursement Agreement - Part A -$ 407,715.65$ -$ 407,715.65$ Reimbursement Agreement - Part B -$ -$ -$ -$ 3,063,273.12$ 407,715.65$ -$ 3,470,988.77$ Annual Installment Due 1/31/2019 Principal 45,048.13$ 1,081.16$ -$ 46,129.29$ Interest 188,751.68$ 26,216.12$ -$ 214,967.80$ Delinquency & Prepayment Reserve 15,316.37$ -$ -$ 15,316.37$ Administration Expenses 8,168.73$ -$ -$ 8,168.73$ 257,284.91$ 27,297.27$ -$ 284,582.18$ Notes: Outstanding Assessment and Annual Installments Improvement Area #3 Assuming no outstanding delinquencies at the time of this Annual Service Plan Update. Assessment Part A WESTLAKE SOLANA PID 2018 SAP UPDATE 9 ELECTIVE PREPAYMENT OF ASSESSMENTS IN FULL The outstanding Assessment imposed on any Parcel may be prepaid in full at any time. To date, no prepayments of Assessments in full have been received. Please see Exhibit F for all lien releases filed within in the PID. ELECTIVE PARTIAL PREPAYMENTS OF ASSESSMENTS Partial prepayments are applied to reduce the outstanding principal of the Assessments. Lots will continue to make the same Annual Installment as other Lots; however, the Assessment will be paid off earlier as a result of the partial prepayment. To date, no partial payments of Assessments have been received. MANDATORY PREPAYMENTS OF ASSESSMENTS According to Section VI.C of the SAP: 1. If at any time the Assessment per Equivalent Unit on a Parcel exceeds the Maximum Assessment calculated in this Service and Assessment Plan as a result of any changes in Land Use Class, subdivision, consolidation or reallocation of the Assessment authorized by this Service and Assessment Plan and initiated by the owner of the Parcel, then such owner shall pay to the Town prior to the recordation of the document subdividing the Parcel the amount calculated by the Administrator by which the Assessment per Equivalent Unit for the Parcel exceeds the Maximum Assessment calculated in this Service and Assessment Plan. The Town shall not approve the recordation of a plat or other document subdividing a Parcel without a letter from the Administrator either (a) confirming that the Assessment per Equivalent Unit for any new Parcel created by the subdivision will not exceed the Maximum Assessment for each Parcel, or (b) confirming the payment of the Assessments, plus all Prepayment Costs, as provided for herein. 2. If a Parcel subject to Assessment Part A and/or Assessment Part B is transferred to a party that is exempt from the payment of the Assessments under applicable law, or if an owner causes a Parcel subject to Assessments to become Non- Benefited Property, the owner of such Parcel shall pay to the Town the full amount of the Assessment Part A and/or Assessment Part B on such Parcel, plus all Prepayment Costs, prior to any such transfer or act. 3. The payments required above shall be treated the same as any Assessment that is due and owing under the Act, the Assessment Ordinance, and this Service and WESTLAKE SOLANA PID 2018 SAP UPDATE 10 Assessment Plan, including the same lien priority, penalties, procedures, and foreclosure specified