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Ord 930 Updating the Solana Public Improvment District Assessment Plan and Assessment Roll111111111111111111111111111111111111111111111111111111111111111111111111111 D221248149 08/26/2021 03:12 PM Page: 1 of 39 Fees: $167.00 ORDINANCE SUBMITTER: PATRICK COOKE �N\ �MARIE NICHOLS_ ON TOWN OF WESTLAKE COUNTY CLERK ORDINANCE NO. 930 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, on August 24, 2020, Town Council approved Ordinance 912 that updated the SAP; 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 930 Page 1 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 23RD DAY OF AUGUST 2021. ATTEST: Todd Wood, Town Secretary APPROVED AS TO FORM: i n o r�, Town Attorney Lauri Wheat, Mayor Amanda DeGan, Town Manager TEXAS Ordinance 930 Page 2 of 2 TOWN OF WESTLAKE, TEXAS SOLANA PUBLIC IMPROVEMENT DISTRICT 2021 ANNUAL SERVICE PLAN UPDATE AUGUST 23, 2021 ORDINANCE 930 EXHIBIT “A” SOLANA PUBLIC IMPROVEMENT DISTRICT 2021 ANNUAL SERVICE PLAN UPDATE 1 INTRODUCTION Capitalized terms used in this Annual Service Plan Update shall have the meanings set forth in the original Service and Assessment Plan or the Development Agreement, Financing Agreement, and Reimbursement Agreements, as applicable. On February 24, 2014, the Town Council adopted Resolution No. 14-07 authorizing the creation of the PID to finance the costs of certain public improvements for the benefit of property in the PID. On January 15, 2015, the Town Council adopted (1) Ordinance No. 741, which approved the levy of Assessments on Assessed Property and approved the Service and Assessment Plan; (2) Ordinance No. 742 approving the Financing Agreement and Reimbursement Agreement – Part A; and (3) Ordinance No. 743 issuing 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 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. The Service and Assessment Plan identified the Authorized Improvements to be provided by the PID, 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. The Town Council also adopted an Assessment Roll identifying the Assessments on each Lot within the PID, based on the method of assessment identified in the Service and Assessment Plan. On September 19, 2016, the Town Council adopted Ordinance No. 796, which approved the 2016 Annual Service Plan Update and updated the Assessment Roll for 2016. On November 21, 2017, the Town Council adopted Ordinance No. 838, which approved the 2017 Annual Service Plan Update and updated the Assessment Roll for 2017. On January 29, 2018, the Town Council adopted Ordinance No. 843, which approved the levy of Assessments on Improvement Area #1 Assessed Property and approved the Annual Service Plan Update and Assessment Roll for Assessment Part B for the Reimbursement Agreement – Part B in the aggregate principal amount of $2,425,000 secured by Assessments. On August 22, 2018, the Town Council adopted Ordinance No. 861, which approved the 2018 Annual Service Plan Update and updated the Assessment Roll for 2018. The 2018 Annual Service Plan Updated served to update both the Service and Assessment Plan and the Annual Service Plan for Assessment Part B. SOLANA PUBLIC IMPROVEMENT DISTRICT 2021 ANNUAL SERVICE PLAN UPDATE 2 On August 26, 2019, the Town Council adopted Ordinance No. 890, which approved the 2019 Annual Service Plan Update and updated the Assessment Roll for 2019. On August 24, 2020, the Town Council adopted Ordinance No. 912, which approved the 2020 Annual Service Plan Update and updated the Assessment Roll for 2020. Pursuant to the PID Act, the Service and Assessment Plan must be reviewed and updated annually. This document is the Annual Service Plan Update for 2021. This 2021 Annual Service Plan Update also updates the Assessment Roll for 2021. [Remainder of page intentionally left blank.] SOLANA PUBLIC IMPROVEMENT DISTRICT 2021 ANNUAL SERVICE PLAN UPDATE 3 LISTED EVENTS There following listed events have occurred in the PID:  $325,000 partial sinking fund redemption on September 1, 2017  $350,000 partial sinking fund redemption on September 1, 2018  $375,000 partial sinking fund redemption on September 1, 2019  $400,000 partial sinking fund redemption on September 1, 2020  Set forth below is a list of material event disclosures regarding certain litigation and other matters involving certain affiliates of Centurion American: o Westlake Entrada/Flower Mound Riverwalk Project (the “Entrada/Riverwalk Lawsuit”) o Rainier Medical Investors LLC & RMI River Walk Investors LP v. Centurion Riverwalk, LLC, et al., in Collin County, Texas o Megatel Homes III, LLC v. Wilbow-Windhaven Development Corporation v. Centurion Windhaven, LP, et al.; in Kaufman County Texas o Cause No. 3:20-CV-00688-L: Megatel Homes, LLC, et al. v. Mehrdad Moayedi, et al., in U.S. District Court, Northern District of Texas; Cause No. DC-19-08774 (in the 160th Judicial District Court, Dallas Co., Texas): Megatel Homes, LLC, et. al. v. United Development Funding L.P., et. al. ; Cause No. 380-02960-2020 (in the 380th District Court, Collin County, Texas); Megatel Homes III, LLC v. MM Plano 54, LLC; Cause No. DC-19-18033 (in the 160th District Court, Dallas County, Texas); Megatel Homes III, LLC v. CADG Mercer MM Holdings, LLC et. al.; Megatel Homes III, LLC v. CTMGT Erwin Farms, LLC and CADG Erwin Farms, LLC; Cause No. 219-01995-2021; 219th Judicial District Court, Collin County, Texas; Megatel Homes III, LLC v. CTMGT Frontier 80, LLC; Cause No. 199-01546-2021; 199th Judicial District Court, Collin County, Texas. o More information can be found by visiting the Electronic Municipal Market Access page at https://emma.msrb.org/IssueView/Details/EA356322 PARCEL SUBDIVISION  The Replat of Westlake Entrada Primrose Lots 2R, &3R, Block M was filed and recorded with the County on September 2, 2016, which consisted of 2 commercial Lots.  The Replat of Westlake Entrada Block B, Lot R, Block I, Lots 1 & 2X, Block J, Lots 11-16, 17X, 18X, 19X, & 20X, and Block S, Lot 1X was filed and recorded with the County on April 11, 2017, which consisted of 6 residential Lots and 4 Lots of Non-Benefited Property. SOLANA PUBLIC IMPROVEMENT DISTRICT 2021 ANNUAL SERVICE PLAN UPDATE 4  The Replat of Westlake Entrada Lots 1XR, 2XR, 3-14, 15X, 16X, & 17X, Block I was filed and recorded with the County of September 11, 2017, which consisted of 12 residential Lots and 5 Lots of Non-Benefited Property.  The Replat of Westlake Entrada Block L, Lot 6 & Block S, Lot 2X was filed and recorded with the County on September 19, 2017, which consisted of 1 commercial Lot and 1 Lot of Non-Benefited Property.  The Replat of Westlake Entrada Lots 1R, 2, 3, & 4, Block A, and Lots 1R, 2RX & 3RX, Block O was filed and recorded with the County on April 5, 2018, which consisted of 4 commercial Lots and 3 Lots of Non-Benefited Property.  The Replat of Lot 1, Block B Westlake Entrada consisting of Lots 1R, 2-5, Block B, Lots 1-2, 3A, 3B, 4-6, Block C, Lot 1, 2X, Block D, Lots 1, 15-17, 18X, Block E, Lots 1-5, 6X, Block F, Lots 1-5, 6X, Block G, Lots 1-5, 6X, Block H, Lot 1, Block J, Lots 1- 5, Block K, Lots 1-5, Block L, Lots 1-3, 4X, 5X, Block P, Lot 1, Block Q, Lot 1, Block R was filed and recorded with the County on June 27, 2018.  The Amended Plat of Westlake Entrada Lots 1XRR, 2XRR, 3R-14R, & 15XR, Block I was filed and recorded with the County on August 28, 2018, which consisted of 12 residential Lots and 2 Lots of Non-Benefited Property.  The Replat of Westlake Entrada Lots 1R, 2-14, 19X, 20X, Block E was filed and recorded with the County on June 27, 2019, which consisted of 14 residential Lots and 2 Lots of Non-Benefited Property.  The Amended Plat of Westlake Entrada Lots 4R, 5R, 6R, & 7R, Block E, was filed and recorded with the County on July 9, 2021, which consisted of 4 residential Lots. The Amended Plat of Westlake Entrada Lots 4R, 5R, 6R, & 7R, Block E is attached hereto as Exhibit B. LOT SALES & HOME SALES UPDATE Residential Per the Quarterly Report dated March 31, 2021, 30 residential units have started construction, 27 residential units have completed construction, and 3 residential units have been sold to end- users. Completion of all residential units in the PID is expected to occur in July 2025. Commercial Per the Town staff, of the expected 1,158,299 square feet of commercial space described in the Service and Assessment Plan, 56,319 square feet of commercial development has been constructed, including a CVS, Primrose Daycare Center, Entrada Sales Office, and the Entrada Retail Corner/Starbucks. Permits for construction have been issued on a total of 17 units, for a total permitted commercial square footage of 102,463. SOLANA PUBLIC IMPROVEMENT DISTRICT 2021 ANNUAL SERVICE PLAN UPDATE 5 OUTSTANDING ASSESSMENT Improvement Area #1 Improvement Area #1 has an outstanding Assessment of $20,152,812.63, as shown below. Improvement Area #2 Improvement Area #2 has an outstanding Assessment of $5,257,633.23, as shown below. Improvement Area #3 Improvement Area #3 has an outstanding Assessment of $4,548,554.14, as shown below. Assessment Part B Total Series 2015 Bond Reimbursement Agreement - Part A Reimbursement Agreement - Part B Total Outstanding Assessment Series 2015 Bond 15,683,150.61$ -$ -$ 15,683,150.61$ Reimbursement Agreement - Part A - 2,164,662.02 - 2,164,662.02 Reimbursement Agreement - Part B - - 2,305,000.00 2,305,000.00 15,683,150.61$ 2,164,662.02$ 2,305,000.00$ 20,152,812.63$ Improvement Area #1 Assessment Part A Assessment Part B Total Series 2015 Bond Reimbursement Agreement - Part A Reimbursement Agreement - Part B Total Outstanding Assessment Series 2015 Bond 4,619,964.11$ -$ -$ 4,619,964.11$ Reimbursement Agreement - Part A - 637,669.12 - 637,669.12 Reimbursement Agreement - Part B - - - - 4,619,964.11$ 637,669.12$ -$ 5,257,633.23$ Assessment Part A Improvement Area #2 Assessment Part B Total Series 2015 Bond Reimbursement Agreement - Part A Reimbursement Agreement - Part B Total Outstanding Assessment Series 2015 Bond 3,996,885.28$ -$ -$ 3,996,885.28$ Reimbursement Agreement - Part A - 551,668.86 - 551,668.86 Reimbursement Agreement - Part B - - - - 3,996,885.28$ 551,668.86$ -$ 4,548,554.14$ Assessment Part A Improvement Area #3 SOLANA PUBLIC IMPROVEMENT DISTRICT 2021 ANNUAL SERVICE PLAN UPDATE 6 ANNUAL INSTALLMENT DUE 1/31/2022 Improvement Area #1  Principal and Interest - The total principal and interest required for the Annual Installment for Improvement Area #1 is $1,609,156.17.  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 for Improvement Area #1 of $31,366.30.  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 for Improvement Area #1 of $47,049.45.  Administrative Expenses - The cost of administering the PID and collecting the Annual Installments 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 for Improvement Area #1 is $53,728.60. Improvement Area #2  Principal and Interest - The total principal and interest required for the Annual Installment for Improvement Area #2 is $417,110.93.  