by the Act. The Administrator completed analysis of all building permits approved to date since January 1, 2018 and determined that no mandatory prepayments are required by the Developer at this time based on the revised allocation of Assessments provided in the 2017 Annual Service Plan Update. MATERIAL DISCLOSURES There have been material disclosures for the Issuer or Developer in the previous year. Below is a list of all material Disclosures:  2017 o Mandatory partial sinking fund redemption called in the amount of $325,000 BOND FUND P3Works has reviewed the following bond accounts related to the PID as of June 30, 2018, and each account contains the amount shown below: Improvement Project A Bond Account 5/31/2018 Balance 6/30/2018 Balance Change Bond Fund Principal and Interest Account $101.43 $101.57 $0.14 Interest Income Reserve Account $2,101,519.09 $2,104,400.43 $2,881.34 Interest Income Prepayment Reserve Account $76,896.26 $77,001.69 $105.43 Interest Income Delinquency Reserve Account $115,344.37 $115,502.52 $158.15 Interest Income Bond Pledged Revenue Account $2,139,181.14 $2,142,114.12 $2,932.98 Interest Income Developer Reimbursement Pledged Revenue Account $0.00 $0.00 $0.00 Improvement Project A Improvement Account $204,056.51 $204,688.35 $631.84 Interest Income WESTLAKE SOLANA PID 2018 SAP UPDATE 11 Developer Improvement Account $0.00 $0.00 $0.00 Redemption Fund $0.00 $0.00 $0.00 Rebate Fund $0.00 $0.00 $0.00 Administrative Fund $68,233.91 $68,327.46 $93.55 Interest Income Reimbursement Fund $0.00 $0.00 $0.00 Developer Property Tax Reserve Fund $108.18 $108.33 $0.15 Interest Income Capitalized Interest Account $0.00 $0.00 $0.00 Notes: Per conversation with the Trustee, 2017 Assessments have not been allocated due to lack of information from previous PID Administrator. Improvement Project B Account 5/31/2018 Balance 6/30/2018 Balance Change Reimbursement Agreement – Part B Fund $0.00 $0.00 $0.00 PRINCIPAL & INTEREST, PREPAYMENT AND DELINQUENCY RESERVE, & ADMINISTRATION COSTS Improvement Area #1  Principal and Interest - The total principal and interest required for the Annual Installment due January 31, 2019 is $1,697,701.97 in Improvement Area #1, which consists of $1,344,766.42 in principal and interest for the Series 2015 Bonds, $157,008.05 in principal and interest for the Reimbursement Agreement – Part A, and $195,927.50 in principal and interest for the Reimbursement Agreement – Part B.  Prepayment Reserve - The Prepayment Reserve Requirement, as defined in the Indenture, is equal to 1.5% of the principal amount of the then Outstanding Bonds and has not yet been met. As such, the Prepayment Reserve will be funded with 40% of the additional 0.5% interest on the Series 2015 Bonds outstanding Assessment, resulting in a Prepayment Reserve amount due of $35,238.58 in Improvement Area #1.  Delinquency Reserve - The Delinquency Reserve Requirement, as defined in the Indenture, is equal to 4% of the principal amount of the then Outstanding Bonds and has WESTLAKE SOLANA PID 2018 SAP UPDATE 12 not yet been met. As such, the Delinquency Reserve will be funded with 60% of the additional 0.5% interest on the Series 2015 Bonds outstanding Assessment, resulting in a Delinquency Reserve amount due of $52,857.87 in Improvement Area #1.  Administration Expenses - The cost of administering the PID, collecting the Annual Installments, Dissemination Agent fees, audit fees, and Trustee fees shall be paid for on a pro rata basis by each Parcel based on the amount of outstanding Assessment remaining on the Parcel. The total Administration Expenses budgeted for the Annual Installment due January 31, 2019 is $46,984.77 in Improvement Area #1. Improvement Area #2  Principal and Interest - The total principal and interest required for the Annual Installment due January 31, 2019 is $410,612.64 in Improvement Area #2, which consists of $367,683.76 in principal and interest for the Series 2015 Bonds, and $42,928.88 in principal and interest for the Reimbursement Agreement – Part A. Improvement Area #2 is not responsible for principal and interest payments for the Reimbursement Agreement – Part B.  Prepayment Reserve - The Prepayment Reserve Requirement, as defined in the Indenture, is equal to 1.5% of the principal amount of the then Outstanding Bonds and has not yet been met. As such, the Prepayment Reserve will be funded with 40% of the additional 0.5% interest on the Series 2015 Bonds outstanding Assessment, resulting in a Prepayment Reserve amount due of $9,634.87 in Improvement Area #2.  Delinquency Reserve - The Delinquency Reserve Requirement, as defined in the Indenture, is equal to 4% of the principal amount of the then Outstanding Bonds and has not yet been met. As such, the Delinquency Reserve will be funded with 60% of the additional 0.5% interest on the Series 2015 Bonds outstanding Assessment, resulting in a Delinquency Reserve amount due of $14,452.31 in Improvement Area #2.  Administration Expenses - The cost of administering the PID, collecting the Annual Installments, Dissemination Agent fees, audit fees, and Trustee fees shall be paid for on a pro rata basis by each Parcel based on the amount of outstanding Assessment remaining on the Parcel. The total Administration Expenses budgeted for the Annual Installment due January 31, 2019 is $12,846.50 in Improvement Area #2. Principal 305,325.78$ Interest 1,392,376.19$ Delinquency & Prepayment Reserve 88,096.45$ Administration Expenses 46,984.77$ Total Annual Installment 1,832,783.20$ Due January 31, 2019 WESTLAKE SOLANA PID 2018 SAP UPDATE 13 Improvement Area #3  Principal and Interest - The total principal and interest required for the Annual Installment due January 31, 2019 is $261,097.09 in Improvement Area #3, which consists of $233,799.82 in principal and interest for the Series 2015 Bonds, and $27,297.27 in principal and interest for the Reimbursement Agreement – Part A. Improvement Area #3 is not responsible for principal and interest payments for the Reimbursement Agreement – Part B.  