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 for Improvement Area #2 of $9,239.93. Assessment Part B Total Series 2015 Bond Reimbursement Agreement - Part A Reimbursement Agreement - Part B Total Annual Installment Due 1/31/2022 Principal 290,428.71$ 14,844.13$ 45,000.00$ 350,272.85$ Interest 971,484.05 139,187.77 148,211.50 1,258,883.32 Prepayment Reserve 31,366.30 - - 31,366.30 Delinquency Reserve 47,049.45 - - 47,049.45 Administrative Expenses 41,812.21 5,771.12 6,145.27 53,728.60 1,382,140.73$ 159,803.02$ 199,356.77$ 1,741,300.52$ Improvement Area #1 Assessment Part A SOLANA PUBLIC IMPROVEMENT DISTRICT 2021 ANNUAL SERVICE PLAN UPDATE 7  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 for Improvement Area #2 of $14,017.16.  Administrative Expenses - The cost of administering the PID and collecting the Annual Installments 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 for Improvement Area #2 is $14,017.16. Improvement Area #3  Principal and Interest - The total principal and interest required for the Annual Installment for Improvement Area #3 is $360,856.60.  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 for Improvement Area #3 of $7,993.77.  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 for Improvement Area #3 of $11,990.66.  Administrative Expenses - The cost of administering the PID and collecting the Annual Installments 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 for Improvement Area #3 is $12,126.72. Assessment Part B Total Series 2015 Bond Reimbursement Agreement - Part A Reimbursement Agreement - Part B Total Annual Installment Due 1/31/2022 Principal 85,554.89$ 4,372.81$ -$ 89,927.70$ Interest 286,181.11 41,002.12 - 327,183.23 Prepayment Reserve 9,239.93 - - 9,239.93 Delinquency Reserve 13,859.89 - - 13,859.89 Administrative Expenses 12,317.10 1,700.06 - 14,017.16 407,152.92$ 47,074.99$ -$ 454,227.92$ Assessment Part A Improvement Area #2 SOLANA PUBLIC IMPROVEMENT DISTRICT 2021 ANNUAL SERVICE PLAN UPDATE 8 The debt service schedules for the Series 2015 Bonds, Reimbursement Agreement – Part A, and Reimbursement Agreement – Part B, as provided by Lawrence Financial, LLC, are attached hereto as Exhibit E-1, Exhibit E-2, and Exhibit E-3, respectively. PREPAYMENT OF ASSESSMENTS IN FULL No prepayments in full have occurred within the PID. See Exhibit F for the form of Notice of Termination of Assessment. PARTIAL PREPAYMENTS OF ASSESSMENTS No partial prepayments have occurred within the PID. [Remainder of page intentionally left blank.] Assessment Part B Total Series 2015 Bond Reimbursement Agreement - Part A Reimbursement Agreement - Part B Total Annual Installment Due 1/31/2022 Principal 74,016.39$ 3,783.06$ -$ 77,799.45$ Interest 247,584.84 35,472.31 - 283,057.15 Prepayment Reserve 7,993.77 - - 7,993.77 Delinquency Reserve 11,990.66 - - 11,990.66 Administrative Expenses 10,655.93 1,470.78 - 12,126.72 352,241.59$ 40,726.15$ -$ 392,967.74$ Assessment Part A Improvement Area #3 SOLANA PUBLIC IMPROVEMENT DISTRICT 2021 ANNUAL SERVICE PLAN UPDATE 9 BOND FUND P3Works has reviewed the following bond accounts related to the PID as of March 31, 2021, and each account contains the amount shown below: [Remainder of page intentionally left blank.] Account:3/31/2021 Balance Pledged Revenue Fund Bond Pledged Revenue Account $2,275,736.34 Developer Reimbursement Pledged Revenue Account $875,430.41 Bond Fund Capitalized Interest Account $0.00 Principal and Interest Account $1.47 Project Fund Improvement Project A Improvement Account $30,403.00 Developer Improvement Account $0.00 Reserve Fund Reserve Account $2,098,015.00 Prepayment Reserve Account $208,481.08 Delinquency Reserve Account $312,721.65 Redemption Fund $0.00 Rebate Fund $0.00 Administrative Fund $68,999.32 Reimbursement Fund $0.00 Developer Property Tax Reserve Fund $112.24 Note: Past principal and interest collected for the Reimbursement Agreement -Part B is currently included in the Pledged Revenue Fund of the 2015 Bonds.The Town is currently working with the Trustee so that in future Annual Service Plan Updates,there will be a seperated Depository Agreement with the Trustee in which principal and interest collected for the Reimbursement Agreement - Part B will be deposited. SOLANA PUBLIC IMPROVEMENT DISTRICT 2021 ANNUAL SERVICE PLAN UPDATE 10 SERVICE PLAN – FIVE YEAR BUDGET FORECAST The PID 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. AUTHORIZED IMPROVEMENTS Improvement Project A Per the Quarterly Report dated March 31, 2021, all Improvement Area #1 and Improvement Area #2 Authorized Improvements in Improvement Project A are being funded by Series 2015 Bond Annual Installment Due 1/31/2022 1/31/2023 1/31/2024 1/31/2025 1/31/2026 Principal $ 350,272.85 $ 375,280.16 $ 395,287.47 $ 416,422.40 $ 453,210.04 Interest 1,258,883.32 1,231,409.15 1,205,074.79 1,182,946.40 1,159,637.85 (1) $ 1,609,156.17 $ 1,606,689.31 $ 1,600,362.26 $ 1,599,368.80 $ 1,612,847.89 Delinquency & Prepayment Reserve (2) $ 78,415.75 $ 76,963.61 $ 75,430.79 $ 73,817.30 $ 72,123.13 Administrative Expenses (3) $ 53,728.60 $ 54,803.17 $ 55,899.24 $ 57,017.22 $ 58,157.56 Total Annual Installment (4) = (1) + (2) + (3) $ 1,741,300.52 $ 1,738,456.09 $ 1,731,692.29 $ 1,730,203.32 $ 1,743,128.59 Annual Installment Due 1/31/2022 1/31/2023 1/31/2024 1/31/2025 1/31/2026 Principal $ 89,927.70 $ 95,821.48 $ 101,715.26 $ 106,468.31 $ 117,305.26 Interest 327,183.23 322,196.54 316,875.09 311,218.86 305,301.22 (1) $ 417,110.93 $ 418,018.02 $ 418,590.35 $ 417,687.17 $ 422,606.48 Delinquency & Prepayment Reserve (2) $ 23,099.82 $ 22,672.05 $ 22,220.51 $ 21,745.20 $ 21,246.13 Administrative Expenses (3) $ 14,017.16 $ 14,297.51 $ 14,583.46 $ 14,875.13 $ 15,172.63 Total Annual Installment (4) = (1) + (2) + (3) $ 454,227.92 $ 454,987.57 $ 455,394.31 $ 454,307.50 $ 459,025.24 Annual Installment Due 1/31/2022 1/31/2023 1/31/2024 1/31/2025 1/31/2026 Principal $ 77,799.45 $ 82,898.36 $ 87,997.27 $ 92,109.29 $ 101,484.70 Interest 283,057.15 278,742.99 274,139.22 269,245.83 264,126.29 (1) $ 360,856.60 $ 361,641.35 $ 362,136.49 $ 361,355.13 $ 365,610.99 Delinquency & Prepayment Reserve (2) $ 19,984.43 $ 19,614.34 $ 19,223.70 $ 18,812.50 $ 18,380.74 Administrative Expenses (3) $ 12,126.72 $ 12,369.25 $ 12,616.64 $ 12,868.97 $ 13,126.35 Total Annual Installment (4) = (1) + (2) + (3) $ 392,967.74 $ 393,624.95 $ 393,976.83 $ 393,036.59 $ 397,118.07 Annual Installment Due 1/31/2022 1/31/2023 1/31/2024 1/31/2025 1/31/2026 Principal $ 518,000.00 $ 554,000.00 $ 585,000.00 $ 615,000.00 $ 672,000.00 Interest 1,869,123.70 1,832,348.69 1,796,089.10 1,763,411.10 1,729,065.36 (1) $ 2,387,123.70 $ 2,386,348.69 $ 2,381,089.10 $ 2,378,411.10 $ 2,401,065.36 Delinquency & Prepayment Reserve (2) $ 121,500.00 $ 119,250.00 $ 116,875.00 $ 114,375.00 $ 111,750.00 Administrative Expenses (3) $ 79,872.48 $ 81,469.93 $ 83,099.33 $ 84,761.31 $ 86,456.54 Total Annual Installment (4) = (1) + (2) + (3) $ 2,588,496.18 $ 2,587,068.62 $ 2,581,063.43 $ 2,577,547.41 $ 2,599,271.90 Improvement Area #1 Improvement Area #2 Improvement Area #3 Solana PID Total SOLANA PUBLIC IMPROVEMENT DISTRICT 2021 ANNUAL SERVICE PLAN UPDATE 11 funds. The balance in the Improvement Fund with US Bank is $30,402.77 as of February 28, 2021. 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. Improvement Area #1 and Improvement Area #2 Authorized Improvements are significantly complete, with remaining items being the installation of iron benches. Improvement Area #3 Authorized Improvements are partially constructed (and such costs of $680,000 out of $3.4 million budgeted to date have been funded by the Developer and subject to the Part A Reimbursement Agreement), with an estimated cost of $3,400,000 anticipated to be funded by the Developer and subject to the Reimbursement Agreement – Part A. Improvement Area #3 Authorized Improvements are on hold indefinitely. See the table below for details about the Improvement Project A budget. [Remainder of page intentionally left blank.] Original Budget (1) Revisions Budget as of 3/31/21 (2) Original Budget (1) Revisions Budget as of 3/31/21 (2) Authorized Improvements Road 3,767,430$ 1,083,177$ 4,850,607$ 622,470$ -$ 622,470$ Water Distribution System 890,040 (668,035) 222,005 171,680 - 171,680 Sanitary Sewer 1,531,196 (1,298,927) 232,269 350,100 - 350,100 Storm drainage 1,154,306 (1,154,306) - 579,566 - 579,566 Landscaping 1,830,501 (661,929) 1,168,572 - - - Duct Bank 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 - - - - - - Consolidated Wet Utilities Contract - 3,974,012 3,974,012 - - - 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 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 Service and Assessment Plan. 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, per draw 38 provided by the Developer. 3) See Appendix B of the Service and Assessment Plan for details. Series 2015 Bonds Reimbursement Agreement - Part A Original vs. Revised Budget - Improvement Project A SOLANA PUBLIC IMPROVEMENT DISTRICT 2021 ANNUAL SERVICE PLAN UPDATE 12 Improvement Project B Per the Quarterly Report dated March 31, 2021, Improvement Project B (the public parking garage) improvements are under construction, and the estimated costs of $6,160,000 are anticipated to be funded by the Developer, of which $2,450,000 are subject to Reimbursement Agreement – Part B. The structure for the Parking Garage is completed, and masonry façade sample was approved by the Town on the fourth quarter of 2020, with a Certificate of Occupancy to be issued by the third quarter of 2021. See the table below for details about the Improvement Project B budget. [Remainder of page intentionally left blank.] Original Budget (1)Revisions Budget as of 3/31/21 (2) Authorized Improvements Road -$ -$ -$ Water Distribution System - - - Sanitary Sewer - - - Storm Drainage - - - Landscaping - - - Duct Bank - - - Other Costs (3)- - - Parking Facility 6,160,000 - 6,160,000 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 - 242,500 655,000$ -$ 655,000$ Total Uses 6,815,000$ -$ 6,815,000$ Notes: Original vs. Revised Budget - Improvement Project B (Parking Garage) 1) Budget as shown in the Service and Assessment Plan. 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 Service and Assessment Plan for details. SOLANA PUBLIC IMPROVEMENT DISTRICT 2021 ANNUAL SERVICE PLAN UPDATE 13 EQUIVALENT UNITS The Service and Assessment Plan uses Equivalent Units to apportion Assessments based on Land Use Class. The chart attached hereto as Exhibit C 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 Service and Assessment Plan, 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. The 2018 Annual Service Plan Update approved by Ordinance No. 861 on August 27, 2018 allocated Equivalent Units and their Assessment to their 2018 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 D. 