Prepayment Reserve - The Prepayment Reserve Requirement, as defined in the Indenture, is equal to 1.5% of the principal amount of the then Outstanding Bonds and has not yet been met. As such, the Prepayment Reserve will be funded with 40% of the additional 0.5% interest on the Series 2015 Bonds outstanding Assessment, resulting in a Prepayment Reserve amount due of $6,126.55 in Improvement Area #3.  Delinquency Reserve - The Delinquency Reserve Requirement, as defined in the Indenture, is equal to 4% of the principal amount of the then Outstanding Bonds and has not yet been met. As such, the Delinquency Reserve will be funded with 60% of the additional 0.5% interest on the Series 2015 Bonds outstanding Assessment, resulting in a Delinquency Reserve amount due of $9,189.82 in Improvement Area #3.  Administration Expenses - The cost of administering the PID, collecting the Annual Installments, Dissemination Agent fees, audit fees, and Trustee fees shall be paid for on a pro rata basis by each Parcel based on the amount of outstanding Assessment remaining on the Parcel. The total Administration Expenses budgeted for the Annual Installment due January 31, 2019 is $8,168.73 in Improvement Area #3. Principal 72,544.93$ Interest 338,067.71$ Delinquency & Prepayment Reserve 24,087.18$ Administration Expenses 12,846.50$ Total Annual Installment 447,546.32$ Due January 31, 2019 Principal 46,129.29$ Interest 214,967.80$ Delinquency & Prepayment Reserve 15,316.37$ Administration Expenses 8,168.73$ Total Annual Installment 284,582.18$ Due January 31, 2019 WESTLAKE SOLANA PID 2018 SAP UPDATE 14 FIVE YEAR BUDGET FORECAST The Act requires the annual indebtedness and projected costs for the improvements to be reviewed and updated in the Annual Service Plan Update, and the projection shall cover a period of not less than five years. WESTLAKE SOLANA PID 2018 SAP UPDATE 15 Installments Due 1/31/2019 1/31/2020 1/31/2021 1/31/2022 1/31/2023 Principal $ 305,325.78 $ 325,363.41 $ 346,091.98 $ 371,820.56 $ 398,240.09 Interest $ 1,392,376.19 $ 1,375,153.44 $ 1,356,802.91 $ 1,337,280.19 $ 1,308,611.15 Total Debt Service (1) $ 1,697,701.97 $ 1,700,516.84 $ 1,702,894.90 $ 1,709,100.75 $ 1,706,851.24 Delinquency & Prepayment Reserve (2) $ 88,096.45 $ 86,800.92 $ 85,419.01 $ 83,950.74 $ 82,396.09 Administrative Expenses (3) $ 46,984.77 $ 47,924.47 $ 48,882.96 $ 49,860.62 $ 50,857.83 Total Installment (4) = (1) + (2) + (3) $ 1,832,783.20 $ 1,835,242.23 $ 1,837,196.87 $ 1,842,912.10 $ 1,840,105.17 Installments Due 1/31/2019 1/31/2020 1/31/2021 1/31/2022 1/31/2023 Principal $ 72,544.93 $ 78,023.58 $ 83,691.15 $ 89,358.73 $ 95,215.22 Interest $ 338,067.71 $ 334,061.93 $ 329,747.79 $ 325,113.15 $ 320,158.01 Total Debt Service (1) $ 410,612.64 $ 412,085.51 $ 413,438.95 $ 414,471.88 $ 415,373.23 Delinquency & Prepayment Reserve (2) $ 24,087.18 $ 23,732.96 $ 23,355.12 $ 22,953.67 $ 22,528.60 Administrative Expenses (3) $ 12,846.50 $ 13,103.43 $ 13,365.50 $ 13,632.81 $ 13,905.46 Total Installment (4) = (1) + (2) + (3) $ 447,546.32 $ 448,921.90 $ 450,159.56 $ 451,058.36 $ 451,807.30 Installments Due 1/31/2019 1/31/2020 1/31/2021 1/31/2022 1/31/2023 Principal $ 46,129.29 $ 49,613.01 $ 53,216.86 $ 56,820.71 $ 60,544.69 Interest $ 214,967.80 $ 212,420.63 $ 209,677.39 $ 206,730.36 $ 203,579.52 Total Debt Service (1) $ 261,097.09 $ 262,033.64 $ 262,894.26 $ 263,551.07 $ 264,124.21 Delinquency & Prepayment Reserve (2) $ 15,316.37 $ 15,091.12 $ 14,850.87 $ 14,595.60 $ 14,325.31 Administrative Expenses (3) $ 8,168.73 $ 8,332.10 $ 8,498.74 $ 8,668.72 $ 8,842.09 Total Installment (4) = (1) + (2) + (3) $ 284,582.18 $ 285,456.87 $ 286,243.87 $ 286,815.38 $ 287,291.61 Improvement Area #1 Improvement Area #2 Improvement Area #3 Five Year Budget Projection WESTLAKE SOLANA PID 2018 SAP UPDATE 16 UPDATE OF THE ASSESSMENT ROLL The list of Lots within the PID as of 1/1/2018, the corresponding outstanding Assessments, and Annual Installment due 1/31/019 are shown on the Assessment Roll attached hereto as Exhibit G. The Parcels shown on the Assessment Roll will receive the installment amount in the Annual Tarrant County Tax Bill for the 2018 Annual Installments which will be delinquent if not paid by January 31, 2019. WESTLAKE SOLANA PID 2018 SAP UPDATE 17 EXHIBIT A – ASSESSMENT ALLOCATION BY EQUIVALENT UNITS Type Planned No. of Units EU Factor Total EU Assessment Part A per EU Assessment Part A per Unit Total Assessment Part A Assessment Part B per EU Assessment Part B per Unit Total Assessment Part B Total Assessment - Part A & B Land Use Class 1 38.00 1.00 38.00 58,797.94$ 58,797.94$ 2,234,321.65$ 7,470.02$ 7,470.02$ 283,860.95$ 2,518,182.60$ Land Use Class 2 71.00 0.62 44.02 58,797.94$ 36,454.72$ 2,588,285.24$ 7,470.02$ 4,631.42$ 328,830.49$ 2,917,115.73$ Land Use Class 3 6.00 0.60 3.60 58,797.94$ 35,278.76$ 211,672.58$ 7,470.02$ 4,482.01$ 26,892.09$ 238,564.67$ Land Use Class 10 372.10 0.22 81.86 58,797.94$ 12,935.55$ 4,813,303.88$ 7,470.02$ 1,643.41$ 611,509.53$ 5,424,813.41$ Land Use Class 11 266.10 0.20 53.22 58,797.94$ 11,759.59$ 3,129,226.27$ 7,470.02$ 1,494.00$ 397,554.72$ 3,526,781.00$ Land Use Class 12 255.50 0.21 53.66 58,797.94$ 12,347.57$ 3,154,803.37$ 7,470.02$ 1,568.71$ 400,804.18$ 3,555,607.56$ Land Use Class 13 264.60 0.19 50.27 58,797.94$ 11,171.61$ 2,956,007.55$ 7,470.02$ 1,419.30$ 375,548.03$ 3,331,555.58$ 324.63 Subtotal: IA #1 19,087,620.54$ 2,425,000.00$ 21,512,620.54$ Type Planned No. of Units EU Factor Total EU Assessment Part A per EU Assessment Part A per Unit Total Assessment Part A Assessment Part B per EU Assessment Part B per Unit Total Assessment Part B Total Assessment - Part A & B Land Use Class 4 42.00 1.00 42.00 63,349.00$ 63,349.00$ 2,660,658.15$ -$ -$ -$ 2,660,658.15$ Land Use Class 5 16.00 0.68 10.88 63,349.00$ 43,077.32$ 689,237.16$ -$ -$ -$ 689,237.16$ Land Use Class 6 69.00 0.52 35.88 63,349.00$ 32,941.48$ 2,272,962.25$ -$ -$ -$ 2,272,962.25$ 88.76 Subtotal: IA #2 5,622,857.55$ -$ 5,622,857.55$ Type Planned No. of Units EU Factor Total EU Assessment Part A per EU Assessment Part A per Unit Total Assessment Part A Assessment Part B per EU Assessment Part B per Unit Total Assessment Part B Total Assessment - Part A & B Land Use Class 7 21.00 1.00 21.00 86,189.26$ 86,189.26$ 1,809,974.49$ -$ -$ -$ 1,809,974.49$ Land Use Class 8 23.00 0.68 15.64 86,189.26$ 58,608.70$ 1,348,000.05$ -$ -$ -$ 1,348,000.05$ Land Use Class 9 36.00 0.55 19.80 86,189.26$ 47,404.09$ 1,706,547.37$ -$ -$ -$ 1,706,547.37$ 56.44 Subtotal: IA #3 4,864,521.90$ -$ 4,864,521.90$ Total - All Areas: 469.83 29,575,000.00$ 2,425,000.00$ 32,000,000.00$ Improvement Area #1 Equivalent Units Assessment Part A Assessment Part A Assessment Part A Assessment Part B Assessment Part B Assessment Part B Improvement Area #2 Improvement Area #3 Equivalent Units Equivalent Units WESTLAKE SOLANA PID 2018 SAP UPDATE 18 EXHIBIT B Still to be updated with 2018 tax parcels WESTLAKE SOLANA PID 2018 SAP UPDATE 19 2017 Tax ID POD No. (1) Proposed Use Units/ Sq. Ft. Land Use Class EU Factor Total EU Assessment - Part A Assessment - Part B Total Assessment 1 Commercial - Retail 2,200.00 10 0.22 0.48 28,458.20$ 3,615.49$ 32,073.69$ 29 Commercial - Retail 1,200.00 10 0.22 0.26 15,522.66$ 1,972.09$ 17,494.74$ 30 Commercial - Office 24,000.00 11 0.20 4.80 282,230.10$ 35,856.12$ 318,086.22$ Subtota 5.55 326,210.96$ 41,443.70$ 367,654.66$ Commercial - Retail 7,000.00 10 0.22 1.54 90,548.82$ 11,503.84$ 102,052.66$ Condo (2,500 sq. ft. to 3,600 sq. ft.)3.00 2 0.62 1.86 109,364.17$ 13,894.25$ 123,258.41$ Condo (Under 2,500 sq. ft.) 6.00 3 0.60 3.60 211,672.58$ 26,892.09$ 238,564.67$ Subtota 7.00 411,585.57$ 52,290.17$ 463,875.74$ 42230002 26 Commercial - Retail 3,460.00 10 0.22 0.76 44,756.99$ 5,686.18$ 50,443.17$ 42230011 27 Commercial - Retail 14,770.00 10 0.22 3.25 191,058.02$ 24,273.10$ 215,331.12$ 42230029 27 Commercial - Office 3,100.00 11 0.20 0.62 36,454.72$ 4,631.42$ 41,086.14$ 42230037 27 Commercial - Office 2,300.00 11 0.20 0.46 27,047.05$ 3,436.21$ 30,483.26$ 42229977 28 Commercial - Retail 12,100.00 10 0.22 2.66 156,520.11$ 19,885.21$ 176,405.32$ 42229985 28 Commercial - Retail 3,600.00 10 0.22 0.79 46,567.97$ 5,916.26$ 52,484.23$ 2 Commercial - Office 117,000.00 11 0.20 23.40 1,375,871.75$ 174,798.58$ 1,550,670.34$ 3 Commercial - Retail 56,740.00 10 0.22 12.48 733,962.90$ 93,246.83$ 827,209.73$ 4 Commercial - Retail 47,200.00 10 0.22 10.38 610,557.79$ 77,568.74$ 688,126.53$ 5 Commercial - Office 44,700.00 11 0.20 8.94 525,653.57$ 66,782.02$ 592,435.59$ 6 Commercial - Office 14,000.00 11 0.20 2.80 164,634.23$ 20,916.07$ 185,550.30$ 7 Public - - - -$ -$ -$ 8 Commercial - Retail 51,530.00 10 0.22 11.34 666,568.71$ 84,684.68$ 751,253.39$ 9 Commercial - Retail 20,200.00 10 0.22 4.44 261,298.04$ 33,196.79$ 294,494.83$ 10 Commercial - Hospitality 61,500.00 12 0.21 12.92 759,375.37$ 96,475.37$ 855,850.74$ 11 Public - - - -$ -$ -$ 12 Commercial - Retail 5,800.00 10 0.22 1.28 75,026.17$ 9,531.75$ 84,557.92$ 13 Commercial - Retail 29,800.00 10 0.22 6.56 385,479.28$ 48,973.48$ 434,452.77$ 14 Commercial - Retail 21,900.00 10 0.22 4.82 283,288.47$ 35,990.58$ 319,279.05$ Commercial - Retail 5,000.00 10 0.22 1.10 64,677.73$ 8,217.03$ 72,894.76$ Condo (More than 3,600 sq. ft.)6.00 1 1.00 6.00 352,787.63$ 44,820.15$ 397,607.78$ Condo (2,500 sq. ft. to 3,600 sq. ft.)6.00 2 0.62 3.72 218,728.33$ 