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 Parcel are provided by the Developer and the corresponding Equivalent Unit calculations are shown in Exhibit D. The 2019 Annual Service Plan Update allocated Equivalent Units to newly subdivided property within the retail corner of the PID as provided by the Developer. Due to a scrivener’s error in the Developer’s identification of the Parcels, two Developer owned parcels in the Subject Property (defined in Exhibit G) were under assessed and the Remaining Property (defined in Exhibit G) was over assessed. Therefore, the Service and Assessment Plan Assessments were corrected between the Subject Property and Remaining Property, as shown and described in Exhibit G. ASSESSMENT ROLL The list of current Parcels or Lots within the PID, the corresponding total Assessments, and current Annual Installment are shown on the Assessment Roll attached hereto as Exhibit A. The Parcels shown on the Assessment Roll will receive the bills for the 2021 Annual Installments which will be delinquent if not paid by January 31, 2022. SOLANA PUBLIC IMPROVEMENT DISTRICT 2021 ANNUAL SERVICE PLAN UPDATE 14 EXHIBIT A – ASSESSMENT ROLL Property ID Legal Description Situs Notes Outstanding Assessment[a],[b] Installment Due 1/31/22[a],[c] 42229969 WESTLAKE ENTRADA Block M Lot 1 ARTA DR 675,261.79$ 58,338.56$ 42229977 WESTLAKE ENTRADA Block M Lot 2R PLAT D216204548 26 ARTA DR 164,633.36$ 14,225.12$ 42229985 WESTLAKE ENTRADA Block M Lot 3R PLAT D216204548 22 ARTA DR 48,981.83$ 4,232.27$ 42229993 WESTLAKE ENTRADA Block N Lot 1 GIRONA DR 432,920.18$ 37,406.40$ 42230002 WESTLAKE ENTRADA Block N Lot 2 41 ARTA DR 47,076.98$ 4,067.68$ 42230011 WESTLAKE ENTRADA Block N Lot 3 35 ARTA DR 200,961.55$ 17,364.05$ 42230029 WESTLAKE ENTRADA Block N Lot 4 ARTA DR 38,344.36$ 3,313.14$ 42230037 WESTLAKE ENTRADA Block N Lot 5 25 ARTA DR 28,449.04$ 2,458.13$ 42230045 WESTLAKE ENTRADA Block N Lot 6X OPEN SPACE DAVIS BLVD [d]-$ -$ 42331160 WESTLAKE ENTRADA Block J Lot 11 76 CORTES DR 37,074.29$ 3,203.00$ 42331178 WESTLAKE ENTRADA Block J Lot 12 74 CORTES DR 37,074.29$ 3,203.00$ 42331186 WESTLAKE ENTRADA Block J Lot 13 72 CORTES DR 37,074.29$ 3,203.00$ 42331194 WESTLAKE ENTRADA Block J Lot 14 5 CARDONA DR 37,074.29$ 3,203.00$ 42331208 WESTLAKE ENTRADA Block J Lot 15 7 CATALONIA DR 37,074.29$ 3,203.00$ 42331216 WESTLAKE ENTRADA Block J Lot 16 9 CATALONIA DR 37,074.29$ 3,203.00$ 42331224 WESTLAKE ENTRADA Block J Lot 17X OPEN SPACE CATALONIA CT [d]-$ -$ 42331232 WESTLAKE ENTRADA Block J Lot 18X OPEN SPACE CATALONIA CT [d]-$ -$ 42331241 WESTLAKE ENTRADA Block J Lot 19X OPEN SPACE CATALONIA CT [d]-$ -$ 42331259 WESTLAKE ENTRADA Block J Lot 20X PRIVATE STREET CATALONIA CT [d]-$ -$ 42331283 WESTLAKE ENTRADA Block S Lot 1X OPEN SPACE CORTES [d]-$ -$ 42346426 WESTLAKE ENTRADA - CORTES Block L Lot 6 34 CORTES 272,121.26$ 23,512.59$ 42346434 WESTLAKE ENTRADA - CORTES Block S Lot 2X OPEN SPACE CORTES [d]-$ -$ 42400366 WESTLAKE ENTRADA Block B Lot 1R SCHOOL BOUNDARY SPLIT 75 ARAGON [e]-$ -$ 42400374 WESTLAKE ENTRADA Block B Lot 2 SCHOOL BOUNDARY SPLIT 67 ARAGON [e]-$ -$ 42400382 WESTLAKE ENTRADA Block B Lot 4 SCHOOL BOUNDARY SPLIT 82 GIRONA [e]-$ -$ 42400391 WESTLAKE ENTRADA Block B Lot 5 SCHOOL BOUNDARY SPLIT ARAGON [e]-$ -$ 42400404 WESTLAKE ENTRADA Block C Lot 1A SCHOOL BOUNDARY SPLIT 64 TARRAGONA [e]-$ -$ 42400412 WESTLAKE ENTRADA Block C Lot 2 SCHOOL BOUNDARY SPLIT 56 TARRAGONA [e]-$ -$ 42400421 WESTLAKE ENTRADA Block P Lot 1 SCHOOL BOUNDARY SPLIT 94 GIRONA [e]-$ -$ 42400439 WESTLAKE ENTRADA Block P Lot 2 91 ANDORRA 989,531.85$ 85,500.34$ SOLANA PUBLIC IMPROVEMENT DISTRICT 2021 ANNUAL SERVICE PLAN UPDATE 15 Property ID Legal Description Situs Notes Outstanding Assessment[a],[b] Installment Due 1/31/22[a],[c] 42400447 WESTLAKE ENTRADA Block P Lot 3 74 ARAGON 445,289.33$ 38,475.15$ 42400455 WESTLAKE ENTRADA Block P Lot 4X OPEN SPACE SCHOOL BPOUNDARY SPLIT STATE HWY 114 [d]-$ -$ 42402318 WESTLAKE ENTRADA Block B Lot 1R SCHOOL BOUNDARY SPLIT 75 ARAGON 986,063.13$ 85,200.63$ 42402326 WESTLAKE ENTRADA Block B Lot 2 SCHOOL BOUNDARY SPLIT 67 ARAGON -$ -$ 42402334 WESTLAKE ENTRADA Block B Lot 3 68 ARAGON 747,508.85$ 64,588.38$ 42402342 WESTLAKE ENTRADA Block B Lot 4 82 GIRONA 915,189.15$ 79,076.77$ 42402351 WESTLAKE ENTRADA Block B Lot 5 SCHOOL BOUNDARY SPLIT 63 TARRAGONA -$ -$ 42402369 WESTLAKE ENTRADA Block C Lot 1A SCHOOL BOUNDARY SPLIT 64 TARRAGONA 550,167.96$ 47,537.17$ 42402377 WESTLAKE ENTRADA Block C Lot 2 56 TARRAGONA 274,842.47$ 23,747.72$ 42402385 WESTLAKE ENTRADA Block C Lot 3A 43 TARRAGONA 68,030.31$ 5,878.15$ 42402393 WESTLAKE ENTRADA Block C Lot 3B 35 TARRAGONA 108,848.50$ 9,405.04$ 42402407 WESTLAKE ENTRADA Block C Lot 4 55 TARRAGONA 204,090.94$ 17,634.45$ 42402415 WESTLAKE ENTRADA Block C Lot 5 63 TARRAGONA 170,075.79$ 14,695.37$ 42402423 WESTLAKE ENTRADA Block C Lot 6X OPEN SPACE 49 TARRAGONA 28,572.73$ 2,468.82$ 42402431 WESTLAKE ENTRADA Block D Lot 1 25 COSTA BRAVA 281,359.08$ 24,307.73$ 42402440 WESTLAKE ENTRADA Block D Lot 2X1 OPEN SPACE GIRONA [d]-$ -$ 42402466 WESTLAKE ENTRADA Block E Lot 15 34 COMILLAS 54,146.89$ 4,677.97$ 42402474 WESTLAKE ENTRADA Block E Lot 16 36 COMILLAS 54,146.89$ 4,677.97$ 42402482 WESTLAKE ENTRADA Block E Lot 17 38 COMILLAS 54,146.89$ 4,677.97$ 42402491 WESTLAKE ENTRADA Block E Lot 18X OPEN SPACE 40 COMILLAS 61,845.74$ 5,343.77$ 42402504 WESTLAKE ENTRADA Block F Lot 1 2 CASTELLON 54,146.89$ 4,677.97$ 42402512 WESTLAKE ENTRADA Block F Lot 2 4 CASTELLON 54,146.89$ 4,677.97$ 42402521 WESTLAKE ENTRADA Block F Lot 3 6 CASTELLON 54,146.89$ 4,677.97$ 42402539 WESTLAKE ENTRADA Block F Lot 4 8 CASTELLON 54,146.89$ 4,677.97$ 42402547 WESTLAKE ENTRADA Block F Lot 5 10 CASTELLON 556,114.34$ 48,044.94$ 42402555 WESTLAKE ENTRADA Block F Lot 6X OPEN SPACE 77 GIRONA 37,107.44$ 3,206.26$ 42402563 WESTLAKE ENTRADA Block G Lot 1 42 CARDONA 815,634.36$ 70,465.91$ 42402571 WESTLAKE ENTRADA Block G Lot 2 44 CARDONA 54,146.89$ 4,677.97$ 42402580 WESTLAKE ENTRADA Block G Lot 3 46 CARDONA 54,146.89$ 4,677.97$ 42402598 WESTLAKE ENTRADA Block G Lot 4 48 CARDONA 54,146.89$ 4,677.97$ SOLANA PUBLIC IMPROVEMENT DISTRICT 2021 ANNUAL SERVICE PLAN UPDATE 16 Property ID Legal Description Situs Notes Outstanding Assessment[a],[b] Installment Due 1/31/22[a],[c] 42402601 WESTLAKE ENTRADA Block G Lot 5 50 CARDONA 54,146.89$ 4,677.97$ 42402610 WESTLAKE ENTRADA Block G Lot 6X OPEN SPACE 81 GIRONA 37,107.44$ 3,206.26$ 42402628 WESTLAKE ENTRADA Block H Lot 1 22 CARDONA 222,445.73$ 19,217.97$ 42402636 WESTLAKE ENTRADA Block H Lot 2 24 CARDONA 54,146.89$ 4,677.97$ 42402644 WESTLAKE ENTRADA Block H Lot 3 26 CARDONA 54,146.89$ 4,677.97$ 42402652 WESTLAKE ENTRADA Block H Lot 4 28 CARDONA 54,146.89$ 4,677.97$ 42402661 WESTLAKE ENTRADA Block H Lot 5 30 CARDONA 422,038.62$ 36,461.60$ 42402679 WESTLAKE ENTRADA Block H Lot 6X OPEN SPACE 85 GIRONA 37,107.44$ 3,206.26$ 42402687 WESTLAKE ENTRADA Block J Lot 1 21 CATALONIA 222,445.73$ 19,217.97$ 42402695 WESTLAKE ENTRADA Block K Lot 1 53 GIRONA 1,259,797.73$ 108,852.62$ 42402709 WESTLAKE ENTRADA Block K Lot 2 49 GIRONA 1,259,797.73$ 108,852.62$ 42402717 WESTLAKE ENTRADA Block K Lot 3 50 CORTES 1,175,069.07$ 101,531.65$ 42402725 WESTLAKE ENTRADA Block K Lot 4 20 COSTA BRAVA 1,546,390.90$ 133,615.66$ 42402733 WESTLAKE ENTRADA Block K Lot 5 59 GIRONA [d]-$ -$ 42402741 WESTLAKE ENTRADA Block L Lot 1 52 GIRONA 669,170.91$ 57,819.60$ 42402750 WESTLAKE ENTRADA Block L Lot 2 48 GIRONA 1,014,270.14$ 87,637.85$ 42402768 WESTLAKE ENTRADA Block L Lot 3 46 CORTES 689,456.32$ 59,572.36$ 42402776 WESTLAKE ENTRADA Block L Lot 4 42 CORTES 625,136.75$ 54,014.84$ 42402784 WESTLAKE ENTRADA Block L Lot 5 38 CORTES 3,246,653.99$ 280,526.61$ 42402792 WESTLAKE ENTRADA Block P Lot 1 SCHOOL BOUNDARY SPLIT 94 GIRONA 457,658.48$ 39,543.91$ 42402806 WESTLAKE ENTRADA Block P Lot 4X OPEN SPACE SCHOOL BOUNDARY SPLIT STATE HWY 114 [d]-$ -$ 42402814 WESTLAKE ENTRADA Block P Lot 5X OPEN SPACE ARAGON [d]-$ -$ 42402822 WESTLAKE ENTRADA Block Q Lot 1 STATE HWY 114 4,936,326.93$ 426,473.19$ 42402831 WESTLAKE ENTRADA Block R Lot 1 58 GIRONA 297,972.78$ 25,746.29$ 42424567 WESTLAKE ENTRADA Block I Lot 1XRR PRIVATE ACCESS PIEDRA CT [d]-$ -$ 42424575 WESTLAKE ENTRADA Block I Lot 2XRR OPEN SPACE SOLINA BLVD [d]-$ -$ 42424583 WESTLAKE ENTRADA Block I Lot 3R 75 CORTES 28,135.91$ 2,430.77$ 42424591 WESTLAKE ENTRADA Block I Lot 4R 73 CORTES 28,135.91$ 2,430.77$ 42424605 WESTLAKE ENTRADA Block I Lot 5R 71 CORTES 37,074.29$ 3,203.00$ 42424613 WESTLAKE ENTRADA Block I Lot 6R 69 CORTES 28,135.91$ 2,430.77$ SOLANA PUBLIC IMPROVEMENT DISTRICT 2021 ANNUAL SERVICE PLAN UPDATE 17 Property ID Legal Description Situs Notes Outstanding Assessment[a],[b] Installment Due 1/31/22[a],[c] 42424621 WESTLAKE ENTRADA Block I Lot 7R 67 CORTES 37,074.29$ 3,203.00$ 42424630 WESTLAKE ENTRADA Block I Lot 8R 65 CORTES 37,074.29$ 3,203.00$ 42424648 WESTLAKE ENTRADA Block I Lot 9R 63 CORTES 28,135.91$ 2,430.77$ 42424656 WESTLAKE ENTRADA Block I Lot 10R 61 CORTES 37,074.29$ 3,203.00$ 42424664 WESTLAKE ENTRADA Block I Lot 11R 59 CORTES 37,074.29$ 3,203.00$ 42424672 WESTLAKE ENTRADA Block I Lot 12R 1 PIEDRA CT 37,074.29$ 3,203.00$ 42424681 WESTLAKE ENTRADA Block I Lot 13R 3 PIEDRA CT 37,074.29$ 3,203.00$ 42424699 WESTLAKE ENTRADA Block I Lot 14R 5 PIEDRA CT 37,074.29$ 3,203.00$ 42424702 WESTLAKE ENTRADA Block I Lot 15XR OPEN SPACE PIEDRA CT [d]-$ -$ 42447052 WESTLAKE ENTRADA Block A Lot 1R 76 ANDORRA 16,327.28$ 1,410.76$ 42447061 WESTLAKE ENTRADA Block A Lot 2 72 ROSES 296,859.55$ 25,650.10$ 42447079 WESTLAKE ENTRADA Block A Lot 3 78 ANDORRA 29,933.34$ 2,586.39$ 42447087 WESTLAKE ENTRADA Block A Lot 4 OPEN SPACE ANDORRA [d]-$ -$ 42447095 WESTLAKE ENTRADA Block O Lot 1R SCHOOL BOUNDARY SPLIT 65 ANDORRA DR [e]-$ -$ 42447109 WESTLAKE ENTRADA Block O Lot 2RX OPEN SPACE DAVIS BLVD [d]-$ -$ 42447117 WESTLAKE ENTRADA Block O Lot 3RX OPEN SPACE STATE HWY 114 [d]-$ -$ 42447125 WESTLAKE ENTRADA Block O Lot 1R SCHOOL BOUNDARY SPLIT 65 ANDORRA DR 37,107.44$ 3,206.26$ 42509121 WESTLAKE ENTRADA Block E Lot 1R 2 COMILLAS DR 54,146.89$ 4,677.97$ 42509139 WESTLAKE ENTRADA Block E Lot 2 4 COMILLAS DR 54,146.89$ 4,677.97$ 42509147 WESTLAKE ENTRADA Block E Lot 3 6 COMILLAS DR 37,074.29$ 3,203.00$ 42509155 WESTLAKE ENTRADA Block E Lot 4 8 COMILLAS DR 54,146.89$ 4,677.97$ 42509163 WESTLAKE ENTRADA Block E Lot 5 10 COMILLAS CT 54,146.89$ 4,677.97$ 42509171 WESTLAKE ENTRADA Block E Lot 6 12 COMILLAS CT 54,146.89$ 4,677.97$ 42509180 WESTLAKE ENTRADA Block E Lot 7 16 COMILLAS CT 37,074.29$ 3,203.00$ 42509198 WESTLAKE ENTRADA Block E Lot 8 18 COMILLAS CT 37,074.29$ 3,203.00$ 42509201 WESTLAKE ENTRADA Block E Lot 9 22 COMILLAS CT 54,146.89$ 4,677.97$ 42509210 WESTLAKE ENTRADA Block E Lot 10 13 COMILLAS CT 37,074.29$ 3,203.00$ 42509228 WESTLAKE ENTRADA Block E Lot 11 17 COMILLAS CT 37,074.29$ 3,203.00$ 42509236 WESTLAKE ENTRADA Block E Lot 12 24 COMILLAS CT 54,146.89$ 4,677.97$ 42509244 WESTLAKE ENTRADA Block E Lot 13 26 COMILLAS DR 54,146.89$ 4,677.97$ SOLANA PUBLIC IMPROVEMENT DISTRICT 2021 ANNUAL SERVICE PLAN UPDATE 18 Property ID Legal Description Situs Notes Outstanding Assessment[a],[b] Installment Due 1/31/22[a],[c] 42509252 WESTLAKE ENTRADA Block E Lot 14 28 COMILLAS DR 54,146.89$ 4,677.97$ 42509261 WESTLAKE ENTRADA Block E Lot 19X OPEN SPACE 24 COMILLAS CT [d]-$ -$ 42509279 WESTLAKE ENTRADA Block E Lot 20X PRIVATE STREET COMILLAS CT [d]-$ -$ 42616725 WESTLAKE ENTRADA Block C Lot 1B SCHOOL BOUNDARY SPLIT TARRAGONA [e]-$ -$ 42616733 WESTLAKE ENTRADA Block C Lot 1B SCHOOL BOUNDARY SPLIT TARRAGONA 248,569.78$ 21,477.63$ 42616806 WESTLAKE ENTRADA Block D Lot 2X2 OPEN SPACE GIRONA [d]-$ -$ 29,959,000.02$ 2,588,496.33$ Notes: Total [a] Totals may not match the total outstanding Assessment or Annual Installment due to rounding. [b] Outstanding Assessment prior to 1/31/2022 Annual Installment. [c] The Annual Installment covers the period September 1, 2021 to August 31, 2022 and is due by 1/31/2022. [d] Non-Benefited Property. [e] Classified as Non-Benefited Property. These Property IDs are used for another taxing jurisdiction that the County does not collect for. SOLANA PUBLIC IMPROVEMENT DISTRICT 2021 ANNUAL SERVICE PLAN UPDATE 19 EXHIBIT B - PLATS SOLANA PUBLIC IMPROVEMENT DISTRICT 2021 ANNUAL SERVICE PLAN UPDATE 20 EXHIBIT C – LAND USE CLASS Type Planned No. of Units EU Factor Total EU Original Assessment Part A per EU Original Assessment Part A per Unit Original Total Assessment Part A Original Assessment Part B per EU Original Assessment Part B per Unit Original Total Assessment Part B Original 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 Original Assessment Part A per EU Original Assessment Part A per Unit Original Total Assessment Part A Original Assessment Part B per EU Original Assessment Part B per Unit Original Total Assessment Part B Original Total Assessment - Part A & B Land Use Class 4 42.00 1.00 42.00 63,313.99$ 63,313.99$ 2,659,187.64$ -$ -$ -$ 2,659,187.64$ Land Use Class 5 16.00 0.68 10.96 63,313.99$ 43,350.99$ 693,615.83$ -$ -$ -$ 693,615.83$ Land Use Class 6 69.00 0.52 35.85 63,313.99$ 32,899.33$ 2,270,054.08$ -$ -$ -$ 2,270,054.08$ 88.81 Subtotal: IA #2 5,622,857.55$ -$ 5,622,857.55$ Type Planned No. of Units EU Factor Total EU Original Assessment Part A per EU Original Assessment Part A per Unit Original Total Assessment Part A Original Assessment Part B per EU Original Assessment Part B per Unit Original Total Assessment Part B Original 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$ 469.88 29,575,000.00$ 2,425,000.00$ 32,000,000.00$ Total - All Improvement Areas: Improvement Area #1 Equivalent Units Original Assessment Part A Original Assessment Part A Original Assessment Part A Original Assessment Part B Original Assessment Part B Original Assessment Part B Improvement Area #2 Improvement Area #3 Equivalent Units Equivalent Units SOLANA PUBLIC IMPROVEMENT DISTRICT 2021 ANNUAL SERVICE PLAN UPDATE 21 EXHIBIT D – LAND USE AND EQUIVALENT UNITS BY PROPERTY ID 2020 Property ID 2021 Property ID Proposed Use Units/ Sq. Ft. Land Use Class EU Factor Total EU Outstanding Assessment 42447052 42447079 Commercial - Retail 2,200 10 0.22 0.48 29,933.34$ 42447061 42447052 Commercial - Retail 1,200 10 0.22 0.26 16,327.28$ 42447079 42447061 Commercial - Office 24,000 11 0.20 4.80 296,859.55$ Commercial - Retail 7,000 10 0.22 1.54 95,242.44$ Condo (2,500 sq. ft. to 3,600 sq. ft.)3 2 0.62 1.86 115,033.08$ Condo (Under 2,500 sq. ft.)6 3 0.60 3.60 222,644.67$ 42230002 42230002 Commercial - Retail 3,460 10 0.22 0.76 47,076.98$ 42230011 42230011 Commercial - Retail 14,770 10 0.22 3.25 200,961.55$ 42230029 42230029 Commercial - Office 3,100 11 0.20 0.62 38,344.36$ 42230037 42230037 Commercial - Office 2,300 11 0.20 0.46 28,449.04$ 42229977 42229977 Commercial - Retail 12,100 10 0.22 2.66 164,633.36$ 42229985 42229985 Commercial - Retail 3,600 10 0.22 0.79 48,981.83$ 42402792 42402792 Commercial - Office 37,000 11 0.20 7.40 457,658.48$ 42400439 42400439 Commercial - Office 80,000 11 0.20 16.00 989,531.85$ 42402318 42402318 Commercial - Retail 72,472 10 0.22 15.94 986,063.13$ 42402326 42402326 Public - - - -$ 42402334 42402334 Commercial - Office 60,433 11 0.20 12.09 747,508.85$ 42402679 42402679 Commercial - Office 3,000 11 0.20 0.60 37,107.44$ 42402610 42402610 Commercial - Office 3,000 11 0.20 0.60 37,107.44$ 42402555 42402555 Commercial - Office 3,000 11 0.20 0.60 37,107.44$ 42402491 42402491 Commercial - Office 5,000 11 0.20 1.00 61,845.74$ 42402351 42402351 Public - - - -$ 42402342 42402342 Commercial - Retail 67,263 10 0.22 14.80 915,189.15$ 42402369 Commercial - Hospitality 42,361 12 0.21 8.90 550,167.96$ 42616733 Commercial - Hospitality 19,139 12 0.21 4.02 248,569.78$ 42402377 42402377 Commercial - Retail 20,200 10 0.22 4.44 274,842.47$ 42402385 42402385 Commercial - Retail 5,000 10 0.22 1.10 68,030.31$ 42402393 42402393 Commercial - Retail 8,000 10 0.22 1.76 108,848.50$ 42402423 42402423 Commercial - Retail 2,100 10 0.22 0.46 28,572.73$ 42402407 42402407 Commercial - Retail 15,000 10 0.22 3.30 204,090.94$ 42402415 42402415 Commercial - Retail 12,500 10 0.22 2.75 170,075.79$ 42402831 42402831 Commercial - Retail 21,900 10 0.22 4.82 297,972.78$ Commercial - Retail 5,000 10 0.22 1.10 68,030.31$ Condo (More than 3,600 sq. ft.)6 1 1.00 6.00 371,074.44$ Condo (2,500 sq. ft. to 3,600 sq. ft.)6 2 0.62 3.72 230,066.15$ 42402822 42402822 Commercial - Institutional 33,000 13 0.19 6.27 387,772.79$ 42346426 42346426 Commercial - Office 22,000 11 0.20 4.40 272,121.26$ Commercial - Retail 37,800 10 0.22 8.32 514,309.18$ Condo (More than 3,600 sq. ft.)20 1 1.00 20.00 1,236,914.81$ Condo (2,500 sq. ft. to 3,600 sq. ft.)39 2 0.62 24.18 1,495,430.01$ Commercial - Retail 23,400 10 0.22 5.15 318,381.87$ Condo (More than 3,600 sq. ft.)6 1 1.00 6.00 371,074.44$ Commercial - Retail 23,400 10 0.22 5.15 318,381.87$ Condo (2,500 sq. ft. to 3,600 sq. ft.)8 2 0.62 4.96 306,754.87$ 42402695 42402695 Commercial - Hospitality 97,000 12 0.21 20.37 1,259,797.73$ 42402709 42402709 Commercial - Hospitality 97,000 12 0.21 20.37 1,259,797.73$ Commercial - Retail 5,000 10 0.22 1.10 68,030.31$ Condo (More than 3,600 sq. ft.)6 1 1.00 6.00 371,074.44$ Condo (2,500 sq. ft. to 3,600 sq. ft.)15 2 0.62 9.30 575,165.39$ 42402717 42402717 Commercial - Institutional 100,000 13 0.19 19.00 1,175,069.07$ 42402725 42402725 Commercial - Institutional 131,600 13 0.19 25.00 1,546,390.90$ Commercial - Office - 11 0.20 - -$ Commercial - Office 3,000 11 0.20 0.60 37,107.44$ 42400447 42400447 Commercial - Office 36,000 11 0.20 7.20 445,289.33$ Total - IA #1:325.86 20,152,812.63$ Notes: The proposed uses for each Property ID are provided by the Developer. 42229993 42229993 42447125 Improvement Area #1 42402776 42402750 42402741 42402750 42402768 42402776 42402784 42402369 42402741 42402784 42402768 42447125 SOLANA PUBLIC IMPROVEMENT DISTRICT 2021 ANNUAL SERVICE PLAN UPDATE 22 2020 Property ID 2021 Property ID Proposed Use Units/ Sq. Ft. Land Use Class EU Factor Total EU Outstanding Assessment 42229969 42229969 Villa - West Residential (Under 2,500 sq. ft.)24 6 0.52 12.47 675,261.79$ 42402687 42402687 Villa - West Residential (2,500 sq. ft. to 3,600 sq. ft.)6 5 0.68 4.11 222,445.73$ 42402628 42402628 Villa - West Residential (2,500 sq. ft. to 3,600 sq. ft.)6 5 0.68 4.11 222,445.73$ 42402636 42402636 Villa - West Residential (More than 3,600 sq. ft.)1 4 1.00 1.00 54,146.89$ 42402644 42402644 Villa - West Residential (More than 3,600 sq. ft.)1 4 1.00 1.00 54,146.89$ 42402652 42402652 Villa - West Residential (More than 3,600 sq. ft.)1 4 1.00 1.00 54,146.89$ 42402661 42402661 Villa - West Residential (Under 2,500 sq. ft.)15 6 0.52 7.79 422,038.62$ 42402563 42402563 Villa - West Residential (2,500 sq. ft. to 3,600 sq. ft.)22 5 0.68 15.06 815,634.36$ 42402571 42402571 Villa - West Residential (More than 3,600 sq. ft.)1 4 1.00 1.00 54,146.89$ 42402580 42402580 Villa - West Residential (More than 3,600 sq. ft.)1 4 1.00 1.00 54,146.89$ 42402598 42402598 Villa - West Residential (More than 3,600 sq. ft.)1 4 1.00 1.00 54,146.89$ 42402601 42402601 Villa - West Residential (More than 3,600 sq. ft.)1 4 1.00 1.00 54,146.89$ 42402504 42402504 Villa - West Residential (More than 3,600 sq. ft.)1 4 1.00 1.00 54,146.89$ 42402512 42402512 Villa - West Residential (More than 3,600 sq. ft.)1 4 1.00 1.00 54,146.89$ 42402521 42402521 Villa - West Residential (More than 3,600 sq. ft.)1 4 1.00 1.00 54,146.89$ 42402539 42402539 Villa - West Residential (More than 3,600 sq. ft.)1 4 1.00 1.00 54,146.89$ 42402547 42402547 Villa - West Residential (2,500 sq. ft. to 3,600 sq. ft.)15 5 0.68 10.27 556,114.34$ 42402466 42402466 Villa - West Residential (More than 3,600 sq. ft.)1 4 1.00 1.00 54,146.89$ 42402474 42402474 Villa - West Residential (More than 3,600 sq. ft.)1 4 1.00 1.00 54,146.89$ 42402482 42402482 Villa - West Residential (More than 3,600 sq. ft.)1 4 1.00 1.00 54,146.89$ 42402431 42402431 Villa - West Residential (Under 2,500 sq. ft.)10 6 0.52 5.20 281,359.08$ 42509121 42509121 Villa - West Residential (More than 3,600 sq. ft.)1 4 1.00 1.00 54,146.89$ 42509139 42509139 Villa - West Residential (More than 3,600 sq. ft.)1 4 1.00 1.00 54,146.89$ 42509147 42509147 Villa - West Residential (2,500 sq. ft. to 3,600 sq. ft.)1 5 0.68 0.68 37,074.29$ 42509155 42509155 Villa - West Residential (More than 3,600 sq. ft.)1 4 1.00 1.00 54,146.89$ 42509163 42509163 Villa - West Residential (More than 3,600 sq. ft.)1 4 1.00 1.00 54,146.89$ 42509171 42509171 Villa - West Residential (More than 3,600 sq. ft.)1 4 1.00 1.00 54,146.89$ 42509180 42509180 Villa - West Residential (2,500 sq. ft. to 3,600 sq. ft.)1 5 0.68 0.68 37,074.29$ 42509198 42509198 Villa - West Residential (2,500 sq. ft. to 3,600 sq. ft.)1 5 0.68 0.68 37,074.29$ 42509201 42509201 Villa - West Residential (More than 3,600 sq. ft.)1 4 1.00 1.00 54,146.89$ 42509210 42509210 Villa - West Residential (2,500 sq. ft. to 3,600 sq. ft.)1 5 0.68 0.68 37,074.29$ 42509228 42509228 Villa - West Residential (2,500 sq. ft. to 3,600 sq. ft.)1 5 0.68 0.68 37,074.29$ 42509236 42509236 Villa - West Residential (More than 3,600 sq. ft.)1 4 1.00 1.00 54,146.89$ 42509244 42509244 Villa - West Residential (More than 3,600 sq. ft.)1 4 1.00 1.00 54,146.89$ 42509252 42509252 Villa - West Residential (More than 3,600 sq. ft.)1 4 1.00 1.00 54,146.89$ 42424583 42424583 Villa - West Residential (Under 2,500 sq. ft.)1 6 0.52 0.52 28,135.91$ 42424591 42424591 Villa - West Residential (Under 2,500 sq. ft.)1 6 0.52 0.52 28,135.91$ 42424605 42424605 Villa - West Residential (2,500 sq. ft. to 3,600 sq. ft.)1 5 0.68 0.68 37,074.29$ 42424613 42424613 Villa - West Residential (Under 2,500 sq. ft.)1 6 0.52 0.52 28,135.91$ 42424621 42424621 Villa - West Residential (2,500 sq. ft. to 3,600 sq. ft.)1 5 0.68 0.68 37,074.29$ 42424630 42424630 Villa - West Residential (2,500 sq. ft. to 3,600 sq. ft.)1 5 0.68 0.68 37,074.29$ 42424648 42424648 Villa - West Residential (Under 2,500 sq. ft.)1 6 0.52 0.52 28,135.91$ 42424656 42424656 Villa - West Residential (2,500 sq. ft. to 3,600 sq. ft.)1 5 0.68 0.68 37,074.29$ 42424664 42424664 Villa - West Residential (2,500 sq. ft. to 3,600 sq. ft.)1 5 0.68 0.68 37,074.29$ 42424672 42424672 Villa - West Residential (2,500 sq. ft. to 3,600 sq. ft.)1 5 0.68 0.68 37,074.29$ 42424681 42424681 Villa - West Residential (2,500 sq. ft. to 3,600 sq. ft.)1 5 0.68 0.68 37,074.29$ 42424699 42424699 Villa - West Residential (2,500 sq. ft. to 3,600 sq. ft.)1 5 0.68 0.68 37,074.29$ 42331160 42331160 Villa - West Residential (2,500 sq. ft. to 3,600 sq. ft.)1 5 0.68 0.68 37,074.29$ 42331178 42331178 Villa - West Residential (2,500 sq. ft. to 3,600 sq. ft.)1 5 0.68 0.68 37,074.29$ 42331186 42331186 Villa - West Residential (2,500 sq. ft. to 3,600 sq. ft.)1 5 0.68 0.68 37,074.29$ 42331194 42331194 Villa - West Residential (2,500 sq. ft. to 3,600 sq. ft.)1 5 0.68 0.68 37,074.29$ 42331208 42331208 Villa - West Residential (2,500 sq. ft. to 3,600 sq. ft.)1 5 0.68 0.68 37,074.29$ 42331216 42331216 Villa - West Residential (2,500 sq. ft. to 3,600 sq. ft.)1 5 0.68 0.68 37,074.29$ 144 Total - IA #2:97.10 5,257,633.23$ Notes: The