27,788.49$ 246,516.82$ 16 Commercial - Institutional 33,000.00 13 0.19 6.27 368,663.07$ 46,837.06$ 415,500.13$ 17 Commercial - Office 22,000.00 11 0.20 4.40 258,710.93$ 32,868.11$ 291,579.04$ Commercial - Retail 37,800.00 10 0.22 8.32 488,963.65$ 62,120.73$ 551,084.38$ Condo (More than 3,600 sq. ft.)20.00 1 1.00 20.00 1,175,958.76$ 149,400.50$ 1,325,359.26$ Condo (2,500 sq. ft. to 3,600 sq. ft.)39.00 2 0.62 24.18 1,421,734.15$ 180,625.20$ 1,602,359.35$ Commercial - Retail 46,800.00 10 0.22 10.30 605,383.57$ 76,911.38$ 682,294.95$ Condo (More than 3,600 sq. ft.)6.00 1 1.00 6.00 352,787.63$ 44,820.15$ 397,607.78$ Condo (2,500 sq. ft. to 3,600 sq. ft.)8.00 2 0.62 4.96 291,637.77$ 37,051.32$ 328,689.10$ 20 Commercial - Hospitality 97,000.00 12 0.21 20.37 1,197,714.00$ 152,164.41$ 1,349,878.41$ 21 Commercial - Hospitality 97,000.00 12 0.21 20.37 1,197,714.00$ 152,164.41$ 1,349,878.41$ Commercial - Retail 5,000.00 10 0.22 1.10 64,677.73$ 8,217.03$ 72,894.76$ Condo (More than 3,600 sq. ft.)6.00 1 1.00 6.00 352,787.63$ 44,820.15$ 397,607.78$ Condo (2,500 sq. ft. to 3,600 sq. ft.)15.00 2 0.62 9.30 546,820.83$ 69,471.23$ 616,292.06$ 23 Commercial - Institutional 231,600.00 13 0.19 44.00 2,587,344.47$ 328,710.97$ 2,916,055.45$ 24 Commercial - Office 3,000.00 11 0.20 0.60 35,278.76$ 4,482.01$ 39,760.78$ 31 Commercial - Office 36,000.00 11 0.20 7.20 423,345.16$ 53,784.18$ 477,129.33$ Subtota 303.54 17,847,432.09$ 2,267,439.40$ 20,114,871.48$ Total - IA #1:324.63 19,087,633.48$ 2,425,001.64$ 21,512,635.12$ New Parcel ID POD No. (1) Proposed Use Units/ Sq. Ft. Land Use Class EU Factor Total EU Assessment - Part A Assessment - Part B Total Assessment 42229969 33 Villa - West Residential (Under 2,500 sq. ft.)24.00 6 0.52 12.48 790,595.56$ -$ 790,595.56$ 33 Villa - West Residential (More than 3,600 sq. ft.)42.00 4 1.00 42.00 2,660,658.15$ -$ 2,660,658.15$ 33 Villa - West Residential (2,500 sq. ft. to 3,600 sq. ft.)16.00 5 0.68 10.88 689,237.16$ -$ 689,237.16$ 33 Villa - West Residential (Under 2,500 sq. ft.) 45.00 6 0.52 23.40 1,482,366.68$ -$ 1,482,366.68$ 127.00 Total - IA #2: 88.76 5,622,857.55$ -$ 5,622,857.55$ New Parcel ID POD No. (1) Proposed Use Units/ Sq. Ft. Land Use Class EU Factor Total EU Assessment - Part A Assessment - Part B Total Assessment 32 Villa - East Residential (More than 3,600 sq. ft.)21.00 7 1.00 21.00 1,809,974.49$ -$ 1,809,974.49$ 32 Villa - East Residential (2,500 sq. ft. to 3,600 sq. ft.) 23.00 8 0.68 15.64 1,348,000.05$ -$ 1,348,000.05$ 32 Villa - East Residential (Under 2,500 sq. ft.) 36.00 9 0.55 19.80 1,706,547.37$ -$ 1,706,547.37$ 80.00 Total - IA #3: 56.44 4,864,521.90$ -$ 4,864,521.90$ Total - All Areas: 469.83 29,575,012.94$ 2,425,001.64$ 32,000,014.58$ Note: The proposed uses for each Parcel and pod are provided by the Developer. (1) Shown as “PID” number on the attached map in Exhibit C. Improvement Area #1 Improvement Area #2 Improvement Area #3 42229845 42229993 42229853 25 15 18 19 22 Summary of Land Use and Equivalendt Units by Parcels and POD 42229853 42229853 WESTLAKE SOLANA PID 2018 SAP UPDATE 20 EXHIBIT