proposed uses for each Property ID are provided by the Developer. Improvement Area #2 SOLANA PUBLIC IMPROVEMENT DISTRICT 2021 ANNUAL SERVICE PLAN UPDATE 23 2020 Property ID 2021 Property ID Proposed Use Units/ Sq. Ft. Land Use Class EU Factor Total EU Outstanding Assessment Villa - East Residential (More than 3,600 sq. ft.)21 7 1.00 21.00 1,692,410.29$ Villa - East Residential (2,500 sq. ft. to 3,600 sq. ft.)23 8 0.68 15.64 1,260,442.71$ Villa - East Residential (Under 2,500 sq. ft.)36 9 0.55 19.80 1,595,701.13$ 80 Total - IA #3:56.44 4,548,554.14$ Notes: The proposed uses for each Property ID are provided by the Developer. Improvement Area #3 4240282242402822 SOLANA PUBLIC IMPROVEMENT DISTRICT 2021 ANNUAL SERVICE PLAN UPDATE 24 EXHIBIT E-1 – SERIES 2015 BONDS DEBT SERVICE SCHEDULE SOLANA PUBLIC IMPROVEMENT DISTRICT 2021 ANNUAL SERVICE PLAN UPDATE 25 SOLANA PUBLIC IMPROVEMENT DISTRICT 2021 ANNUAL SERVICE PLAN UPDATE 26 EXHIBIT E-2 – REIMBURSEMENT AGREEEMENT – PART A DEBT SERVICE SCHEDULE SOLANA PUBLIC IMPROVEMENT DISTRICT 2021 ANNUAL SERVICE PLAN UPDATE 27 EXHIBIT E-3 – REIMBURSEMENT AGREEEMENT – PART B DEBT SERVICE SCHEDULE SOLANA PUBLIC IMPROVEMENT DISTRICT 2021 ANNUAL SERVICE PLAN UPDATE 28 EXHIBIT F – FORM OF NOTICE OF ASSESSMENT TERMINATION P3Works, LLC 9284 Huntington Square, Suite 100 North Richland Hills, TX 76182 ______________________________________________________________________________ [Date] Tarrant County Clerk’s Office Honorable [County Clerk Name] Tarrant County Courts Building 100 E Weatherford Street Fort Worth, TX 76196 Re: Town of Westlake Lien Release Documents for Filing Dear Ms./Mr. [County Clerk Name], Enclosed is a lien release that the Town of Westlake is requesting to be filed in your office. Lien release for [insert legal description], created by Document/Instrument No. [Plat]. Please forward copies of the filed documents below: Town of Westlake Attn: [Town Secretary] 1500 Solana Boulevard Building 7, Suite 7200 Westlake, TX 76262 Please contact me if you have any questions or need additional information. Sincerely, [Signature] P3Works, LLC P: (817) 393-0353 admin@p3-works.com SOLANA PUBLIC IMPROVEMENT DISTRICT 2021 ANNUAL SERVICE PLAN UPDATE 29 AFTER RECORDING RETURN TO: [Town Secretary Name] 1500 Solana Boulevard Building 7, Suite 7200 Westlake, TX 76262 NOTICE OF CONFIDENTIALITY RIGHTS: IF YOU ARE A NATURAL PERSON, YOU MAY REMOVE OR STRIKE ANY OR ALL OF THE FOLLOWING INFORMATION FROM ANY INSTRUMENT THAT TRANSFERS AN INTEREST IN REAL PROPERTY BEFORE IT IS FILED FOR RECORD IN THE PUBLIC RECORDS: YOUR SOCIAL SECURITY NUMBER OR YOUR DRIVER'S LICENSE NUMBER. FULL RELEASE OF PUBLIC IMPROVEMENT DISTRICT LIEN STATE OF TEXAS § § KNOW ALL MEN BY THESE PRESENTS: COUNTY OF TARRANT § THIS FULL RELEASE OF PUBLIC IMPROVEMENT DISTRICT LIEN (this "Full Release") is executed and delivered as of the Effective Date by the Town of Westlake, Texas, a Texas Type A general law municipality. RECITALS WHEREAS, the governing body (hereinafter referred to as the "Town Council") of the Town of Westlake, Texas (hereinafter referred to as the "Town"), is authorized by Chapter 372, Texas Local Government Code, as amended (hereinafter referred to as the "Act"), to create public improvement districts within the corporate limits and extraterritorial jurisdiction of the Town; and WHEREAS, on or about February 24, 2014, the Town Council approved Resolution No. 14-07, creating the Solana Public Improvement District; and WHEREAS, the Solana Public Improvement District consists of approximately 85 contiguous acres within the corporate limits of the Town; and WHEREAS, on or about January 15, 2015, the Town Council approved Ordinance No. 741, and on January 29, 2018, the Town Council approved Ordinance No. 843 (hereinafter referred to as the "Assessment Ordinances") approving a service and assessment plan and assessment roll for the assessed property within the Solana Public Improvement District; and WHEREAS, on or about August 24, 2020, the Town Council adopted Ordinance No. 912, , which approved the 2020 Annual Service Plan Update (the “2020 SAP Update”) and which revised the lien amounts for the assessed property within the District; and WHEREAS, the Assessment Ordinance, as modified by the 2020 Annual Service Plan Update, imposed an assessment (hereinafter referred to as the “Lien”) in the amount of [amount] (hereinafter referred to as the "Lien Amount") for the following property: SOLANA PUBLIC IMPROVEMENT DISTRICT 2021 ANNUAL SERVICE PLAN UPDATE 30 [legal description], a subdivision in Tarrant County, Texas, according to the map or plat of record in Document/Instrument No. ________ of the Real Property Records of Tarrant County, Texas (hereinafter referred to as the "Property"); and WHEREAS, the property owners of the Property have paid unto the Town the Lien Amount. RELEASE NOW THEREFORE, the Town, the owner and holder of the Lien, Instrument No. ________, in the Real Property Records of Tarrant County, Texas, in the amount of the Lien Amount against the Property releases and discharges, and by these presents does hereby release and discharge, the above-described Property from said lien held by the undersigned securing said indebtedness. EXECUTED to be EFFECTIVE this the _____ day of _________, 20__. TOWN OF WESTLAKE, TEXAS, A Texas Type A general law municipality, By: _______________________________ [Administrator Name], Town Administrator ATTEST: ______________________________ [Secretary Name], Town Secretary STATE OF TEXAS § § COUNTY OF TARRANT § This instrument was acknowledged before me on the ____ day of ________, 20__, by [Administrator Name], Town Administrator for the Town of Westlake, Texas, a Texas Type A general law municipality, on behalf of said municipality. _______________________________ Notary Public, State of Texas SOLANA PUBLIC IMPROVEMENT DISTRICT 2021 ANNUAL SERVICE PLAN UPDATE 31 EXHIBIT G – CONSENT TO LEVY OF ASSESSMENTS [To be updated with signed form.] CONSENT TO LEVY ASSESSMENTS This Consent to Levy Assessments (the "Consent") is given by __________________ (the "Landowner"), as the landowner who holds record title to property located in the Solana Public Improvement District and described below. The Landowner consents to, acknowledges and accepts the following: (i) All capitalized terms not otherwise defined herein shall have the meanings given to such terms in the Service and Assessment Plan approved and adopted by Ordinance No. 741 on January 15, 2015 (the “Original SAP”). (ii) The Town of Westlake, Texas (the "Town"), pursuant to and in accordance with the terms, provisions and requirements of the Public Improvement District Assessment Act, Subchapter A of Chapter 372, Texas Local Government Code, as amended, has previously established the "Solana Public Improvement District" (the "District"). (iii) As of the date hereof, the Landowner is the owner of 100% of the property described as Property ID 42447061 and Property ID 42447079 in the 2020 Annual Service Plan approved and adopted by the Town by Ordinance No. 912 on August 24, 2020, and all subsequent sub-divided Parcels from this Parcel (the "Subject Property"). (iv) The 2019 Annual Service Plan Update allocated Equivalent Units to newly subdivided property within the retail corner of the District as provided by the Landowner. Due to a scrivener’s error in the Landowner’s identification of the Parcels, two Landowner parcels in the Subject Property were under assessed and the Remaining Property (defined hereafter) was over assessed. Therefore, the Service and Assessment Plan Assessments were corrected between the Subject Property and Remaining Property, as shown on Appendix A. “Remaining Property” means the property as described by Property ID 42447052 in the 2020 Annual Service Plan approved and adopted by the Town by Ordinance No. 912 on August 24, 2020, and all subsequent sub-divided Parcels from this Parcel (the "Remaining Property"). (v) The correction of Equivalent Units to and between the Subject Property resulted in a decrease in Assessments levied against the Remainder Property, as shown on Appendix A. (vi) The correction of Equivalent Units from the Remaining Property resulted in an increase in Assessments levied against the Subject Property, as shown on Appendix A. (vii) The Landowner approves of all Assessments, including the increased Assessment as shown on Appendix A, levied against the Subject Property including any future subdivision of the Subject Property and as provided in the Original SAP, and of which the Landowner is 100% owner as of the date hereof. SOLANA PUBLIC IMPROVEMENT DISTRICT 2021 ANNUAL SERVICE PLAN UPDATE 32 (viii) All Assessments on the Subject Property Assessed Property are final, conclusive and binding upon the Landowner and any subsequent owner of the Subject Property. (ix) The Landowner has received, or hereby waives, all notices required to be provided to it under State law, including the PID Act, prior to the effective date of this Consent. SOLANA PUBLIC IMPROVEMENT DISTRICT 2021 ANNUAL SERVICE PLAN UPDATE 33 By: _______________________________ Name: _____________________________ Date: ______________________________ BEFORE ME, the undersigned authority on this day personally appeared _________________________, who is known to me or who was proved to be the person whose name is subscribed to the foregoing instrument, and acknowledged to me that he executed same as the Landowner thereof, and for the purposes and consideration therein expressed and in the capacity therein expressed. GIVEN UNDER MY HAND AND SEAL OF OFFICE this the ___________ day of ________________, 2021. ________________________________________ Notary Public, State of Texas SOLANA PUBLIC IMPROVEMENT DISTRICT 2021 ANNUAL SERVICE PLAN UPDATE 34 Appendix A Correction of Assessments between Subject Property and Remaining Property Property ID Outstanding Assessment after 1/31/21 Annual Installment Reallocated Outstanding Assessment Net Change of Outstanding Assessment Subject Property 42447061 16,327.28$ 296,859.55$ 280,532.28$ 42447079 296,859.55$ 29,933.34$ (266,926.22)$ Subtotal 313,186.83$ 326,792.89$ 13,606.06$ Remaining Property 42447052 29,933.34$ 16,327.28$ (13,606.06)$ Subtotal 29,933.34$ 16,327.28$ (13,606.06)$ Total 343,120.17$ 343,120.17$ 0.00$ Notes 2021 Annual Service Plan Update Correction of Assessment The Developer is 100%owner of the Subject Property,and has paid all Annual Installments prior to and including the Annual Installment due 1/31/21 on both the Subject Property and Remaining Property. Page 1 of 3 TOWN COUNCIL AGENDA ITEM Regular Meeting - Consent Monday, August 23, 2021 TOPIC: Consider a Resolution approving the tax rolls for tax year 2021 on property within the Town; approving the estimated tax collection rate; and designating an official to calculate the no-new-revenue and voter-approval tax rates. STAFF: Ginger Awtry, Finance Director STRATEGIC ALIGNMENT Vision, Value, Mission Perspective Strategic Theme & Results Outcome Objective Transparent / Integrity- driven Government Fiscal Stewardship Exemplary Service & Governance - We set the standard by delivering unparalleled municipal and educational services at the lowest cost. Increase Transparency, Accessibility & Communications SUMMARY The resolution presented is provided pursuant to Section 26.04 of the Texas Property Tax Code, which requires the assessor for a taxing unit to submit the total appraised value, the total assessed value and the total taxable value of the property within the unit' s boundaries to the unit' s governing body by August 7th or as soon thereafter as practicable. The below percentages have been certified by Wendy Burgess, Tarrant County Tax Assessor- Collector and used for the calculation of Tax Year 2021 anticipated collection rate within the Truth in Taxation (TNT) worksheet. These collection rate numbers are for both Tarrant and Denton counties as Tarrant County collects both counties for us. Tax Year 2018 Actual Collection Rate 99.67% Tax Year 2019 Actual Collection Rate 100.83% Tax Year 2020 Actual Collection Rate 99.29% Tax Year 2021 Anticipated Collection Rate 100.00% Tax Year 2020 Excess Debt Collection $57,445 Page 2 of 3 Please find below the most current information related to both appraisal districts. Certified Certified Tarrant County Denton County Total Certified Values $ 1,626,780,352 $ 37,324,028 $ 1,664,104,380 Under Protest and Incomplete 116,251,645 16,245 116,267,890 Projected Assessed Valuation $ 1,743,031,997 $ 37,340,273 $ 1,780,372,270 New Construction (Taxable) * Commercial $ 3,037,719 $ 30,647,043 $ 33,684,762 Residential 69,979,365 69,979,365 $ 73,017,084 $ 30,647,043 $ 103,664,127 Average Single-Family Market Value $ 2,111,456 Average Single-Family Taxable Value $ 1,769,060 * Denton CAD new market value totals $369,755,274 Additionally, changes during the 86th Texas Legislative session included the passing of Senate Bill 2 (SB2) which created several new requirements for local governments in the Tax Code. One of the new requirements is that an officer or employee be designated by the governing body to calculate the no-new-revenue tax rate and the voter-approval tax rate for the taxing unit after the assessor submits the certified appraisal roll. Staff recommends the designation of the Town Manager or the Director of Finance as that officer or employee responsible for complying with Section 26.04(c) of the Tax Code. COUNCIL ACTION/OPTIONS All taxing entities in the state of Texas are required by law to to accept and approve the certified tax rolls received each year, the estimated tax collection rates received, and to designate an officer or employee to calculate the Town’s ad valorem tax rates. Council may approve or deny the related resolution regarding these necessary actions. STAFF RECOMMENDATION Staff recommends Westlake Town Council to accept and approve the certified tax rolls received for tax year 2021, the estimated tax collection rate as submitted, and to designate the Town Manager or their designee (Finance Director) as the officer or employee to calculate the Town’s ad valorem tax rates. Page 3 of 3 FISCAL/SERVICE LEVEL IMPACT TO COMMUNITY Project Cost/Funding Amount: $0 Funding Source: N/A Contract: No Forms: N/A Service Levels: N/A DEVELOPMENT/MOBILITY IMPACT TO COMMUNITY Westlake Academy: N/A Comprehensive Plan: N/A Cost Recovery Analysis: N/A Traffic Impact: N/A ATTACHMENTS Tarrant County 2021 Certified Tax Roll Denton County 2021 Certified Tax Roll Tarrant County 2021 (includes Denton Co.) Certified Collection Rate Estimate Resolution Jeff Law, Chief Appraiser Tarrant Appraisal District 2500 Handley Ederville Road - Fort Worth, Texas 76118 - 817.284.0024 1 TOWN OF WESTLAKE 037 Appraisal Roll Information Valuation Summary as of July 21, 2021 2021 Certified Property Information I, Jeff Law, Chief Appraiser for the Tarrant Appraisal District, to the best of my ability do solemnly swear that the attached is that portion of the appraisal roll for the Tarrant Appraisal District which lists property taxable by the above-named entity and constitutes their Certified Appraisal Roll. APPRAISED VALUE (Considers Value Caps) - - - - - - - - - - - - - - - - - - - - - - - - -> $ 2,007,469,655 Number of Accounts: 1,463 Absolute Exemptions $ 27,583,808 Cases before ARB – Appraised Value $ 103,869,541 Incompletes $ 81,040,432 Partial Exemptions $ 168,195,522 In Process $ 0 NET TAXABLE VALUE - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - > $ 1,626,780,352 Appraised Value minus Absolute Exemption amount, minus Cases before ARB amount, minus Incompletes, minus Partial Exemptions, minus the In Process accounts equals the Net Taxable Value. ESTIMATED NET TAXABLE VALUE - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -> $ 1,743,031,997 Including suggested values to be used for pending ARB accounts (see page two), Incompletes (see page three) and In Process accounts (see page four). _________________________________ Jeff Law, Chief Appraiser Jeff Law, Chief Appraiser Tarrant Appraisal District 2500 Handley Ederville Road - Fort Worth, Texas 76118 - 817.284.0024 2 TOWN OF WESTLAKE 037 Appraisal Roll Information Valuation Summary as of July 21, 2021 2021 Appraisal Review Board Information Section 25.01 (c) of the State Property Tax code directs the Chief Appraiser to prepare a list of all properties under protest with the Appraisal Review Board and pending disposition at the time of value roll certification. The values below are from the ARB roll and are not included in the totals by the Chief Appraiser and represented on page 1 of this report. $ 103,869,541 Total appraised value of properties under protest. $ 90,148,320 Net taxable value of properties under protest. $ 63,103,824 Estimated minimum taxable value for the same properties. This value should be added to the net taxable value on page one. Jeff Law, Chief Appraiser Tarrant Appraisal District 2500 Handley Ederville Road - Fort Worth, Texas 76118 - 817.284.0024 3 TOWN OF WESTLAKE 037 Appraisal Roll Information Valuation Summary as of July 21, 2021 2021 Incomplete Property Information Section 26.01(d) of the State Property Tax Code directs the Chief Appraiser to prepare a list of all properties that are not on the appraisal roll and not included on the ARB roll. The values below are from the incomplete property listing and are not included in the totals by the Chief Appraiser and represented on page 1 of this report. The value of incomplete properties are subject to change and are also subject to appeal before the Appraisal Review Board. $ 81,040,432 Total appraised value of incomplete properties $ 75,925,459 Net taxable value of properties under of incomplete properties. $ 53,147,821 Estimated minimum taxable value for the same properties. This value should be added to the net taxable value on page one Jeff Law, Chief Appraiser Tarrant Appraisal District 2500 Handley Ederville Road - Fort Worth, Texas 76118 - 817.284.0024 4 TOWN OF WESTLAKE 037 Appraisal Roll Information Valuation Summary as of July 21, 2021 2021 In Process Property Information The values below are from In Process properties and are not included in the totals by the Chief Appraiser and represented on page 1 of this report. $ 0 Total appraised value of In Process properties $ 0 Estimated net taxable value of In Process properties. This value should be added to the net taxable value on page one. Tarrant Appraisal District TOWN OF WESTLAKE 037 Totals for Roll Instance July Roll 2021 Value Detail Market Appraised Counts Taxable Real Estate Residential 1,402,350,080 1,370,614,919 1,022 1,189,442,645 Real Estate Commercial 471,924,958 471,924,958 160 444,721,450 Real Estate Industrial 0 0 0 0 Personal Property Commercial 163,387,422 163,387,422 198 157,147,680 Personal Property Industrial 1,361,180 1,361,180 1 1,361,180 Mineral Lease Properties 0 0 0 0 Agricultural Properties 97,330,876 181,176 82 181,176 Total Value 2,136,354,516 2,007,469,655 1,463 1,792,854,131 Pending Detail Market Appraised Counts Taxable Cases Before ARB 105,041,191 103,869,541 64 90,148,320 Incomplete Accounts 82,350,188 81,040,432 82 75,925,459 In Process Accounts 0 0 0 0 Certified Value 1,948,963,137 1,822,559,682 1,317 1,626,780,352 7/17/2021 10:14:44 PM Page 172 of 521 TOWN OF WESTLAKE Exemption Detail Market Exempt Counts Appraised Absolute Public 27,583,808 27,583,808 61 27,583,808 Absolute Charitable 0 0 0 0 Absolute Miscellaneous 0 0 0 0 Absolute Religious & Private Schools 0 0 0 0 Indigent Housing 0 0 0 0 Nominal Value 491 491 1 491 Disabled Vet 10-29%0 0 0 0 Disabled Vet 30-49%741,109 7,500 1 741,109 Disabled Vet 50-69%900,000 10,000 1 900,000 Disabled Vet 70-99%1,650,000 12,000 1 1,650,000 Disabled Vet 100%900,000 710,000 1 900,000 Surviving Spouse Disabled Vet 100%0 0 0 0 Donated Disabled Vet 0 0 0 0 Surviving Spouse Donated Disabled Vet 0 0 0 0 Surviving Spouse KIA Armed Service Member 0 0 0 0 Transfer Base Value for SS Disable Vet 0 0 0 0 Inventory 0 0 0 0 Homestead State Mandated-General 0 0 0 0 Homestead State Mandated-Over 65 0 0 0 0 Homestead State Mandated-Disabled Person 0 0 0 0 Homestead State Mandated-Disabled Person Over 65 0 0 0 0 Homestead Local Option-General 845,368,131 162,947,931 411 815,914,929 Homestead Local Option-Over 65 160,909,459 932,000 94 154,322,680 Homestead Local Option-Disabled Person 2,661,798 10,000 1 1,711,243 Homestead Local Option-Disabled Person Over 65 0 0 0 0 Solar & Wind Powered Devices 0 0 0 0 Pollution control 0 0 0 0 Community Housing Development 0 0 0 0 Abatements 131,812,834 0 2 131,812,834 Historic Sites 0 0 0 0 Foreign Trade Zone 0 0 0 0 Misc Personal Property (Vehicles, etc.)2,254,065 1,967,311 9 2,254,065 Surviving Spouse of First Responder KLD 0 0 0 0 Transfer Base Value SS KIA Armed Service Member 0 0 0 0 Transfer Base Value SS of First Responder KLD 0 0 0 0 Property Damaged by Disaster 9,407,645 1,598,289 5 9,161,463 Total Exemptions 195,779,330 588 7/17/2021 10:14:44 PM Page 173 of 521 TOWN OF WESTLAKE Deferrals Market Deferred Counts Appraised Ag Deferrals 97,125,775 96,950,253 81 175,522 Scenic Deferrals 0 0 0 0 Public Access Airports 0 0 0 0 Other Deferrals 0 0 0 0 Total Deferrals 97,125,775 96,950,253 81 175,522 7/17/2021 10:14:44 PM Page 174 of 521 TOWN OF WESTLAKE New Exemptions Market Exempt Counts Appraised Absolute Public 1,994,384 1,994,384 1 1,994,384 Absolute Charitable 0 0 0 0 Absolute Miscellaneous 0 0 0 0 Absolute Religious & Private Schools 0 0 0 0 Indigent Housing 0 0 0 0 Nominal Value 0 0 0 0 Disabled Vet 10-29%0 0 0 0 Disabled Vet 30-49%741,109 7,500 1 741,109 Disabled Vet 50-69%0 0 0 0 Disabled Vet 70-99%0 0 0 0 Disabled Vet 100%0 0 0 0 Surviving Spouse Disabled Vet 100%0 0 0 0 Donated Disabled Vet 0 0 0 0 Surviving Spouse Donated Disabled Vet 0 0 0 0 Surviving Spouse KIA Armed Service Member 0 0 0 0 Transfer Base Value for SS Disable Vet 0 0 0 0 Inventory 0 0 0 0 Homestead State Mandated-General 0 0 0 0 Homestead State Mandated-Over 65 0 0 0 0 Homestead State Mandated-Disabled Person 0 0 0 0 Homestead State Mandated-Disabled Person Over 65 0 0 0 0 Homestead Local Option-General 39,176,317 7,835,262 17 39,176,317 Homestead Local Option-Over 65 12,505,078 50,000 5 10,464,489 Homestead Local Option-Disabled Person 0 0 0 0 Homestead Local Option-Disabled Person Over 65 0 0 0 0 Solar & Wind Powered Devices 0 0 0 0 Pollution control 0 0 0 0 Community Housing Development 0 0 0 0 Abatements 0 0 0 0 Historic Sites 0 0 0 