C – POD MAP WESTLAKE SOLANA PID 2018 SAP UPDATE 21 WESTLAKE SOLANA PID 2018 SAP UPDATE 22 WESTLAKE SOLANA PID 2018 SAP UPDATE 23 WESTLAKE SOLANA PID 2018 SAP UPDATE 24 WESTLAKE SOLANA PID 2018 SAP UPDATE 25 EXHIBITS TO FOLLOW ARE IMPROVEMENT AREAS 1 AND 2 CONSTRUCTION UPDATES WESTLAKE SOLANA PID 2018 SAP UPDATE 26 EXHIBIT D – MAPS DEPICTING AUTHORIZED IMPROVMENTS Assessment Part A  CONSTRUCTION UPDATE: complete, with the exception of the Pedestrian Bridge, location highlighted in red above WESTLAKE SOLANA PID 2018 SAP UPDATE 27  CONSTRUCTION UPDATE: complete WESTLAKE SOLANA PID 2018 SAP UPDATE 28  CONSTRUCTION UPDATE: not complete WESTLAKE SOLANA PID 2018 SAP UPDATE 29  CONSTRUCTION UPDATE: complete, with the exception of the landscaping within Improvement Area #3 and along Highway 114 WESTLAKE SOLANA PID 2018 SAP UPDATE 30  CONSTRUCTION UPDATE: complete, with the exception of the Authorized Improvements in Improvement Area #3 WESTLAKE SOLANA PID 2018 SAP UPDATE 31  CONSTRUCTION UPDATE: complete WESTLAKE SOLANA PID 2018 SAP UPDATE 32 CONSTRUCTION UPDATE: complete WESTLAKE SOLANA PID 2018 SAP UPDATE 33  CONSTRUCTION UPDATE: complete WESTLAKE SOLANA PID 2018 SAP UPDATE 34  CONSTRUCTION UPDATE: complete WESTLAKE SOLANA PID 2018 SAP UPDATE 35  CONSTRUCTION UPDATE: complete WESTLAKE SOLANA PID 2018 SAP UPDATE 36  Construction Update: complete WESTLAKE SOLANA PID 2018 SAP UPDATE 37  CONSTRUCTION UPDATE: complete WESTLAKE SOLANA PID 2018 SAP UPDATE 38  CONSTRUCTION UPDATE: complete WESTLAKE SOLANA PID 2018 SAP UPDATE 39  CONSTRUCTION UPDATE: complete WESTLAKE SOLANA PID 2018 SAP UPDATE 40  CONSTRUCTION UPDATE: complete WESTLAKE SOLANA PID 2018 SAP UPDATE 41 EXHIBITS TO FOLLOW ARE IMPROVEMENT AREA #3 CONSTRUCTION UPDATES WESTLAKE SOLANA PID 2018 SAP UPDATE 42  CONSTRUCTION UPDATE: not complete WESTLAKE SOLANA PID 2018 SAP UPDATE 43  CONSTRUCTION UPDATE: not complete WESTLAKE SOLANA PID 2018 SAP UPDATE 44 CONSTRUCTION UPDATE: not complete WESTLAKE SOLANA PID 2018 SAP UPDATE 45  CONSTRUCTION UPDATE: not complete WESTLAKE SOLANA PID 2018 SAP UPDATE 46  CONSTRUCTION UPDATE: not complete WESTLAKE SOLANA PID 2018 SAP UPDATE 47 Assessment Part B  CONSTRUCTION UPDATE: not started WESTLAKE SOLANA PID 2018 SAP UPDATE 48  CONSTRUCTION UPDATE: not started WESTLAKE SOLANA PID 2018 SAP UPDATE 49  CONSTRUCTION UPDATE: not started WESTLAKE SOLANA PID 2018 SAP UPDATE 50  CONSTRUCTION UPDATE: not started WESTLAKE SOLANA PID 2018 SAP UPDATE 51 EXHIBIT E – NEW APPROVED PLATS WESTLAKE SOLANA PID 2018 SAP UPDATE 52 WESTLAKE SOLANA PID 2018 SAP UPDATE 53 WESTLAKE SOLANA PID 2018 SAP UPDATE 54 WESTLAKE SOLANA PID 2018 SAP UPDATE 55 WESTLAKE SOLANA PID 2018 SAP UPDATE 56 WESTLAKE SOLANA PID 2018 SAP UPDATE 57 WESTLAKE SOLANA PID 2018 SAP UPDATE 58 WESTLAKE SOLANA PID 2018 SAP UPDATE 59 EXHIBIT F – LIEN RELEASES To date, no prepayments of Assessments in full have been received. WESTLAKE SOLANA PID 2018 SAP UPDATE 60 EXHIBIT G - ASSESSMENT ROLL To be updated when 2018 Tax ID Allocation of Equivalent Units is updated. Town Council Item # 3 – Adjournment Regular Session