0 Foreign Trade Zone 0 0 0 0 Misc Personal Property (Vehicles, etc.)431,347 431,347 1 431,347 Surviving Spouse of First Responder KLD 0 0 0 0 Transfer Base Value SS KIA Armed Service Member 0 0 0 0 Transfer Base Value SS of First Responder KLD 0 0 0 0 Property Damaged by Disaster 9,407,645 1,598,289 5 9,161,463 Total New Exemptions 11,916,782 30 7/17/2021 10:14:44 PM Page 175 of 521 TOWN OF WESTLAKE New Construction New Value Counts Taxable All Real Estate 76,401,804 63 73,017,084 New business in new improvement 0 0 0 Total New Construction 277,839,517 76,401,804 63 73,017,084 New Construction in Residential 73,364,085 60 69,979,365 New Construction in Commercial 3,037,719 3 3,037,719 Market Appraised Counts Taxable Annexation 0 0 0 0 Deannexation 0 0 0 0 Tax Ceiling Market Taxable Counts Ceiling Amount Over 65 160,909,459 122,871,828 94 157,040.00 Disable Person 2,661,798 1,358,994 1 1,259.00 Disabled Person Over 65 0 0 0 0.00 Total Ceilings 163,571,257 124,230,822 95 158,299.00 New Over 65 Ceilings 21,303,204 0 10 0.00 New Disabled Person Ceilings 0 0 0 0.00 New Disabled Person Over 65 Ceilings 0 0 0 0 Capped Accounts Market Cap Loss Counts Appraised Cap Total 200,480,106 29,453,202 101 171,026,904 New Cap this Year 64,962,122 8,335,800 30 56,626,322 All Exemptions by Group Market Exempt Counts Appraised Residential 849,319,419 166,550,598 418 819,866,217 Commercial 161,328,320 29,228,732 68 161,328,320 Industrial 0 0 0 0 Mineral Lease 0 0 0 0 Agricultural 97,130,500 0 0 180,247 Exemption Total 195,779,330 486 Market Exempt Counts Appraised Prorated Absolute 0 0 0 0 Multi-Prorated Absolute 0 0 1 1,994,384 Current Taxable Counts Appraised Value Loss - 25.25(d)0 0 0 Average Market Average Appraised Counts Average Taxable Averages for Value Single Family 2,111,456 2,060,163 569 1,769,060 7/17/2021 10:14:44 PM Page 176 of 521 Current Use Code Report - Certified Entity: 037 TOWN OF WESTLAKE Page 1 of 2 7/18/2021 7:40:07 PM G r o Category Roll Status # of Accts Market Value Appraised Value Taxable Value Ag Acreage Ag Deferred New Const. Value A -- "Residential SingleFamily"ARB 38 $85,482,404 $84,510,201 $70,788,980 0.0000 $0 $2,368,250 A -- "Residential SingleFamily"Certified 569 $1,201,418,991 $1,172,232,873 $1,006,595,310 0.0000 $0 $73,364,085 A -- "Residential SingleFamily" Totals:607 $1,286,901,395 $1,256,743,074 $1,077,384,290 0.0000 $0 $75,732,335 C1 -- "Vacant Land Residential"ARB 7 $3,263,153 $3,263,153 $3,263,153 0.0000 $0 $0 C1 -- "Vacant Land Residential"Certified 236 $49,189,792 $49,189,792 $49,150,450 0.0000 $0 $0 C1 -- "Vacant Land Residential"Incomplete 1 $312,542 $312,542 $312,542 0.0000 $0 $0 C1 -- "Vacant Land Residential" Totals:244 $52,765,487 $52,765,487 $52,726,145 0.0000 $0 $0 C1C -- "Vacant Land Commercial"ARB 10 $1,828,501 $1,828,501 $1,828,501 0.0000 $0 $0 C1C -- "Vacant Land Commercial"Certified 63 $15,330,303 $15,330,303 $15,330,303 0.0000 $0 $0 C1C -- "Vacant Land Commercial" Totals:73 $17,158,804 $17,158,804 $17,158,804 0.0000 $0 $0 C2C -- "CommercialLandWithImprovementValue"Certified 3 $1,446,833 $1,446,833 $1,446,833 0.0000 $0 $0 C2C -- "CommercialLandWithImprovementValue" Totals:3 $1,446,833 $1,446,833 $1,446,833 0.0000 $0 $0 D1 -- "Qualified Open Space Land"ARB 1 $200,376 $929 $929 9.2000 $199,447 $0 D1 -- "Qualified Open Space Land"Certified 81 $97,130,500 $180,247 $180,247 1,726.7085 $96,950,253 $0 D1 -- "Qualified Open Space Land" Totals:82 $97,330,876 $181,176 $181,176 1,735.9085 $97,149,700 $0 E -- "Rural Land (No Ag) and Improvements Residential"ARB 1 $520,000 $520,000 $520,000 0.0000 $0 $0 E -- "Rural Land (No Ag) and Improvements Residential"Certified 7 $6,257,281 $5,990,197 $5,439,382 0.0000 $0 $0 E -- "Rural Land (No Ag) and Improvements Residential"Incomplete 1 $5,762,030 $4,452,274 $3,551,819 0.0000 $0 $0 E -- "Rural Land (No Ag) and Improvements Residential" Totals:9 $12,539,311 $10,962,471 $9,511,201 0.0000 $0 $0 F1 -- "Commercial"ARB 2 $6,022,663 $6,022,663 $6,022,663 0.0000 $0 $288,337 F1 -- "Commercial"Certified 27 $420,093,150 $420,093,150 $420,093,150 0.0000 $0 $3,037,719 F1 -- "Commercial" Totals:29 $426,115,813 $426,115,813 $426,115,813 0.0000 $0 $3,326,056 J3C -- "VarX Utility Electric Companies"Certified 3 $1,065,020 $1,065,020 $1,065,020 0.0000 $0 $0 J3C -- "VarX Utility Electric Companies" Totals:3 $1,065,020 $1,065,020 $1,065,020 0.0000 $0 $0 J4C -- "VarX Utility Telephone Companies"ARB 2 $7,100,965 $7,100,965 $7,100,965 0.0000 $0 $0 J4C -- "VarX Utility Telephone Companies"Certified 4 $621,490 $621,490 $621,490 0.0000 $0 $0 This report contains All Excluding Absolutes Process Code: 220 Table Group Name: July Roll Current Use Code Report - Certified Entity: 037 TOWN OF WESTLAKE Page 2 of 2 7/18/2021 7:40:07 PM G r o Category Roll Status # of Accts Market Value Appraised Value Taxable Value Ag Acreage Ag Deferred New Const. Value J4C -- "VarX Utility Telephone Companies"Incomplete 14 $69,725,306 $69,725,306 $69,725,306 0.0000 $0 $0 J4C -- "VarX Utility Telephone Companies" Totals:20 $77,447,761 $77,447,761 $77,447,761 0.0000 $0 $0 J7C -- "VarX Utility Cable Companies"Incomplete 1 $52,431 $52,431 $52,431 0.0000 $0 $0 J7C -- "VarX Utility Cable Companies" Totals:1 $52,431 $52,431 $52,431 0.0000 $0 $0 L1 -- "Personal Property Tangible Commercial"ARB 3 $623,129 $623,129 $623,129 0.0000 $0 $0 L1 -- "Personal Property Tangible Commercial"Certified 40 $70,264,775 $70,264,775 $70,264,284 0.0000 $0 $0 L1 -- "Personal Property Tangible Commercial"Incomplete 14 $1,764,677 $1,764,677 $1,701,326 0.0000 $0 $0 L1 -- "Personal Property Tangible Commercial"InProcess 7 $0 $0 $0 0.0000 $0 $0 L1 -- "Personal Property Tangible Commercial" Totals:64 $72,652,581 $72,652,581 $72,588,739 0.0000 $0 $0 L1C -- "VarX Commercial"Certified 54 $7,379,005 $7,379,005 $5,411,694 0.0000 $0 $0 L1C -- "VarX Commercial"Incomplete 51 $4,733,202 $4,733,202 $582,035 0.0000 $0 $0 L1C -- "VarX Commercial"InProcess 4 $0 $0 $0 0.0000 $0 $0 L1C -- "VarX Commercial" Totals:109 $12,112,207 $12,112,207 $5,993,729 0.0000 $0 $0 L2 -- "Personal Property Tangible Industrial"Certified 1 $1,361,180 $1,361,180 $1,361,180 0.0000 $0 $0 L2 -- "Personal Property Tangible Industrial" Totals:1 $1,361,180 $1,361,180 $1,361,180 0.0000 $0 $0 O -- "Residential Inventory"Certified 157 $49,821,009 $49,821,009 $49,821,009 0.0000 $0 $0 O -- "Residential Inventory" Totals:157 $49,821,009 $49,821,009 $49,821,009 0.0000 $0 $0 ARB Totals:64 $105,041,191 $103,869,541 $90,148,320 9.2000 $199,447 $2,656,587 Certified Totals:1,245 $1,921,379,329 $1,794,975,874 $1,626,780,352 1,726.7085 $96,950,253 $76,401,804 Incomplete Totals:82 $82,350,188 $81,040,432 $75,925,459 0.0000 $0 $0 In Process Totals:11 $0 $0 $0 0.0000 $0 $0 Report Totals:1,402 $2,108,770,708 $1,979,885,847 $1,792,854,131 1,735.9085 $97,149,700 $79,058,391 This report contains All Excluding Absolutes Process Code: 220 Table Group Name: July Roll Entity Exemptions Report 2021 JULY ROLL 037 TOWN OF WESTLAKE Page 1 of 3 7/19/2021 9:11:36 AM Exemption Type Certified Loss Count ARB Loss Count Incomplete Loss Count Total Loss Count Abatements $0 2 $0 0 $0 0 $0 2 Absolute Charitable $0 0 $0 0 $0 0 $0 0 Absolute Miscellaneous $0 0 $0 0 $0 0 $0 0 Absolute Public $27,583,808 61 $0 0 $0 0 $27,583,808 61 Absolute Religious & Private Schools $0 0 $0 0 $0 0 $0 0 Community Housing Development $0 0 $0 0 $0 0 $0 0 Disabled Vet 100%$710,000 1 $0 0 $0 0 $710,000 1 Disabled Vet 10-29%$0 0 $0 0 $0 0 $0 0 Disabled Vet 30-49%$7,500 1 $0 0 $0 0 $7,500 1 Disabled Vet 50-69%$10,000 1 $10,000 1 $0 0 $20,000 2 Disabled Vet 70-99%$12,000 1 $0 0 $0 0 $12,000 1 Donated Disabled Vet $0 0 $0 0 $0 0 $0 0 Foreign Trade Zone $0 0 $0 0 $0 0 $0 0 Historic Sites $0 0 $0 0 $0 0 $0 0 Homestead Local Option-Disabled Person $10,000 1 $0 0 $0 0 $10,000 1 Homestead Local Option-Disabled Person Over 65 $0 0 $0 0 $0 0 $0 0 Homestead Local Option-General $162,947,931 411 $13,643,221 31 $890,455 1 $177,481,607 443 Homestead Local Option-Over 65 $932,000 94 $68,000 7 $10,000 1 $1,010,000 102 Homestead State Mandated-Disabled Person $0 0 $0 0 $0 0 $0 0 Homestead State Mandated-Disabled Person Over 65 $0 0 $0 0 $0 0 $0 0 Homestead State Mandated-General $0 0 $0 0 $0 0 $0 0 Homestead State Mandated-Over 65 $0 0 $0 0 $0 0 $0 0 Indigent Housing $0 0 $0 0 $0 0 $0 0 Inventory $0 0 $0 0 $0 0 $0 0 Misc Personal Property (Vehicles, etc.)$1,967,311 9 $0 0 $4,151,167 17 $6,118,478 26 Nominal Value $491 1 $0 0 $400 1 $891 2 Pollution control $0 0 $0 0 $62,951 1 $62,951 1 Property Damaged by Disaster $1,598,289 5 $0 0 $0 0 $1,598,289 5 Solar & Wind Powered Devices $0 0 $0 0 $0 0 $0 0 Surviving Spouse Disabled Vet 100%$0 0 $0 0 $0 0 $0 0 Surviving Spouse Donated Disabled Vet $0 0 $0 0 $0 0 $0 0 Entity Exemptions Report 2021 JULY ROLL 037 TOWN OF WESTLAKE Page 2 of 3 7/19/2021 9:11:36 AM Exemption Type Certified Loss Count ARB Loss Count Incomplete Loss Count Total Loss Count Surviving Spouse KIA Armed Service Member $0 0 $0 0 $0 0 $0 0 Surviving Spouse of First Responder KLD $0 0 $0 0 $0 0 $0 0 Transfer Base Value for SS Disable Vet $0 0 $0 0 $0 0 $0 0 Transfer Base Value SS KIA Armed Service Member $0 0 $0 0 $0 0 $0 0 Transfer Base Value SS of First Responder KLD $0 0 $0 0 $0 0 $0 0 Subtotals ==>$195,779,330 588 $13,721,221 39 $5,114,973 21 $214,615,524 648 Entity Exemptions Report 2021 JULY ROLL 037 TOWN OF WESTLAKE Page 3 of 3 7/19/2021 9:11:36 AM Total Appraised *$2,007,469,655 Absolute Exempt $27,583,808 Cases Before ARB $103,869,541 Incompletes $81,040,432 Partial Exemptions $168,195,522 Calculated Net Taxable Value $1,626,780,352 Total # of Accounts *1,463 * Only includes totals from Agricultural Properties, Mineral Lease Properties, Personal Property Commercial, Personal Property Industrial, Real Estate Commercial, Real Estate Industrial, and Real Estate Residential. Entity Totals Exemption Type Certified Loss Count ARB Loss Count Incomplete Loss Count Total Loss Count Prorated Absolute (included in above Absolute categories)$0 0 $0 0 $0 0 $0 0 Deferral Type Certified Loss Count ARB Loss Count Incomplete Loss Count Total Loss Count Ag Deferrals $96,950,253 81 $199,447 1 $0 0 $97,149,700 82 Scenic Deferrals $0 0 $0 0 $0 0 $0 0 Subtotals ==>$96,950,253 81 $199,447 1 $0 0 $97,149,700 82 In Process $0 Entities Residential Graph Report 7/18/2021 7:16:38 PMTOWN OF WESTLAKE 2021 Total Parcel Counts:569 Average Market:2,111,456 Average NTV:1,769,060 DENTON County As of Certification2021 CERTIFIED TOTALS C44 - WESTLAKE TOWN OF ARB Approved TotalsProperty Count: 52 1:45:43PM7/24/2021 Land Value Homesite:108,900 Non Homesite:17,324,594 Ag Market:35,614,175 Timber Market:53,047,669Total Land (+)0 Improvement Value Homesite:54,421 Non Homesite:447,276,944 Total Improvements (+)447,331,365 Non Real ValueCount Personal Property:14 23,870,639 Mineral Property:00 Autos:00Total Non Real (+)23,870,639 Market Value =524,249,673 ExemptAg Non Exempt 35,614,175 0 Total Productivity Market: Ag Use:25,025 0 35,589,150 (-)Productivity Loss Timber Use:00 =Appraised Value 488,660,523 Productivity Loss:035,589,150 0(-)Homestead Cap =Assessed Value 488,660,523 (-)Total Exemptions Amount (Breakdown on Next Page) 451,352,740 =Net Taxable 37,307,783 APPROXIMATE TOTAL LEVY = NET TAXABLE * (TAX RATE / 100) 62,632.31 = 37,307,783 * (0.167880 / 100) 524,249,673Certified Estimate of Market Value: 37,307,783Certified Estimate of Taxable Value: Tax Increment Finance Value:0 Tax Increment Finance Levy:0.00 Page 523 of 2428C44/652999 DENTON County As of Certification2021 CERTIFIED TOTALS C44 - WESTLAKE TOWN OF Exemption Breakdown StateLocalExemption Count Total 7/24/2021 1:45:43PMProperty Count: 52 ARB Approved Totals AB 5 448,676,741 0 448,676,741 EX-XV 16 0 2,675,923 2,675,923 EX366 1 0 76 76 Totals 448,676,741 2,675,999 451,352,740 Page 524 of 2428C44/652999 DENTON County As of Certification2021 CERTIFIED TOTALS C44 - WESTLAKE TOWN OF Under ARB Review TotalsProperty Count: 3 1:45:43PM7/24/2021 Land Value Homesite:0 Non Homesite:0 Ag Market:347,531 Timber Market:347,531Total Land (+)0 Improvement Value Homesite:0 Non Homesite:0 Total Improvements (+)0 Non Real ValueCount Personal Property:1 15,911 Mineral Property:00 Autos:00Total Non Real (+)15,911 Market Value =363,442 ExemptAg Non Exempt 347,531 0 Total Productivity Market: Ag Use:334 0 347,197 (-)Productivity Loss Timber Use:00 =Appraised Value 16,245 Productivity Loss:0347,197 0(-)Homestead Cap =Assessed Value 16,245 (-)Total Exemptions Amount (Breakdown on Next Page) 0 =Net Taxable 16,245 APPROXIMATE TOTAL LEVY = NET TAXABLE * (TAX RATE / 100) 27.27 = 16,245 * (0.167880 / 100) 128,576Certified Estimate of Market Value: 16,245Certified Estimate of Taxable Value: Tax Increment Finance Value:0 Tax Increment Finance Levy:0.00 Page 525 of 2428C44/652999 DENTON County As of Certification2021 CERTIFIED TOTALS C44 - WESTLAKE TOWN OF Exemption Breakdown StateLocalExemption Count Total 7/24/2021 1:45:43PM Totals Page 526 of 2428C44/652999 DENTON County As of Certification2021 CERTIFIED TOTALS C44 - WESTLAKE TOWN OF Grand TotalsProperty Count: 55 1:45:43PM7/24/2021 Land Value Homesite:108,900 Non Homesite:17,324,594 Ag Market:35,961,706 Timber Market:53,395,200Total Land (+)0 Improvement Value Homesite:54,421 Non Homesite:447,276,944 Total Improvements (+)447,331,365 Non Real ValueCount Personal Property:15 23,886,550 Mineral Property:00 Autos:00Total Non Real (+)23,886,550 Market Value =524,613,115 ExemptAg Non Exempt 35,961,706 0 Total Productivity Market: Ag Use:25,359 0 35,936,347 (-)Productivity Loss Timber Use:00 =Appraised Value 488,676,768 Productivity Loss:035,936,347 0(-)Homestead Cap =Assessed Value 488,676,768 (-)Total Exemptions Amount (Breakdown on Next Page) 451,352,740 =Net Taxable 37,324,028 APPROXIMATE TOTAL LEVY = NET TAXABLE * (TAX RATE / 100) 62,659.58 = 37,324,028 * (0.167880 / 100) 524,378,249Certified Estimate of Market Value: 37,324,028Certified Estimate of Taxable Value: Tax Increment Finance Value:0 Tax Increment Finance Levy:0.00 Page 527 of 2428C44/652999 DENTON County As of Certification2021 CERTIFIED TOTALS C44 - WESTLAKE TOWN OF Exemption Breakdown StateLocalExemption Count Total 7/24/2021 1:45:43PMProperty Count: 55 Grand Totals AB 5 448,676,741 0 448,676,741 EX-XV 16 0 2,675,923 2,675,923 EX366 1 0 76 76 Totals 448,676,741 2,675,999 451,352,740 Page 528 of 2428C44/652999 DENTON County As of Certification2021 CERTIFIED TOTALS C44 - WESTLAKE TOWN OF ARB Approved TotalsProperty Count: 52 7/24/2021 1:45:43PM State Category Breakdown State Code Description Count Market ValueAcres New Value Taxable Value C1 VACANT LOTS AND LAND TRACTS 1 $0 $117,743 $58,8711.8020 D1 QUALIFIED AG LAND 20 $0 $35,614,175 $23,704327.9608 D2 NON-QUALIFIED LAND 2 $0 $23,097 $23,097 E FARM OR RANCH IMPROVEMENT 3 $0 $2,316,767 $1,313,43818.2370 F1 COMMERCIAL REAL PROPERTY 3 $348,099,690 $459,631,329 $31,878,53352.8600 J3 ELECTRIC COMPANY (INCLUDING C 2 $0 $1,002,980 $1,002,980 J4 TELEPHONE COMPANY (INCLUDI 4 $0 $573,220 $573,220 J7 CABLE TELEVISION COMPANY 4 $0 $198,720 $198,720 L1 COMMERCIAL PERSONAL PROPE 3 $21,655,584 $22,095,643 $2,235,220 X TOTALLY EXEMPT PROPERTY 17 $0 $2,675,999 $0150.8894 Totals 551.7492 $369,755,274 $524,249,673 $37,307,783 Page 529 of 2428C44/652999 DENTON County As of Certification2021 CERTIFIED TOTALS C44 - WESTLAKE TOWN OF Under ARB Review TotalsProperty Count: 3 7/24/2021 1:45:43PM State Category Breakdown State Code Description Count Market ValueAcres New Value Taxable Value D1 QUALIFIED AG LAND 2 $0 $347,531 $3345.3884 L1 COMMERCIAL PERSONAL PROPE 1 $0 $15,911 $15,911 Totals 5.3884 $0 $363,442 $16,245 Page 530 of 2428C44/652999 DENTON County As of Certification2021 CERTIFIED TOTALS C44 - WESTLAKE TOWN OF Grand TotalsProperty Count: 55 7/24/2021 1:45:43PM State Category Breakdown State Code Description Count Market ValueAcres New Value Taxable Value C1 VACANT LOTS AND LAND TRACTS 1 $0 $117,743 $58,8711.8020 D1 QUALIFIED AG LAND 22 $0 $35,961,706 $24,038333.3492 D2 NON-QUALIFIED LAND 2 $0 $23,097 $23,097 E FARM OR RANCH IMPROVEMENT 3 $0 $2,316,767 $1,313,43818.2370 F1 COMMERCIAL REAL PROPERTY 3 $348,099,690 $459,631,329 $31,878,53352.8600 J3 ELECTRIC COMPANY (INCLUDING C 2 $0 $1,002,980 $1,002,980 J4 TELEPHONE COMPANY (INCLUDI 4 $0 $573,220 $573,220 J7 CABLE TELEVISION COMPANY 4 $0 $198,720 $198,720 L1 COMMERCIAL PERSONAL PROPE 4 $21,655,584 $22,111,554 $2,251,131 X TOTALLY EXEMPT PROPERTY 17 $0 $2,675,999 $0150.8894 Totals 557.1376 $369,755,274 $524,613,115 $37,324,028 Page 531 of 2428C44/652999 DENTON County As of Certification2021 CERTIFIED TOTALS C44 - WESTLAKE TOWN OF ARB Approved Totals 1:45:43PM7/24/2021Property Count: 52 CAD State Category Breakdown State Code Description Count Acres New Value Market Value Taxable Value C2 COMMERCIAL VACANT LOT 1 $0 $117,743 $58,8711.8020 D1 QUALIFIED AG LAND 20 $0 $35,614,175 $23,704327.9608 D2 FARM AND RANCH IMPSS ON QUALI 2 $0 $23,097 $23,097 E1 LAND AND IMPROVMENTS (NON AG Q 2 $0 $310,110 $310,1108.0000 E4 VACANT NON QUALIFIED NON HOME 1 $0 $2,006,657 $1,003,32810.2370 F1 REAL COMMERCIAL 3 $348,099,690 $459,631,329 $31,878,53352.8600 J3 REAL & TANGIBLE PERSONAL, UTIL 2 $0 $1,002,980 $1,002,980 J4 REAL & TANGIBLE PERSONAL, UTIL 4 $0 $573,220 $573,220 J7 REAL & TANGIBLE PERSONAL, UTIL 4 $0 $198,720 $198,720 L1 BPP TANGIBLE COMERCIAL PROPER 1 $21,655,584 $22,068,137 $2,207,714 L3 BPP TANGIBLE COMMERCIAL LEASE 2 $0 $27,506 $27,506 X17$0 $2,675,999 $0150.8894 Totals 551.7492 $369,755,274 $524,249,673 $37,307,783 Page 532 of 2428C44/652999 DENTON County As of Certification2021 CERTIFIED TOTALS C44 - WESTLAKE TOWN OF Under ARB Review Totals 1:45:43PM7/24/2021Property Count: 3 CAD State Category Breakdown State Code Description Count Acres New Value Market Value Taxable Value D1 QUALIFIED AG LAND 2 $0 $347,531 $3345.3884 L3 BPP TANGIBLE COMMERCIAL LEASE 1 $0 $15,911 $15,911 Totals 5.3884 $0 $363,442 $16,245 Page 533 of 2428C44/652999 DENTON County As of Certification2021 CERTIFIED TOTALS C44 - WESTLAKE TOWN OF Grand Totals 1:45:43PM7/24/2021Property Count: 55 CAD State Category Breakdown State Code Description Count Acres New Value Market Value Taxable Value C2 COMMERCIAL VACANT LOT 1 $0 $117,743 $58,8711.8020 D1 QUALIFIED AG LAND 22 $0 $35,961,706 $24,038333.3492 D2 FARM AND RANCH IMPSS ON QUALI 2 $0 $23,097 $23,097 E1 LAND AND IMPROVMENTS (NON AG Q 2 $0 $310,110 $310,1108.0000 E4 VACANT NON QUALIFIED NON HOME 1 $0 $2,006,657 $1,003,32810.2370 F1 REAL COMMERCIAL 3 $348,099,690 $459,631,329 $31,878,53352.8600 J3 REAL & TANGIBLE PERSONAL, UTIL 2 $0 $1,002,980 $1,002,980 J4 REAL & TANGIBLE PERSONAL, UTIL 4 $0 $573,220 $573,220 J7 REAL & TANGIBLE PERSONAL, UTIL 4 $0 $198,720 $198,720 L1 BPP TANGIBLE COMERCIAL PROPER 1 $21,655,584 $22,068,137 $2,207,714 L3 BPP TANGIBLE COMMERCIAL LEASE 3 $0 $43,417 $43,417 X17$0 $2,675,999 $0150.8894 Totals 557.1376 $369,755,274 $524,613,115 $37,324,028 Page 534 of 2428C44/652999 DENTON County As of Certification2021 CERTIFIED TOTALS C44 - WESTLAKE TOWN OF Property Count: 55 7/24/2021 1:45:43PM Effective Rate Assumption New Value TOTAL NEW VALUE MARKET:$369,755,274 TOTAL NEW VALUE TAXABLE:$30,647,043 New Exemptions Exemption Description Count ABSOLUTE EXEMPTIONS VALUE LOSS Exemption Description Count Exemption Amount PARTIAL EXEMPTIONS VALUE LOSS NEW EXEMPTIONS VALUE LOSS $0 Increased Exemptions Increased Exemption AmountCountDescriptionExemption INCREASED EXEMPTIONS VALUE LOSS TOTAL EXEMPTIONS VALUE LOSS $0 New Ag / Timber Exemptions New Annexations New Deannexations Average Homestead Value Count of HS Residences Average TaxableAverage HS ExemptionAverage Market Lower Value Used Count of Protested Properties Total Market Value Total Value Used 3 $363,442.00 $16,245 Page 535 of 2428C44/652999 TARRANT COUNTY TAX OFFICE Wendy Burgess 100 E Weatherford St, Room 105 Tax Assessor-Collector Fort Worth, Texas 76196-0301 817-884-1100 Taxoffice@tarrantcounty.com July 29, 2021 Ms Ginger Awtry Town of Westlake 3 Village Circle Westlake TX 76262 Re: Certified Estimate of Anticipated Collection Rate for Tax Year 2021 Dear Ms Awtry: Texas Tax Code Sec. 26.04(b)requires your Tax Collector to certify your entity’s anticipated collection rate for the current year. New law now requires the collector to look at the preceding three years to determine that rate. (Sec. 26.04(h-1)) To find the estimated collection rate, the collector must first estimate the taxing unit's total debt collections from July 1 of the current year through June 30 of the next year. This estimate equals the total tax dollars that will be collected for current debt taxes, delinquent taxes, special appraisal rollback taxes (e.g. agriculture, etc.), penalties and interest. The anticipated collection rate of a taxing unit is a rate certified by the collector and can be no lower than the lowest actual collection rate of the taxing unit for any of the preceding three years and may even exceed 100%. The collector compares this amount to what the taxing unit plans to levy for paying debt service in the current fiscal year. Dividing the estimated collections by the required debt payments gives the estimated collection rate. For example, the collector projects the taxing unit will take in $950,000 in debt revenues before July 1 of next year. The taxing unit's budget calls for it to levy $1 million in debt service taxes for the current year. The anticipated collection rate is $950,000 divided by $1 million, or 95 percent. Using an anticipated collection rate of less than 100 percent in the calculations creates a higher debt levy than necessary to service the debt. Delinquent taxes from prior years may generate more than a 100 percent rate If the actual collection rate for 2020 exceeded the anticipated rate for that year, the collector must also certify the amount of debt taxes collected in excess of the anticipated rate. When calculating the debt rate for 2021, the rate must be adjusted to compensate for any excess debt collections in 2020. Your taxing unit’s actual collection rates for the preceding three years are: 2020 __99.29 2019 __100.83___ 2018 __99.67__ Based on the data above, the estimated anticipated collection rate for your entity for tax year 2021 is 100% Your excess debt collection for the 2020 tax year is $57,445. If I may be of further assistance to you, please call me at (817) 884-1123 or email arice@tarrantcounty.com. Sincerely, Amelia Rice, PCC Director, Property Tax Office of Wendy Burgess, PCC, CTOP, PCAC, CSTA Tarrant County Tax Assessor-Collector